Inequality is fueling global political unrest.
Right now interest rates are extremely low - even negative in some countries. This high price for government debt means the markets are demanding that governments issue more debt. This is the law of supply and demand. Again: money markets are demanding more supply of government debt.
This year's political campaign has forced the economics profession to reconsider the fraying orthodoxy of free trade.
And to think Larry Summers almost got the job instead.
Even former Fed Chair Ben Bernanke has been irked by right wing conservatives for doing just the thing that most conservative economists, such as Martin Feldstein, and even arch-free market theorist Milton Friedman, said was the right thing to do during recessions--inject more money into the economy.
At last month's JFK Jr. Forum, Jason Furman, who served in President Obama's administration eight months before it was formed, talked with Larry Summers, former President of Harvard and U.S. Secretary of the Treasury, in a fireside chat on the current state and future of the U.S. economy.
Is TPP the Most Progressive Trade Agreement in History? Not If You Need Access to Affordable Medicines
The May 10th Agreement struck the right balance between the need to promote innovation and the need to protect public health. TPP must meet the standards set in the May 10th Agreement. Right now, it does not.
Everything will, instead, be online. Education will be free. It will be worldwide. It will be accessible. It will be meritocratic. Gone will be professors. Gone will be PhD degrees. Gone will be Harvard. Carey now knows The Secret of Education.
The class bias of American politics has not only cost us our democracy. It has also cost us our jobs, our health, and our security. For years, the recovery was crippled by the politics of austerity, as a bipartisan coalition took a butcher's knife to the public sector, and as balanced budgets took precedence over basic needs.