7 NYT NewsResponse
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1) One Trump Victory: Companies Rethink China. April 5, 2019
The article details the effects of the ‘trade war' between the USA and China as losses continue to mount for China and pressure on it grows to act to stop Intellectual Property theft. I agree with the premise of the article that the USA has certainly benefitted more from the imposition of tariffs but I disagree that this might have been the true intention of the Trump administration from the start. President Trump claimed that his policies will bring jobs back to America but that has yet to happen as global supply chains are hard to change rapidly. Companies are becoming increasingly less reliant on China for manufacturing, a welcome benefit from the whole scenario. Yet, companies are moving their manufacturing out of China and into countries with lower labor costs rather than the USA. The interesting thing in the article is that despite the apparent Trump victory, a trade deal with China is still pending and it might roll back any accrued benefits.
2) Tech Is Splitting the U.S. Work Force in Two. Feb 4, 2019
The article describes how automation is affecting the job market and altering its dynamics. I agree with the premise of the article because automation is technological advancement and as any economist will confirm, technological growth has always been considered beneficial for people in general. However, a stark divide has been observed in the US job market due to automation: it has led to lower growth in some industries and higher growth in others. The relatively lower skilled job market has grown substantially over the past decade but growth in high skilled industries has been slower than expected. Unsurprisingly, this has led to most workers making lower wages, dangerously segregating the workers in two groups. The most interesting thing in the article is the comparison of wage figures of Phoenix nursing staff and home health aides – $31,000 to $24,000.
3) The Taxman Is (Not) Coming After You. March 29, 2019
Enforcement of tax collection and evasion of taxes is the central theme of this article which argues that government and legislature should work towards cracking down on tax cheats. I agree with the principle that tax payment is necessary for every eligible citizen as it contributes towards the service of people of the country. Tax evasion can most easily be controlled by empowering IRS through increased budgets and recruitment of tax collectors. Good governance entails equality and rule of law but if IRS is under-resourced, it cannot generate revenue for the government which will then go into deficits, adversely affecting the economy. What I find most interesting in the article is that Trump administration has made the wise decision to increase the budget of IRS, despite its rhetoric of lowering government spending.
4) Robots or Job Training: Manufacturers Grapple With How to Improve Their Economic Fortunes. June 25, 2018
The article describes the dilemma of companies in light of automation in the industry; whether to shift towards automation or to train employees to perform the jobs. This is a difficult question and is highly subjective. It depends on conditions of work, the scale of the industry, output growth as well as a host of other factors. If employees are trained, they will perform the task at a lower price but there is always the risk of resignation if trained employees find better opportunities elsewhere. On the other hand, robots are expensive to procure and maintain but they are guaranteed to work for extended periods of time and will produce an almost constant amount of output. The most 9nteresting thing in this article is the fact that a family owned company took a risky loan of 1 million dollars rather than taking the company public!
5) If the Robots Come for Our Jobs, What Should the Government Do? June 12, 2018
The article is contending that automation will inevitably lead to job losses so, it is commenting on methods to resolve the unemployment crisis. I am inclined to disagree with the author and his suggestions because they are not sufficient to stave off the unemployment crisis. A government earned tax-credit program is a good initiative but it will not ensure that every American gets a job. Moreover, there is no proof that a policy enacted in Germany will enjoy similar success in America so the government and private sector must come up with innovative solutions to overcome the issue. It is interesting to note that there are people in the twenty-first century who are advocating complete socialism in America – perhaps they are too lazy to work!
6) Condemned to Repeat the History of Bank Failures? March 20, 2019
The article is a warning about an impending economic crisis if the current trend of loosening financial regulation continues. It draws a comparison with the 2008 financial crisis to make its point and the point has been well made. The financial regulations imposed on banks after the 2008 economic crisis are slowly being loosened allowing banks to go down the same path of further borrowing which led to the 2008 crisis. The Trump administration believes that this will bring more capital into the market but this is an incorrect assumption as banks admit they already have too much capital on their hands but there are not enough people who are taking loans.
7) The Budget New York Needs. March 29, 2019
The article is a supporting piece to the new budgetary allocation and measures that have been suggested for the state of New York. I agree with the advice to raise revenue by charging some extra money from drivers to enter a particular vicinity. This will pay for the deteriorating subway system that is in dire need of renovation. Once the subway is repaired and renovated, more people will be inclined to use it instead of their cars – an act that will drastically reduce congestion, thereby solving the traffic problems of New York. The interesting thing to note is that some politicians are more inclined to gain a voter base rather than serve the interests of the people by repairing the subway system that will inevitably serve the largest number of people.
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