Two think-tanks about the latest CBO report. Have they read the same thing?

The liberal Centre on Budget and Policy Priorities says "The Congressional Budget Office’s new long-term budget outlook contains few surprises. It reiterates the argument that it and others (including us) have made previously — that policymakers should get down to the business of gradual deficit reduction, but without jeopardizing the economic recovery." Read the complete press release here.

The conservative Centre on Economic Policy Research says "The new long-term budget projections from the Congressional Budget Office (CBO) show once again that the major problem facing the both the budget and the larger economy is out-of-control health care costs, not any inherent fiscal crisis. As was the case last year, the CBO baseline shows that the long-term debt to GDP ratio levels off in the baseline scenario. In the 2011 projections, the ratio of debt to GDP actually begins to decline after the early 2040s. The graph shows the sharp drop in future deficit projections following the passage of the Patient Protection and Affordable Care Act (PPACA) in March of 2010". Read the complete press release here.

How will history judge Obama’s economic policy?

When historians look back at how Barack Obama lost the 2012 election — or won it only because the Republicans nominated a certifiable space case — they will doubtless focus on his first few months in office and ponder why he didn’t do more to stanch the recession and arrest the downward mobility of the American people. Read the complete article in The Washington Post here.

All-pro, all-American

Mitt Romney makes his economic case against Obama. Read the complete article in The Economist here.

When Will China’s Economy Overtake America’s?

As China’s economy continues to grow and eventually matches US GDP, the demand that the Chinese assume greater responsibility for the global economy’s health will become stronger. By almost all recent estimates, they have little time to prepare. Read the complete opinion article from Yao Yang, the Director of the China Center for Economic Reform at Peking University, on Project Syndicate here.

Obama to Lose Top Economic Adviser

Austan Goolsbee, chairman of the White House Council of Economic Advisers, will leave his position by the end of the summer, marking the latest shake-up in President Barack Obama's economic team. Read the complete article in the WSJ here.

Has Economic Power Replaced Military Might?

Military power, which some call the ultimate form of power in world politics, requires a thriving economy. But whether economic or military resources produce more power in today’s world depends on the context, says Harvard professor Jospeh Nye on Project Syndicate.