May you all have a merry Christmas or whatever holiday you choose to celebrate at this time. And may this season truly begin peace on earth and good will between men (and women). And may it begin with us.
I have problems calling the bill currently in Congress about tax rates a "tax cut" bill. Yes, there are some genuine "cuts". But most of it is fake cuts. Congress and the Bush administration made a promise 10 years ago to raise our taxes at this time. Now the current Congress decides to not actually … Continue reading The “Tax Cut” Bill
The current bill finding it's way through Congress from Senate to House regarding "tax cuts" will add to the deficit. How much? $857 billion worth. That means that this bill, which is in fact a stimulus bill, is actually a bigger stimulus bill than the one Obama and Congress passed in February 2009. The earlier … Continue reading Tax Cuts, Deficits, Debt
The folks who have been opposed to stimulus, either by the government or The Federal Reserve, keep raising the specter of inflation. Often they drag out the ghosts of hyperinflations past in places like 1923 Weimar Germany or modern day Zimbabwe. It's always eithere inflation or government "bankruptcy" that's just around the corner. It's supposedly … Continue reading Nope, No Inflation Around Here
Victor Quirk, an associate of Bill Mitchell of the BillyBlog provides a very long, but very readable history of English-tradition legislative efforts to promote full employment here. The story begins all the way back in 1536. An excellent and informative read for any history buff. A long excerpt below the fold: In 1536, for example, … Continue reading History of Full Employment Efforts
James Hamilton at Econbrowser summarizes my thoughts too: Extending unemployment benefits Here I make two quick observations on the policies being discussed. The first point has been widely noted, but it bears repeating since I keep hearing comments from people who seem to be unaware of it. When you hear that current unemployment benefits can … Continue reading The Necessity of Extending Unemployment Benefits
Why do people work? At first it seems an easy question - to get money or earn income is the answer that comes quickly to mind. Indeed, mainstream neo-classical micro economic theory answers the question this way and uses it to build a model where people (households) make decisions about how much to work (called … Continue reading Why Do People Work?
I support this from Yves Smith at Naked Capitalism. The law must be upheld. Fraud is fraud. It is not "paperwork glitches" or "snafus" or "correctable errors". It has been the policy of the banks and mortgage servicing organizations to file en mass false statements and false documents in our courts. These practices will not … Continue reading Home Foreclosures – Write Your Attorney General
Thanks to Brad Delong, for finding this. Click to enlarge and read it - it's a fast read, but pay close attention to the referee's comments.
Brad Delong quotes Mike Boskin on comparing talking to Principles of Economics students vs. being Chair of the President's Council of Economic Advisors: I think that one of Christie Romer's predecessors as CEA Chair, Stanford economist and Republican Mike Boskin, says it best. Being Chair of the CEA and advising all the political appointees in … Continue reading Just What I Would Imagine