Robert B. Reich, a co-founder of The American Prospect, is a Professor of Public Policy at the Goldman School of Public Policy at the University of California at Berkeley. His website can be found here and his blog can be found here.
"...O ye, the wise who think, the wise who reign, From growing commerce loose her latest chain, And let the fair white-winged peacemaker fly To happy heavens under all the sky, And mix the seasons, and the golden hours, Till each man finds his own in all men's good, And all men work in noble brotherhood."
-- Alfred Tennyson, "Ode for the Opening of the International Exhibition in London," 1862
The next president of the United States either will lead the world into an era of unprecedented peace and growth, in which virtually all nations are knitted together into a seamless economic web, or will watch the world fragment into three trading blocs of advanced and rapidly developing nations, and a fourth vast territory -- stretching from South America through central Africa, Eastern Europe, and central and southern Asia -- largely characterized by deepening poverty, ethnic strife, and civil chaos. The choice is not entirely up to the next president, of course, but he will be in a unique position to influence it.
Ever since I argued in the Harvard Business Review last year that we should pay less attention to corporate nationality and more attention to whether our nation's work force was gaining the skills and competences it needed to compete, I've had the curious sense of being shoved -- quite against my will -- to the conservative side of the older debate over American industrial policy My first inkling of this transmigration came when The Wall Street Journal praised me and my argument in its editorial pages. If this were not cause enough for alarm, I found myself the recipient of expressions of shock and outrage from several fellow industrial-policy travelers who accused me of abandoning the worthy cause. And now, to deepen my gloom, comes Laura Tyson.
By the third week of July, at its so-called "midyear budget review," the White House will unveil its new projected 10-year federal budget. Insiders tell me it's likely to show a surplus that's half a trillion dollars larger than the one now projected. Why? Because America's wealthiest 5 percent are becoming far richer, far faster than budget planners had predicted. Even with the aid of high-paid tax attorneys and planners, they're paying a lot more in income taxes and capital gains taxes than had been projected. The surplus is rising like yeasty dough.