when you look at only three indicators, inflation, unemployment and GDP you most certainly miss everything that matters
When you look at only three indicators, inflation, unemployment and GDP, you miss everything that matters.1. Fighting inflation -- the score kept by measures of the "inflation rate -- is in reality a tight-money policy to maximize borrowing and maximize the purchasing power drained from borrowers to pay interest and principal to creditors. Not a difficult concept, deflationary policies increase the burden of loan repayment -- the dollars payed back come at a higher price (in terms of labor) than the dollars lent.2. Unemployment is another scam. The welfare of the American household is not measured in "jobs" but in "income." Americans have lost over 35 percent of their leisure in the last 40 years -- working longer hours to pay debt and earn the same basket of goods that cost so much less labor-time in the 1950's. Technology should have given us a world of plenty. The financial system took all of that surplus and gave it to the monopolists of credit. Unemployment figures count any job, not matter how insufficient the wage rate or the hours available as employment and it does not count the people who have given up looking etc. I have been a video store clerk for eleven years, all my education (two masters degrees) has gone to work -- and there are Ph.D's with the same problem -- not to mention the most experienced and creative people thrown out of work -- but the loss never counted.3. GDP, is the biggest scam of all. It is the dollar value of the new output (final goods and services) of the productive sector of the economy (the other sectors being the household sector, the government sector and the financial sector -- these other sectors making purchases from the productive sector.) It is a total of all the sales receipts for finished goods and services rendered over a given time period plus the value of increased inventory (unsold product). But it totally fails as a measure of the welfare of the American household, either standard of living or typical income. Suppose the GDP of a nation in one year is six trillion dollars American money for goods sold and inventories increased in that year. Sounds pretty good. But what if I told you that the six trillion represented the following. Suppose every single American in the nation except Congress and a dozen or so Administration personnel fell down dead from a plague and that Congress hurriedly passed a bill that would pay Mexicans and Canadians 6 trillion dollars to come here and bury the dead and that the payment was to be made in borrowed money borrowed from international bankers with the land of the United States as collateral. If that would happen, then the 6 trillion dollars would count as the GDP for that year -- and the President and Congress would be able to take credit for a continuing "strong economy." That is how worthless GDP is as a measure of the welfare of the people of this nation.The three indicators are essentially disinformation -- crimes of the financial power deceitfully spun into "virtues" by the business journalism and academia, both owned by those larceny-perpetrating conspirators..With that preface we are now ready to move on to these articles I am forwarding:December 9, 2007 -- The long, hard economic winters aheadFrom the "Green Dog Democrat"Are you kinda nervous about the U.S. economy?Well, apparently, millions of Americans are, have been, and will be.
But according to official figures from the Bush administration, the economy is in swell shape. The GDP is high. Unemployment is low. Inflation is insignificant. No need to be worried or concerned. Despite some indicators, the U.S. economy is not even in a recessionary mode. Heck, everything is hunky-dory.
A couple of highly respected and knowledgeable macro economists -- including a Nobel laureate -- differ with the Bush administration's assessment of the U.S. economy and say that folks who are worried about it have every reason to be in the here and now. They say that folks also have reason to be worried or concerned for the rest of their lives and into the lives of those who come after them because of seven years of actions and inactions and policies that have made the rich richer, the poor poorer, the middle class behinder and the country as a whole greatly unprepared for economic prosperity in the remainder of the 21st century.
Winter of our discontent
By Paul Krugman
The New York Times
November 26, 2007
"AMERICANS' Economic Pessimism Reaches Record High."
Thats the headline on a recent Gallup report, which shows a nation deeply unhappy with the state of the economy. Right now, "27% of Americans rate current economic conditions as either excellent or good, while 44% say they are only fair and 28% say they are poor." Moreover, "an extraordinary 78% of Americans now say the economy is getting worse, while a scant 13% say it is getting better." 
Whats really remarkable about this dismal outlook is that the economy isnt (yet?) in recession , and consumers havent yet felt the full effects of $98 oil (wait until they see this winters heating bills) or the plunging dollar, which will raise the prices of imported goods.
The response of those who support the Bush administrations economic policies is to complain about the unfairness of it all. They rattle off statistics that supposedly show how wonderful the economy really is. Many of these statistics are misleading or irrelevant, but its true that the official unemployment rate is fairly low by historical standards. So why are people so unhappy?
