Recent article by AFP cites an IMF report suggesting that countries fighting deficit spending should simply “Tax the Rich” in income more. in its Fiscal Monitor report, subtitled “Taxing Times”, the Fund advanced the idea of taxing the highest-income people and their assets to reinforce the legitimacy of spending cuts and fight against growing income […]
When the New York Times or the Wall Street Journal reports on THE federal budget deficit what number do they use? When OMB gives a top line number for THE deficit what is included or not? In particular is Social Security included? Now some will immediately jump in and say, and perfectly correctly, that Social […]
Hat tip reader rjs and then lifted from The Global Glass Onion from a long list of links pn the default question: Here are a few lifted from the not including ones from the FED: Democrats and Republicans Pedal to the Metal in Debt Ceiling/Shutdown Game of Chicken – Yves Smith – Watching the shutdown/debt […]
A comment by Arne in a previous post raised the idea that a tax transfer from capital to labor would raise the effective demand limit. So a video was made using the dynamic model for the circular flow to test his idea. As it turns out, the model shows that the natural real GDP equilibrium […]
Can Demography Explain Portugal’s Growth Slump Before The Crash? The above still comes from a recent Financial Times video entitled “Portugal’s Brain Drain”, which I encourage everyone to watch. The issue being raised revolves around the current acceleration of emigration from countries on the EU periphery, largely towards the EU core. Typically the emigrants are […]
Well the word out of DC this morning is that the GOP will cave on holding Obamacare hostage at least to the debt ceiling in exchange for negotiations on long-term debt with Social Security explicitly on the table. So it is time to review some basics here. First we have Public Debt and Debt Subject […]
In her acceptance speech for Fed Chair, Janet Yellen said… (at the 1:30 point in this video from The Daily Conversation) “The mandate of the Federal Reserve is to serve all of the American people” And then it appears as though she almost choked on those words. She must sense the rage and power seething […]
This change is common knowledge for many and as noted happens in many forms (globalization), but the following is another way to frame changing ownership patterns and attitudes about who you might be trusting to make the rules: NEW CORPORATE TAX SHELTER: MERGER ABROAD American corporations increasingly are reducing their tax bill by buying […]
John Williams who is the president and chief executive officer of the Federal Reserve Bank of San Francisco published a letter yesterday explaining unconventional monetary policies. First I want to appreciate the clarity and simplicity with which John Williams is able to communicate complex ideas. His voice is honest, transparent and credible. What did he […]
From the Los Angelos Times comes this article on Social Security Disability and reporting: Is it possible for a major news organization to produce a story about the Social Security disability program without interviewing a single disabled person or disability advocate? That’s the experiment “60 Minutes” conducted Sunday. The result was predictably ghastly. The news […]