Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful.

A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve successfully replaced the technology bubble with a housing bubble

One way in which Americans have always been exceptional has been in our support for education. First we took the lead in universal primary education; then the “high school movement” made us the first nation to embrace widespread secondary education.

The problem isn't that people don't understand how good things are. It's that they know, from personal experience, that things really aren't that good.

I really think that people have to think safety; taking risks for higher yield is a bad idea once you're in late or latish middle age.

Something terrible has happened to the soul of the Republican Party. We've gone from bad economic doctrine. We've even gone beyond selfishness and special interests. At this point we're talking about a state of mind that takes positive glee in inflicting further suffering upon the already miserable.

Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.