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In 2011, the publicly held debt-to-GDP ratio in the United States reached 68% and is expected to continue rising. Many proposals to curb the government deficit and the resulting debt are being discussed. In this paper, we use the standard neoclassical growth model to examine the future path of output, budget deficits, and debt in the U.S. economy under different tax policies. While this framework is relatively simple, it incorporates the general equilibrium effects of tax policy, which are often missing from the Congressional Budget Office projections. Our results show that debt-to-GNP ratios above 100% are likely to continue into the future and that even small labor supply elasticities have a significant impact on these projections. We also find that labor income tax rates higher than 40% are needed for the deficit-to-GNP ratio to return to its historical level in the long run. Such high tax rates, however, result in about 10% lower per capita GNP and large welfare costs at the steady state compared to the historical tax rates.

The forty-three chapters in African Americans in the U.S. Economy focus on various aspects of the economic status of African Americans, past and present. Taken together, these essays present two related themes: first, when it comes to economics, race matters; second, racial economic discrimination and inequality persist despite the optimistic predictions of standard economic analysis that racial discrimination cannot thrive in a free-market economy.

Introduction, demographic and historical context -- Income, poverty and wealth among Afro Latinxs -- The labor market status of Afro-Latinxs -- Afro-Latinas in the U.S. -- Afro-Latinxs and incarceration -- Afro-Latinxs, discrimination and the need for bold policies.

Intro -- THE CONSTRUCTION SECTOR IN THE U.S. ECONOMY: ELEMENTS AND EMPLOYMENT ANALYSES -- THE CONSTRUCTION SECTOR IN THE U.S. ECONOMY: ELEMENTS AND EMPLOYMENT ANALYSES -- Library of Congress Cataloging-in-Publication Data -- CONTENTS -- PREFACE -- Chapter 1: THE CONSTRUCTION SECTOR IN THE U.S. ECONOMY -- SUMMARY -- INTRODUCTION -- THE SHAPE OF THE INDUSTRY -- HOMEBUILDING -- COMMERCIAL CONSTRUCTION -- INDUSTRIAL/HEAVY CONSTRUCTION -- CONSTRUCTION SECTOR AND THE ECONOMY -- LEGISLATIVE INITIATIVES -- End Notes -- Chapter 2: CONSTRUCTION EMPLOYMENT: A VISUAL ESSAY -- 1. Employment and Mean Hourly Wages for Workers in the 10 Largest Construction Occupations, May 2010 -- 2. Construction Occupations with the Highest Mean Hourly Wages, May 2010 -- 3. Change in Mean Hourly Wages in Construction Occupations with the Largest Percent Decrease in Employment, May 2006-May 2010 -- 4. Construction Occupations with the Largest Increase in Employment, May 2006-May 2010 -- 5. Change in Employment and Wages in States with the Largest Percent Employment Decrease in Construction Occupations, May 2006-May 2010 -- 6. Change in Employment and Wages in the States with an Increase in Construction Occupations Employment, May 2006-May 2010 -- 7. Change in Employment and Wages in Metropolitan Areas with the Largest Percent Employment Decrease in Construction Occupations, May 2006-May 2010 -- 8. Change in Employment and Wages in the Metropolitan Areas with at Least a 15-percent Employment increase in Construction Occupations, May 2006-May 2010 -- 9. Construction Occupations in the San Francisco-San Mateo-Redwood City, CA, Metropolitan Division with Mean Wages at least 55 Percent Higher than the National Average for that Occupation, May 2010 -- 10. Location Quotients for Construction Occupations in Pascagoula, MS, May 2010