Economists may not see eye to eye on much, but over the years I’ve found a few core concepts on which all but the most politically motivated would agree.
Read More »Commentary: What do you call a jobs bill that begets no jobs?
When President Barack Obama “pivoted” to jobs a few months back (from what, the White House didn’t say), he said he was going to take his plan to rebuild the U.S. economy directly to the American people.
Read More »Commentary: Wall Street protests ignore legitimate gripe
From the looks of the youthful, costumed characters swaying to the music and flying colorful balloons, it was hard to tell if Occupy Wall Street was a street fair, a ’60s-style love-in or a protest rally.
Read More »Fed misdiagnoses economy, gives it placebo
When a patient walks into a doctor’s office complaining of a chronic condition, the first thing the physician does is take a medical history. When did the symptoms start? Describe them. Have they gotten better or worse? Have you consulted a doctor previously, and if so, what did he prescribe? What was the response?
Read More »Decade of fiscal stimulus yields nothing but debt
When George W. Bush took up residence in the White House in January 2001, total U.S. debt stood at $5.95 trillion. At the end of July it was $14.3 trillion, with $2.4 trillion more freshly authorized by Congress.
Read More »Worried about debt limit? The bond market isn’t
Failure to raise the U.S.’s $14.3 trillion debt ceiling by Aug. 2 “could plunge the world economy back in recession,” President Barack Obama said.
Read More »Both parties wrong on Big Oil breaks
Senate Democrats want to eliminate a tax break for the five biggest multinational oil companies. Republicans oppose the idea on the grounds that rescinding a tax break qualifies as a tax increase.
Read More »Banks get diluted version of WikiLeaks
The deed is done, and the world is a better place. At least the stock market is higher.
Read More »Bernanke’s Fed exit door now swings two ways
On March 25, 2010, Federal Reserve Chairman Ben Bernanke went before the House Financial Services Committee to outline exit strategies, or tools the central bank could use to drain the $1 trillion of excess reserves held by the banking system. At the time, financial markets were focused on whether the Fed would be able to bottle up those reserves, once the economy improved, to prevent an inflationary expansion of credit.
Read More »I want it all, even better if you pay for it
Pick up any newspaper and you’re bound to see a prominently featured story about someone somewhere losing a government benefit and enduring hardship as a result. The New York Times is publishing a series of such stories under the rubric, ...
Read More »U.S. consumption tax is tempting VAT of poison
Congratulations! You’ve just finished working for the government. April 9 was Tax Freedom Day, the day on which Americans have earned enough to pay their federal, state and local taxes, as calculated by the Tax Foundation, a non-partisan tax research ...
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