While U.S. lawmakers wrestle with high unemployment and a mounting federal deficit, 80 percent of them have no academic background in business or economics, according to a new study by the Employment Policies Institute (EPI). The study found that only 8.4 percent of U.S. lawmakers majored in economics, while 13.7 percent studied subjects related to business or accounting. The majority of Congress — 55.7 percent — studied law, government, or humanities.
President Obama’s pledge to recover the economy has taken a long and winding detour, but his 2008 campaign pledge to regulate corporate America is right on course — despite the fact that in January, the White House issued an executive order to review regulations for all federal agencies, with the intent to root out oppressive regulations on American businesses.
If a $14.3 trillion national debt sounds like a staggering sum, economist Lawrence Kotlikoff's estimate of the nation's real long-term indebtedness might bowl you over. Kotlikoff, who was a senior economist on President Reagan's Council of Economic Advisers, calculates the debt at $211 trillion.
Former Federal Reserve Bank Chairman Alan Greenspan (left) came up with a novel way to claim the U.S. government would never default on debt: print the difference. Greenspan told NBC's "Meet the Press" August 7, in response to a question about the recent downgrade in the U.S. bond rating by Standard and Poor's:
Item: In the Wall Street Journal for May 26, Cass Sunstein (photo at left), the President’s top regulator, wrote: “A 21st-century regulatory system must promote economic growth, innovation and job creation while also protecting public health and welfare. Earlier this year, President Obama outlined his plan to create such a system by adopting a simpler, smarter and more cost-effective approach to regulation. As a key part of that plan, he called for an unprecedented government-wide review of regulations already on the books so that we can improve or remove those that are out-of-date, unnecessary, excessively burdensome or in conflict with other rules.”