The Economic Debate Continues: The GOP's "Pledge" and more from the Global Economy

As the debate over the future of the nation's economy continues, there are a few pieces worth taking a look at from this morning and over the weekend.

The New York Times editorial page did what a number of commentators have already done, disassembled the GOP's "Pledge to America:"

Extravagant promises and bluster are the stuff of campaign rhetoric, but the House Republicans' "Pledge to America" goes far beyond the norm...

THE BUDGET DEFICIT The Republicans' central claim is that they will be able to reduce the budget deficit, while cutting taxes deeply and making marginal cuts in spending. That pledge is impossible to keep. There is no chance of reducing the deficit without tax increases. The budget has been chronically short of revenue since the start of the Bush-era tax cuts, and more indiscriminate cutting will only dig the hole deeper.

Cutting the deficit will also require curbs on the government's biggest and most popular entitlement programs - Medicare, Medicaid and Social Security, collectively 40 percent of the budget. Ditto military spending, another 20 percent. Yet Republicans pledge to shield seniors, veterans and the troops from spending cuts.

In his weekly address, the President says the GOP's "Pledge" is an echo of a disastrous decade we can't afford to relive.

Also over the weekend, NDN Globalization Initiative Chair Dr. Robert Shapiro was prominently quoted in a Washington Post piece about foreign profits of U.S. based multinational corporations.

Congratulations to Ed Miliband, who defeated his brother David to lead the British Labour Party. Mr. Miliband faces a tall task in defeating a conservative austerity push led by Prime Minister David Cameron.

And, in addition to its ongoing trade spat with Japan and currency issues with the U.S. and much of the rest of the world, China has imposed a tariff on U.S. poultry.