Commentary
The daily commentary section provides insights on complex issues in a brief and digestible format. Here you can find analysis of changing economic conditions and original perspectives on how the economy is affecting policy debates.e21’s last editorial on Social Security reviewed some analytical mistakes commonly committed by opponents of Social Security reform. Such mistakes include both implausible hopes that Social Security’s shortfall might disappear by itself, as well as a failure to appreciate the harm done by further delays in its correction. Our last piece addressed both of these areas of confusion in significant detail.
Blog
Economic policy debates in the 21st century evolve quickly and part of e21's mission is to provide a forum for around-the-clock reactions. In this section, you can find posts from leading economists, scholars and writers on what’s happening in the global economic landscape.The Center on Budget Policy and Priorities has released a chart that is causing a stir among those who want to raise taxes on the top 2% (for a variety of reasons, to pay for an expanding list of programs). In fact, so many have seized on this chart that we have to take exception and respond.
Washington Update
It can be challenging to keep up with the constant flurry of news stories, policy papers and government reports coming out of Washington. At e21, we provide a one-stop shop for the most important information and statistics, as well as legislative updates and key news stories that are driving policy debates.Dick Fuld, the former chief executive of Lehman Brothers, squared off against Federal Reserve officials and his former peers on Thursday as he argued that his investment bank could and should have been saved. Almost two years since the collapse of Lehman roiled markets, Mr Fuld mounted his most robust defence yet, accusing regulators in testimony to the Financial Crisis Inquiry Commission of pushing the bank into bankruptcy and failing to get a grip on the crisis early in 2008.
Market Talk
To navigate today’s economy, it is vital to keep up with the rapid flow of economic data, market reports and advice from market participants. e21’s Market Talk presents the top articles and commentaries from individuals actively engaged in the markets to help inform debates and keep policy grounded in real-world experience.Federal Reserve Bank of Dallas President Richard Fisher said Wednesday the recovery of the U.S. economy “will take quite some time,” and that improved regulatory and fiscal policies are needed in order to help the process. Fisher, who isn’t a voting member of the interest-rate-setting Federal Open Market Committee this year but will be a voting member in 2011, said that an improved regulatory and fiscal environment should help to activate the economy. Business owners will accept policies they are not “happy” with because at least they will be more certain about the rules, he said.
In-Depth Research
e21 spotlights and directly supports new research that’s necessary to develop innovative economic policy solutions for the 21st century. This section highlights in-depth research papers from a range of academics, economists and thinkers across the political spectrum, fostering creative nonpartisan policy solutions to pressing economic concerns.This Congressional Budget Office (CBO) report examines the pressures on the federal budget by presenting the agency’s projections of federal spending and revenues over the coming decades. Under current laws and policies, an aging population and rapidly rising health care costs will sharply increase federal spending for health care programs and Social Security. Unless revenues increase at a similar pace, such spending will cause federal debt to grow to unsustainable levels.
Stimulus Update
The stimulus efforts in 2008 and 2009 represent a dramatic action by almost any fiscal measure. Our ongoing commentary series will review stimulus spending and promote transparency and accountability for taxpayers.Over five years, my research shows an extra $600 billion of public spending at the cost of $900 billion in private expenditure. That's a bad deal. Christina Romer, the chair of President Obama's Council of Economic Advisers, and her husband, David, have been major contributors to research on tax multipliers. Their results, which rely on the history of U.S. tax legislation since 1945, show tax multipliers of larger magnitude than the one I found.
Resources