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There is little doubt that the United States—and much of the rest of the world—is facing an economic and financial crisis of historic proportions. In the fourth quarter of 2008, the American economy shrank by 6.2 percent, and last month the official unemployment rate reached 8.1 percent, a figure not seen in a quarter-century. Nor has the Obama administration been idle. On Feb. 17, the president signed into law the American Recovery and Reinvestment Act, which calls for the government to spend $789 billion over the next two years in an attempt...
...said. “We need to make sure it’s good for them and we’re not just using them.” The position—which History of Science Department Chair Anne Harrington described as “three quarters teaching and one quarter research”—places a much larger emphasis on teaching than ladder-faculty positions do. Since the Fellows would be teaching “almost full time,” they may not have enough time to write and do research, said Gennaro Chierchia, chair...
...Some economists argue it is unrealistic to expect that China, which saw its slowest growth in seven years last quarter, will be able to boost its domestic demand through short-term spending enough to mitigate steep declines in global trade. "The idea that China will be helping the rest of the world is a myth," says Ben Simpfendorfer, a Hong Kong-based China economist for the Royal Bank of Scotland. "Almost half of what it imports is related to export processing. A large share of the remainder is commodities. It imports little for its own consumption. That befits its status...
...government's plan to create jobs is not set up to cope with a situation in which jobs are lost at a rate of 2 million per quarter. Even advocates of tax cuts would have to admit that the money any cuts would add to business and consumer wallets would not make much difference in the next several months. That may be academic. The Administration is proposing a modest cut for most people, but it is just that - a modest cut. Businesses that will be taxed at a higher rate will have to decide whether that drain affects how many...
...researcher. Skilled immigrants who have historically stayed in the United States have proved a key source of innovation for the nation’s economy, according to Vivek Wadhwa, a Law School senior research associate who led the study. Wadhwa said 52 percent of Silicon Valley startups and a quarter of startups nationwide were started by immigrants in the last decade. But as the U.S. job market stagnates amid an unprecedented recession and economic opportunities increase in fast-developing nations such as China and India, immigrants have begun returning home, depriving the United States of thousands of skilled workers...