In a November 17 report, the Congressional Budget Office found that the longer someone has been unemployed the more important unemployment insurance benefits are to family income.
A November 16 commentary by Stanford economist Michael Boskin says that Republican gains in the recent elections are positive for the economy: “America’s lurch toward a European-style social-welfare state in Obama’s first two years appears to have been halted, if not permanently ended or reversed. And that is good news for the US – and for the global economy.”
On November 15, the Federal Reserve Bank of Philadelphia released its survey of profession forecasters for the fourth quarter. The consensus forecast predicts slightly slower GDP growth and considerably slower employment growth in 2011 than anticipated 3 months ago.
In a November 14 paper, economists Graziella Bertocchi and Arcangelo Dimico argued that much current inequality has its roots in the still-lingering effects of slavery.
In a November 12 commentary, NYU economist Michael Spence argued that high unemployment and low consumption growth may be the “new normal” for the economy. He says that Americans must become more internationally competitive so that foreign demand (exports) can substitute for the decline in domestic demand. This will require more saving and investment, research and development, education and training etc.
Also on November 12, Gallup released a poll that asked people in different countries what they would do with a substantial windfall of roughly $150,000. Key finding: 41 percent of Chinese say they would use it to start a business versus only 14 percent of Americans.
A November 11 paper from the International Monetary Fund examined the human cost of the recession in terms of unemployment, social cohesion, and permanently lost income.
On November 10, UNESCO announced publication of Science Report 2010. It shows gains by developing countries in research and development.
On November 9, Bank of America Merrill Lynch published a study of high net-worth philanthropy. It reports a sharp decline in charitable giving between 2007 and 2009.
Bruce Bartlett is an American historian and columnist who focuses on the intersection between politics and economics. He blogs daily and writes a weekly column at The Fiscal Times. Read his most recent column here. Bartlett has written for Forbes Magazine and Creators Syndicate, and his work is informed by many years in government, including as a senior policy analyst in the Reagan White House. He is the author of seven books including the New York Times best-seller, Impostor: How George W. Bush Bankrupted America and Betrayed the Reagan Legacy (Doubleday, 2006).
