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Todd G. Buchholz
Todd G. Buchholz is an American economist, author, inventor, and business consultant. He served as Director of Economic Policy under George H. W. Bush and as managing director of Tiger Management.Buchholz regularly contributes commentaries on political economy, financial markets, business and culture to media outlets such as The New York Times , The Wall Street Journal , and The Washington Post , as well as major television networks. In his work, Buchholz has devised a number of economic theories and policy proposals and frequently makes forecasts about major economic turns and developments.
Todd Buchholz holds advanced degrees in law and in economics from Harvard Law School, and from the University of Cambridge.He was a Cambridge University fellow in 2009.
From 1989 to 1992, Buchholz was Director for Economic Policy at the White House.
Buchholz resides primarily in San Diego, California [ citation needed ] and travels the world delivering keynote presentations on economics, finance, and innovation to companies such as Microsoft, IBM and General Electric, as well as to governmental organizations. He has lectured in the U.K. Parliament, as well as at the White House library and the U.S. Treasury.[ citation needed ]
Buchholz has been known to contribute commentary on political economy, financial markets, business and culture to the New York Times, Wall Street Journal, Washington Post, Forbes, Reader's Digest, PBS, CBS, and ABC News.He once hosted his own special on CNBC.
His books have been translated into 12 languages and include the best-selling New Ideas from Dead Economists .
Buchholz's 2011 book Rush: Why You Thrive in the Rat Race, a "synthesis of neuroeconomics and evolutionary psychology,"[ citation needed ] was named a top ten book in the social sciences by Publishers Weekly, and a book of the year by the New York Post and Los Angeles Times . In 2012, Rush was featured on the Charlie Rose TV show. Buchholz's book The Price of Prosperity: Why Rich Nations Fail and How to Renew Them was published by HarperCollins in June 2016.[ citation needed ] The book received praise from economists including Lawrence Summers, former Federal Board vice chair Alan Blinder, Michael Boskin, and Glenn Hubbard.[ citation needed ]The Wall Street Journal named Buchholz's 2016 book The Price of Prosperity: Why Rich Nations Fail and How to Renew Them, one of eight "must-reads" for the summer of 2016. Buchholz's other works include New Ideas from Dead CEOs, Lasting Lessons from the Corner Office, From Here to Economy, Market Shock, and Bringing the Jobs Home. Mystery novel The Castro Gene, another of his books, won a USA Best Books prize in 2007.
Buchholz was a founder and president of the G7 Group, Inc., an international consulting firm.He has also been in charge of Victoria Capital, "which advises some of the world's leading investment funds on global strategies."
In 2005, Buchholz was reported to be on a short-list for a White House appointment to the Federal Reserve Board.
Buchholz co-produced the Broadway musical Jersey Boys .Buchholz coauthored the musical Glory Ride, which "tells the true story of Italians sneaking children out of Fascist Italy on bicycles." Glory Ride was performed in New York in January 2015, starring Tony Award nominee Josh Young, Alison Luff, and Quinn VanAntwerp. It was then performed in London in November 2022 to sold out audiences at The Other Palace Theatre.
He was awarded the Allyn Young Teaching Prize by the Harvard University Department of Economics [ citation needed ]and was named "One of the Top 21 Speakers of the 21st Century" by Successful Meetings magazine.
Buchholz invented the Math Arrow,a mathematical matrix that makes numbers more intuitive to children. He is the CEO of Sproglit, LLC, which develops software and classroom materials based on the Math Arrow.
Buchholz has devised a number of economic theories and policy proposals, presented in books, articles, and lectures:
In his media and speaking appearances, Buchholz frequently makes forecasts about major economic turns and developments:
In economics, a recession is a business cycle contraction that occurs when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending. This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale anthropogenic or natural disaster.
The economy of the United Kingdom is a highly developed social market economy. It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power parity (PPP), and twenty first by nominal GDP per capita, constituting 3.1% of nominal world GDP. By PPP terms, the UK constitutes 2.3% of world GDP.
The United States is a highly developed/advanced market economy. It is the world's largest economy by nominal GDP, and the second-largest by purchasing power parity (PPP) behind China. It has the world's seventh-highest per capita GDP (nominal) and the eighth-highest per capita GDP (PPP) as of 2022. The U.S. accounted for 25.4% of the global economy in 2022 in nominal terms, and around 15.6% in PPP terms. The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency, backed by a large U.S. treasuries market, its role as the reference standard for the petrodollar system, and its linked eurodollar. Several countries use it as their official currency and in others it is the de facto currency.
The economy of Venezuela is based primarily on petroleum. Venezuela is the 25th largest producer of oil in the world and the 8th largest member of OPEC. Venezuela also manufactures and exports heavy industry products such as steel, aluminum, and cement. Other notable manufacturing includes electronics and automobiles as well as beverages and foodstuffs. Agriculture in Venezuela accounts for approximately 4.7% of GDP, 7.3% of the labor force and at least one-fourth of Venezuela's land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, pork and beef. Venezuela has an estimated US$14.3 trillion worth of natural resources and is not self-sufficient in most areas of agriculture. Exports accounted for 16.7% of GDP and petroleum products accounted for about 95% of those exports.
