The American Economic Crisis:

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The American Economic Crisis Where Do We Go From
Here? Jeffrey D. Sachs Student
Lecture Columbia University November 23, 2010
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Unemployment Rate, October 2008, Seasonally
Adjusted
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Poverty Rate in OECD Countries
Note Poverty Rate defined as proportion of
households below half of median income
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Ratio of CEO Compensation to Average Production
Worker Pay
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Top Marginal Tax Rate
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Figure VI.1 Wall Street Bonuses During 1990-2008
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Public Social Expenditure as Share of GDP
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Budget Proposals for 2009-2019
Includes all discretionary programs in the
following areas Agriculture, Commerce,
Education, Energy, Housing, Justice, Labor.
State, International Development, Science and
Technology, Space, Climate Policy, Infrastructure
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The key implication is that US systematically
under-provides key public goods,
including Income support for the
poor Education Public health Sustainable
energy Infrastructure Civilian RD Overseas
Development Assistance The result, if continued,
is a long slide to mediocrity, indebtedness, and
increased social division.
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The Reform Agenda Breaking the
Low-Skill Trap Financing Higher
Education Investing in Sustainable
Infrastructure Cutting Military Spending and End
the Occupations Raising Taxes on the
Rich Public Campaign Financing End Corporate
Abuse of Politics lobbying,
disinformation, campaign financing,
revolving door employment Restore Social Ethics