Election year doesn't have to be a wasted year on the fiscal front, say Pete V. Domenici, Co-Chair of the Bipartisan Policy Center's Debt Reduction Task Force and Alice M. Rivlin, Senior Fellow for Economic Studies at the Brookings Institution, emphasizing the need to slow down the growth of major entitlements and raise additional revenue from an efficient tax system.
The eurozone, once seen as a crowning achievement in the decades-long path of European integration, is buffeted by a sovereign debt crisis of nations whose membership in the currency union has been poorly policed.
Even as Greek leaders agree to new austerity measures,the IMF is calling on Greece's official creditors to take losses on its bond holdings. Analysts and policymakers increasingly question the wisdom of EU-mandated austerity measures at the expense of growth.
President Obama gave these remarks on February 9, 2012 regarding the "landmark settlement with the nation's largest banks that will speed relief to the hardest-hit homeowners, end some of the most abusive practices of the mortgage industry, and begin to turn the page on an era of recklessness that has left so much damage in its wake".
The White House describes this January 2012 document: "In his State of the Union address, President Obama laid out a Blueprint for an America Built to Last, calling for action to help responsible borrowers and support a housing market recovery. While the government cannot fix the housing market on its own, the President believes that responsible homeowners should not have to sit and wait for the market to hit bottom to get relief when there are measures at hand that can make a meaningful difference, including allowing these homeowners to save thousands of dollars by refinancing at today's low interest rates. That's why the President is putting forward a plan that uses the broad range of tools to help homeowners, supporting middle-class families and the economy."
Ron Paul released this "Economic Plan to Restore Nevada" on February 2, 2012. The press release states,
"The plan helps Nevada residents, workers, retirees, debtors, home buyers, homeowners including those facing foreclosure, job-creators like the tourism industry, federal land ownership victims, and other stakeholders renew the Silver State's economy and sovereignty after decades of disastrous Washington interference.
The five key elements of the 'Plan to Restore Nevada' include:
1. Restoring Nevada's Job Market 2. Restoring the Housing Market 3. Restoring Tipped-Worker Wages 4. Restoring a Common Sense Visa System 5. Giving Nevada Back To Nevadans."
Political and business leaders at the World Economic Forum in Davos are focused on the ongoing eurozone sovereign debt crisis, with some cautioning that Germany is not doing enough to resolve the crisis and facilitate growth.
Fears of a U.S. sovereign debt crisis akin to some eurozone economies may be overblown, but a large deficit poses serious challenges for policymakers struggling to balance short-term economic recovery with debt reduction in the long term.
Policymakers and market actors are increasingly concerned about a disorderly Greek default, while many analysts question the wisdom of Germany's strict austerity approach to the escalating eurozone sovereign debt crisis.
Blackstone strategist Byron Wien gives a cautiously optimistic forecast on world economic developments in 2012, in a discussion with CFR's Robert E. Rubin, former U.S. Secretary of the Treasury. Wien just released his closely followed annual "Ten Surprises" list of probable economic, financial market, and political events.
The Council on Foreign Relations' David Rockefeller Studies Program—CFR's "think tank"—is home to more than seventy full-time, adjunct, and visiting scholars and practitioners (called "fellows"). Their expertise covers the world's major regions as well as the critical issues shaping today's global agenda. Download the printable CFR Experts Guide.
The author examines Pakistan's complex role in U.S. foreign policy and advocates for a two-pronged approach that works to quarantine threats while integrating Pakistan into the broader U.S. agenda in Asia.