Articles on US Economy

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Big car firms now make huge sums from financial subsidiaries. Martin Rickett/PA

Short-term profit seeking risks the future of manufacturing

In both the US and UK, policymakers have been excited to see a small but significant increase in manufacturing activity and exports. While growth in manufacturing jobs has been sporadic, the creation of…
Nice eagle, shame about the growth. Tim Evanson

Quantitative easing has undermined US growth

With the US economy experiencing an extremely slow recovery from the recession of 2007-09, debates over the role of monetary policy have come to the forefront, especially given the variety of new powers…
In aiming for a deficit in 2013-14, Treasurer Wayne Swan has made a future surplus more likely. AAP

Deficit hysteria debunked: in the long run, Keynes was right

Recent years have demonstrated the enduring strength of a core Keynesian insight: deficit spending may result in higher growth and enable states to move more quickly into surplus. In this light, Australian…
Barack Obama’s recent budget pursues the goals of full employment and fiscal balance, objectives that were heavily emphasised under Bill Clinton’s leadership. AAP

Party like it’s 1999: Obama’s budget borrows from Clinton’s playbook

Is it 2013 or 1999? Barack Obama’s evolution into a more successful Bill Clinton may be complete with the issuance of his recent budget. On the one hand, Obama’s budget cuts entitlement spending by adopting…
The US remains the most militarily powerful nation on Earth - but will budget cuts bring it back to the fold? EPA/Zurab Kurtsikidze

Budget cuts: will American military power suffer?

The maelstrom surrounding budget cuts that has engulfed the United States over the last twelve months seems no nearer to reaching a satisfactory conclusion. The U.S. Congressional House and Senate currently…
The deadline for the US budget sequester —which will see across-the-board spending cuts of $US 85 billion implemented over the fiscal year — is rapidly approaching. AAP

No silver lining to US budget sequester

The first thing you should know about the sequester is that nearly everyone agrees that it’s a bad idea. In fact, that was the point. In the summer of 2011, with congressional Republicans refusing to raise…
President Obama has proposed raising the minimum wage from $7.25 to $9, reigniting the debate about the effect of a wage hike on unemployment. flickr\brianwallace

Obama’s pledge to raise the minimum wage is good policy

In his State of the Union address, US President Barack Obama reignited a perennial debate in his proposal to increase the minimum wage from its current level of $7.25 an hour to $9.00 an hour. Advocating…
By opting for restraint in his state of the union speech, Obama presented his ideas not as bold initiatives to revive the liberal tradition, but as pragmatic proposals with widespread bipartisan support. EPA

Obama extends a light hand of liberalism to Americans

Barack Obama opened his fourth state of the union address to Congress with words from another Democratic president, John Kennedy: “The Constitution makes us not rivals for power but partners for progress…
Obama outlined an ambitious economic agenda to foster growth and rebuild America’s middle class. AAP

State of the Union: Obama lays out his economic agenda

President Obama left little doubt during his State of the Union address as to what his top priority will be in the years ahead. “A growing economy that creates good, middle-class jobs”, the President declared…
It may seem like an idea with currency, but miinting a trillion dollar coin to sidestep the debt ceiling is a fabricated solution to a fabricated crisis. Wikimedia Commons

The trillion-dollar coin: change Americans can believe in

In the midst of genuine economic and political challenges, Tea Party Republicans have been hard at work generating additional problems. From the debt-ceiling showdown that cost the US its AAA credit rating…
Resolving the US’ fiscal cliff through taxation reform will prove challenging for the President. AAP

No clear resolution for the US fiscal cliff

When President Obama took office in 2008, there was little time for rest or reflection. The economy was in freefall and immediate action was required. This time around, the situation is not so dire. But…
Without serious, structural fiscal reforms — which require bipartisanship and compromise — the US economy could go into free fall. Bungee jump image from www.shutterstock.com

Is the US set to jump off a fiscal cliff?

As we check our political calendars, many look to November 6 as the crucial date that will determine the future direction for US politics and the nation’s ailing economy. But in policy terms, it is January…
Chairman of the Federal Reserve, Ben Bernanke, is hoping that a third round of quantitative easing can bolster confidence in the US economy. AAP

Bringing out the big guns: Bernanke unleashes QE3

Finding bright spots in the US economy is a seemingly thankless task. The unemployment rate, despite dipping slightly in previous months, remains above 8%; last month, employers could only add 96,000 jobs…
Barack Obama’s handling of the economy will be closely scrutinised in the US presidential election campaign next year. AFP/Mandel Ngan

It’s the economy, stupid: The US Presidential elections in 2012

President Barack Obama’s handling of the US economy has come under close scrutiny following the publication of Confidence Men by Ron Suskind - which charts his struggle to contain the Wall Street crash…
World Bank chief Robert Zoellick and IMF head Christine Lagarde have doubts about global growth. AAP

Spooking the markets: should financial leaders keep quiet during crises?

Global markets have tumbled again this week, following the downgrading of Italy’s debt rating and a series of negative comments from leaders of the world’s financial institutions. International Monetary…

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