Poking around in FRED while thinking about money created by banks and by government, I came up with the following graph, which I found to be pretty eye-popping: Federal Debt Held by the Public as a Percentage of Total Credit Market Debt Owed That’s a pretty profound secular shift. But far from delivering any obvious […]
Via Chris Mooney to Digby to Krugman then me — this remarkable item from a Pew report: College-educated Republicans are more likely to deny scientific reality. They don’t spend their time in college (or life) trying to learn how the world works; they spend it learning how to mine, harvest, cherry-pick, and twist any “facts” […]
by Tom aka Rusty Rustbelt Health Care Thoughts: Research on Defensive Medicine (Part 1) (Background – I have been an executive in two orthopaedic centers, and write and lecture for orthopaedic practice executives.) A Vanderbilt research survey of orthopaedic surgeons indicate that 24% of diagnostic testing is “defensive medicine.” This does not surprise me, as […]
by Rebecca Wilder All of the Euro Area Usual Competitive Suspects in One Chart…But with a Twist The European Commission’s Economic and Financial Affairs initiated the Macroeconomic Imbalance Procedure (MIP) Scoreboard. The MIP Scorecard will be used to identify emerging or persistent macroeconomic imbalances in a country. In their inaugural release, the EC listed 12 […]
by Linda Beale GOP candidates’ policies would raise federal debt by whopping trillions The GOP likes to pretend to take the high road, proclaiming itself to be against increasing the federal debt, running big deficits, or otherwise not running our government like a person runs their household. Pundits on the right tend to look at […]
I’ll just share two of these. HT Yoram Bauman. via 14 Ways an Economist Says I Love You. Cross-posted at Asymptosis.
Imagine an economy that consists of two households, one firm, one bank, and one government. The government issues $50 to each household (maybe they do some work for it), crediting their bank accounts and running a $100 deficit. Voila! There’s money! Now one household works for the firm, creating $50 in value, goods. The firm […]
It’s nice to see Matthew Yglesias embracing Modern Monetary Theory, but I wonder if he totally gets it: The point of collecting taxes isn’t that the government needs money (it can print money) it’s that if the quantity of taxes is too low relative to the stock of money, then the money loses its value […]
Middle Class Political Economist: Basics: Length of Unemployment is Worst Since World War II.. (HT Brad DeLong.) The key graph: Assuming the economy is “trying” to reach equilibrium, this suggests that it “wants” less workers. If that is a secular trend, as suggested by the steadily lengthening jobless recessions since the 80s, …we’re faced with […]
I caught a bit of Jennifer Granholm’s The War Room for 2/23/12. She was talking gasoline prices and had Ron Klain on for his ideas. He is a past chief of staff for Gore and Biden as VP’s. Mr. Klain also published his thought at Bloomberg2/20/12. This post is not about solving the rising gasoline […]