||Last Updated: Oct 9, 2015 - 12:32 AM
As a weak recovery takes hold in Europe, the likelihood of no real growth in incomes for working families will remain a top priority for politicians but high debt levels will limit the changes that can be made in taxations systems, to ease the pain. Why should Europe expect ever rising standards of living?
Aug 27, 2013 - 6:33 AM
forecasters expect the Labour Department will report the US economy added 175,000
jobs in July, down from 195,000 in June, and the unemployment rate will slip a
notch to 7.5%.
Aug 2, 2013 - 10:02 AM
Intelligent Life, a sister publication of The Economist, in its current July/August issue, has a feature on famous speeches in advance of the fiftieth anniversary of Martin Luther King's "I have a Dream" speech, which was delivered from the steps of the Lincoln Memorial in Washington DC, during a time of agitation in the United States by African-Americans for civil rights - - one hundred years after President Lincoln's Emancipation Proclamation formally ended human slavery. The magazine focuses on speeches from
Pericles in 430 BC to Hillary Clinton in 1995.
Jul 25, 2013 - 9:41 AM
Dr Peter Morici: Friday, forecasters expect the Labor Department will report the economy added 161,000 jobs in June. This is in line with the pace of recent months but hardly enough to lower unemployment down to acceptable levels.
Jul 4, 2013 - 5:04 AM
Following the Swiss parliament’s rejection of a deal to solve the United States tax evasion dispute, there are grave doubts in both Switzerland and the US that serious damage to the Swiss financial system can be prevented.
Jun 24, 2013 - 7:37 AM
Dr Peter Morici: Europe’s Depression
- - The whole of Europe is headed for
a permanent recession—a depression. Austerity and labor reforms can’t save it.
Radical measures - - abandoning the euro and deficit spending in Germany -- are
the only way out.
May 9, 2013 - 9:23 AM
Dr. Peter Morici: Fed actions and Friday's job's report: Friday, the Labor Department is expected to report the economy added 153,000 jobs in April-up from 88,000 in March-and unemployment is expected steady at 7.6%. This gain may prove short lived, and this pace is well below what is needed to get unemployment to acceptable levels.
May 3, 2013 - 6:24 AM
Dr Peter Morici: Deceptively strong US GDP report expected - - On Friday, forecasters expect the Commerce Department to report the economy grew a brisk 3.1% in the first quarter but don't break out the champagne. Like a corporation with a spruced up profits statement at a critical shareholder meeting, several one-time factors contributed to this seemingly robust performance-the economy is already slowing and new crises are threatening.
Apr 25, 2013 - 8:55 AM
Dr Peter Morici: President Obama is betting a lot on free trade. Recently, he has agreed to open talks for mega trade deals with the European Union and Japan in hopes of jump-starting growth in both places and boosting US exports and jobs. However, far from an elixir, free trade has been a rock on the back of the US economy and American workers, and the Obama strategy will only make things worse.
Apr 16, 2013 - 9:56 AM
Dr Peter Morici: Friday, forecasters expect the US Labor Department will report the economy added 193,000 jobs in March. This is in line with the pace of recent months but hardly enough to lower unemployment down to acceptable levels.
Apr 5, 2013 - 11:56 AM
Dr Peter Morici: Easter is a celebration of springtime rebirth—a good time to enumerate reasons for optimism and the tasks necessary to accomplish America’s potential. The US economy is in renaissance. The wrenching recession and halting recovery have masked a major restructuring ignited by technology and good-old- fashioned market forces.
Mar 28, 2013 - 7:17 AM
Dr Peter Morici: Republicans are losing elections they could win by slavishly clinging to untenable solutions for skyrocketing federal health care costs that voters reject. The House Budget Committee, chaired by Paul Ryan, is drafting a plan to balance the budget in 10 years. That requires lowering the trajectory of Medicaid and Medicare costs, which account for 24% of federal spending.
Mar 15, 2013 - 5:38 AM
Dr. Peter Morici: With the Dow Jones Industrial Average setting new records, it is important to recognize current stock prices are hardly extraordinary. Adjusted for inflation, stocks are still well below their January 2000 peak and may have a long way yet to run, but much stronger economic growth is needed to drive profits higher and sustain a bull market.
