Category Archives: Federal Debt

The Big Lie: Reaganomics

Opposition to the Trump regime is surfacing rapidly. The most recent issue of Rolling Stone (February 25 – March 9, 2017) features an interview with John Oliver, discussing his plans for “Last Week Tonight” in this first year of Trump’s administration. … Continue reading

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Trump’s Presidency and Our Economic Future: Part II – The Bitter Fruits of Misplaced Faith

  On October 9, 2013, in a blog article entitled “Ignorance is Death,” I discussed the vast public ignorance about economics and the extreme danger inherent in GOP policies (here), I wrote: The fruits of ignorance are truly amazing. In … Continue reading

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The Terrifying Truth About Politics

The preceding post began with a little-noticed quotation from Hillary Clinton’s acceptance speech at the Democratic convention: “I believe that our economy isn’t working the way it should because our democracy isn’t working the way it should.” We saw in … Continue reading

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The Terrifying Truth About Economics

This post, and a follow-up post, are about the extremely dangerous economic and political predicament of the United States in 2016. With regard to our economic situation, the danger of another crash, and a complete collapse into another Great Depression … Continue reading

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Postscript: What We Must Do

Wisdom is a strange commodity. Most of the time we don’t recognize it when it infiltrates our addled brains, and it is always hard-won and a long time coming. Yesterday’s post “Krugman v. Stiglitz — Debt v. Taxation” deserves this postscript, for having … Continue reading

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Krugman v. Stiglitz — Debt v. Taxation

I have noted before that two of America’s best-known economists, Paul Krugman and Joseph Stiglitz, both Nobel Prize winners, are in extreme disagreement on the causes and implications of and remedies for, America’s inequality crisis. Both are politically progressive, but … Continue reading

Posted in - FEATURED POSTS -, - MOST RECENT POSTS -, Econ 101, Economics, Federal Budget and Spending, Federal Debt, Taxation, Wealth and Income Inequality | Leave a comment

Labor Day Blues – Mourning the Death of Economics

I had other plans for this morning, but today’s newspapers had stories that hit me hard. I have known I needed to improve upon my own recent efforts to clarify the true nature of our economic situation, and to provide … Continue reading

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False Forecasts and Dangerous Delusions

The celebrated optimism of traditional economic theory, which has led to economists being looked upon as Candides, who, having left this world for the cultivation of their gardens, teach that all is for the best in the best of all … Continue reading

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Inequality Suppresses Growth: A Serious Problem?

The math is easy: the federal budget over the next decade cannot be made to square without raising a lot more money. The nonpartisan Congressional Budget Office estimates that if we stay on our current path, federal debt held by the public will grow … Continue reading

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Breaking News: CBO Infected with Trickle-Down Disease

In a recent Op-ed (“The Fiscal Fizzle: An Imaginary Budget and Debt Crisis,” The New York Times, July 20, 2014, here), Paul Krugman argued that the “fiscal panic has fizzled,” citing the most recent Congressional Budget Office “Long-term Budget Outlook,” July, 2014, (here). … Continue reading

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The Fiscal Fiasco: A Real Budget and Debt Crisis

‘What Good Are Economists Anyway?’ asked Business Week’s cover story for 16 April 2009, noting that though the world is ‘simply too complicated’ for ‘exactitude’ in prediction, it is distressing that ‘seven decades after the Depression, economists still haven’t reached … Continue reading

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Is Economics a Science? Really?

When Thomas R. Malthus, Jean-Baptiste Say and David Ricardo were writing their books on “principles of political economy” several decades after Adam Smith published Wealth of Nations in 1776, their thinking was heavily influenced by the subsistence-level agrarian/mercantile economies that … Continue reading

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Four Days to Go

My last post, “Ignorance is Death,” seemed over the top: Like most of you, I’m conditioned against taking alarmist messages seriously. It’s the ostrich syndrome, and I plead guilty to being as human as, well, nearly everybody else. But now … Continue reading

Posted in - FEATURED POSTS -, - MOST RECENT POSTS -, Economics, Federal Debt, Regulation, Wealth and Income Inequality | 1 Comment

The End of the Line: The Crash Following a Debt Default

In my recent letter to the editor to the Albany Times Union, “Defaulting on debt a national disaster” (here), I argued that the budget and debt limit crises are the result of the massive growth of inequality, in particular the … Continue reading

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Inequality and the National Debt

Last night at midnight, the United States government shut down, and my first priority today is to write about it. This post will go beyond everything you’ve been hearing and talking about. Of course it’s insane, in a representative democracy, … Continue reading

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