LETTER FROM THE EDITOR.

The article introduces a series of articles regarding the economic issues facing the U.S. in 2003. If all had been fine with the economy, president George W. Bush would not have felt the need to change his economic team only a month after the November elections. But, in fact, all is not well. After two years, unemployment levels are higher than they were at the start of the recession. Family incomes are generally down, especially for lower-income people. Young workers and African Americans are having an especially difficult time finding jobs again. But even with a new Treasury secretary and White House economic adviser, it is unlikely the Bush response will change. It is tax cuts, no matter what. In truth, in this editor's view, the economy needs some significant spending right away--ideally, by extending unemployment insurance and grants to revenues trapped state and local governments. Short-term tax cuts might also help-but not the Bush long-term cuts. Many mainstream economists were appalled by antiglobalization protests a couple of years ago, finding the protesters ignorant.