Leading Off: China’s Future Is In Its Cities

Key To China’s Recovery Resides In The Cities
Former Treasury Secretary Henry Paulson sees the metropolitan areas as the key to spurring economic recovery in China.

“A flawed system of municipal finance is driving debt, corruption and dissent, while unsustainable urban planning has yielded polluted cities that are destroying China’s ecosystem. Yet China’s future requires continued urbanization, which, absent a new approach, will only make the problem worse. Cities can, however, be part of the solution: better urban policies can put China on a healthier path forward, economically and environmentally,” he writes in The New York Times.

This week, China reported that its manufacturing sector grew for a second straight month, marking at least a temporary turnaround.

Will Either Fiscal Cliff Plan Have An Impact On The Debt?
The Washington Post‘s editorial board argues that the fiscal cliff plans put forth by both Republicans and Democrats is too small, saying that neither will do much to “dent the debt.”

“The president billed his plan as $4.4 trillion worth of debt reduction over 10 years. But $2.4 trillion of that comes from lower interest payments, alleged savings from winding down overseas wars Mr. Obama never planned to fight and discretionary cuts that were legislated a year ago. Mr. Boehner’s letter similarly identifies only $2.2 trillion of new revenues and cuts,” the editorial notes in making the case that compromise is nothing more than watering down any boldness from either side.

Centrist Democrats Have An Eye On 2014
Meanwhile, centrist Democrats are looking beyond the 2013 deadline toward 2014 campaign by not coming out aggressively in support (or opposition to) the Obama proposal, reports The Hill.

The Buffett Rule: Does It Make Economic Or Ethical Sense?
Jake Lazzo of the Seven Pillars Institute, which looks at the ethics of economics, examines the Buffett Rule and finds that arguments can be made both for and against the controversial rule in terms of its economic impact, as well as whether it is “ethical.”

 

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