Kevin Drum has two posts of interest. The first is a longer version of an excellent comment made by Bakho to my last post on this issue as it notes the payroll tax increase of 1983, which was supposed to be for prefunding our Social Security retirement fund but now looks like it was nothing […]

New personal income and spending figures for October were released this morning. The BEA reports a headline figure of a 0.6% increase in income and a 0.7% increase in spending, both of which are quite high. Unfortunately, there are a couple of problems with the report, too. Much of the increase in income and spending […]