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U.S. Economic Indicators
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The Latest Commentary
Policy Choices: Austerity or Austerity
 by Michael J. Hicks
As my predictions of new
recession threats (appearing in this space last week) seem more ominously
accurate, I think it useful to clarify the reasons for the problem in
Europe, the policy choices available and how this relates to economic
challenges in the United States.
There is a debate in Europe about an austerity package. Austerity in this
context is a euphemism for asking public employees to delay retirement with
nearly full pay and benefits until they are in their late 50s or asking
college students to pay upwards of 15 percent of their college costs. Oh the
humanity! As shocking and inhumane as this sounds, these steps toward
austerity are not what has caused Europe's recession. On the contrary,
because it has not yet been enacted, the real fear is that austerity will be
rejected at the polls and economic mayhem will ensue. This has caused the
recession in Europe, a run on Greek banks and more economic woes worldwide.
Read the entire article.
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Brownfields Grant Writers' Tool
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Data
Releases
U.S. New Home Sales, April 2012
Sales of new
single-family houses in April 2012 were at annual rate of 343,000. This is
3.3 percent above the revised March and is 9.9 percent above the April
2011 estimate.
U.S. Durable Good Orders, April 2012
New orders for manufactured
durable goods in April
increased $0.3 billion or 0.2 percent to $215.5 billion. This increase, up
two of the last three months, followed a 3.7 percent March decrease.
Last Week's Data Releases
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Taking steps toward austerity is not what has caused Europe's recession.