When I was kid there was a comment I dreaded but got too often on too many grade reports to my parents: Not performing up to potential. I hated that. I must say, though, that there times when it did motivate me to do better. The same comment, not performing up to potential, can easily … Continue reading Not Performing Up To Potential
One of the my major frustrations as a blogger and as a follower of economic news is the way in which misinformation and falsehoods get repeatedly passed around as they were facts. For example, one common meme that we hear a lot is that the government, especially under Obama, has engaged in a massive spending … Continue reading The Federal Government HAS Been Cutting Spending – And That’s A Major Problem
This being the first Friday of the month, the latest U.S. employment report was released this morning. Not good news. In a nutshell: no new net jobs created and the unemployment rate holds steady at 9.1%. It disappointed even the weak expectations of forecasters. The news continues to show an economy that has stalled without … Continue reading Jobs And Unemployment Report For August 2011 – More Bad News, More Signs Economy Is Stalled, No Net New Jobs
Ronald White of tthe LA Times brings us this nugget via CalculatedRiskBlog: Since I haven't posted on gasoline prices in some time ... from Ronald White at the LA Times: Gas prices expected to fall "If oil remains low, the national average for gasoline will fall to $3.25 to $3.40 in the next two to three … Continue reading Possible Good News – A Gasoline Price Drop Would Help.
Earlier this week the absurd and totally unnecessary debate in Washington over raising the national debt-ceiling came to an agreement, both houses of Congress passed it, and the President signed it. Earlier this week I gave this metaphor for the deal, wondering why we need enemies with "friends" like our representatives in Washington. Now that … Continue reading We Have A Debt-Ceiling Deal. The Economy Loses.
Ok, we have a "deal" in Washington to raise the debt ceiling. Big whoop. With friends like these, we don't need enemies. I don't much time today (end of semester, grading, and all), but I'll comment tomorrow in more depth. Meanwhile, I'll leave you with this metaphor for how I see the debt-ceiling deal and … Continue reading So We Have a Debt-Ceiling Deal. Whoppee. With “Friends” Like These…
I don't enjoy scary movies. Never have. I also don't enjoy scary "amusement" park rides.* I know I'm kind of a fluke in our U.S. culture this way. I just find that there's enough excitement, thrills, and fright in the real world if you just open your eyes. An example of real world things to … Continue reading This Is No Movie Folks. It’s Real and It’s Scary.
Berkeley Professor and former U.S. Department of Labor Secretary Robert Reich has put together a good, short 2 minute 15 second video that explains a large part of what's happened to the economy over the last 30 years. In summary, Reich connects five "dots": The economy has doubled since 1980 but wages have been flat. … Continue reading Robert Reich Connects The Dots to Tell What’s Happened To Our Economy In 2 Minutes
Brad Delong has had enough. So have I. "The Little Depression" Back in late 2008 people asked me: is this a recession or a depression? I said that I would call it a depression if the unemployment rate kissed 12%. I said that I would call it a depression if the unemployment rate stayed above … Continue reading What to Call This Unpleasantness? Little Depression or Workers’ Depression?
Brad DeLong is as puzzled as I, but is more eloquent in expressing it. In so doing he does my classes a favor in expressing a quick version of the history of addressing macro economic crises. For nearly 200 years economists from John Stuart Mill through Walter Bagehot and John Maynard Keynes and Milton Friedman … Continue reading Why the Austerity Talk?