The initial estimate on 3rd quarter 2010 U.S. GDP came out this morning. Real GDP growth was very weak. From Calculated Risk: From the BEA: Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.0 percent … Continue reading Real GDP 3rd Qtr 2010: What’s that smell?
In many political circles this year, a mantra has emerged: we cannot afford the public sector pension plans and we cannot afford Social Security - we must cut the future benefits. For example, George Biggs of the conservative, right-wing think tank American Enterprise Institute argues that even though public sector workers receive lower pay than … Continue reading Poorer Boomer Retirees: Macro Implications of Proposed Pension and SS Benefit Cuts
One-liner economics: Noun. Def: the practice of making economic arguments and describing economic effects in one or two sentences. For the statements to be true or even highly probable, there are usually numerous, gross, and often un-realistic assumptions necessary. Such assumptions are always unstated since they are so unrealistic. When dealing with macroeconomics, one-liner economics … Continue reading One-liner Economics