Exogenous shock—the term that economists use for events from outside the economy that affect economic activity—has a grim redundancy when applied to Tuesday’s attacks. The term literally means “a blow from outside the system.” Like a fuel-laden jetliner crashing into…
This might be a recession, but there’s no need to panic
“Construction spending falls in July.” “Auto sales downshift in August.” “Jobless rate hits 4.9 percent; payrolls plunge.” Recent headlines contain ample evidence that the U.S. economy continues to slow. This is not good news. However, it may be better for…
Strikes are up but still relatively rare
If you listen to some people’s perceptions of organized labor lately, you’d think strikes were everywhere. Yes, Minnesota’s two largest state employees unions say they’ll strike over unresolved issues of pay and health insurance. And yes, there was a high-profile…
Rhetoric over federal budget muddies Social Security issue
Political pandering and editorial ineptitude are creating confusion about an important institution – Social Security – at a time when clarity and insight are needed. I refer to the irrational conflation of two different issues: Social Security and the size…