Pierre Yared

Oct 29, 2024 | city-journal.org | Pierre Yared

With the U.S. presidential election just a week away, candidates are competing to promise tax cuts and lavish spending on social programs to woo voters. But whoever wins must confront a crisis that’s been building for decades—a crisis that, if left unchecked, will erode America’s ability to thrive in an increasingly unstable world. Government debt as a share of GDP is now at levels unseen since the end of World War II, and it’s projected to climb even higher in the next two decades.

May 22, 2024 | brookings.edu | Janice Eberly |Donald Kohn |Jón Steinsson |Pierre Yared

Most advanced economies enjoyed a long period of low, stable inflation prior to 2021, with inflation in the U.S. actually running below the Federal Reserve’s 2% inflation target for much of the 2010s. This stability was driven in part by factors external to monetary policy, including downward price and wage pressures from globalization and de-unionization.