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...growth and economic growth, Philippon reasons, finance's share of the economy would stay constant. But when he examined data back to 1860, he found that finance's share of GDP varied widely. It ballooned in the late 19th century, shrank, ballooned again in the 1920s, shrank and stayed low for decades, then began to grow again in the 1970s, reaching unprecedented levels earlier this decade. The measure Philippon uses is the economic value added of the financial sector as a percentage of GDP, which was at about 4% in the 1960s and hit almost 8% in 2006. An easier...
...public option had been kicking around for a while, however, in policy-wonk circles. Giving the uninsured an opportunity to purchase coverage through a Medicare-like health plan was seen as a useful means of putting competitive pressure on private insurers to provide decent coverage at low prices...
...insurers, such a system could be a powerful one at holding down costs and could save the Federal Government $110 billion over 10 years, according to the most recent estimates by the Congressional Budget Office (CBO). (The Federal Government's costs here would primarily be the subsidies it gives low- and middle-income people to help pay their premiums.) Not surprisingly, that robust public option faces strong opposition from doctors and hospitals, who complain they are already underpaid by Medicare, as well as from insurance companies, who say they would not be able to compete. So while this version...
GEORGE W. BUSH, who battled low approval ratings during his second term as U.S. President, in his first motivational speech since leaving office...
Besides the U.S. and Iran, Russia seems to be the other major player on the nuclear issue. Whether or not Iran follows through on a draft deal to send much of its low-enriched uranium to Russia for further processing into fuel for a medical-research reactor, Moscow is in the middle. If the agreement works, it will boost Russia's international role, securing gratitude from the West without damaging Russia's ties to Tehran. If the accord falls through - or Iran agrees but does not comply - Moscow's support will be essential in imposing U.N. sanctions. China...