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...Economic eras don't last forever, though, and there are signs that the current slowdown is a harbinger of something bigger: an end to America's 25-year love affair with tax cuts and deregulation. A lot of the cracks that have emerged during that time, because of global economic shifts or our own neglect, have become impossible to ignore - stagnant incomes, a federal budget gone way out of balance, soaring energy prices, a once-in-a-lifetime housing crash and growing financial risks in retirement and from health care...

Author: /time Magazine | Title: The New President's Economy Problem | 5/15/2008 | See Source »

...Many economists now believe at least two other factors have contributed to the growth in inequality: globalization and Reagan's big cuts in taxes on the rich. Even as it rewards those at the top of their fields worldwide with spectacular paydays, globalization holds down earnings for millions of Americans who compete with workers overseas - not only lower-skilled factory and phone-center workers but also engineers, lawyers and doctors. Public opinion has reacted to this with increasing distrust of free trade, a wariness that both Obama and Clinton have echoed in their campaigns. But this is touchy territory: trade...

Author: /time Magazine | Title: The New President's Economy Problem | 5/15/2008 | See Source »

...extent they talk about it at all, the two parties take different approaches to closing the income gap. Obama in particular has been explicit about wanting to shift more of the income-tax burden away from the middle class and onto those making more than $200,000 a year, while McCain has spoken mainly about creating better job-retraining programs for those displaced by globalization. Another potential path, although it hasn't been a theme in the campaign so far, would be a big effort to repair the country's crumbling infrastructure - which would create lots of jobs that couldn...

Author: /time Magazine | Title: The New President's Economy Problem | 5/15/2008 | See Source »

...TAXES $500 billion THE BILL FOR THE DEFICIT IS DUE. YET EVERYONE'S FOR TAX CUTS...

Author: /time Magazine | Title: The New President's Economy Problem | 5/15/2008 | See Source »

...general, we levy taxes not to ease income inequality but to fund government. They haven't quite been doing the job lately: for the 2008 fiscal year, which ends in September, the government will probably spend $500 billion more than it takes in, a deficit of 3.5% of GDP. That should shrink when the economy starts growing again, but it's not going to disappear without either big cuts in spending or substantial tax increases...

Author: /time Magazine | Title: The New President's Economy Problem | 5/15/2008 | See Source »

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