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What We Read Today 09 January 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

World’s Best Forecaster Targets Euro-Dollar Parity: Currencies (Lucy Meakin and Andrea Wong, Bloomberg)  We have been discussing this 'behind the wall' in recent days and now ING Groep NV which became the world’s most accurate currency forecaster in 2014 by being bearish on the euro has forecast a 13-year low for the euro at U.S. dollar parity.  The forecast covers the expected low over the coming two years.  See more about currency forecasts 'behind the wall' today.


Fix the Debt (Progress Report 2014)  Subtitle:  Seeking Solutions for Responsible
Governing and Economic Success
.  This committee has a number of big name leaders and 365,000 active "campaign supporters".  The report starts with:

Despite recent improvement in annual federal budget deficits, those gains will be short-lived unless policymakers commit to a far-reaching and long-term approach to addressing our fiscal challenges. Absent further action, deficits will begin rising again in a couple of years, and the national debt will remain on an unsustainable path that threatens the economic prospects and standard of living for future generations.

Debt Threat: The National Debt and You (Fix the Debt)

According to the Congressional Budget Office, wages will grow more slowly over the next 25 years if debt is on an upward path compared to a downward path.

debt-and-wages

This article lists all the ways this organization says debt harms the economy and will "threaten citizens’ and families’ economic well-being".  The article's list of what a large debt will do:

  • Hurts wages and jobs
  • Makes borrowing more expensive for important investments
  • Harms our children
  • Threatens the safety net
  • Risks a real crisis
  • Prevents us from growing the economy

The article states that government debt "crowds out" private investment.

Econintersect:  Making such a statement without a through justification is problematic.  We believe the empirical data does not support such a statement.


The 2014 Long-Term Budget Outlook (Congressional Budget Office, July 2014) This report projects that federal debt held by the public will rise from the current level around 73% of GDP to 80% by 2024, about 94% of GDP by 2034.  This is from the same organization that projected in 2001 that the national debt would be completely paid off within a couple of decades.  This will be discussed further 'behind the wall' today and in the future.  See next article.


CBO Publications 2000-  (Congressional Budget OfficeEconintersect comment:  If you cannot rewrite history, remove the record.  Here is the content at http://www.cbo.gov/publications/CBOPubs2000-present.pdf.  Or maybe it's just a temporary hick-up on the site?

cbo-documents-archive-600x450


Articles about events, conflicts and disease around the world

France

Greece

Race Relations and Related News

Nigeria

Central Africa Republic

Syria

Palestine

Iraq

Uzbekistan

Sri Lanka

Latin America

Cuba


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