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...Minding the gap isn't merely an academic exercise. Excess capacity directly affects the biggest question facing policymakers today: when to exit from stimulus programs that were introduced to combat the recession. Everyone agrees the cure for excess capacity is increasing demand, whether it is generated through a fundamentally strengthening economy or through artificial means like "Cash for Clunkers" measures. Turn off the tap too quickly before normal demand recovers, and the downturn could persist. "The best way of reducing excess capacity is by not prematurely unwinding stimulus spending," Lin of the World Bank told TIME...
...widespread belief among economists that a secular shift in global spending patterns is under way. U.S. consumers, the usual drivers of economic growth, are reducing their outlays and may do so for years to come as they pay down debt. Under this "new normal" scenario, some of today's spare capacity may never come back into action because total demand will remain depressed indefinitely. Factories in some crowded sectors will have to be permanently closed or retooled to make different products...
...should be fine,” Murphy said of Gordon. “I mean, we could have used him today, but like I said, we’ve got the luxury of depth so we could rest...
...Today, new technologies - and leaders with new policies - have rescued Petrizzo's boyhood dream. The 28-year-old will soon be fighting al-Qaeda and the Taliban from the skies, as one of the Air Force's first ground-based Predator drone pilots not to have started out in an Air Force cockpit. The change reflects a shift in Air Force thinking. Instead of carefully polishing and husbanding the service's costly F-22 fighters and their pilots for future wars, the Air Force increasingly is rolling up its sleeves and helping fight today's conflicts...
...Having overthrown the ruling government in 2001, the U.S. has an obligation to leave to Afghans a country that is somewhat stable. And a stabilized Afghanistan is a necessary precondition for a peaceful South Asia, which is today the epicenter of global terrorism and the most likely setting of a nuclear war. Obamas Af-Pak plan has a real chance to achieve a stable Afghanistan if it is given some time to work...