American - Economist | - 2
We need to get rid of the debt ceiling law. It's anachronistic and it's a problem.
Mark Zandi
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The discussion in Washington has changed dramatically. I mean, it's no longer a question of should we address entitlements - it's no longer a question of do we need to reduce spending in the future.
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The Bush tax cuts should be extended permanently for families with annual incomes of less than $250,000 and should be phased out slowly for those making more than that. Raising taxes on anyone now, when the economic recovery is so fragile, would be a mistake.
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Past experience with fiscal austerity at home and overseas strongly suggests that it is best for the economy's long-run performance to restrain government spending rather than raise taxes.
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The clearest way to cut some of this fiscal drag would be to extend the current payroll tax holiday and increase it - as proposed by President Barack Obama. This would cut the fiscal drag by almost half.
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It is easy to be pessimistic. These are extraordinarily difficult times, and the collective psyche is teetering. But we are closer to righting the wrongs that got us into this economic mess than most of us believe.
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In a normal time, I don't think economic policy makes a large difference one way or another. But in times of crisis it makes all the difference in the world.
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The principal linkages between Japan and the U.S. global economies are trade, financial markets, and commodity markets.
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We're getting job creation in healthcare and educational services. We've been getting that all along. It's demographically driven, it's funded by the government, and that's held up.
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The extension and expansion of the payroll tax holidays for workers would be number one on my list and key to avoiding recession.
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There are different flavors of recession. You can get into some pretty dark scenarios pretty quickly.
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In the fourth grade, my history teacher gave us a project: Why was the auto industry located in Detroit, Michigan? I didn't know I was going to be an economist, but I knew I was going to do something that was involved in answering questions like that one because I thought that was a fascinating question.
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