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Economists2 Say Steep Challenges Await Next Administration
"Under my administration, America is producing more oil today than at any time in the last eight years," said Obama.
"Since the president [Obama] has been president, the cost of gasoline has doubled," said former Massachusetts governor and Republican presidential candidate Mitt3 Romney.
Soaring gasoline prices
Even as America's political leaders argue over who has the better energy policy, most economists say there's little anyone can do in the short term to lower gasoline prices.
The same goes for fixing Europe's debt crisis - or the slowdown in Chinese manufacturing.
But a panel of economic experts says there's no shortage of domestic problems that require immediate4 attention. The housing market remains5 weak. Income inequality in the U.S. is now among the highest in the world. And despite a slowly improving job picture, labor6 economist1 Ron Blackwell said nearly one in five Americans is either unemployed7 or underemployed
"Whatever it means economically, this is socially and politically unsustainable," he said.
Also unsustainable is the nation's rising debt, now approaching $15 trillion.
Add to that the increasing burden on American taxpayers8 as millions of baby boomers - those born between 1946 and 1964 - reach retirement9 age.
"This is going to be 40,000 per person in today's dollars in about 15 years. Multiply that by 7 to 8 million baby boomers - you're talking about $3 trillion per year or so in today's dollars, each year to pay the baby boomers their Social Security, Medicare and Medicaid [health] benefits," said economist Laurence Kotlikoff.
It's a scenario11 Kotlikoff said will eventually bankrupt the country if political leaders do nothing. But finding agreement will be difficult.
With the majority of election spending now being financed by the top one half of one percent of the American population, former U.S. undersecretary of Commerce Robert Shapiro said a handful of wealthy donors12 can now dictate13 who gets what done in Congress.
"What that is doing is exacerbating14 a polarization, which has developed in the last 15 years - and a polarization that is particularly dangerous because it's a polarization that coincides with a nearly even division of the country," said Shapiro.
While the panel insists the slowly recovering U.S. economy remains among the most dynamic and most resilient in the world - Shapiro said today's highly contentious15 climate could lead to political paralysis16 on the most important economic issues of the day.
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1 economist | |
n.经济学家,经济专家,节俭的人 | |
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2 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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3 mitt | |
n.棒球手套,拳击手套,无指手套;vt.铐住,握手 | |
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4 immediate | |
adj.立即的;直接的,最接近的;紧靠的 | |
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5 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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6 labor | |
n.劳动,努力,工作,劳工;分娩;vi.劳动,努力,苦干;vt.详细分析;麻烦 | |
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7 unemployed | |
adj.失业的,没有工作的;未动用的,闲置的 | |
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8 taxpayers | |
纳税人,纳税的机构( taxpayer的名词复数 ) | |
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9 retirement | |
n.退休,退职 | |
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10 elusive | |
adj.难以表达(捉摸)的;令人困惑的;逃避的 | |
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11 scenario | |
n.剧本,脚本;概要 | |
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12 donors | |
n.捐赠者( donor的名词复数 );献血者;捐血者;器官捐献者 | |
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13 dictate | |
v.口授;(使)听写;指令,指示,命令 | |
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14 exacerbating | |
v.使恶化,使加重( exacerbate的现在分词 ) | |
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15 contentious | |
adj.好辩的,善争吵的 | |
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16 paralysis | |
n.麻痹(症);瘫痪(症) | |
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