If the World Is Getting Richer, Why Do So Many People Feel Poor?

In a widely-read statement in his annual foundation letter, Bill Gates took an unabashedly optimistic approach to the world this week. Not only did he tout the massive material progress evident everywhere in the world over the past decades, but he also predicted that as more countries accelerate their transformation from rural poverty to urban middle class societies, poverty as we know it will disappear within the next two decades. “By 2035, there will be almost no poor countries left in the world,” Gates wrote. “Almost all countries will be what we now call lower-middle income or richer.”

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Why Washington's growing irrelevance is good for the country

After three years of sclerosis, Congress is poised to at last pass an actual budget. We’ve been so consumed with the dysfunction of the parties on Capitol Hill that this feat appears significant. In fact, it should be routine. Yet in the context of the past few years, it is anything but.

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The Youth Unemployment Crisis Might Not Be a Crisis

There’s no doubting that worldwide, kids are out of work. In the United States alone, the unemployment rate for 15 to 24-year-olds is about 16 percent, nearly twice the national average. In parts of Europe, the figures are much worse, with a whopping 56 percent youth unemployment rate in Spain alone — representing about 900,000 people. But do these high numbers represent a global labor market crisis that imperils future growth, as the headlines warn? Maybe not. Maybe instead, they’re evidence of a generation of college graduates determined not to settle, which bodes well for our future.

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Column: Tweeting our way forward

Twitter's initial public offering last week was everything that Facebook's botched offering a year and a half ago was not: the stock was reasonably priced; management wooed investors; and the company neither promised the moon nor the stars, and was rewarded with a substantial amount of cash raised, a stock that went up more than 75 percent, and a valuation of $25 billion.

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A Mayor is Only as Good as His City

The New York City mayoral race is entering its final days, and it seems all but certain that Bill de Blasio will be the new master of City Hall. That’s prompted anxiety among some in New York, best encapsulated by an ad run by Republican challenger Joseph Lhota warning that the city would revert to a 1970s crime-ridden cesspit if de Blasio is elected.

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Canceling the debt ceiling apocalypse

Before we begin, let it be said that the looming possibility of the U.S.'s default on its own debt is a not-insignificant issue. Let it also be said that the U.S. government may be unwilling to pay interest on its multi-trillion dollar publicly-held debt as of mid-October, and that this carries substantial risks. And, finally, let it be said that this is something we should most definitely avoid.

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Fed Tells Markets: There is No Certainty

So the Federal Reserve did not taper after all, as we know from its mini-bombshell of an announcement on September 18th. Having signaled in May and June that the central bank was likely to pare back its monthly purchases of $85 billion in mortgage and treasury bonds, the bank and its chairman Ben Bernanke essentially said “Never mind,” and decided that now was not the time after all.

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A recovery without a home

Five years after the collapse of Lehman Brothers and the onset of the 2008-2009 financial crisis, the U.S. housing market is at last starting to thrive. It has, in fact, been steadily improving over the past years, and that trend has only accelerated of late. Housing is widely perceived as a key ingredient to a healthy economy, and so the revival in the housing market has been heralded as a positive step for an American system that has been sluggish at best. Similar trends in the United Kingdom and parts of the EU are greeted as positives as well.

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Obama, Syria, and the decline of the imperial presidency

In 1973, Arthur Schlesinger wrote about the tendency in American history for the president to assume sweeping powers in times of war and crisis. The balance of power established by the Constitution gets upended; Congress and the courts take a back seat; and the executive makes decisions about life and death largely unchecked. He called this "the imperial presidency." Today, with President Obama turning to Congress to endorse a military strike on Syria, the imperial presidency is beginning to wane.

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Column: Fannie, Freddie and our flawed 'Ownership Society'

More than four years ago, President Obama assumed office promising dramatic reform to the housing market. After all, it was the housing market that triggered the financial crisis, and the vast proliferation of low-quality loans that had fueled the housing bubble. But politics delayed those reforms, and now the president is reopening the issue with a call to wind down the two main federal mortgage agencies,

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