Amidst otherwise strong coverage of the growing debate around the nature of finance and the power of big banks, a surprisingly high number of journalists continue to misuse the word “populism”.
Well, the Spanish government are due to announce their 2009 fiscal deficit number this morning, together with their adjustment plan for reducing the annual fiscal deficit to below 3% of GDP by 2013. This rather distasteful news will be presented to the Spanish people later in the same day on which they opened their morning newspapers to discover that they were all going to have to work two years longer – no crisis comes free – since the Labour Minister Celestino Corbacho has announced that the retirement age will be raised from 65 to 67 (in two-month-per-year installments) between now and 2025.
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 5.7 percent in the fourth quarter of 2009, (that is, from the third quarter to the fourth quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.2 percent
Today Gerald F. Seib wrote an interesting article at the WSJ, Obama Invites GOP to Share Burden of Fixing U.S. In it, he says the following:
Thus, Mr. Obama, after reeling off a veritable litany of proposals focused on how to create jobs (a word that appeared 29 times in the speech), came to the heart of the political matter: Democrats’ stunning loss of a Massachusetts U.S. Senate seat means he tackles this daunting agenda one vote short of the 60 needed to stop Republicans from mounting filibusters to stop his initiatives.
The President wants businesses that hire new employees this year to get $5,000 per hire, in the form of a tax credit. That will come to about $33 billion. It’s good step. He’s also supporting a cut in the capital gains tax for small businesses. That makes sense; after all, small businesses generate most jobs. But […]
By Lucian Bebchuk, Martijn Cremers and Urs Peyer
There is now intense debate about how the pay levels of top executives compare with the compensation given to rank-and-file employees. But, while such comparisons are important, the distribution of pay among top executives also deserves close attention.
From late 2008 onwards, Government intervention, on an unprecedented scale, has been a dominant factor in economic matters.
Governments have spent aggressively, going into or increasing deficits, to increase demand within the economy to offset weak private sector consumption and investment.