Mark Zandi
Mark Zandi
Mark Zandi is chief economist of Moody's Analytics, where he directs economic research. He is co-founder of Economy.com, which was acquired by Moody's Analytics in 2005. Prior to founding Economy.com, Zandi was a regional economist at Chase Econometrics...
NationalityAmerican
ProfessionEconomist
CountryUnited States of America
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The clearest way to cut some of this fiscal drag would be to extend the current payroll tax holiday and increase it - as proposed by President Barack Obama. This would cut the fiscal drag by almost half.
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Workers are asking for bigger pay increases and they are getting them. The pendulum has swung decidedly in favor of workers.
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At best, people should prepare for no pay increase and no bonus, something they have been getting a lot of. At worst, they should be thinking they may need to change occupations.
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This is a pay back for the aggressive discounts consumers were offered to buy cars during the summer.
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Labor will start demanding bigger pay increases and will get them.
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The extension and expansion of the payroll tax holidays for workers would be number one on my list and key to avoiding recession.
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In a forbearance, the homeowner pays interest and principal on a smaller mortgage, at least for a time, but still owes the full amount. The lower monthly payment helps with affordability, giving stressed homeowners a break.
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In the next few months, there's no upside. And this winter, we're going to feel it more noticeably as people pay record gas prices and record home-heating bills.
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Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
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It would undermine the housing market, and could quickly result in credit problems that would affect the entire (American) financial system.
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It would take time for that to occur and during this period of adjustment -- some things might not get done -- maybe some crops won't be picked or some hotel rooms won't get cleaned.
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The work force is growing not because employers are hiring a lot of new workers to staff expanding operations. The economy, in other words, is not being driven by businesses out there scouring for opportunity and revenue growth and pushing up wages as they compete to hire more workers.
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The risks are clearly that inflation will accelerate further because of energy.
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The rhetoric over China is intensifying for a number of reasons.