All Life Is Problem Solving

Joe Firestone’s Blog on Knowledge and Knowledge Management

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The National Debt Is Congress’s Fault! Redux

December 15th, 2010 · Comments Off

The national debt exists today because when the nation went off the Gold Standard in 1971 and adopted its present non-convertible fiat currency system, Congress did not repeal its mandate requiring that the Government back all its deficit spending with already existing borrowed dollars whose convertibility was covered by our holdings of Gold. This Congressional [...]

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Tags: Politics

A New “Progressive” Deficit Reduction Plan

December 14th, 2010 · Comments Off

Even though I deny that there is a deficit/debt/debt-to-GDP ratio problem, I thought I’d get in on the fun everyone is having this month and offer my own deficit reduction plan. It prescribes 1) Keeping average interest rates at 0.0226; 2) finding a way to increase the growth in nominal GDP from an average annual [...]

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Tags: Politics

The “Progressive” Give-Up Formula Is Alive and Well In the Latest Deficit Reduction Plans

December 14th, 2010 · Comments Off

Self-styled “progressive organizations” and commentators have been releasing their own deficit reduction plans in reply to the plans released by Erskine Bowles and Alan Simpson, Alice Rivlin and Pete Domenici, and The Peterson-Pew Commission. These new plans, were released by the Institute for America’s Future, Citizens Commission on Jobs, Deficits, and America’s Economic Future and [...]

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Tags: Politics

The Real Solution to the REAL Fiscal Sustainability/Fiscal Responsibility Problem

November 24th, 2010 · 1 Comment

In a recent post I wrote about “The Real Solution to the Fiscal Sustainability Problem.” But I was just kidding, folks. That was a solution only for people who think that Fiscal Sustainability means controlling the growth of the national debt, and stabilizing and reducing the debt-to-GDP ratio. That view of Fiscal Sustainability, however, doesn’t [...]

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Tags: Politics

The Real Solution to the “Fiscal Sustainability Problem”

November 24th, 2010 · 1 Comment

As I’ve blogged many times before, I don’t think there is a “fiscal sustainability problem” as the people who are presently deluging us with exhortations to bring the national debt and the debt-to-GDP ratio define it. That’s because I define “fiscal sustainability” in a different way than they do, as I’ve explained in another post. [...]

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Tags: Politics

Stephanie Kelton and the Catfood Commission: “I know which scenario benefits me. Do you?”

November 24th, 2010 · Comments Off

In a beautifully simple post that should crystallize everything for you, Professor Stephanie Kelton of the University of Missouri at Kansas City crystallizes the logic of the Sectoral Financial Balance Model for President, Obama, the Catfood Commission, the deficit hawks and doves and you and me. She says: In a ‘closed economy’ (one without foreign [...]

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Tags: Politics

Fiscal Sustainability Conference Videos and Transcripts Now Available

November 24th, 2010 · 1 Comment

On April 28, 2010, The Fiscal Sustainability Teach-In Counter-Conference was held at The Marvin Center of The George Washington University In Washington, DC. The Conference was first proposed in a post I blogged on April 7th at a number of sites including this one. A group of bloggers responded and collectively, using primarily the Correntewire.com [...]

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Tags: Politics

Ezra Looks Over There At the Debt-to-GDP Ratio

October 27th, 2010 · Comments Off

Ezra Klein did a piece yesterday offering the conventional deficit dove position on deficits and debt. Here’s a commentary on it. Gallup’s survey of voter preferences for closing the entitlement gap is incomplete It suggests the options on entitlements are like a second-grade arithmetic problem: You can either add stuff (tax increases) or subtract stuff [...]

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Tags: Politics

Loose Talk and Numbskull Notions At the Podesta/Holtz-Eakin Debate: Part One

September 16th, 2010 · Comments Off

Tuesday night, I thought I’d attend The National Journal’s Debate on “Our Fiscal Future” between John Podesta and Douglas Holtz-Eakin with Jim Tankersley moderating at The George Washington University’s Marvin Center. I was interested because Podesta is often thought to be on the left-wing of “mainstream” opinion, and also it is said that he is [...]

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Tags: Politics

Myths of Peter Orszag

September 9th, 2010 · Comments Off

Orszag’s maiden voyage at the New York Times entitled “One Nation, Two Deficits,” is full of myths, and that’s the polite way to say it. I’ll review these and comment on each of them one-by-one.

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Tags: Politics