The Media's Fault
The answer from Bush supporters who are, on this and other matters, a strikingly whiny bunch is to blame the "liberal media" for failing to report the good news. But the real explanation for the publics pessimism is that whatever good economic news there is hasnt translated into gains for most working Americans.
One way to drive this point home is to compare the situation for workers today with that in the late 1990s, when the countrys economic optimism was almost as remarkable as its pessimism today. For example, in the fall of 1998 almost two-thirds of Americans thought the economy was excellent or good.
The unemployment rate in 1998 was only slightly lower than the unemployment rate today. But for working Americans, everything else was different. Wages were rising, yet inflation was low, so the purchasing power of workers take-home pay was steadily improving. So, too, were job benefits, including the availability of health insurance. And homeownership was rising steadily.
It was, in other words, a time when Americans felt they were sharing in the countrys prosperity.
Today, by contrast, wage gains for most workers are being swallowed by inflation. In fact, the reality for lower- and middle-income workers may be worse than the official statistics say, because the prices of necessities like food, transportation and medical care are rising considerably faster than the Consumer Price Index as a whole. One striking statistic: The cost of a traditional Thanksgiving turkey dinner was 11 percent higher this year than last year.
Meanwhile, the percentage of Americans receiving health insurance from their employers, which began to decline in 2001, is continuing its downward trend. And homeownership, after rising for several years on a tide of subprime mortgages well, you know how thats going.
In short, working Americans have very good reason to feel unhappy about the state of the economy. But what will it take to make their situation better?
The leading Republican candidates for president dont even seem to realize that theres a problem. A few months ago Rudy Giuliani, denouncing Hillary Clintons economic proposals, declared that "she wants to go back to the 1990s" as if that would be a bad thing.
In fact, memories of how much better the economy was under Bill Clinton will be a potent political advantage for the Democrats next year.
Hard Job Ahead
But simply putting another Clinton, or any Democrat, in the White House wont ensure that the good times will roll again. President Clinton was a good economic manager, but much of the good news during the 1990s reflected events that wont be repeated, including low oil prices and the great medical cost pause the temporary leveling off of health care spending as a percentage of G.D.P. that took place in the 1990s despite his failure to pass health care reform.
And there are good reasons to think that the negative effects of globalization on the wages of some Americans are larger than they were in the 90s. Thats a hugely contentious issue within the progressive movement, with no easy resolution. Ill write more about it in the months ahead.
Despite these caveats, Democrats have every right to make a political issue out of the failure of the Bush economy to deliver gains to working Americans especially because conservatives continue to insist that tax cuts for the affluent are the answer to all problems.
But Democrats shouldnt kid themselves into believing that this will be easy. The next president wont be able to deliver another era of good times unless he or she manages to tackle the longer-term trends that underlie todays economic disappointment: a collapsing health care system and inexorably rising inequality. 
Copyright 2007 The New York Times Company
 --See the complete report on the poll at http://tinyurl.com/36xgdv -- GDD
 --Americans expect a recession. See http://tinyurl.com/ypgg4n -- GDD
 -- Krugman's economics bona fides are explained at http://www.leighbureau.com/speaker.asp?id=100 -- GDD
The next president will have to deal with yet another crippling legacy of George W. Bush: the economy.
A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup.
By Joseph E. Stiglitz
December, 2007 issue
WHEN WE look back someday at the catastrophe that was the Bush administration, we will think of many things: the tragedy of the Iraq war, the shame of Guantánamo and Abu Ghraib, the erosion of civil liberties. The damage done to the American economy does not make front-page headlines every day, but the repercussions will be felt beyond the lifetime of anyone reading this page.
I can hear an irritated counterthrust already. George Bush has not driven the United States into a recession during his almost seven years in office. Unemployment stands at a respectable 4.6 percent. Well, fine. But the other side of the ledger groans with distress: a tax code that has become hideously biased in favor of the rich; a national debt that will probably have grown 70 percent by the time this president leaves Washington; a swelling cascade of mortgage defaults; a record near-$850 billion trade deficit; oil prices that are higher than they have ever been; and a dollar so weak that for an American to buy a cup of coffee in London or Paris or even the Yukon becomes a venture in high finance.
