Economy

Summarizing the Research: Why Early Savings Leads to Later Savings

November 28, 2011
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In recent years, researchers and policymakers have offered up young people’s savings policies (e.g., Child Development Accounts [CDAs], the ASPIRE Act) as potential solutions for mitigating the effects of parents’ and households’ financial resources on young people's educational and financial outcomes. One question of interest is whether young people’s financial outcomes can be improved by extending access to basic financial services early in life. In other words, if you give someone a savings account in adolescence, do they maintain that account into young adulthood and beyond?

Can the American Empire Fight Back?

  • By
  • Gregory Rodriguez,
  • New America Foundation
November 21, 2011 |

The Redcoats are coming! The Redcoats are coming!

Remember what your elementary school teacher taught you about the War of Independence? The British wore scarlet coats, which made them easy marks and symbolized institutional pomposity, adherence to status over efficiency and an out-of-touch empire bent on doing things the old way. The rebellious American colonists, on the other hand, wore whatever; they were nimble, unencumbered by institutional baggage and not too proud to employ guerrilla tactics.

How the IMF and World Bank Could Save Cuba's Economy — Defying the U.S. Embargo

  • By
  • Anya Landau French,
  • New America Foundation
November 18, 2011 |

I've just finished reading a new report by Professor Richard Feinberg, a former Clinton administration official and non-resident fellow at the Brookings Institution.  "Reaching Out: Cuba's New Economy and the International Response," clocked in at a daunting 101 pages but should nonetheless be required reading for anyone following the island nation's long-awaited economic restructuring.

Podcast: Wealth Inequality and Occupy Wall Street

November 17, 2011


In this podcast, Reid Cramer, director of the Asset Building Program at New America, describes the new dynamics of inequality that emerged in the wake of the Great Recession and have given rise to the Occupy Wall Street movement.  Without dramatic changes to the housing market and policy efforts designed to get families out from under the overhang of debt, significant wealth inequality will persist for years to come. This is particularly apparent when recognizing  the staggering growth of the racial wealth gap. Today, November 17th, marks the two month anniversary of the protests, which should be applauded for initiating a national conversation about equality, mobility, and opportunity.

Income Growth and Inequality: What is the Reality?

November 8, 2011

This presentation was given at an event hosted by the American Action Forum, "Income Growth and Inequality: What is the Reality?"  The presentation offers perspectives on income and wealth inequality, looking at the unequal distribution of assets across race and household net worth. Pervasive inequality undermines the core American values of democracy, meritocracy, and social mobility and must be addressed in a multifaceted way.

What’s the Secret to Economic Growth? We Just Don’t Know

  • By
  • Charles Kenny,
  • New America Foundation
November 7, 2011 |

On Nov. 2, Federal Reserve Chairman Ben Bernanke confidently predicted that in 2012, the U.S. economy will grow at a rate of 2.5 percent to 2.9 percent. A few months earlier Bernanke predicted that the economy would expand 3.3 percent to 3.7 percent next year. A few months before that, the Fed projected growth in 2012 to be somewhere between 3.5 percent and 4.2 percent.

These shifting forecasts tell us two things: The U.S. continues to experience excruciatingly slow growth, and economists continue to have little success predicting it.

Cuba Legalizes Private Real Estate Transactions

  • By
  • Anya Landau French,
  • New America Foundation
November 4, 2011 |

On the heels of news that Cubans would now be allowed to buy and sell used cars of any kind (they used to only be allowed to do so with the pre-1950’s era almendrones sputtering around the island), today Cuba announced that natural-born Cubans and permanent residents will now have the right to buy and sell their homes, and transfer ownership to others on the island.

Is the Eurozone on the Brink of Collapse?

  • By
  • Sherle R. Schwenninger,
  • New America Foundation
November 2, 2011 |

After days of drama-filled meetings, in late October eurozone leaders announced the latest “comprehensive” rescue plan. Although it was an improvement over earlier efforts, this package, too, came up short in that it failed to calm the markets and offer the eurozone a path back to economic growth. And without growth, there will be many more months of crisis.

Memo to Congress: No Secret Farm Bill

  • By
  • Mark Hertsgaard,
  • New America Foundation
November 2, 2011 |

Providing yet another reason for its 9 percent approval rating, Congress is attempting to write the nation’s next farm bill in secrecy—sneaking it into law as part of the deficit reduction package to be produced by the “supercommittee.”

Programs:

China's Bubble Has Kept More Than its Own Economy Afloat

  • By
  • Afshin Molavi,
  • New America Foundation
October 31, 2011 |

Is China a bubble?

This question - once the domain of a small group of China sceptics in the global investment community - has gone mainstream. Time magazine posed the question on its cover, warning its readers to "Be Very Afraid of the China Bubble". Global news agencies such as Reuters and Bloomberg are raising troubling questions about China's over-leveraged banks, inflated housing prices and highly indebted local governments. A Wall Street Journal columnist recently wrote: "Forget Greece. Forget Italy. Forget 'Occupy Wall Street', The really ominous news right now? China."

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