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About Peter R Orszag Peter R. Orszag, vice chairman of global banking at Citigroup and an adjunct senior fellow at the Council on Foreign Relations, was President Obama's director of the Office of Management and Budget. More about Peter R Orszag Big business, we keep being told, has been so hampered by regulatory uncertainty over the past few years, it has been reluctant to hire workers. So it is surprising to read the results of a little-known survey from the Bureau of Labor Statistics: Very large businesses, it turns out, have been expanding their domestic workforces relatively rapidly. If, since January 2011, businesses of all sizes had hired at the same rate as those with 5,000 or more employees, we would have almost 4 million ... Continue reading →

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About Peter R Orszag Peter R. Orszag, vice chairman of global banking at Citigroup and an adjunct senior fellow at the Council on Foreign Relations, was President Obama's director of the Office of Management and Budget. More about Peter R Orszag Over the past three decades, the highest incomes in the U.S. have risen dramatically, and that has appropriately received lots of attention. At the same time, however, these high incomes have also become much more volatile, and that has gone almost unnoticed. Conventional wisdom suggests that low-income households experience the greatest changes in response to macroeconomic conditions -- their income falls the most when the economy weakens, and it picks up the most when the economy recovers. That conventional wisdom is in need of ... Continue reading →