Word: poterba
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...least 50% of the average retiree's income. Add Social Security and even highly paid workers will probably earn more than 80% of their preretirement income. "The only reason these accounts haven't lived up to their potential is that they haven't gotten enough time," says James Poterba, president of the NBER, who co-authored the study. (See 25 people to blame for the financial crisis...
...people who do see a meaningful benefit are, by and large, already rich. Economists James Poterba and Todd Sinai found that the tax savings from the mortgage-interest deduction for households earning more than $250,000 is 10 times the tax savings for households earning $40,000 to $75,000. According to Congress's Joint Committee on Taxation, a little more than half of the savings is seen by just 12% of taxpayers - those with incomes over...
...December 2007, marking that month as the start of the current recession. The committee pinpointed the month when U.S. growth dipped into negative territory by using monthly indicators including gross domestic product and consumption measures, most of which have plunged in recent months. MIT economics professor James M. Poterba ’80, the president of the NBER and a member of the business cycle committee, said yesterday that payroll employment is the strongest indicator in determining the highest point of economic activity. The measure reached a peak last December and has declined every month since then...
...situation which has...confronted the Federal Reserve with circumstances that are outside the current range of expectations, he’s done a very good job heading off what could have been a very difficult situation,” Poterba said. “I think in his handling of the financial developments of the last few months, he’s shown the capacity to think outside...
...Poterba added that the ability to be flexible in the face of changing circumstances is an important lesson that can be passed on for the benefit of the graduating class...