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AS Election Day approaches, serious discussion about economic policies is hamstrung by the devotion of both parties to reducing taxes. The big reason, of course, is that President Bush emphasizes tax cuts, including elimination of the estate tax, to the exclusion of almost everything else. The Democrats, in turn, hesitate to propose an economic plan that does not include long-term reductions for middle-income workers, and most refuse to talk about rescinding the Bush tax cuts for the wealthy. But the degree of misleading information emanating from both Washington and the media about how taxes affect the economy is disturbing. As I listen to the radio, watch TV news and read a variety of newspapers, it seems that quite a few Americans, including economics writers and media hosts, think that low-tax countries unquestionably grow faster than high-tax economies. Right and left, they seem to attribute more rapid growth in America to lower taxes. What may surprise them is that there is no evidence for that. ''You can make a theoretical case that high taxes impede economic growth, but it is just not supported by the evidence in the U.S. or across countries,'' said William Easterly, a former World Bank economist soon to join the faculty of New York University.

According to the American Society of Civil Engineers, repairing our crumbling infrastructure will require an investment of $2.2 trillion over five years. (Source: ASCE Report Card for America's Infrastructure) For every $100 billion spent on infrastructure projects such as rebuilding our roads and bridges, public transportation, energy transmission and water systems, 1.8 million jobs would be created. (Source: Heintz, Robert, James Pollin, and Heidi Garrett-Peltier, "How Infrastructure Investments Support the U.S. Economy: Employment, Productivity and Growth." Amherst, MA: Political Economy Research Institute, January 2009) The current Congress hasn't passed a single job-creation bill. Instead of creating jobs, they've been killing them and slowing down the economic recovery with severe budget cuts. In fact, 1.8 million jobs will be lost as a result of the recent debt ceiling deal to cut government spending while failing to extend the payroll tax and emergency unemployment benefits. (Source: The Century Foundation/Economic Policy Institute) A huge share of the nation's economic growth over the past 30 years has gone to the top .1% of Americans, who now make an average of $27 million per household. The average income for the bottom 90% of us is only $31,244. (Source: Mother Jones http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph) In 1945, the top tax rate for millionaires was 66.4%. The top tax rate for millionaires today is 32.4%. (Source: Mother Jones http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph) Between 2007 and 2010, corporate profits came roaring back to record-high levels at the same time the country lost 8.2 million jobs, or 5.9% of the job base. (Source: Economic Policy Institute) Instead of investing in America and creating jobs, businesses have stockpiled nearly $1.9 trillion in cash - a record high. (Source: Federal Reserve) Corporate taxes account for only 1.3% of the gross d

A New Energy Program with Steve Chu speaking at the Climate Change and Global Politics Conference hosted by the World Affairs Council of Northern California.No one nation can effectively reverse the growing problems caused by our changing climate. Coordinated global efforts - between governments, corporations, and individuals - can help us conserve and develop energy resources, as well as ensure the continued growth of emerging and developed nations.What can political leaders do? What can businesses and investors do? nd what can you do? - World Affairs Council of Northern California

The Big Money economy is booming. According to a new Commerce Department report, third-quarter profits of American businesses rose at an annual record-breaking $1.659 trillion - besting even the boom year of 2006 (in nominal dollars). Profits have soared for seven consecutive quarters now, matching or beating their fastest pace in history. Executive pay is linked to profits, so top pay is soaring as well. Higher profits are also translating into the nice gains in the stock market, which is a boon to everyone with lots of financial assets. And Wall Street is back. Bonuses on the Street are expected to rise about 5 percent this year, according to a survey by compensation consultants Johnson Associates Inc. But nothing is trickling down to the Average Worker economy. Job growth is still anemic. At October's rate of only 50,000 new private-sector jobs, unemployment won't get down to pre-recession levels for twenty years. And almost half of October's new jobs were in temporary help.

The federal deficit is a serious challenge in the long run. The real emergency is how many people are still out of work. That's the deficit that matters. Almost nothing can do more harm to a nation's cultural, social, political, and of course economic fabric than sustained high joblessness. And of nothing can do more, faster, to reduce a federal deficit than a restoration of economic growth. That political and media attention got hijacked to a fake debt-ceiling "emergency" is 1937 all over again -- but worse, because in principle we had the real 1937 to learn from.

One the oddities about the current economic doldrums afflicting the developed world is that if you look at the global average, this is almost certainly the best time to be alive in human history. Not only have we seen rapid per capita GDP growth in many poor countries, but even in countries that haven't gotten richer major development progress has occurred. Last, but by no means least, the world is getting much less violent: In fact, the last decade has seen fewer war deaths than any decade in the past 100 years, based on data compiled by researchers Bethany Lacina and Nils Petter Gleditsch of the Peace Research Institute Oslo. Worldwide, deaths caused directly by war-related violence in the new century have averaged about 55,000 per year, just over half of what they were in the 1990s (100,000 a year), a third of what they were during the Cold War (180,000 a year from 1950 to 1989), and a hundredth of what they were in World War II. If you factor in the growing global population, which has nearly quadrupled in the last century, the decrease is even sharper. Far from being an age of killer anarchy, the 20 years since the Cold War ended have been an era of rapid progress toward peace. This is major good news.

The most important thing to understand about the Republican jobs agenda is that it's not really a jobs agenda. That sounds simplistic and harsh, but I think it's true, at least if you buy into the mainstream economic consensus.

Call it the austerity death trap. Under these circumstances, the harder a country works to cut its debt, the worse the ratio becomes - because the economy shrinks even faster. Greece is already in the trap. Spain and Italy are perilously close. Even Britain, France, and Germany are tip-toeing up to it. And now us. Deficit hawks have to understand: The first step must be to revive growth and jobs. That way, revenues increase and the debt/GDP ratio drops. Only then - when the economy is back on track - do you start cutting.

About twenty years ago, Professor Nicholas Ashford of MIT came to Washington and testified before Congress in great detail about how and where safety regulations create jobs and make the economy more efficient in avoiding the costs of preventable injuries and disease.

Why are some people religious and others atheists? Do we really know what we mean by atheism? Here is a very paradoxical clue