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Political Economy explores how political forces in Washington and elsewhere in the world shape the economy and how corporate agendas influence political institutions and politicians. The blog offers new perspectives on the day's top economic and business stories with exclusive interviews with government officials and lawmakers, commentary from influential economists and analysis from Post reporters. Ariana Eunjung Cha is the blog's lead writer and Mike Shepard is the author of the daily economic agenda.

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Ezra Klein's Take

    "The Obama campaign publicly supported the bank bailout and then repelled the populist measures to really hammer banker pay when they got into office. The financial reform bill didn't break up the banks, set leverage requirements in statute or do any of a number of other things that would've really hurt the financial industry. The auto bailout was designed to preserve the existence of America's auto industry, and even the Economist has admitted that the Obama administration did everything in its power to "restore both firms to health and then get out as quickly as possible." The various stimulus measures have been designed to directly support businesses or indirectly support the people who those businesses rely on."

Steve Pearlstein's Take

    "Given the fragile state of the economy, this is no time to be raising taxes on the middle class, as nearly every dollar taxed is nearly a dollar not spent buying goods and services... At the same time, even conservative economists acknowledge that while the rich account for a disproportionate share of consumer spending, raising their taxes by a modest amount won't alter that spending or have much of a short-term impact on the economy. The reason: Wealthy people make considerably more than they spend, and they save the rest."

Nouriel Roubini, a.k.a. "Dr. Doom," predicts double-dip odds at 40 percent

Nouriel Roubini, the famed New York University economist who predicted the financial crisis, tweeted Wednesday that our chances of another recession are increasing.

"Q3 GDP growth very likely to be below 1 percent; and likely to be closer to 0% than to a pathetically lousy 1 percent. So double dip risk is now > 40 percent," he wrote.

Roubini explained to CNBC today that he felt the government is out of policy moves to stimulate the economy. He said that GDP in the second quarter is likely to have fallen from 2.4 percent to 1.2 percent--which is slightly lower than but still in line with what other economists expect.

Listen to his full remarks here:












By Ariana Eunjung Cha  |  August 26, 2010; 2:25 PM ET
Categories:  U.S. Economy  
 Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: In Jackson Hole, a laid-back retreat with some serious policymaking
Next: Economic agenda: Friday, Aug. 27, 2010

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