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Posts Tagged ‘crisis’

In Search of the Next Crisis

May 13th, 2013

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The deficit is going down. Woo-hoo!  Let the celebrations begin.

Oh, wait. That may not be altogether a good thing. Certainly not for Republicans. They need an out-of-control deficit to bludgeon Democrats into cutting more spending. It may not be good news for the economic recovery either. Budget austerity means slower growth. Want proof? Look at Europe.

The Congressional Budget Office estimates that this year’s federal budget deficit will drop from $1.1 trillion to $845 billion. Economists at Goldman Sachs project that we will get the deficit under control within two years. Why is this happening?

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“Why Sputnik?”

January 27th, 2011

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“This is our generation’s Sputnik moment,” President Obama declared in his State of the Union speech Tuesday evening. Interesting metaphor. I was around for the launching of Sputnik in 1957. He wasn’t. Sputnik created a huge wave of shock and paranoia in the United States. The Soviets were beating us! We were losing the Space Race! And maybe the Cold War.

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