Relevant and even prescient commentary on news, politics and the economy.

Some @*$&s Write a Letter

by Mike Kimel Deficit numbers for CEA chair signatories on the deficit letter Cross-posted at Presimetrics Title updated I’m kind of late to this, but apparently ten ex-chairs of the President’s Council of Economic Advisors decided to share their opinion about the national debt with the rest of us. There’s been commentary here and there […]

Deficit Hawks Down: The Misconstrued “Facts” Behind Their Hype

Reposted from New Deal 2.0 with permission from author. Deficit Hawks Down: The Misconstrued “Facts” Behind Their Hype by James K. Galbraith Economist James K. Galbraith attends a Pete Peterson-funded road show. The Fiscal Solutions Tour is the latest Peter G. Peterson Foundation effort to rouse the public against deficits and the national debt — […]

Nearing agreement says NYT

Nearing agreement says NYT An administration official said that in the emerging deal, the “Making Work Pay” credit would be replaced with a one-year reduction in payroll taxes for workers. In addition to a two-year extension of the income tax rates enacted under President George W. Bush, the deal includes a one-year extension of jobless […]

Why austerity now?

Michael Hudson at New Economic Perspectives points us to the difference between the overall economy and the financial sector: When politicians let the financial sector run the show, their natural preference is to turn the economy into a grab bag. And they usually come out ahead. That’s what the words “foreclosure,” “forfeiture” and “liquidate” mean […]

FEDERAL DEFICIT

In Linda’s post on the budget deficit in the comments it was claimed that the budget deficit was Obama’s fault and a chart was cited that showed the deficit in someone’s estimate of real dollars. The standard way of comparing deficits across time and across different countries is to show the deficit — past and […]