Given the low probability of a mass casualty terrorist attack and the lack of new attacks since 9/11, the U.S. is probably devoting too many resources to fighting terrorism. However, no political leader could endorse this conclusion, so the challenge of counterterrorism policy is channeling the political will terrorism engenders effectively.
The United States does not have an image problem in the Middle East. It has a reality problem. The United States has lost credibility in the Middle East by abandoning its friends and reaching out to its enemies.
In 2012, 250 French economists endorsed Francois Hollande for President, especially his proposal to impose a 75% marginal tax rate on the earnings of French residents that exceeded one million euros, an increase of 30 percentage points over the top rate of 45%. Once in office, Hollande promptly imposed the tax.
Republicans took control of Congress on Tuesday promising to whittle down Obamacare but still struggling to figure out how far to go — and whether any of their efforts can succeed with President Obama still in the White House.
Europe is likely to dominate the global central bank news cycle for the next few weeks ahead of two signature events: a European Central Bank policy meeting Jan. 22 which could result in the launch of a new central bank bond purchase program, and Greek elections Jan. 25 which are spurring concerns about a Greek exit from the eurozone.