Mar 7, 2013 - 5:08 AM
Dr Peter Morici: Bringing facts to the US budget debate; Federal deficits are too large and mounting national debt threatens future generations. Both Democrats and Republicans embrace demagoguery and refuse to address facts and acknowledge lessons of history.
Mar 6, 2013 - 8:22 AM
Dr Peter Morici: Uncle Sam’s “F” rated bonds; Were the United States any other country, its bonds would have long ago been downgraded to junk.
Jan 17, 2013 - 6:17 AM
Dr Peter Morici: US Economy; On Friday, the Commerce Department is expected to report the annual deficit on international trade in goods and services remained about $500bn a year. Along with higher taxes and other antigrowth policies, this deficit slows recovery and threatens to thrust the economy into a second recession and push unemployment to truly painful levels. Consumer spending continues to expand, though haltingly, and the annual federal deficit has increased from $161bn before the financial crisis to more than $1tn, injecting enormous additional demand into the system. However, too many of those dollars go abroad for Middle East oil and Chinese goods that do not return to buy US exports, and higher oil prices will up the trade gap in 2013.
Jan 10, 2013 - 7:34 AM
Dr Peter Morici: On Friday, forecasters expect the US Labor Department to report the economy added 155,000 jobs in December—substantially less than is needed to pull unemployment down to acceptable levels. The tax and spending package passed by the Senate and House provides little prospects of improvement, as the US economy continues to suffer from insufficient demand and will continue growing at a subpar 2% a year.
Jan 3, 2013 - 8:15 AM
NASA, the US National Aeronautics and Space Administration, has released a video (see below) intended to put the world's mind at rest about December 21, 2012 -- the much hyped end-date of the Mayan "Long Count" calendar. Discovery News says the video does a sound debunking of the misinformation being bandied about by doomsayers trying to make a fast buck out of people's fears. The Mayans were not the stupid ones!
Dec 19, 2012 - 2:06 PM
Dr Peter Morici on US growth and unemployment in 2013: Recent retail sales data indicate US economic growth is shifting down a gear from the 2.7% pace set during the third quarter. The consensus of forecasts indicates growth slowing to below 2% in the fourth and first quarters—my submissions to those polls were 1.7 and 1.4%, respectively.
Dec 19, 2012 - 8:08 AM
Dr Peter Morici: Even if President Obama and Speaker Boehner manage to avert the “fiscal cliff,” Washington’s budget woes won’t be solved. Simply, politicians on both sides are blind to facts and deaf to reason.
Dec 17, 2012 - 8:05 AM
Dr Peter Morici: Today forecasters expect the Labor Department to report the economy added 113,000 jobs in September - - a monthly pace too slow to return the nation to full employment.
Oct 5, 2012 - 8:05 AM
Irish Economy: Brendan Howlin, officially the minister for public expenditure and reform, has been in office 18 months and there was never any fear that he would hit the ground running. While Ireland remains the 'best pupil in the class' to the EU-IMF bailout Troika, political spin is the only response to the jobs crisis while Howlin has been a protector of the status quo. Forty years after the battle for equal pay for women, Howlin and colleagues have sanctioned a dual workforce in the public service by protecting priviliges for existing staff including pensions linked with earnings, while reserving reduced terms for new staff. Pension reform will take 40 years to have a full impact. However, the minister may well be in superannuated bliss with severance and pension bonanzas when the full price of political cowardice is known.
Sep 19, 2012 - 8:07 AM
Dr Peter Morici: Paul Ryan! A smart choice by a savvy; Hold your breath America. Governor Mitt Romney has picked a running mate who could make him president.
Aug 13, 2012 - 7:56 AM
Dr Peter Morici: Among Republicans, it is an article of faith that high unemployment and voter disapproval of President Obama’s handling of the economy should put Governor Romney in the White House. Unfortunately, Republicans fail to grasp that challengers must offer a compelling alternative to unseat an incumbent. Plus other issues matter more to voters than party leaders care to recognize.
Aug 7, 2012 - 4:31 AM
Dr Peter Morici: The coming US economic collapse; The US economy is teetering on the brink of another recession. The bad news is that if it goes down again, there won’t be much we can do to save ourselves. Like a weary heavyweight, if the economy hits the mat again, it’s down for good. The expansion has been terribly disappointing—growth is hardly 2% and jobs creation barely keeps unemployment steady at 8.2%.
