Word: stimulus
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...recent weeks, the Obama Administration has taken heat for having underestimated how bad the economy would get. With the unemployment rate surpassing the Administration's best predictions, ABC's George Stephanopoulos asked Vice President Joe Biden if the stimulus package was too small or if the White House simply didn't have a handle on the seriousness of our economic ills. When an interviewer posed a similar question on National Public Radio, the chair of the President's Council of Economic Advisers, Christina Romer, replied, "It's important to realize that none of us has a crystal ball...
...acceleration - GPD growth was just 6.1% in the first quarter - is unmistakably good news for China's major trading partners, particularly those countries in Asia that export raw materials to China's manufacturers. Imports of semifinished industrial metals in the quarter soared by more than 35%, as China's stimulus-driven infrastructure build-out gathered steam. Overall fixed-asset investment picked up 33.5% year over year, a pace that recalled the country's glory years of double-digit economic expansion. (See pictures of life on the fringes of the People's Republic...
...When July 6 arrived, every station carried the budget address, delivered by finance minister Pranab Mukherjee. And the nation was in for quite a surprise. While Mukherjee did announce significant fiscal stimulus plans, expanding rural employment, and development programs, he did not mention any specific open-market reforms, such as raising foreign investment levels, divestment of public enterprise, or deficit reduction. After Mukherjee had signaled to the entire nation that he would follow through on these reforms, the speech was a major disappointment...
...through selling state-owned businesses, loosening regulations on foreign direct investment, and creating a plan to reduce the deficit. India achieved 6.7 percent growth this past fiscal year only on the back of intensive government spending by the previous Congress-led coalition. Public-sector spending provides a short-term stimulus, but a more open economy is necessary for sustainable growth...
Vincent Reinhart, a fellow at the right-leaning think tank the American Enterprise Institute and a former top economist at the Federal Reserve, says the problem with the stimulus bill is that it stimulates parts of the economy - like the health-care and alternative-energy industries - that were likely to grow anyway. He believes it would have been better to spend on U.S. manufacturing, where demand is much less certain to resurface and jobs are being shed rapidly. "I don't buy the argument that you just have to give the stimulus package more time," says Reinhart. "By the test...