The anti-pollution program in Congress contains desirable economic features. But a key component—an auction process covering all permits for carbon emissions—does not seem to be politically viable.
Although this deficit has been rising steadily since the early 1990s, a “hard landing” for the U.S. economy is unlikely. One reason is that only in the United States can so many foreigners invest so much money and get such good returns.
The East Asian financial crisis sent economies world wide reeling. So how did the Eighth District remain relatively unscathed?