11 The Fiscal Situation, Economic Recovery and the Labor Market Edward P. Lazear

2 Net Lending 2 Source: U.S. Census Bureau, Seasonally Adjusted Annual Rate

3 Foreign Holdings Of ABS 3

4 Bond Spreads 4 Source: Moody's; Merrill Lynch; U.S. Treasury Department BAA Junk AAA

5 5 Source: U.S. Census Bureau, Seasonally Adjusted Annual Rate

6 6 Source: Federal Housing and Finance Authority; Standard and Poor’s, Seasonally Adjusted Annual Rate

77

8 Cash For Clunkers: Just Moving Sales Up in Time 8

9 9 Monthly Unemployment Rates : France, Germany, Italy, UK, and US (Seasonally Adjusted)

10 Most Optimistic View of US Stimulus 10

11 Growth in the US Public Debt

12 Productivity Slowdown In Singapore? Recession Effect Only

13 Source: Singapore Department of Statistics and Manpower Research & Statistics Department, Ministry of Manpower