03.12.10

Last week, I published an essay in Time http://www.time.com/time/magazine/article/0,9171,1969745,00.html magazine about debt, arguing that our current preoccupation with the federal deficit and with debt in general is a dangerous distraction from the real issues: namely our inability to invest and spend wisely to create the economy of the future. The problem isn’t debt per se - after all, the U.S. government took on much more debt during and after World War II, and few would argue that was bad policy or led to disaster. The problem is that we aren’t spending our debt productively and are instead frittering it away on consumption, tax rebates, military budgets to pay for Cold War-era weapons systems, pork projects, or other forms of spending that will not yield returns in the future. Read more…

01.20.09

If you were not one of the 2 million people watching the inauguration on the Mall in Washington, you could watch the spectacle on any number of television channels. Flipping between ABC, CBS, NBC and PBS would have yielded different commentary but largely the same mood: euphoria, awe at the magnitude of electing the first African-American president, and somber urgency about what confronts our financial system and the world. Yet, even as Obama warned of a difficult road, the crowds were wildly enthusiastic, and millions were moved. Main Street has turned a corner. Read more…