Dean Baker
Dean Baker
Dean Bakeris an American macroeconomist and co-founder of the Center for Economic and Policy Research, with Mark Weisbrot. He has been a senior economist at the Economic Policy Institute and an assistant professor of economics at Bucknell University. He has a Ph.D. in economics from the University of Michigan...
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First of all, it's very expensive to administer private accounts, especially if you let people manage these accounts themselves, ... Bush is vague on how he would set it up and make it work.
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People are willing to pay them because there is an expectation that prices will continue to rise. Once people don't have that expectation, things will change.
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It does pull a lot of money out of people's pockets. Even if it doesn't go back up much, it translates to a 50-to-60-cents-a-gallon gas tax. But for the borrowing that people were willing to do, it probably would have led to recession.
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The problem is that few people recognize it for the gamble that it is.
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They can't continue to spend beyond their income indefinitely. If people are building up large amounts of debt, you reach a point where they can't continue.
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We would really like people to log on to the site, check it out and give us some feedback.
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I think their intention is to get people who are loyal and that does raise problems. It's clear that they're looking at this as a sales position.
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People are really stretched. They are banking on everything turning out right for them. That they won't lose their jobs, that they won't run into unexpected expenses. They're betting that the housing market will continue to appreciate.
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People are always trying to explain the lack of questions as saying there's a consensus around monetary policy, but there's anything but a consensus on monetary policy. What upsets me more than anything is no one is asking serious questions.
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He was the one who had the courage to let the unemployment rate fall. Very few people thought the unemployment rate could fall that low.
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Home prices are going through the roof, forcing people to turn to exotic loans and unorthodox financing. These people have no room for error.
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These monthly numbers are very erratic. It can be that this is a sign (of the bubble bursting), but I would never make too much of one month's number. Especially since the other timely data we get, the mortgage applications for home purchases, have still been pretty high.
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is kind of (the oil companies') good luck. They didn't do anything to earn it. And we're sitting here with a $150 billion bill from Katrina.
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Saving Social Security with Stock: The Promises Don't Add Up.