The middle-class came to life in January, 1914, when Henry Ford doubled wages to $5 a day. The message changed the economy for the better. 100 years later, we can do it again!
This quote is right up there with the great Will Rogers line: “I don’t belong to an organized political party. I’m a Democrat.” Matthew Yglesias opens his recent post with it. I don’t know if he coined it, but if so, A Huge Kudos. It’s utterly and painfully true. A deservedly iconic statement. Here’s what […]
To even think that QE would cause deflation shows that some economists are simply confused about the economy. They do not understand why inflation is falling. Why try to pin it on QE? QE is simply limited in its ability to inject money into the hands of consumers (labor). QE is for those who own […]
Pam Renshaw had just crashed her four-wheeler into a bonfire in rural Folkston, Georgia, and her skin was getting seared in the flames. Her boyfriend, Billy Chavis, pulled her away and struggled to dial 911 before driving her to the nearest place he could think of for medical attention: an ambulance station more than 20 […]
1. Big brother is watching you and noticed that you scratched your head wondering why there was not “pop” between “10” and “Cultural. ” 2. I am shoked shoced that listing is going on here. 3. Spock with a beard noticed too and his left eyebrow is ironically raised. 4. these are not the cultural […]
Some years ago Paul Krugman gave perhaps the best argument against the inequality-causes-underconsumption theory of secular stagnation: the idea that rich people spend less of their income/wealth, so if wealth/income is more concentrated there’s less spending and less GDP/prosperity. (It’s curious how liberal economists are the ones who most commonly shoot down this argument. That’s […]
Brad DeLong wrote a praised piece about growth… The Honest Broker: Is Growth Getting Harder? If so, Why, and What Can We Do About It? Yes, it was an interesting piece, but I have a bit of a critique of one point concerning productivity. I see productivity as blocked by demand. But he doesn’t make […]
by Linda Beale Does Lowering Corporate Tax Rates Create Jobs? Answer is a resounding “no” For years (decades, actually), the American pro-wealthy right has argued that lowering corporate tax rates will create jobs. That is the presumed purpose behind the push by Dave Camp to enact a tax reform package with lower corporate rates, and […]
I’m rather terrified to find that Brad DeLong has replied to my recent post on this subject. I would expect greater inequality coupled with a higher propensity to save on the part of the rich to drive all asset yields down. Yet what we have seen has been a steep, prolonged fall in Treasury bond yields […]
A federal judge in the District of Columbia will hear oral arguments on Tuesday in one of several cases brought by states including Indiana and Oklahoma, along with business owners and individual consumers, who say that the law does not grant the Internal Revenue Service authority to provide tax credits or subsidies to people who […]