As A Former Member Of President Obama's

Our Estimates Suggest That A Tax Increase Of 1 Percent Of Gdp Reduces Output Over The Next Three Years By Nearly 3 Percent. The Effect Is Highly Significant.

Most Arguments For Instituting Or Raising A Minimum Wage Are Based On Fairness And Redistribution. Even If Workers Are Getting A Competitive Wage, Many Of Us Are Deeply Disturbed That Some Hard-working Families Still Have Very Little.

There's A Joke In Economics About The Drunk Who Loses His Keys In The Street But Only Looks For Them Under The Lightposts. When Asked Why, He Says, 'because That's Where The Light Is.' That's The Problem With The Deficit.

In The Four Decades After World War Ii, Manufacturing Jobs Paid More Than Other Jobs For Given Skills. But That Is Much Less True Today. Increased International Competition Has Forced American Manufacturers To Reduce Costs. As A Result, The Pay Premium For Low-skilled Workers In Manufacturing Is Smaller Than It Once Was.

I Think Something That Forces Financial Institutions To Write Down Underwater Mortgages, I Think, Would Be A Sensible Thing To Do.