From State troopers who protect Governor given $4 an hour pay raise:
Just after Republican lawmakers announced they were rejecting raises for rank-and-file state troopers, Gov. Scott Walker’s administration granted $4-an-hour raises to the State Patrol officers
responsible for protecting the governor.…
Today we are fortunate to have a guest contribution written by Roberto Duncan, assistant professor of economics at Ohio University.
Many people are finally coming to a realization that should have been evident long ago: Greece’s debts are not going to be repaid. And as discussion turns to who might be next, it seems a good time to revisit the question of whether the United States could some day find itself in similar trouble. I am substantially more optimistic about this than I was a couple of years ago, and here is why.
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Today we are fortunate to have a guest contribution written by Jeffrey Frankel, Harpel Professor of Capital Formation and Growth at Harvard University, and former Member of the Council of Economic Advisers, 1997-99.
From Chapter 4 of the IMF’s World Economic Outlook, released today:
As I begin teaching finance in the new semester, I am highlighting the key puzzle of our times, discussed by Jim in his last post, with this graph:
Consider this prognostication from 2011:
Americans face the most predictable economic crisis in this nation’s history. Absent reform, the panic ahead is no longer a question of if, but rather when. A deterioration of confidence by investors in government’s ability to pay its bills will drive interest rates up, increasing borrowing costs for government, small businesses and families alike. A vicious cycle of debt will compound upon itself; the available exit options once the crisis hits will be limited; and all will involve pain. (p.59)
Quick links to a few items I found interesting.
OK, nothing about birthers, but some comments on truths held deeply, but unjustifiably, by certain types of people.
It was five years ago that the ARRA was passed…and thence arose a fierce storm of criticisms, ranging from the idea that the stimulus would occur after the recovery was complete (e.g., Ed Lazear), to the Treasury view (government spending would crowd out completely private spending, e.g., Eugene Fama). Time to take stock. The Council of Economic Advisers has released its last report on the ARRA, and other stimulus measures, discussed in a blogpost by CEA Chair Jason Furman.