Originally published in The New York Times. The Treasury Department reported last month that the nation closed its fiscal year with the national debt having reached a record $31 trillion, a stunning rise from a comparatively modest $20 trillion just six … Continue reading →
Originally published in the New York Times. Early in my deal-making career, a Wall Street veteran counseled me to “never let the perfect be the enemy of the good.” The Senate majority leader, Chuck Schumer, may have had similar advice in … Continue reading →
Originally published in the New York Times. Even in Washington, miracles sometimes happen. Less than a week ago, any tax and spending deal in Congress — let alone a meritorious one — seemed utterly implausible. But the new package announced on Wednesday is … Continue reading →
Orginally published in the New York Times. The Federal Reserve’s powerful Open Market Committee will conclude a regular two-day meeting early Wednesday afternoon with an announcement on its next move on interest rates. The direction is surely upward; the only question is by … Continue reading →
Orginally published in the New York Times. The debate over whether the recent surge in inflation is transitory or permanent has been settled. Now the question is whether the Federal Reserve can tame increasing inflationary turbulence and bring the economy to a … Continue reading →
Originally published in the New York Times. While the extraordinarily strict sanctions imposed on Russia constitute an admirable policy response to its appalling invasion of Ukraine, we should not be complacent about the potential boomerang effect on the global economy. … Continue reading →
Originally published in the New York Times. In an interview with Lester Holt of NBC last week, President Biden hewed closely to his talking points on inflation, which over the past 12 months has risen at its fastest rate in … Continue reading →
In his tenth annual “Year in Charts” for The New York Times, Steven Rattner surveyed major trends in a tumultuous year that was marked by an ongoing pandemic and a steady – albeit imperfect – economic recovery. Please click here … Continue reading →
Originally published in the New York Times. Enough already about “transitory” inflation. Last Wednesday’s terrible Consumer Price Index news shifts our inflation prospects strongly into the “embedded” category: Prices are up 6.2 percent from a year ago, the largest increase in 30 years. … Continue reading →
Sometimes true costs are hidden by backloading them. Originally published in the New York Times. Americans of a certain age may remember J. Wellington Wimpy, a droll character from Popeye cartoons. “I’ll gladly pay you Tuesday for a hamburger today,” … Continue reading →
