President Obama and leaders of both parties need to do a better job of educating Americans about the simple realities of the arithmetic.
And the news media needs to do a better job of it too.
Category: Economics
“The data speaks”: Tax hikes for wealthiest Americans won’t destroy the economy
Before I continue to the numbers, I want to say that I’ve been surprised over the last few years to realize that so many Americans simply reject data collected and analyzed by independent scholars, economists, government workers following strict methodology, and other experts. So many Americans just want to go with their gut — they want to believe, well, what they believe.
Eliminating the deficit may be harder than you think
I’d encourage all readers who are closely following the so-called “fiscal cliff” negotiations to take a look at this great interactive feature at the Wall Street Journal today: Make Your Own Deficit-Reduction Plan
Another missed sign from the housing boom: Mortgage Equity Withdrawal
Another trend during the housing boom that should have told experts we were in a huge bubble.
NPR: Manufacturing in U.S. may be smart, poised for return
A fascinating report from NPR’s All Things Considered on Saturday: Not Just Patriotic, U.S. Manufacturing May Be Smart
U.S. economy added 146,000 jobs in November; unemployment rate drops to 7.7%
This is a shockingly good report. The disruptions Hurricane Sandy were expected to have a significant negative impact on these numbers.
AJC: Foreclosures still plague Georgia
“Foreclosure sales in Georgia accounted for 38 percent of all residential sales in the state during the third quarter, according to a report released Thursday by RealtyTrac, the real estate research firm. Even though that’s a slight dip from the previous quarter, it’s still the highest percentage in the nation.”
Hurricane Sandy’s economic impacts tough to gauge
Hurricane Sandy certainly had an impact on jobs — a major one — but it’s hard to say just how bad tomorrow’s jobs data for November will be.
Almost half of Americans think — wrongly — that “fiscal cliff” would increase deficit; 25% have strong opinions about a plan that doesn’t exist
Americans interested in understanding how the economy works need to turn off the 24-hour news networks and find better sources for their information.
The case against the mortgage interest deduction
A little over 10 years ago, I was flying back from London and had a long, long conversation with the man seated next to me. I had been to London to interview actor Jonathan Rhys Meyers for a now defunct Savannah-based magazine, and my neighbor had been there to pick up a cache of rare Emerson, Lake, & Palmer albums. Some interesting conversation ensued.
Armstrong’s Economic Monitor: Savannah area economy continues improving
I might have a little more to say about the 3rd quarter Economic Monitor prepared by Armstrong Atlantic State University’s Center for Regional Analysis, directed by economist Michael Toma, but things are getting better in the local economy. Given the rebounds in tourism and port traffic and given the visibly significant degree of new developments in the greater downtown area, it’s not surprising that employment data are looking strong.
Should you be buying or renting in the Savannah real estate market?
Zillow has come up with the “breakeven horizon” for 257 metro areas. That’s the point at which purchasing a home is more economical than renting an equivalent property.
NYT: Americans’ tax burdens mostly lower than in 1980
Federal, state, and local government revenues meanwhile slipped from 28.6 percent of GDP in 1980 to 26.9 percent in 2010. Again, the recession is in part to blame for the recent decline in tax revenues, and Obama’s original stimulus and followup steps to goose the economy have also involved hefty tax cuts.
Renewed attention on prospects for High Speed Rail between Atlanta and Savannah
Despite the disparity in size of the two cities, the advantages of high speed rail travel are pretty obvious. Atlantans could get fast and reasonably inexpensive access to a major tourist destination, while Savannahians would have much easier access to one of the nation’s most important metro areas. The possibilities for business generally and for the creative economy specifically are tremendous. There would be massive benefits to the state’s economy.