Economics

Center on Wealth & Poverty

How to Create More Jobs

Why aren’t more jobs being created? Ask President Bush’s political opponents and even some of his friends. It is a legitimate question and it deserves a serious answer. Mr. Bush’s Democratic opponents blame him but fail to admit the recession began on the Clinton/Gore watch. Neither do they tell us precisely what they would have done or will do now Read More ›

Minority Party Syndrome

“There are two political parties in America, the stupid party and the evil party,” goes the old adage. This is about the stupid party — the Republican Party. The majority of Americans consistently tell pollsters they prefer lower taxes and less government spending. More Republicans than Democrats consistently say they believe in smaller government and lower taxes. Given these statements Read More ›

Kerry’s Economic Beliefs

Would John Kerry’s economic policies be better than those of President Bush? To answer this question, we need to know what these candidates propose regarding taxing, spending and regulation. President Bush has just provided us a detailed budget. In addition to his spending plans, he has made it clear he wants Congress to make his tax cuts permanent. Given his Read More ›

Offshore Finance

Grand Cayman — Some of you reading this maybe thinking, “Ah Cayman, isn’t that the place with all the illegal financial activity?” It is true Cayman is the world’s largest offshore financial center, and the world’s fifth-biggest financial center, even though it is in the middle of the Caribbean on a small, pleasant island with only 40,000 people. But contrary Read More ›

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The Deficit Bugaboo

Are we better off having lower taxes on interest, dividends and capital gains (and other taxes on capital) or having a lower deficit? Obscure as it may seem, this is the central economic debate being fought in the political arena. To fund any given level of government spending, our political leaders have to choose how much of the spending should Read More ›

From the Courthouse . . .

REPUBLICANS who dream of attacking John Edwards for making his fortune as a trial lawyer should know that his most famous lawsuit — the one he talks about most on the campaign trail — involved a little girl condemned to a lifetime of feeding tubes when she became caught in a powerful drain in a wading pool. Sitting in only Read More ›

How to Control the Habit

Did you know that between fiscal years 2001 and 2004 federal spending will rise by about 24 percent, and nondefense, discretionary outlays will increase about 31 percent? In 2000, federal government outlays were 18.4 percent of GDP, but in 2004 they will be approximately 20.5 percent of GDP. By any measure, both defense and nondefense federal government spending is rising Read More ›

Fox in the Henhouse

“I am from the government and I am here to help you,” is a well-known oxymoron again proving to be true. A decade ago, we had a mean Internal Revenue Service that did all sorts of terrible and unjustified things to innocent taxpayers. The people got mad, and the people’s representatives — the House and the Senate — held hearings Read More ›

Trading Up With Neighborhoods

Most people prefer to live in rich neighborhoods rather than poor ones — why is that? Perhaps they notice rich neighbors tend to keep the environment cleaner, respect property rights of others and do not engage in criminal activities threatening lives of their neighbors. The same is true of countries. We don’t fear rich countries — such as Japan, Germany, Read More ›

Beware of Economic Hubris

President Bush’s economic team can rightfully be proud of their policies that produced the sizzling 8.2 percent real economic growth in the last quarter. But before they get too high on their own accomplishments, they need to look at the history of those who began to feel infallible in their economic policymaking. The Nixon economic team produced strong growth numbers Read More ›