Jul 26, 2012 - 8:11 AM
Dr Peter Morici: No issue is more misunderstood, or been more purposefully confused by the Romney and Obama campaigns, than outsourcing.
Jul 16, 2012 - 6:22 AM
Dr Peter Morici: Mediterranean sovereign debt losses could top €2tn; Austerity and labor market reforms are not reviving economies of Mediterranean states, undermining efforts to save national government finances. Ultimately, to remain in the Eurozone, these governments will require massive fiscal transfers, or may be impelled to default on at least half their debt.
Jul 11, 2012 - 7:56 AM
Dr Peter Morici: Today Friday, forecasters expect the US Labor Department to report the economy added only 90,000 jobs in June, not even enough to keep up with growth in the working age population.
Jul 6, 2012 - 7:53 AM
Dr Peter Morici: Pressured by other EU governments, Spain has asked the EU for €100bn in aid to bail out its banks. European leaders say this amount well exceeds what is needed, but they are miscalculating. As with Greece, the aid package is likely too little to permanently quell investor fears that Spain’s banks will collapse, and conditions imposed by Germany could make Spain’s situation worse.
Jun 12, 2012 - 8:03 AM
Dr Peter Morici: President Obama is shameless to cite JP Morgan’s $3bn trading loss as evidence banks need more regulation. More accurately, the debacle raises serious questions about incompetence and corruption among federal regulators and inside the Obama White House.
May 30, 2012 - 6:01 AM
Dr Peter Morici: The European summit this week will feature a standoff between Chancellor Angela Merkel advocating austerity and President François Hollande promoting stimulus to boost growth.
May 22, 2012 - 7:59 AM
Dr Peter Morici: Investors may have overreacted to J.P. Morgan’s $2.3 billion dollar trading loss, and traders may have an opportunity for quick gains in bank stocks. Longer-term US banks may never recover to their past glory.
May 18, 2012 - 4:02 AM
Dr Peter Morici: Austerity is imposing intolerable unemployment and political chaos in Greece, and won’t permit it to repay its debts. Athens must abandon the euro and reintroduce the drachma.
May 17, 2012 - 7:47 AM
Dr. Peter Morici: Europe’s single currency is a bust. With unemployment reaching depression levels in the Mediterranean states, time has long passed to negotiate an orderly return to national currencies.
May 14, 2012 - 7:18 AM
Dr Peter Morici: Barack Obama and his Republican challengers don’t agree about much, but they do agree the US economy can’t be turned around, and middle class prosperity saved, without a strong contribution from manufacturing.
Apr 11, 2012 - 10:51 AM
Dr Peter Morici:: The US Supreme Court is hearing arguments whether the Affordable Care Act requirement that all Americans purchase health insurance is an unconstitutional intrusion on personal liberty, or a reasonable discretion of federal powers to promote the general welfare.
Mar 28, 2012 - 8:20 AM
Dr. Peter Morici: On Friday, forecasters expect the Labor Department to report the US economy added 204,000 jobs in February, down from 243,000 in January. My estimate is 180,000.
Mar 8, 2012 - 7:22 AM
On Tuesday, Germany and France announced new plans to bring together their business tax regimes as they progress their plans for full fiscal union. The aim will be to align their tax systems, starting in 2013. The proposals also support the recent Euro Plus Pact, which sets out the rules for future economic and fiscal co-ordination between the EU members, excluding the UK, Sweden, Czech Republic and Hungary which did not join the new treaty. One early potential change will be France cutting its main corporate tax rate.
Feb 22, 2012 - 7:04 AM
Country comparisons should be viewed with caution and are often used to support a fixed view while inconvenient information is ignored. Wittingly or unwittingly, proponents of a Eurozone exit for Greece underestimate the devastating consequences - - the risks are also high for Ireland given that it is the developed country that is more dependent on foreign-owned firms than any other.
Feb 20, 2012 - 8:10 AM
Dr Peter Morici: Today, the US Commerce Department is expected to report the deficit on international trade in goods and services was $47.8bn in December, unchanged from November.
Feb 10, 2012 - 5:51 AM