Over the past week, Bill Clinton, Larry Summers, and Glenn Hubbard have all made the same suggestion: Congress should extend all of the 2001/2003 tax cuts into early next year. It seems like an awful idea.
America has a huge budget deficit hanging over our heads. If the rich don’t pay their fair share, the rest of us have to pay higher taxes — or do without vital public services like Medicare, Medicaid, Pell grants, food stamps, child nutrition, federal aid to education, and more.
US adds only 69,000 net jobs, the smallest gain in a year. Employers pull in their horns in the face of fears over the eurozone and worries about the US elections and the expiration of tax cuts.
Experts have been calling for the bottom of the housing market each year since the crash, and prices continue to tumble. Why? In an overwhelming number of cases, homeowners owe more on their mortgages than their houses are actually worth.