I'll try to make this point again: the U.S. government can NOT go bankrupt. It's impossible for it to default on U.S. government bonds. Just like it's impossible for Japan, Australia, Canada, the U.K., or any of the other nations that: have a non-convertible, floating exchange-rate currency and that borrow funds in their own currency. … Continue reading The U.S. is NOT Bankrupt – It’s Impossible
Bob Stoker (via TheMonkeyCage ) tries to shed light on the darkness by dispelling 5 myths about taxes. Myth #1: Federal taxes are higher than they have ever been. According to the Congressional Budget Office (CBO), the opposite is true. Budget analysts typically measure the federal tax burden as a proportion of GDP because this accounts for … Continue reading 5 Myths about Taxes
An update: I’m giving gave an open lecture/presentation at the college today Oct 20 on the future viability of Social Security and the crisis rhetoric surrounding it. It’s available to view or download here: Powerpoint file Download (no sound). I had plans to make a video out of it, but time has gotten the best of … Continue reading Social Security presentation: Will It Be There?
The midterm elections this week went pretty much as early polls expected: Big Republican wins in the House, some Republican gains in the Senate, and lots of attention to the Tea Partiers. The Pundits and Political People (Krugman calls them "the Very Serious People"), the Washington, D.C. people who deem to tell us what we … Continue reading Ignorance, Voting, Punhttp://www.calculatedriskblog.com/2010/11/employment-population-ratio-part-time.htmldits, and Politics
The October 2010 jobs and unemployment report is out this morning. Mark Thoma nails my thoughts pretty well: The BLS reports that unemployment was unchanged in October at 9.6%, and Nonfarm payroll employment increased by 151,000. I've seen some people calling this a strong report. It's certainly better than lower job growth numbers, so it could … Continue reading Jobs & Unemployment, Oct 2010