Mark Thoma, who supported (and probably voted for) the man during the primaries, is dumuch more gracious than I am: A vague promise from Democrats about the future is all but worthless right now, we’ve had too many promises broken already. Obama’s promises in particular mean nothing. The nicest thing I can do is describe […]
Hey remember me? Just a quick driveby to start some discussion. Classical, neo-classical, and neo-liberal economics all share a common mistaken psychological premise, one that is simple but deep, and in itself explains why they don’t understand the aims of Progressive Taxation. Label it how you like, the academic discipline that emerged from England in […]
After the US report on Q2… Angry Bear and credit market weakness in the eurozone, Rebecca takes a look at the retail side of the economy: Retail sales in Germany and Spain were reported last week for the month of June. On a working-day and not-seasonally adjusted basis, real retail sales fell 7.0% on the […]
by Mike Kimel Observations From the Past 3.5 Years Being alive in the past 3.5 years provides the following lessons: 1. Significant elements of the government, influenced to one or another degree by private sector lobbying and contributions, have done a poor job at leading the country.2. Significant elements of the financial industry, influenced to […]
Bureau of Economic Analysis today reported that real gross domestic product in the US increased at an annual rate of 1.3% in the second quarter of 2011. This (newly revised – see below) acceleration in real GDP was driven primarily by a slowdown in import demand, stronger federal spending, and a pickup in non-residential fixed […]
Rebecca takes note of credit growth in many of the Euro countries and notes indications of continued deteriorating macro economies in Newsneconomics: Today the ECB released details on monetary aggregates for the euro area. According to the statement on the asset side of the consolidated balance sheet of the euro area monetary financial institutions (MFIs): […]
If the debt ceiling is not raised at some point the US government will be unable to meet all of its obligations. I assume that they will make their interest payments and bond redemptions on schedule and the shortfall will be in paying social secutiry, medicare, military and other obligations. This will naturally impact aggregrate […]
Brad DeLong asks why it hasn’t been done, if it hasn’t been done. The biggest problem I can see is that you don’t know how insane the participants are—and that will have a major effect on how much damage is done when. Don’t get me wrong; the damage is already being done; it has been […]