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Olympics fever is running high here at The Crimson. That's why in today's issue, our writers have covered what's been an awesome 10 days so far and what will be a great week to come...
...budget for the 2011 fiscal year that President Obama unveiled Feb. 1 lays out a depressing picture of this country’s future. Deficits will rise to a long-term level at which they will cease to be sustainable, and unemployment will stay high for many years. Our country is on pace to follow Japan down a path of aging and debt-ridden decay, and there seem to be few good solutions on the horizon. The conventional wisdom says that after years of spending without any awareness of our limits, we must now enter an extended period...
Furthermore, the spending must be high enough to return the economy to normal employment in the foreseeable future, because this is the only solution to avert the generational and psychological catastrophe that will come with high unemployment. However, the necessity of such spending proposals does not allow us to ignore our deficit. Our excessive borrowing is a serious, long-term problem and should be dealt with by focusing on the skyrocketing costs of Medicare and Social Security instead of curbing domestic outlays that are necessary for economic recovery. But any fiscal reforms will be useless if they are implemented...
...than just a horrible number; it represents millions of families who put less food on the table, who have to choose between taking care of aging parents and sending children to good schools and colleges, and who suffer from the devastating social effects of joblessness. Many economists point to high deficits and returning growth, and argue that America must make the difficult choice to curb spending, even if unemployment will remain high. But if unemployment stays high for an extended period, we might lose an entire generation of children who could have grown up healthy and well educated if only...
...only does high unemployment severely hurt our country’s future, but it also hinders our ability to recover from the current crisis due to its effect on the national psyche. As renowned behavioral economist Robert Shiller clearly articulated in a recent New York Times article, for a country to truly recover from an economic crisis, workers must be personally invested in the country’s economy, confident enough to take out loans, and willing to take risks to fuel growth. Right now, the entire country is frozen in economic fear, paralyzed by the shattering depth...