Yale economist R. Shiller has an interesting piece in the NYTIMES on household expectations
"THE origins of the current economic crisis can be traced to a particular kind of social epidemic: a speculative bubble that generated pervasive optimism and complacency. That epidemic has run its course. But we are now living with the malaise it caused." - Shiller
Time Magazine’s Rana Foroohar examines US economic challenges
George Will makes an interesting point in the WashingtonPost regarding the US Government’s Trade Assistance Program (the debate regarding the Trade Assistance Program is currently holding up the passage of several US free trade agreements):
“Why should someone be entitled to such welfare just because he or she is affected negatively by competition that comes from abroad rather than down the street? Because national trade policy permits foreign competition? But national economic policy permits — indeed encourages, even enforces — domestic competition.
In 2001, when approximately 80,000 people worked in 7,500 music stores, the iPod was invented. Largely because of that and other technological changes, today only about 20,000 people work in 2,500 music stores. Should those 60,000 people be entitled to extra welfare because they are “victims” of technology? Does it matter if the 60,000 have found work in new jobs — perhaps making or selling electronic devices?”