On Friday, the Government reported its 2010 Fiscal Year results. Here are some fragments from a “news” article in WaPo by Vincent Del Giudice. The U.S. government posted its second straight annual budget deficit in excess of $1 trillion as lingering unemployment constrained tax revenue. The shortfall totaled $1.294 trillion in the fiscal year ended […]
October 27th, 2010 · Comments Off on The Budget Deficit and the Versailles Rag
September 27th, 2010 · Comments Off on We Need A Tax and Spend Party Again
It’s been nearly 35 years since we’ve had a “tax and spend” political party. During the 1970s, the Democrats gave up fighting the Republicans about the “tax and spend” label, and the Carter Administration tried to escape from that charge by making very serious attempts to balance the budget. During the 1980s, more and more […]
September 20th, 2010 · Comments Off on The Tenth Thing to Do – Not!!!
Earlier this month, Thomas Geoghegan wrote a piece for The Nation telling the Democrats the ten things they could do to really get the base excited, and at the same time do good things for the country. Here’s his list. 1. Raise Social Security to 50 percent of working income. 2. Let’s extend Medicare to […]
September 14th, 2010 · Comments Off on Unless You Want Another Recession, Don’t Pine For the Clinton Surpluses
The other day, in one of their e-mails, Democracy For America (DFA) posed the choice for me in the 2010 elections this way: This election, the choice is clear: Republicans like John Boehner and Mitch McConnell want to retain the Bush-Cheney reckless tax cuts for the wealthy that created out of control budget deficits […]
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 14th, 2010 · Comments Off on Kotlikoff’s Folly and the IMF’s Too
Laurence Kotlikoff has been making waves by using “inter-generational accounting” and CBO and IMF data, to compute a fiscal gap of $202 Trillion in present value. He concludes that this gap shows that the US is “bankrupt” as of now. Evidently, publications like Bloomberg take this sort of thing seriously since they publish it. But […]
August 10th, 2010 · Comments Off on Inflation-Adjusted Bonds? You Must Be Kidding, Paul
Paul Krugman got a lot of attention among leftward tweeters today for following Glenn Greenwald down the road of writing about the de-evolution of the United States into a de-developed nation, because of the irresponsible preference of its ruling elite for lower taxes rather than infrastructure and essential services, and also because of impact of […]
August 5th, 2010 · Comments Off on Imaginary Problem; Hurtful Solutions
The Washington Post editorial page has been one of the primary MSM outlets for aggressive deficit terrorism. There is an axis of deficit terrorism in Washington DC today. It runs from Hooverite Republicans such as Judd Gregg and Mike Spence, to Blue Dog Democrats like Evan Bayh and Kent Conrad, to media organizations like CNN, […]
July 29th, 2010 · Comments Off on Reality Check Plus
After reviewing the terrible state of our economy and the need to reconstruct it so that people can find work and a vibrant middle class can be rebuilt, Bob Borosage suggests that Congress go back to first principles. he briefly reviews the post- WWII history of employment legislation and says: That debate was revisited in […]
July 21st, 2010 · Comments Off on We Need YOU!
By Warren Mosler MISSION: To deploy an army of MMT proponents to respond to deficit terrorism on the web. Go to offending articles. Neutralize flaws. Report back to home base. MERIT AWARDS: An MMT heart (?) will be awarded for each successful strike.