The Dynamic American Dream

The American Dream is central to the national ethos, reflecting people's optimism that all who are willing to work hard can achieve a better life than their parents. Separate from the support for the idea of the American Dream itself is whether the public believes it is attainable. We consider the origins and dynamics of the public's belief in the achievability of the American Dream. Is the American Dream a symbolic vision, rooted in political socialization rather than contemporary politics? Or does optimism about the American Dream follow from the viability of the dream, rising with economic prosperity and falling with declining opportunity? We develop a new macrolevel measure of belief in the American Dream from 1973 to 2018. We show that it moves over time, responsive to changes in social mobility, income inequality, and economic perceptions. As inequality increases, belief in the attainability of the American Dream declines.     

从符号矩阵理论看《了不起的盖茨比》中的美国梦

运用A.J.格雷马斯的结构主义符号矩阵理论分析菲茨杰拉德的《了不起的盖茨比》,从中抽象出四个语义素,形成作品的基本意义框架,并分析这四个语义素之间的二元对立关系,在此基础上构建出作品的深层叙述结构,以解释表层叙述下的深刻内涵。     

Breaking the Glass Ceiling: Local Gender‐Based Earnings Inequality and Women's Belief in the American Dream

This article ties together research on gender, income inequality, and political ideology, by exploring the effect of gender‐based earnings inequality on women's belief in a fundamental tenet of the “American Dream”—meritocracy. Focusing on gender‐based earnings inequality in women's local residential context, and drawing upon relative deprivation theory, this article argues that variation across local areas in the relative economic status of women should influence the ideological outlook of resident women. In contrast to relative deprivation theory, but consistent with rising expectations theory, I argue that ideological disillusionment should peak in contexts in which women's earnings fall closely behind men, and that ideological optimism should rebound in contexts in which women's earnings have achieved parity with that of men. Utilizing pooled survey data, I find strong evidence that individual women's belief in the American Dream varies according to whether local women's relative earnings indicate confrontation with or breaking of the “glass ceiling.”     

Debt and the Local Economy: Problems in Benchmarking Local Government Debt Affordability

Debt creation imposes an obligation to repay borrowed funds from a wealth base that for most local governments is capitalized in property values. Therefore, the ability to afford debt is tied to the local economy, a factor often overlooked by localities in the analyses of their own position. However, debt levels are also relative, as the many debt affordability studies among governments and by bond rating agencies suggest. We argue here that economic concentration and interjurisdictional coordination fundamentally provide a broader analytical approach to the question a locality asks: can we afford more debt?     

The Impact of State Debt Management on Debt Activity

This article addresses the impact that state debt management has on the debt activity of a state debt program. A quantitative measure of state debt management is developed and used in analysis of state debt activity. The study finds that states with decentralized debt management issue more long-term debt as compared to states with other forms of debt management. The study also investigates the impact other institutional variables have on state debt activity and highlights the interaction effects of these variables with the institutional debt management variable. The study finds that the effects of previously tested variables such as the number of public authorities and constitutional debt limitations on debt activity are altered if the form of debt management is considered.     

Bribery and Public Debt Repudiation

In cases where policy makers accept ``bribes'' offered by organised lobbies or interestedparties, government decisions can be modelled as a first price menu auction. In this paper we adaptthis structure to model debt repudiation. We considera one-period model in which two generations, parents and children, are present, and debt titles are unevenlydistributed among parents. The government can repaythe debt by a combination of taxes on the children'sincome and on the outstanding debt. We excludeintergenerational conflicts, assuming that the parents'and children's objective is to maximise the utility ofthe family. In this perspective, families make offersthat relate monetary contributions to the taxstructures chosen by the government. On the hypothesisthat all interests are represented, we obtain theresult that the government is indifferent to the taxstructure.     

Fiscal Consolidation and Australia's Public Debt

Australia has experienced one of the fastest growing public debt levels in the world post‐Global Financial Crisis due to a series of large federal budget deficits driven by high government spending. In this paper we examine the balance sheet implications of this escalating public debt, before proposing some macro‐fiscal objectives for determining its sustainable level. These objectives are to (i) restore the federal government's solvency; (ii) eliminate foreign public debt; and (iii) achieve budgetary balance over the business cycle. Empirically, we first examine how much fiscal consolidation is required for debt stabilisation at current levels, before considering what sized budget balances are needed to achieve the target debt to GDP ratios consistent with the proposed objectives. The results show that no target debt to GDP level consistent with the optimal levels will be met on current fiscal settings in the medium term. This implies significantly greater fiscal consolidation is required to minimise future fiscal risk.     

Rousseau's Dream: Nature and Artifice

Abstract

Nature,' can never be for us an objective reality. In one form or another, we must represent the natural world to ourselves, and these representations are both cultural and ideational. It is through them that we respond to nature: intervening by our absences or presence, by our scientific curiosity and artistic expression, by classificatory passion and economic calculus, by practical measures to harness the powers of natural forces and by prayer and magic.     

Government Deficit and Debt: Learning from the Canadian Experience

A Government Reinvented: A Study of Alberta's Deficit Elimination Program C BRUCE, R KNEEBONE and K McKENZIE (eds) The Trojan Horse: Alberta and the Future of Canada G LAXER and T HARRISON (eds) Unnecessary Debts L OSBERG and P FORTIN (eds) Deficit Reduction: What Pain, What Gain? B ROBSON and W SCARTH (eds)     

Federal Deficits, Debt and Interest Costs

Current federal government deficits are of a size unprecedented since World War II. While budget surpluses have been infrequent, deficits before 1982 were small enough that the federal debt shrunk in relation to the size of the economy. Now, however, the federal deficit is stuck at about 5 percent of gross national product, and the ratio of federal debt to gross national product (GNP) is growing rapidly. These large deficits are driving up interest rates, hurting American exports, turning the United States into a debtor nation, and causing government interest outlays to spiral. The possibilities are limited for lowering interest costs through directly reducing interest rates or introducing new Treasury debt management strategies. The only way to cage the interest monster is to enact a substantial package of tax increases and cuts in noninterest spending. We list some possible elements of such a package and show how they might be combined to tame the growth of debt.     

孙悟空的人生梦

孙悟空虽是一个石猴,却有远大的人生抱负,他求学问道,功夫了得,所受教育却存在重大缺陷,自我认知和社会认知出现巨大偏差,虽历尽磨难,人生梦想从未改变,得以终成正果。     

Corruption and State and Local Government Debt Expansion

Theories describing rent seeking in the public sector posit a number of negative fiscal outcomes that the choices of corrupt officials may generate. The evidence presented in this article shows that states with greater intensities of public corruption have higher aggregate levels of state and local debt. If corruption in the 10 most corrupt states were only at an average level, their public debt would be 9 percent lower, or about $249.35 per capita, all else being equal. Notably, institutional control measures may not have succeeded in restraining the expansion of state and local public debt in the presence of greater levels of corruption. State and local governments would achieve more efficient levels of fiscal discipline by curbing public sector corruption.