Economics talk from an NPR Reporter

Jim Zarolli, reporter for National Public Radio presented his speech "The Global Financial Mess--Crisis or Just a Crunch?” at the Western Michigan University Fetzer Center Tuesday. Jo Wei Looi/Western Herald

By Fritz Klug
News Editor

The U.S. economy will look a lot different in five years – either for the good or the bad, National Public Radio reporter Jim Zarroli told an audience Tuesday afternoon.

The speech was part of the World Affairs Council of Western Michigan’s 2010 “Great Decisions Foreign Policy Lecture Series.” The series is one of the nation’s largest series on foreign policy.

Zarroli graduated from Pennsylvania State University in 1980 with a journalism degree, and started writing about the economy in 1996, or, as he put it, three recessions ago.

As someone who didn’t know much about economics or the financial market, there have been a lot of things Zarroli learned on his beat.

“Financial markets are hard to understand because the are supposed to be,” Zarroli said.

The second thing: “People come off as if they know a lot of things, when they don’t.”

Third, the rich of wall street are so wealthy that “$20 million does not mean you are rich.”

The biggest problem Zarroli sees facing the the economy is when the federal government will step away from the private market – if it’s too soon, the economy will go back into a recession, but if it waits too long, there will be inflation.

Zarroli was hesitant to make too many predictions, though. “You come to think things in the economy never play out as people thought.”

Another problem Zarrolli discussed is how the distribution of prosperity has changed across class lines: the rich are accumulating more wealth, the poor are working and making less, and the middle class is not moving at all.

“The problem is that prosperity has stagnated for people,” he said. “I don’t think people realize that.”

As for sweeping political reforms of national debt and tax reform, Zarroli said he doesn’t see it happening anytime soon.

“Congress can’t get anything done,” he said. “They are committed to not doing anything.”

Bassam Harik, vice provost for budget and personnel at WMU, introduced Zarroli.

“He explains [economic issues] in a very balanced and calm and educational way,” Harik said, “that you’ll understand what is going on without being scared, petrified, that the sky is falling or that doomsday is next week.”

The next lecture in the series will be at 12 p.m. on Tuesday, Feb. 23. WMU will present Eric Larson, Ph.D, who will give an “Update on Persian Gulf Issues.” A senior policy researcher with the non-profit global policy think tank RAND (Research ANd Development), Larson focuses on national security, defense planning, and irregular warfare and counterterrorism. It will also take place in the Fetzer Center’s Kirsch Auditorium.

Short URL: http://www.westernherald.com/?p=14421

Posted by HeraldAdmin on Feb 3 2010. Filed under News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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