American Enterprise Institute
Resident scholar at the American Enterprise Institute and co-author of Debt and Taxes: How America Got into Its Budget Mess and What We Can Do about It; chief economist at Caxton Associates, a hedge fund based in New York and London
The Backlash Against Austerity International May Day rallies are supposed to celebrate the dignity of human labor, but with 26 million Europeans out of work and unemployment at 27 percent in Greece and Spain, today's rallies were protests against the consequences of massive spending cuts and increased taxes. Unemployment is setting records in Eurozone countries, and the focus is shifting from reducing debt to growing troubled economies. Some economists are saying "we told you so," bolstered, believe it or not, by discovery of an Excel spread-sheet error in an influential research paper. What will the "austerity" backlash mean for the "sequester" in this country? Are politicians catching up with new ideas of what works and what doesn't?
President Obama and the American Jobs Act President Obama challenged Congress last night to shut down the "political circus" in Washington and work together--before next year's election. He said everything in his American Jobs Act had been approved in the past by both Democrats and Republicans. He told them to pass it no less than 15 times. He asked Americans to demand action and today — as promised --he took his $447-billion program out on the road. The first stop is Richmond, Virginia,in the district of the Republican minority leader in Congress, Eric Cantor. Is it "bold" enough for Democrats to rally behind it? Is there any chance for support from the GOP? Will voters decide that the "circus" is still going on?
What is Trump's plan for Middle East peace? On his first foreign tour, President Trump has promised "peace" between Israel and the Palestinians. Are there any details for re-starting talks that have been stalled for the past three years?
Ex-FBI Director Comey tells his side of the story Today, former FBI Director James Comey came close to calling the President who fired him a liar. The White House denied the claim and called it insulting, but Republican Senators did not challenge Comey’s truthfulness. Many questions remain: did the President try to obstruct a federal investigation? Later, we’ll go behind the “velvet rope” for a look at 5-Star health care for the richest Americans.
The Trump agenda: where's the beef? President Trump says big things are happening. After celebrating a House bill on health care, he doesn’t yet have Senate agreement. With James Comey’s public testimony scheduled tomorrow, the President today tweeted his selection of a new FBI Director. Is the Chief Executive all style and no substance? Later, terror attacks in Iran and conflicting claims about who’s behind them.
Trump plays scolder-in-chief with NATO allies At the opening of NATO’s dramatic new headquarters in Brussels today, President Trump acknowledged that Article 5 — promising that “an attack on one nation is an attack on all” -- has only been invoked one time: in the aftermath of September 11. But the President failed to provide what 27 other Alliance members have been waiting for: a re-commitment by America’s new leader to Article 5. Instead, they got a scolding.