In the past 6 years the Greek economy has gone through a massive adjustment at a steep price. The economy finally grew in 2014, by 0.6 percent, but the recovery is weak, slow and fragile. This paper argues that prolonged mass unemployment and reduced living standards, brought about by years of...

On January 1st, the maximum amount of annual earnings subject to the Social Security tax – a.k.a. the payroll tax cap – increased to $118,500. Every year, this cap is adjusted to keep up with inflation. However, many American workers are not aware that any wages above the cap are not taxed...

A new report by Senior Economist Eileen Appelbaum of the Center for Economic and Policy Research (CEPR) shows just how much the recnt SEC investigations of private equity funds has revealed and why it remains important to continue to regulate the industry. The report reviews the widespread...

This issue brief presents the scheduled Social Security benefit for each current member of the Senate. The issue brief is intended to inform Senators -- and the general public -- about Social Security and, assuming no changes to current policy, demonstrate that it will pay full benefits through...

This paper looks at Jamaica’s ongoing relationship with the International Monetary Fund and multilateral development banks, its recent economic performance and the impact on development of a persistently high debt burden. It finds that after 20 years of negative average annual per capita GDP...

This paper takes a careful look at a recent International Monetary Fund (IMF) Working Paper that claims to find significant gains for liberalization of trade through the World Trade Organization. It is not clear that the reported gains are at all large. The IMF paper shows that multilateral...

Patent monopolies have long been used as a mechanism for financing innovation and research. The logic is that the government awards a monopoly on a product or process for a limited period of time in order to reward innovation. However, in addition to providing incentives for innovation and...

This paper explores the potential impact of the Federal Reserve Board’s decision on interest rates on the budget deficit. The first part recounts the history of the 1990s surplus, correcting the widely held misunderstanding that this surplus was achieved by the Clinton administration’s tax...

By most measures, the educational attainment of blacks is currently at the highest it has ever been. After decades of stagnation, high school completion rates for blacks have increased rapidly since 2000. This issue brief will focus on the high school status completion rates of blacks ages 20 to...

This report argues that a key driver in rising inequality and a decline in the employment to population ratio is conscious economic policy, with a particularly important and under-appreciated role for macroeconomic policy. The paper first demonstrates the remarkable “flexibility” of U.S....