Videos below the fold. I caught Edward Kleinbard the other morning on Cspan. He is a professor of law and business at USC and a fellow at the Century Foundation. His book: We are better than this: How Government Should Spend our Money. If you google his name, articles will come up from October 2014. […]
by Mike Kimel Where Has the Spending Gone, Joe Dimaggio? Lately there’s been a gnashing of the teeth about the deficit and the debt and what to do about it. Democrats point out that when GW took office, there was no deficit, and that a big part of the problem is that federal tax revenues […]
To be sure, the U.S. government deficit is shocking; but it’s not anymore shocking than the recession through which we have all lived. Tax receipts plummeted (see the second chart from this post) and spending on cyclical social programs (like unemployment benefits) is surging. This adds up to an exponentially rising budget deficit, and thus […]
This is a guest contribution by Marshall Auerback, Braintruster at the New Deal 2.0 by Marshall Auerback A new book by Kenneth Rogoff and Carmen Reinhart, “This Time It’s Different: Eight Centuries of Financial Follies”, has occasioned much comment in the press and blogosphere (see here and here) The book purports to show that once […]
Following up on this post, a 4-week auction over year-end (PDF) that sold at 0.00% interest, with a coverage ratio of 4.4:1. (Yield unchanged from the previous week, and the week before that.) Who could see Looming Inflation in this? See next post.
Not only did the U.S. Treasury just sell $29 Billion worth of four-week bills at par (i.e., they got $29 Billion for them, and will return $29 Billion on 29 December), but the bid to cover ratio was over 5:1 (pdf link; had $154B in bids for $29B in securities). This is down 0.06% from […]
by Bruce Webb The Treasury Department maintains a handy web application called Debt to the Penny. As the name suggests it will give you total Public Debt to the penny for specific dates in the past or for a range of dates. It is this total Public Debt figure that is generally cited in news […]