And it gets worse: After almost seven years of this president, the United States is less prepared than ever to face the future. We have not been educating enough engineers and scientists, people with the skills we will need to compete with China and India. We have not been investing in the kinds of basic research that made us the technological powerhouse of the late 20th century. And although the president now understands or so he says that we must begin to wean ourselves from oil and coal, we have on his watch become more deeply dependent on both.
Up to now, the conventional wisdom has been that Herbert Hoover, whose policies aggravated the Great Depression, is the odds-on claimant for the mantle "worst president" when it comes to stewardship of the American economy. Once Franklin Roosevelt assumed office and reversed Hoovers policies, the country began to recover. The economic effects of Bushs presidency are more insidious than those of Hoover, harder to reverse, and likely to be longer-lasting. There is no threat of Americas being displaced from its position as the worlds richest economy. But our grandchildren will still be living with, and struggling with, the economic consequences of George W. Bush.
Remember the Surplus?
The world was a very different place, economically speaking, when Bush took office, in January 2001. During the Roaring 90s, many had believed that the Internet would transform everything. Productivity gains, which had averaged about 1.5 percent a year from the early 1970s through the early 90s, now approached 3 percent. During Bill Clintons second term, gains in manufacturing productivity sometimes even surpassed 6 percent. The Federal Reserve chairman, Alan Greenspan, spoke of a New Economy marked by continued productivity gains as the Internet buried the old ways of doing business. Others went so far as to predict an end to the business cycle. Greenspan worried aloud about how hed ever be able to manage monetary policy once the nations debt was fully paid off.
This tremendous confidence took the Dow Jones index higher and higher. The rich did well, but so did the not-so-rich and even the downright poor. The Clinton years were not an economic Nirvana; as chairman of the presidents Council of Economic Advisers during part of this time, Im all too aware of mistakes and lost opportunities. The global-trade agreements we pushed through were often unfair to developing countries. We should have invested more in infrastructure, tightened regulation of the securities markets, and taken additional steps to promote energy conservation. We fell short because of politics and lack of money and also, frankly, because special interests sometimes shaped the agenda more than they should have. But these boom years were the first time since Jimmy Carter that the deficit was under control. And they were the first time since the 1970s that incomes at the bottom grew faster than those at the top a benchmark worth celebrating.
By the time George W. Bush was sworn in, parts of this bright picture had begun to dim. The tech boom was over. The nasdaq fell 15 percent in the single month of April 2000, and no one knew for sure what effect the collapse of the Internet bubble would have on the real economy. It was a moment ripe for Keynesian economics, a time to prime the pump by spending more money on education, technology, and infrastructure all of which America desperately needed, and still does, but which the Clinton administration had postponed in its relentless drive to eliminate the deficit. Bill Clinton had left George W. Bush in an ideal position to pursue such policies. Remember the presidential debates in 2000 between Al Gore and Bush, and how the two men argued over how to spend Americas anticipated $2.2 trillion budget surplus? The country could well have afforded to ramp up domestic investment in key areas. In fact, doing so would have staved off recession in the short run while spurring growth in the long run.
But the Bush administration had its own ideas. The first major economic initiative pursued by the president was a massive tax cut for the rich, enacted in June of 2001. Those with incomes over a million got a tax cut of $18,000 more than 30 times larger than the cut received by the average American. The inequities were compounded by a second tax cut, in 2003, this one skewed even more heavily toward the rich. Together these tax cuts, when fully implemented and if made permanent, mean that in 2012 the average reduction for an American in the bottom 20 percent will be a scant $45, while those with incomes of more than $1 million will see their tax bills reduced by an average of $162,000.
The administration crows that the economy grew by some 16 percent during its first six years, but the growth helped mainly people who had no need of any help, and failed to help those who need plenty. A rising tide lifted all yachts. Inequality is now widening in America, and at a rate not seen in three-quarters of a century. A young male in his 30s today has an income, adjusted for inflation, that is 12 percent less than what his father was making 30 years ago. Some 5.3 million more Americans are living in poverty now than were living in poverty when Bush became president. Americas class structure may not have arrived there yet, but its heading in the direction of Brazils and Mexicos.
The Bankruptcy Boom
In breathtaking disregard for the most basic rules of fiscal propriety, the administration continued to cut taxes even as it undertook expensive new spending programs and embarked on a financially ruinous "war of choice" in Iraq. A budget surplus of 2.4 percent of gross domestic product (G.D.P.), which greeted Bush as he took office, turned into a deficit of 3.6 percent in the space of four years. The United States had not experienced a turnaround of this magnitude since the global crisis of World War II.
