The budget negotiations in Washington D.C. roll on, with the odds increasing that a package of January 1 tax hikes and spending cuts will kick in automatically. I’ve argued before that not only is not the worst outcome, it might well be the best possible one, given the results of the last election.
What is disturbing is what this whole process says about our political system—both parties seem ... More
Where do we go from here? President Obama is re-elected, but Republicans not only retained control in the House of Representatives, but added to their majority. While the GOP was a train wreck in the Senate and blew opportunities to close the gap or take control, they still have more than enough seats to filibuster controversial legislation (you only need 41), something they didn’t have in the f... More
The news stories right now seem to be exclusively about the horse-race aspect of the presidential campaign, admittedly the easier thing to focus on, especially with post-debate polling indicating that the race is now a dead heat. Just as important, the polls that comprise the average now differ on which candidate is leading, whereas pre-debate polls might have differed on the size of the margin, b... More
China and other foreign creditors own a rising share of U.S. debt
China has become a bipartisan target over the last couple weeks on the presidential campaign trail. Both President Obama and Candidate Romney have ratcheted up the rhetoric in vowing to get tough on the Middle Kingdom. But while there’s plenty of good reasons for such a policy, neither the president nor the challenger, have put fo... More