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Hugo Sonnenschein, 11th president of the University of Chicago, 1940-2021
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Leaders of the advanced economies of the G7 recently made what they described as a “historic commitment” on taxation of multinational corporations (G7 2021).
The IGM Forum at Chicago Booth, which, for nearly a decade, has been regularly polling some of the world’s top economic experts in the US and Europe for their views on topical issues of public policy, invited its European and US panels to express their views on some of the issues surrounding the global deal on corporate taxes: the impact of a global minimum rate on investment, profit-shifting and low-tax jurisdictions (Acciari et al. 2021); whether a stable international tax system that includes a global minimum rate can be achieved (Laffitte et al. 2021); and a potential move from levying taxes based on where firms’ headquarters and production are located to where they make their sales.
a record number of americans are paying the bills with their new jobs bill, paying the bills with unemployment benefits for up to 99 weeks under the legislation. and although the average american only collects unemployment for about six months, more than 10 million people currently receiving the support. so is the money more of a handout or is this a much-needed helping hand or both? peter morici, professor at university of maryland school of business is here to give us a little more insight into this. when we talked about the last extension of jobless benefits, there were some concerns in washington that this was going on for too long at a cost of about $10 billion a month, that this can t go on forever. even one economist from the university of chicago, several economists, one from the university of chicago robert shimer who said that 1.5 to 2.3 million people by his analysis stayed unemployed longer because they received jobless benefits.
is the money more of a handout or is this a much-needed helping hand, or both? peter mercy, professor of university maryland school of business is leer to give us more insight into this. when we talked about the last extension of jobless benefits, concerns in washington this was going on for too long as a cost of $10 billion a month that this can t go on forever. one economist from the university of chicago, several economists, one from chicago robert shimer said that 1.5 positive 2.3 million by his analysis stayed unemployed longer because they received jobless benefits. weigh in on this for me. does extending jobless benefits keep people unemployed? i think it does. if you only have 26 weeks of unemployment insurance, you wlooz your job, you get folked fast on finding another job because it takes time. two years of unemployment insurance, almost two year, a real temptation to get involved with another project.
unemployment benefits. an increasing number of people on the show have made the point that they feel that this extending of unemployment benefits is what is causing at least some people not to go out to get a job. the implication is that people like the tiny bit of money they get on unemployment benefits, and to get it without working means that they are not out there frying to get a job. a professor from university of chicago of economics with a well respected economics department, gentleman named robert shimer has been quoted as saying that he reckons that the current level of benefits probably accounts for 1.0 to 1.5 percentage points of the 9.7% national unemployment rate. so substantially more than 10% of those people receiving unemployment benefits, far more than 1 million people in the countryk ard coing to professor shimer may not be getting a job because of unemployment benefits. let me show you what that translates into. the numbers are here. 1.5 to 2.3 million people,
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