Yesterday, as reported in Money News, Moody’s made me laugh, with the following pronouncements: ” . . . it could move a step closer to cutting the U.S. Aaa rating if President Barack Obama’s tax and unemployment benefit package becomes law. . . . “The plan agreed to by Obama and Republican leaders last week […]
December 15th, 2010 · Comments Off on Moody’s: Bring It On!
December 15th, 2010 · Comments Off on The National Debt Is Congress’s Fault! Redux
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 […]
December 15th, 2010 · Comments Off on The National Debt Is Congress’s Fault!
I’m sick and tired of hearing progressive icons like Bernie Sanders, Keith Olbermann, Ed Schultz, and many, many others, talking about the evil of leaving an enormous national debt, now at $13 Trillion plus to our Grandchildren. And I’m especially tired of hearing Congresspeople and Senators complaining about this. The reason why I’m tried of […]
December 15th, 2010 · Comments Off on Congressional Progressives: Make ‘Em End Debt Issuance!
There’s a flood of reaction out there among Progressives and other Democrats criticizing the recent “tax deal” on grounds that President Obama was rolled again and got far too little for his agreement to extend the Bush Tax Cuts for the wealthy, and agree to Estate tax rates of 35%. I share that opinion. But […]
November 24th, 2010 · Comments Off on Co-ordinated Around the Wrong Thing
Yesterday, R. J. Eskow remarked: We expected to see an all-out assault on Social Security and progressive taxation in November, and we expected it to come under the banner of “deficit reduction.” That was always the plan: Wait until after the election, when a lame-duck Congress could pass the preferred policies with the least political […]
November 24th, 2010 · Comments Off on Fiscal Sustainability Conference Videos and Transcripts Now Available
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 […]
October 27th, 2010 · Comments Off on Ezra Looks Over There At the Debt-to-GDP Ratio
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 […]
September 9th, 2010 · Comments Off on Myths of Peter Orszag
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.
August 12th, 2010 · Comments Off on Why Should We ACT Based on CBO’s Projections?
Today, Dean Baker questioned the sanity of The Washington Post, after its editorial staff once again came out for cuts in Social Security to avert a crisis which will not be manifest until 2037. In reply to the Post’s observation that this year is the first in which the Social Security program will pay out […]
July 24th, 2010 · 1 Comment
These last couple of days, I happened to see a couple of pieces by Robert Borosage. The first of these called “Kick the Old and Disabled to Show We’re Serious About Deficits,” is about organizing and fighting back against the deficit terrorist movement to cut Social Security, and reported that Borosage’s organization, the Campaign for […]