Lynne Parramor via Alternet writes a passionate post on Pete Peterson, Alan Greyson Simpson, and Erskine Bowles regarding Social Security. Along the same vein comes this quote from John Kenneth Galbraith via The Christian Left:

This breaks my heart.  Why is there such a strong strain of narcissistic visciousness in America?

Last week the 2nd quarter numbers for labor share of national income came out. Labor share ticked up a bit from the previous quarter, but pretty much exactly the same. There is a graph I use to detect if a recession is imminent. The graph gets updated as the labor share number is revised. Here […]

Brad Delong wrote today… “There are no signs in the pace of technological progress, in the level of investment, in the pace at which the American labor force educates itself, in measures of capacity utilization, in signs of upward wage pressure due to labor quality bottlenecks, or in surging commodity prices due to supply bottlenecks […]

Via Huffington Post Elizabeth Warren’s letter to Attorney General Holder on “timid enforcement strategy” of the DOJ concerning monetary penalties, admissions of wrongdoing, and clearer signals regulators are attending to the public good. (Excerpts under the fold)

by Linda Beale The Elderly May Not Be As Taxing As Generally Thought One of the common assumptions about health care costs (and the costs of benefit programs like Medicare) has been that the increasing life spans of Americans will result in significantly greater health care expenses.  It is common knowledge that much of the […]

Well here goes. I am going to claim that Paul krugman’s work on imperfect competition, increasing returns and trade was a step backwards from the earlier literature. I will attack Krugman from what is considered the left. In any case, I am definitely criticizing him for excessive orthodoxy. I base my case on the work […]

  This isn’t trivial. One of the sweetest dogs I’ve ever met was a waggly-tailed white pit bull that a neighbor of a friend of mine found roaming the street. As soon as the sweetie saw you approaching, she’d wag her tail excitedly and then lie down on her back to invite you to rub her […]

Labor and capital both receive income. How do labor and capital consume products or contribute to savings differently? How have these differences changed over the years? What can we learn from the changes? To answer these questions, I made a model based on the circular flow of the economy, where I separated labor income from […]