Peter Morici

Latest News

Tax Reform: Eliminate the Income Tax and IRS Altogether

Americans desperately want a fairer tax system and relief from arbitrary treatment by the IRS. True reform requires simply junking the personal and corporate income taxes in favor of a consumption tax. Feb 27, 2014 6:14 AM PT

More than Winter Chill Gripping Housing, Broader Economy

President Obama and many of the nation’s top economists entered 2014 predicting a breakout year for the economic recovery. However, troubles in the housing sector indicate more difficulties and several more years of mediocre growth lie ahead. Feb 25, 2014 10:51 AM PT

CBO Report Confirms Raising Minimum Wage to $8.25 Is Best Option

The recent Congressional Budget Office Report confirms raising the minimum wage in line with inflation to $8.25 is the best course. It would likely not create much additional unemployment, still put billions of dollars in the pockets of the working poor, and does less damage to the economy. Feb 19, 2014 7:33 AM PT

Big Freeze, Storms Impose Losses Up to $40 Billion

The January freeze and crippling storms gripping the eastern United States and upper Midwest are having significant impacts on normal life and commerce. Gauging its ultimate impact on the national economy--still affected by a nagging hangover from the Great Recession--is far more complex than merely adding up lost retail and insurance payouts for damage. Feb 14, 2014 7:09 AM PT

Obama's Two Americas: The Economy and How Democrats Win Elections

President Obama is dividing America into two nations—one rich, the other increasingly poor, and both more likely to elect Democrats. Americans growing richer support his policies, and those growing poorer are increasingly dependent on Democratic politicians for government handouts. Feb 13, 2014 7:44 AM PT

Only 113K Jobs--How Decadence Breeds Decay

The economy created only 113,000 jobs in January, up from 75,000 in December. Colder than normal weather was a factor, but that does not explain two consecutive months of poor performance. These sad results are consistent with a broadly underperforming economy. Feb 7, 2014 7:35 AM PT

What to Expect from Friday's Jobs Report

On Friday, economists expect the Labor Department to report the economy added 181,000 jobs in January, up from the disappointing 74,000 scored in December. That's about half the pace needed to bring unemployment down to acceptable levels and motivate the Federal Reserve to raise targets for short-term interest rates. Feb 6, 2014 6:35 AM PT

State of the Union Mixes Sound and Foolish Proposals Laced with Demagoguery

Promising to address inequality and strengthen the middle class, President Obama’s State of the Union combined sound and foolish proposals, laced with good old fashioned demagoguery. Despite nearly five years of economic recovery, the fortunes of working Americans have decidedly worsened. The president’s policies should carry considerable culpability and bear correction. Jan 29, 2014 7:40 AM PT

State of the Union and Crafting a Winning GOP Strategy

President Obama, dogged by the bungled rollout of the Affordable Care Act and a slow economic recovery, is declaring war on inequality. An age-old problem made worse by his policies, he offers more opiates—like raising the minimum wage—that fail to address the root causes of vanishing opportunities and falling incomes for most Americans. Jan 28, 2014 11:14 AM PT

What President Obama Doesn’t Get About Inequality

Inequality is President Obama’s highest priority, but his solutions are wholly naive. Disparities between rich and poor are as ancient as civilization, but in modern democracies, this condition is exacerbated by globalization and technologies that drive it. Jan 21, 2014 12:00 PM PT

World Economic Forum and Income Inequality

Income inequality is a terribly complex issue, and for generations, economists have grappled with its causes and consequences, which feed on each other. In modern times, inequality has been caused, primarily, by two factors: globalization, the technologies that drive it, and well-meaning government policies that address symptoms rather than the structural problems that cause and exacerbate inequality. Jan 18, 2014 1:50 PM PT

Fixing Inequality

Inequality is replacing the American dream, because the U.S. economy--thanks to Washington’s mismanagement--is underperforming. Jan 15, 2014 9:07 AM PT

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