Agricultural subsidies were doubled between 2002 and 2005. Tax expenditures the vast system of subsidies and preferences hidden in the tax code increased more than a quarter. Tax breaks for the presidents friends in the oil-and-gas industry increased by billions and billions of dollars. Yes, in the five years after 9/11, defense expenditures did increase (by some 70 percent), though much of the growth wasnt helping to fight the War on Terror at all, but was being lost or outsourced in failed missions in Iraq. Meanwhile, other funds continued to be spent on the usual high-tech gimcrackery weapons that dont work, for enemies we dont have. In a nutshell, money was being spent everyplace except where it was needed. During these past seven years the percentage of G.D.P. spent on research and development outside defense and health has fallen. Little has been done about our decaying infrastructure, be it levees in New Orleans or bridges in Minneapolis. Coping with most of the damage will fall to the next occupant of the White House.
Although it railed against entitlement programs for the needy, the administration enacted the largest increase in entitlements in four decades: the poorly designed Medicare prescription-drug benefit, intended as both an election-season bribe and a sop to the pharmaceutical industry. As internal documents later revealed, the true cost of the measure was hidden from Congress. Meanwhile, the pharmaceutical companies received special favors. To access the new benefits, elderly patients couldnt opt to buy cheaper medications from Canada or other countries. The law also prohibited the U.S. government, the largest single buyer of prescription drugs, from negotiating with drug manufacturers to keep costs down. As a result, American consumers pay far more for medications than people elsewhere in the developed world.
Youll still hear some and, loudly, the president himself argue that the administrations tax cuts were meant to stimulate the economy, but this was never true. The bang for the buck the amount of stimulus per dollar of deficit was astonishingly low. Therefore, the job of economic stimulation fell to the Federal Reserve Board, which stepped on the accelerator in a historically unprecedented way, driving interest rates down to 1 percent. In real terms, taking inflation into account, interest rates actually dropped to negative 2 percent. The predictable result was a consumer spending spree. Looked at another way, Bushs own fiscal irresponsibility fostered irresponsibility in everyone else. Credit was shoveled out the door, and subprime mortgages were made available to anyone this side of life support. Credit-card debt mounted to a whopping $900 billion by the summer of 2007. "Qualified at birth" became the drunken slogan of the Bush era. American households took advantage of the low interest rates, signed up for new mortgages with "teaser" initial rates, and went to town on the proceeds.
All of this spending made the economy look better for a while; Bush could (and did) boast about the economic statistics. But the consequences for many families would become apparent within a few years, when interest rates rose and mortgages proved impossible to repay. The president undoubtedly hoped the reckoning would come sometime after 2008. It arrived 18 months early. As many as 1.7 million Americans are expected to lose their homes in the months ahead. For many, this will mean the beginning of a downward spiral into poverty.
Between March 2006 and March 2007 personal-bankruptcy rates soared more than 60 percent. As families went into bankruptcy, more and more of them came to understand who had won and who had lost as a result of the presidents 2005 bankruptcy bill, which made it harder for individuals to discharge their debts in a reasonable way. The lenders that had pressed for "reform" had been the clear winners, gaining added leverage and protections for themselves; people facing financial distress got the shaft.
And Then Theres Iraq
The war in Iraq (along with, to a lesser extent, the war in Afghanistan) has cost the country dearly in blood and treasure. The loss in lives can never be quantified. As for the treasure, its worth calling to mind that the administration, in the run-up to the invasion of Iraq, was reluctant to venture an estimate of what the war would cost (and publicly humiliated a White House aide who suggested that it might run as much as $200 billion). When pressed to give a number, the administration suggested $50 billion what the United States is actually spending every few months. Today, government figures officially acknowledge that more than half a trillion dollars total has been spent by the U.S. "in theater." But in fact the overall cost of the conflict could be quadruple that amount as a study I did with Linda Bilmes of Harvard has pointed out even as the Congressional Budget Office now concedes that total expenditures are likely to be more than double the spending on operations. The official numbers do not include, for instance, other relevant expenditures hidden in the defense budget, such as the soaring costs of recruitment, with re-enlistment bonuses of as much as $100,000. They do not include the lifetime of disability and health-care benefits that will be required by tens of thousands of wounded veterans, as many as 20 percent of whom have suffered devastating brain and spinal injuries. Astonishingly, they do not include much of the cost of the equipment that has been used in the war, and that will have to be replaced. If you also take into account the costs to the economy from higher oil prices and the knock-on effects of the war for instance, the depressing domino effect that war-fueled uncertainty has on investment, and the difficulties U.S. firms face overseas because America is the most disliked country in the world the total costs of the Iraq war mount, even by a conservative estimate, to at least $2 trillion. To which one needs to add these words: so far.
