Economy

You're Never Too Big to Fail

  • By
  • Reihan Salam,
  • New America Foundation
March 29, 2010 |

As the financial crisis fades into memory, no consensus has emerged on how things went so wrong. Some maintain that the Community Reinvestment Act and government-sponsored entities like Fannie Mae and Freddie Mac set in motion the chain of events that ended in disaster. Others blame two decades of unrestrained financial innovation for undermining the institutional and cultural safeguards of the free market. And then, of course, there are those who believe that all or some or none of these things are true.

L.A. County -- The Biggest Loser

  • By
  • Anne Stuhldreher,
  • New America Foundation
March 28, 2010 |

There are some contests where you don't want to finish first. Being the biggest loser of free federal tax refunds is one of them.

Yet Los Angeles County just notched that dubious distinction in a recent study of California's participation in the earned income tax credit, or EITC, a refund that gives a financial boost to people at the low end of the pay scale.

E-Donnybrook

  • By
  • Megan McArdle,
  • New America Foundation
March 28, 2010 |

Can it be a coincidence that J. D. Salinger died the same day the iPad was introduced? After all, Salinger belonged utterly to the era of typewriters and overflowing ashtrays and dog-eared paperbacks yellow with age. Perhaps he could not live long in a world where the Next Big Thing in publishing was not an author, but an electronic reading machine. Forget the literary giants who once traded barbs at Elaine’s or the Algonquin. Now the battle over the world’s literary territory, a contest on the epic scale of Mothra vs. Godzilla, is between Amazon’s Kindle and Apple’s iPad.

Holes in the Safety Net

  • By
  • Lauren Damme,
  • New America Foundation
March 24, 2010

The welfare reforms of 1996 replaced Aid to Families with Dependent Children (AFDC) with Temporary Assistance for Needy Families (TANF) as the primary safety for the poor. But the Great Recession has exposed the failure of TANF as a safety net to catch American families as they experience hardship.

Toyotas Are Safe (Enough)

  • By
  • Robert Wright,
  • New America Foundation
March 3, 2010 |

Several months ago, a 63-year-old Harvard professor lost control of his 2005 Toyota Highlander, crashed into another car and died, along with two family members. Now the government is trying to decide whether Highlanders of this vintage are prone to sudden acceleration and should be added to the lengthy Toyota recall list.

I drive a 2005 Toyota Highlander, and ever since I read about the case of the 63-year-old Harvard professor, I’ve felt … well, nothing in particular. I mean, I’m sorry about the professor and his family, but I think this whole Toyota thing is overblown.

Programs:

The Manufacturing Credit System

  • By
  • Michael Lind,
  • New America Foundation
March 22, 2010

One of the greatest needs of U.S. manufacturing is access to sustained, adequate credit. The U.S. Farm Credit System provides a model for a new U.S. manufacturing credit system. The federal government should create up to a dozen regional manufacturing credit banks, modeled on the farm loan banks. Like the five banks of the federal farm credit system, each regional manufacturing bank would be a cooperative owned by banks and other credit institutions in its geographic region.

Made in America Bonds

  • By
  • Michael Lind,
  • Daniel Mandel,
  • New America Foundation
March 22, 2010

The urgent need to boost American economic growth while reducing the U.S. trade deficit makes it imperative to rebuild America’s manufacturing sector. Capital and labor that were diverted during the bubble years into unproductive, inflated assets in the housing and stock markets need to be shifted into the production of tradable goods to be exported or substituted for imports. A successful policy to reinvigorate U.S.

Effects of Imposing a Value-Added Tax to Replace Payroll Taxes or Corporate Taxes

  • By Eric Toder, Urban Institute; Joseph Rosenberg, Urban-Brookings Tax Policy Center
March 22, 2010

This report examines the effects of imposing a new value added tax (VAT) in the United States and using the revenue raised to lower payroll tax and corporate income tax rates. We summarize how different forms of VAT operate and compare how a VAT, payroll tax, and corporate income treat different sources of income and the different ways each tax distort economic decision-making.

We then present estimates of the revenue effects from a VAT and the reduction in payroll and corporate income taxes that a VAT could potentially finance.

Getting Serious About Doubling U.S. Exports

  • By
  • Sherle R. Schwenninger,
  • Samuel Sherraden,
  • New America Foundation
March 17, 2010

Speaking this past week at the Ex-Im Bank, President Obama laid out his strategy for doubling American exports within five years, a goal he announced in his State of the Union Address. Naming it the National Export Initiative, he described the strategy as “an ambitious effort to marshal the full resources of the United States government behind American businesses that sell their goods and services abroad.” The Initiative calls for the creation of an Export Promotion Cabinet, made up of the Secretaries of State, Treasury, Agriculture, Commerce, and Labor along with the United State

Bring It On, Ayn Rand Geeks

  • By
  • Michael Lind,
  • New America Foundation
March 16, 2010 |

A new right is being born, following the death of the older conservative movement. Fortunately for the left, the next American right is dominated by libertarians like Ron Paul and Paul Ryan, who worship at the shrine of Ayn Rand.

Syndicate content