Business cycles are intervals of expansion followed by recession in economic activity. A recession is sometimes technically defined as 2 quarters of negative GDP growth, but definitions vary; for example, in the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The changes in economic activity that characterize business cycles have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are measured by examining trends in a broad economic indicator such as Real Gross Domestic Production.
Supply-side economics is a macroeconomic theory postulating that economic growth can be most effectively fostered by lowering taxes, decreasing regulation, and allowing free trade. According to supply-side economics, consumers will benefit from greater supplies of goods and services at lower prices, and employment will increase. Supply-side fiscal policies are designed to increase aggregate supply, as opposed to aggregate demand, thereby expanding output and employment while lowering prices. Such policies are of several general varieties:
The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies. The terms "national deficit" and "national surplus" usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. In a deficit year the national debt increases as the government needs to borrow funds to finance the deficit, while in a surplus year the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back some Treasury securities. In general, government debt increases as a result of government spending and decreases from tax or other receipts, both of which fluctuate during the course of a fiscal year. There are two components of gross national debt:
The causes of the Great Depression in the early 20th century in the United States have been extensively discussed by economists and remain a matter of active debate. They are part of the larger debate about economic crises and recessions. The specific economic events that took place during the Great Depression are well established.
The economic policy and legacy of the George W. Bush administration was characterized by significant income tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for two wars, a housing bubble that contributed to the subprime mortgage crisis of 2007–2008, and the Great Recession that followed. Economic performance during the period was adversely affected by two recessions, in 2001 and 2007–2009.
The Great Recession was a period of marked general decline observed in national economies globally, i.e. a recession, that occurred from late 2007 to 2009. The scale and timing of the recession varied from country to country. At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations.
After the dissolution of the Soviet Union in 1991 and the end of its centrally-planned economy, the Russian Federation succeeded it under president Boris Yeltsin. The Russian government used policies of shock therapy to liberalize the economy as part of the transition to a market economy, causing a sustained economic recession. GDP per capita levels returned to their 1991 levels by the mid-2000s. The economy of Russia is much more stable today than in the early 1990s, but inflation still remains an issue. Historically and currently, the Russian economy has differed sharply from major developed economies because of its weak legal system, underdevelopment of modern economic activities, technological backwardness, and lower living standards.
The post–World War II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism, was a broad period of worldwide economic expansion beginning with the aftermath of World War II and ending with the 1973–1975 recession. The United States, the Soviet Union and Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment.
In the United States, the Great Recession was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output. This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis along with restrained government spending following initial stimulus efforts. It followed the bursting of the housing bubble, the housing market correction and subprime mortgage crisis.
The Great Stagnation: How America Ate All the Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better is a pamphlet by Tyler Cowen published in 2011. It argues that the American economy has reached a historical technological plateau and the factors that drove economic growth for most of America's history are no longer present. These figurative "low-hanging fruit" include the cultivation of much free, previously unused land, technological breakthroughs in transport, refrigeration, electricity, mass communications, sanitation, and the growth of education. Cowen, a professor of economics at George Mason University, theorizes that these factors have contributed to stagnation in the median American wage since 1973.
Political debates about the United States federal budget discusses some of the more significant U.S. budgetary debates of the 21st century. These include the causes of debt increases, the impact of tax cuts, specific events such as the United States fiscal cliff, the effectiveness of stimulus, and the impact of the Great Recession, among others. The article explains how to analyze the U.S. budget as well as the competing economic schools of thought that support the budgetary positions of the major parties.
Deficit reduction in the United States refers to taxation, spending, and economic policy debates and proposals designed to reduce the federal government budget deficit. Government agencies including the Government Accountability Office (GAO), Congressional Budget Office (CBO), the Office of Management and Budget (OMB), and the U.S. Treasury Department have reported that the federal government is facing a series of important long-run financing challenges, mainly driven by an aging population, rising healthcare costs per person, and rising interest payments on the national debt.
Abenomics refers to the economic policies implemented by the Government of Japan led by the Liberal Democratic Party (LDP) since the December 2012 general election. They are named after Shinzō Abe, who served a second stint as Prime Minister of Japan from 2012 to 2020. Abe was the longest-serving prime minister in Japanese history. After Abe resigned in September 2020, his successor, Yoshihide Suga, has stated that his premiership will focus on continuing the policies and goals of the Abe administration, including the Abenomics suite of economic policies.
The economic policy of the Donald Trump administration was characterized by the individual and corporate tax cuts, attempts to repeal the Affordable Care Act ("Obamacare"), trade protectionism, immigration restriction, deregulation focused on the energy and financial sectors, and responses to the COVID-19 pandemic.
The Venezuelan economic crisis is the deterioration that began to be noticed in the main macroeconomic indicators from the year 2012, and whose consequences continue, not only economically but also politically and socially. The April 2019 International Monetary Fund (IMF) World Economic Outlook described Venezuela as being in a "wartime economy". For the fifth consecutive year, Bloomberg rated Venezuela first on its misery index in 2019.
The COVID-19 recession, also known as the Great Lockdown, was a global economic recession caused by the COVID-19 pandemic. The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis. Within seven months, every advanced economy had fallen to recession.