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How Can America Turn It Around? |
| Section: CURRENT ISSUES / SPECIAL REPORT--COPING WITH THE GLOBAL RECESSION |
| Author: John C. Soper |
| Publication: The world & I online |
| Issue Date: 1/1/2002 |
| Size: 1,502 Words, 9,257 Characters |
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Economic policymakers need to heed the ancient maxim from the physician's code: 'First, do no harm.'
John C. Soper is professor of economics at John Carroll University in Cleveland, Ohio.
By early November 2001, it was clear that the U.S. economy had actually fallen into a recession. After an extremely weak second quarter (when economic growth stayed positive only because of a huge drop-off in American imports), the initial estimate of third-quarter growth showed an economic growth rate of _0.4 percent on an annual basis, the worst drop since 1991.
Unemployment shot up by 415,000 jobs in October, far beyond what most economists had predicted. The unemployment rate leaped upward to 5.4 percent of the labor force, an increase of 0.5 percent in just one month, a...
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...urns on work, saving, investment, and entrepreneurial effort while also injecting additional purchasing power into the hands of consumers. A significant reduction in marginal income-tax rates would provide such stimulus. But political forces ultimately decide what kind of package reaches the president's desk, and those forces do not necessarily mean that fiscal policy changes are optimal. vbcrlf
(818 of 9,257 characters)
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