It is natural to wonder, What would this money have bought if we had spent it on other things? U.S. aid to all of Africa has been hovering around $5 billion a year, the equivalent of less than two weeks of direct Iraq-war expenditures. The president made a big deal out of the financial problems facing Social Security, but the system could have been repaired for a century with what we have bled into the sands of Iraq. Had even a fraction of that $2 trillion been spent on investments in education and technology, or improving our infrastructure, the country would be in a far better position economically to meet the challenges it faces in the future, including threats from abroad. For a sliver of that $2 trillion we could have provided guaranteed access to higher education for all qualified Americans.
The soaring price of oil is clearly related to the Iraq war. The issue is not whether to blame the war for this but simply how much to blame it. It seems unbelievable now to recall that Bush-administration officials before the invasion suggested not only that Iraqs oil revenues would pay for the war in its entirety hadnt we actually turned a tidy profit from the 1991 Gulf War? but also that war was the best way to ensure low oil prices. In retrospect, the only big winners from the war have been the oil companies, the defense contractors, and al-Qaeda. Before the war, the oil markets anticipated that the then price range of $20 to $25 a barrel would continue for the next three years or so. Market players expected to see more demand from China and India, sure, but they also anticipated that this greater demand would be met mostly by increased production in the Middle East. The war upset that calculation, not so much by curtailing oil production in Iraq, which it did, but rather by heightening the sense of insecurity everywhere in the region, suppressing future investment.
The continuing reliance on oil, regardless of price, points to one more administration legacy: the failure to diversify Americas energy resources. Leave aside the environmental reasons for weaning the world from hydrocarbons Bush has never convincingly embraced them, anyway. The economic and national-security arguments ought to have been powerful enough. Instead, the administration has pursued a policy of "drain America first" that is, take as much oil out of America as possible, and as quickly as possible, with as little regard for the environment as one can get away with, leaving the country even more dependent on foreign oil in the future, and hope against hope that nuclear fusion or some other miracle will come to the rescue. So many gifts to the oil industry were included in the presidents 2003 energy bill that John McCain referred to it as the "No Lobbyist Left Behind" bill.
Contempt for the World
Americas budget and trade deficits have grown to record highs under George Bush. To be sure, deficits dont have to be crippling in and of themselves. If a business borrows to buy a machine, its a good thing, not a bad thing. During the past six years, America its government, its families, the country as a whole has been borrowing to sustain its consumption. Meanwhile, investment in fixed assets the plants and equipment that help increase our wealth has been declining.
Whats the impact of all this down the road? The growth rate in Americas standard of living will almost certainly slow, and there could even be a decline. The American economy can take a lot of abuse, but no economy is invincible, and our vulnerabilities are plain for all to see. As confidence in the American economy has plummeted, so has the value of the dollar by 40 percent against the euro since 2001.
The disarray in our economic policies at home has parallels in our economic policies abroad. Bush blamed the Chinese for our huge trade deficit, but an increase in the value of the yuan, which he has pushed, would simply make us buy more textiles and apparel from Bangladesh and Cambodia instead of China; our deficit would remain unchanged. The president claimed to believe in free trade but instituted measures aimed at protecting the American steel industry. The United States pushed hard for a series of bilateral trade agreements and bullied smaller countries into accepting all sorts of bitter conditions, such as extending patent protection on drugs that were desperately needed to fight AIDS. We pressed for open markets around the world but prevented China from buying Unocal, a small American oil company, most of whose assets lie outside the United States.
Not surprisingly, protests over U.S. trade practices erupted in places such as Thailand and Morocco. But America has refused to compromise refused, for instance, to take any decisive action to do away with our huge agricultural subsidies, which distort international markets and hurt poor farmers in developing countries. This intransigence led to the collapse of talks designed to open up international markets. As in so many other areas, Bush worked to undermine multilateralism the notion that countries around the world need to cooperate and to replace it with an America-dominated system. In the end, he failed to impose American dominance but did succeed in weakening cooperation.
