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Fiscal Policy

The Chastening

Thursday, March 28, 2002 - 11:00am

The Chastening is the first book to provide a behind-the-scenes look at the International Monetary Fund during an extraordinarily turbulent period in modern economic history. Based on interviews with more than 200 officials at the IMF, the World Bank, the U.S. Treasury, the Federal Reserve, the White House and many foreign governments, The Chastening recounts the struggle to stem the financial crisis that flared in Thailand in mid-1997 and spread to three continents.

Alter the Tax Code to Avert Elder-Care Crisis

  • By
  • Ted Halstead,
  • New America Foundation
  • and Michael Lind
December 13, 2001 |

For all the public debate about the strains that the retirement of the baby-boom generation will place on our Social Security and Medicare systems, surprisingly little debate has occurred about the looming crisis in caring for the elderly. After all, the huge number of baby-boomer retirees will require not only their monthly pension and Social Security checks, but also unprecedented amounts of time-consuming and expensive individual care in their final years.

The Economy in 2002

Friday, November 30, 2001 - 11:00am

David D. Hale is the Global Chief Economist for the Zurich Financial Services Group and its investment affiliates. In this position, he advises the group's domestic and global fund management operations on the economic outlook and a wide range of public policy issues. He joined the group following its acquisition of Kemper Corporation, where he had served as Chief Economist for many years. Mr. Hale also serves as Chairman of the Board of China Online, L.L.C., a service provider for business and economic news about China.

The War Tax: Large Estates Should Pay Their Way

  • By
  • Daniel Gross,
  • New America Foundation
November 20, 2001 |

After September 11th, cash flowed into the coffers of assisting charities. But it has been gushing out of the federal treasury.

In the seven weeks after the attack, Congress has approved measures to bail out the airlines ($5 billion), aid the reconstruction of New York and the Pentagon ($20 billion), and to support increased homeland security and war-related efforts ($20 billion). Still to come are new investments in public health and security infrastructure, aid for the insurance industry, and a likely stimulus package. In all, the tab could run well over $150 billion.

How to Restart the Engine

  • By
  • David Friedman,
  • New America Foundation
October 28, 2001 |

With the immediate shock of the Sept. 11 attacks subsiding, restarting the stalled U.S. economy is a critical priority. Unfortunately, the stimulus package under consideration on Capitol Hill is simplistic, politically timid and incapable of fueling a sustained recovery. What's needed instead is an approach that builds consumer and investor confidence in the economy's long-term prospects. Toward that end, income and payroll taxes should be slashed by 10% to provide an immediate $170 billion boost to the economy.

Progressive Privatization: A Better Way to Reform Social Security

October 18, 2001

Good morning members of the Commission. My name is Maya MacGuineas and I am a Fellow at the New America Foundation, a non-partisan think tank in Washington DC, where I work on fiscal policy. Thank you for the opportunity to testify before you today. I realize that most of the country's attention is focused on more immediate threats -- as is only appropriate. But it is important that at the same time, we take action to address the longer-term threats we know exist to our nation's retirement program. So I thank you for going forward with the important work of the Commission.

The Radical Center

October 1, 2001

In 2001, Ted Halstead and Michael Lind wrote The Radical Center, a book that proposed to take American politics in a totally new direction -- away from "our rigid two-party cartel" and toward a centrism that they said didn't exist in an electoral sense.

In 2010, Sam Tanenhaus revisited the book in The New York Times Book Review to see how well their ideas held up. An excerpt from his essay is below:


The Case for a Living Wage

  • By
  • Michael Lind,
  • New America Foundation
October 1, 2001 |

The student demonstrations at Harvard this past spring, to persuade the university to provide a "living wage" for all of its workers, brought unprecedented publicity to a nationwide grass-roots effort to raise American living standards by raising American paychecks. After a generation in which liberalism has been linked with identity politics, mass immigration, environmentalism, and the defense of middle-class entitlements, the living wage campaign is reviving the moderate Left's dormant interest in the well-being of working people.

The Neglected U.S. Depression

  • By
  • David Friedman,
  • New America Foundation
August 12, 2001 |

At the end of the 1980s, when it seemed inevitable that our technological superiority and important production capabilities would be lost to Japan and possibly the Asian "tigers," many observers argued that manufacturing in the United States mattered. Production fed other economic sectors, sustained the nation's defense and assured that no country could gain an edge in a key technology that might cripple our economy or military advantage. Losing manufacturing was akin to hollowing out the core of the U.S. economy.

Bubble Economy II: Coming Soon

  • By
  • David Friedman,
  • New America Foundation
May 13, 2001 |

When the U.S. Federal Reserve Board meets this Tuesday, many observers expect it to cut interest rates for the fifth time since January. If it does, the Fed's retreat from the "new economy" dogma will be complete. The central bank had long believed that Information Age miracles guaranteed U.S. prosperity. It initially raised rates to restrain the worst of the stock markets' excesses.

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