In 2013, a graduate student discovered a flaw in a spreadsheet, renewing the debate about austerity and debt. Emerging economies tanked, and Bitcoin boomed. In the U.S., unemployment fell and the Federal Reserve started to scale back its bond-buying program. Research focused on inequality and jobs gap between the highly skilled and everyone else. The Affordable Care Act began.
Republican lawmakers have played down the significance of hitting the debt limit, saying the U.S. can avoid default by putting aside funds to pay bond holders. Economists affiliated with the party aren’t so sanguine.
The U.S. economy stands a good chance of facing legislated tax increases and spending cuts if President Barack Obama is re-elected next month, Glenn Hubbard, a senior economic adviser to Mitt Romney, said today.
Glenn Hubbard, the chief economic adviser to Mitt Romney, would rather be Treasury secretary than Federal Reserve chairman if the Republican candidate wins the presidential election, according to three people familiar with his thinking.
The Federal Reserve’s independence shouldn’t be compromised by politicians who disagree with the central bank’s policy actions, economic advisers to President Barack Obama and Mitt Romney said in a debate tonight.
Republican presidential candidates promised to deliver the leadership that Washington needs to overcome congressional gridlock as they pitched their plans for jobs and taxes and called for the removal of Federal Reserve Chairman Ben Bernanke during a debate tonight at Dartmouth College in Hanover, New Hampshire. Participating in the event, sponsored by Bloomberg News and the Washington Post, were former Massachusetts Governor Mitt Romney; Texas Governor Rick Perry; former pizza magnate Herman Cain; Michele Bachmann, a Minnesota congresswoman; Newt Gingrich, the former House Speaker; Ron Paul, a Texas representative; former Pennsylvania Senator Rick Santorum and former Utah Governor Jon Huntsman. Moderators of the debate included PBS talk show host Charlie Rose, Bloomberg reporter
Columbia University professors Joseph Stiglitz and Glenn Hubbard agree that income inequality is a concern. They disagree over what’s behind it and how best to tackle it, in a dispute that has spilled beyond the halls of academia and onto the presidential campaign trail.