Word: economisters
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...Blogger Paul Lukasiak noticed this sudden change in Social Security's fortunes back in February, and economist Kevin Hassett caught on in March, but it has otherwise attracted little notice. There's been some media coverage since then of Social Security's declining revenues, but none clearly makes the point that Social Security is about to cease playing its decades-old role as subsidizer of the rest of the Federal Government...
...centuries, secular intellectuals have forecast the death of religion at the hands of modernity. They got it wrong. In God Is Back, Micklethwait and Wooldridge--the editor in chief and Washington bureau chief, respectively, of the Economist--map a spiritual surge that would bring Nietzsche to tears. "The great forces of modernity--technology and democracy, choice and freedom--are all strengthening religion rather than undermining it," they write. Americans are "exporting their faith" by wedding it to their other gods: belief in free markets and "putting the consumer first." Corporations proudly tout Christian values, pastors like Rick Warren are launching...
...long-run prosperity. In fact, the current economic crisis may have been spawned by huge imbalances in global trade and capital flows that are in part the product of the dollar's special status. Global demand for dollars supplanted demand for U.S. products and services, argues Columbia University economist and longtime SDR fan Joseph Stiglitz, resulting in trade deficits, the decline of U.S. manufacturing - and years of supereasy mortgage credit. (Read "Is the Almighty Dollar Doomed...
...those foreign dollar reserves into SDRs, the reasoning goes, and global finance suddenly becomes much more balanced. By no longer needing to load up on dollars, countries like China would have less incentive to run big trade surpluses with the U.S. This line of thought goes back to English economist John Maynard Keynes - the source of seemingly every important economic idea of this crisis-racked time - who first proposed what he called "supernational bank money" in 1930. During the economic turmoil of his day, he kept refining the idea and proposing odd names for the currency - first "grammor" and then...
...Congress agreed to extend unemployment benefits to a 59-week period last year. According to The New York Post, Wayne Vroman, an economist at the Urban Institute, estimates that up to 700,000 people could exhaust their extended benefits by the second half of this year. Since net job losses could continue well into 2010, and unemployment is likely to top 10%, the figures for people receiving no financial support at all could move well above one million before the end of the year and actually increase after that. (See pictures of the global financial crisis...