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Financial Crisis

The Danger of Long-Term Structural Unemployment

  • By
  • Sherle R. Schwenninger,
  • Lauren Damme,
  • New America Foundation
July 12, 2010

The current debate over job creation versus fiscal restraint may prove to be the most decisive debate about America’s future in the post-bubble era. Which side prevails will determine the shape of our economy and society for years to come. Deficit hawks often cite the fear that at some point in the future the market will lose faith in the federal government’s creditworthiness with supposedly severe consequences, but against this distant (and in our view improbable) danger, they tend to ignore the damage caused by the lost output, incomes, and tax revenue that results from weak eco

Inequality in America

July 19, 2010

"After 30-Year Run, Rise of the Super-Rich Hits a Sobering Wall." So declared a headline in the New York Times in August 2009, documenting the declining number of Americans with a net worth of $30 million and predicting that the Great Recession would reduce the staggering level of inequality in the United States. As our symposium suggests, the truly sobering news lies elsewhere. It is not multimillionaires who have been hit hardest in the recent economic downturn.

It Takes an Asteroid to Show How Wrong the Right Is

  • By
  • Michael Lind,
  • New America Foundation
June 29, 2010 |

In the summer of 2010, even as the United States was still dealing with the consequences of the global financial crisis and the British Petroleum oil spill in the Gulf of Mexico, an asteroid struck the East Coast. Early warning systems permitted most of the region’s population to be evacuated, so that only a few lives were lost when the meteor fragmented and exploded above lower Manhattan, leveling Wall Street in the biggest impact of this kind since an interplanetary object detonated above Tunguska in Siberia on June 30, 1908.

The Case for an Infrastructure-Led Jobs and Growth Strategy

  • By
  • Sherle R. Schwenninger,
  • New America Foundation
February 23, 2010

As the Senate takes up a greatly scaled down $15 billion jobs bill stripped of all infrastructure spending, the nation should consider the compelling case for public infrastructure investment offered by Governors Arnold Schwarzenegger (R-CA) and Ed Rendell (D-PA).  Appearing on ABC's Programs:

The Fiscal Crisis in State Government – And What Should be Done About It

  • By Linda J. Bilmes, Daniel Patrick Moynihan Senior Lecturer in Public Policy, Harvard Kennedy School
June 17, 2010

While the federal deficit captures the news headlines, there is a deep and pervasive fiscal crisis in state finance. This crisis is largely a result of the Great Recession, which has caused the steepest decline in state tax receipts on record. It is also a structural issue, resulting from unfunded retirement plans that are beginning to come due. With state spending accounting for one eighth of US GDP, this crisis has serious implications for economic recovery, for jobs and for the credit markets, where states and municipalities have borrowed nearly $3 trillion.

Front Line of Defense

  • By Steven Attewell, Ph.D. Candidate, University of California at Santa Barbara
June 14, 2010

The limitations imposed by the role of the states in the U.S. unemployment insurance system are the reason why a majority of workers are not protected and why even insured workers receive inadequate protection. Steven Attewell writes: “Our reconstruction of the unemployment insurance system should start from three basic principles. First, unemployment is a national problem for our single, national economy, and requires a nation-wide system to respond to it.

The Great Swipe Fee Robbery

  • By
  • Reihan Salam,
  • New America Foundation
June 10, 2010 |

The convenience of electronic payments is nothing short of a miracle. Though we're not quite living in a cashless society, we're getting closer all the time. I've noticed that I've grown increasingly frustrated by coins, a technology that's been with us for thousands of years. They seem somehow primitive, not to mention unwieldy.

Why Obama Can’t Afford to Gamble Away Wall Street Reform

Wednesday, June 9, 2010 - 12:15pm

On June 9, 2010, New America Foundation hosted a conversation with Robert Kuttner and Simon Johnson on Why Obama Can’t Afford to Gamble Away Wall Street Reform. Steve Clemons, director of the American Strategy Program of New America Foundation and publisher of The Washington Note, moderated the event.

U.S. and Europe: Shaping a New Model of Economic Development

  • By
  • Sherle R. Schwenninger,
  • New America Foundation
June 1, 2010

The Great Recession of 2008-09 has put enormous strain on the social contracts of Western economies. This paper provides an American perspective on how well the social welfare systems of the United States and the European Union countries have performed in cushioning their populations against the economic dislocations associated with the Great Recession and how effective U.S. and European policy has been in softening the severity of the recession and in creating the conditions for future socio-economic progress.

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