The administrations basic contempt for global institutions was underscored in 2005 when it named Paul Wolfowitz, the former deputy secretary of defense and a chief architect of the Iraq war, as president of the World Bank. Widely distrusted from the outset, and soon caught up in personal controversy, Wolfowitz became an international embarrassment and was forced to resign his position after less than two years on the job.
Globalization means that Americas economy and the rest of the world have become increasingly interwoven. Consider those bad American mortgages. As families default, the owners of the mortgages find themselves holding worthless pieces of paper. The originators of these problem mortgages had already sold them to others, who packaged them, in a non-transparent way, with other assets, and passed them on once again to unidentified others. When the problems became apparent, global financial markets faced real tremors: It was discovered that billions in bad mortgages were hidden in portfolios in Europe, China, and Australia, and even in star American investment banks such as Goldman Sachs and Bear Stearns. Indonesia and other developing countries innocent bystanders, really suffered as global risk premiums soared, and investors pulled money out of these emerging markets, looking for safer havens. It will take years to sort out this mess.
Meanwhile, we have become dependent on other nations for the financing of our own debt. Today, China alone holds more than $1 trillion in public and private American I.O.U.s. Cumulative borrowing from abroad during the six years of the Bush administration amounts to some $5 trillion. Most likely these creditors will not call in their loans if they ever did, there would be a global financial crisis. But there is something bizarre and troubling about the richest country in the world not being able to live even remotely within its means. Just as Guantánamo and Abu Ghraib have eroded Americas moral authority, so the Bush administrations fiscal housekeeping has eroded our economic authority.
The Way Forward
Whoever moves into the White House in January 2009 will face an unenviable set of economic circumstances. Extricating the country from Iraq will be the bloodier task, but putting Americas economic house in order will be wrenching and take years.
The most immediate challenge will be simply to get the economys metabolism back into the normal range. That will mean moving from a savings rate of zero (or less) to a more typical savings rate of, say, 4 percent. While such an increase would be good for the long-term health of Americas economy, the short-term consequences would be painful. Money saved is money not spent. If people dont spend money, the economic engine stalls. If households curtail their spending quickly as they may be forced to do as a result of the meltdown in the mortgage market this could mean a recession; if done in a more measured way, it would still mean a protracted slowdown. The problems of foreclosure and bankruptcy posed by excessive household debt are likely to get worse before they get better. And the federal government is in a bind: Any quick restoration of fiscal sanity will only aggravate both problems.
And in any case theres more to be done. What is required is in some ways simple to describe: It amounts to ceasing our current behavior and doing exactly the opposite. It means not spending money that we dont have, increasing taxes on the rich, reducing corporate welfare, strengthening the safety net for the less well off, and making greater investment in education, technology, and infrastructure.
When it comes to taxes, we should be trying to shift the burden away from things we view as good, such as labor and savings, to things we view as bad, such as pollution. With respect to the safety net, we need to remember that the more the government does to help workers improve their skills and get affordable health care the more we free up American businesses to compete in the global economy. Finally, well be a lot better off if we work with other countries to create fair and efficient global trade and financial systems. Well have a better chance of getting others to open up their markets if we ourselves act less hypocritically that is, if we open our own markets to their goods and stop subsidizing American agriculture.
Some portion of the damage done by the Bush administration could be rectified quickly. A large portion will take decades to fix and thats assuming the political will to do so exists both in the White House and in Congress. Think of the interest we are paying, year after year, on the almost $4 trillion of increased debt burden even at 5 percent, thats an annual payment of $200 billion, two Iraq wars a year forever. Think of the taxes that future governments will have to levy to repay even a fraction of the debt we have accumulated. And think of the widening divide between rich and poor in America, a phenomenon that goes beyond economics and speaks to the very future of the American Dream.
In short, theres a momentum here that will require a generation to reverse. Decades hence we should take stock, and revisit the conventional wisdom. Will Herbert Hoover still deserve his dubious mantle? Im guessing that George W. Bush will have earned one more grim superlative.
Anya Schiffrin and Izzet Yildiz assisted with research for this article.
Joseph Stiglitz, a leading economic educator and Nobel laureate, is a professor at Columbia University. 
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