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November 28, 2012

Latest Posts from Economist's View

Latest Posts from Economist's View

Posted: 23 Oct 2012 12:33 AM PDT
Here's my contribution to the debate over China bashing:
We Should Stop Blaming China for our Economic Problems: The second presidential debate featured Mitt Romney and Barack Obama going nose to nose over who would be tougher on China and other countries over their unfair trade practices. But by adopting a narrative that places the blame for our problems on other countries, President Obama is playing into the hands of those who'd like to make significant cuts to social insurance programs that protect working class households. ...
Here's the bottom line:
Blaming our troubles on external causes and implying that all will be well once these causes are eliminated allows the wealthy winners from globalization to escape the taxes that are needed to provide the social protections workers need in the global economy, and to ensure that the gains from globalization are shared equitably. President Obama needs to make it clear that helping the working class will take a lot more than just forcing China to change its ways... [It] will require us to look inward at our own character as a nation instead of blaming others.
Pointing fingers at other countries and demanding change may be politically effective, but the real change begins at home.
[Read more]
Posted: 23 Oct 2012 12:06 AM PDT
Posted: 22 Oct 2012 10:30 AM PDT
Reinhart and Rogoff take on the claim by "famous economists associated with the Romney campaign" that the economy is recovering slower than we should expect. In fact, when the data are examined honestly, " the economy's performance is better than expected." Here's the introductory summary and a link to the article explaining this in detail:
This time is different, again? The US five years after the onset of subprime, by Carmen M Reinhart, Kenneth Rogoff: The strength of the US recovery has become a political issue in the presidential election. The US is doing better than other advanced economies, but famous economists associated with the Romney campaign claim this is not good enough. The US, they argue, is different. Here, the masters of the 'this time is different' research genre – Carmen Reinhart and Ken Rogoff – argue that US historical performance is not different when it is properly measured, so the economy's performance is better than expected.

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