He was giving the White House talking point that "we won't negotiate over the debt ceiling" and Harwood was like, OK, but you will negotiate over the budget... why is it OK to negotiate over one but not the other?
Because economics both poses as a hard science and fails to generate reliable predictions, establishing economic facts is an elusive exercise. Battling statistical analyses come to opposite conclusions on the impact of fiscal stimulus, changes in tax rates, wage mandates, regulations, and so on. Into this void steps money and power, such that today we find ourselves with think tanks staffed by economists who provide their clients with the answers they seek. And since those with the deepest pockets can buy the results that best serve their goals, it is increasingly difficult to generate the wealth of evidence needed to offset market failures, inequities, and even existential threats.
A brief visit to a Staples store in Jackson, Wyoming revealed an ironic anomaly. We know that overall in the U.S., while the unemployment rate still h...
When the stimulus was kicking in, adding significant demand to the economy, real GDP and job growth quickly turned less negative, with GDP turning positive later in 2009, and job growth beginning in early 2010. Moreover, as the stimulus flattened, so did they.
President Obama seems to think that the country should be thankful to Larry Summers that we didn't have another Great Depression. This is like telling little kids that if they don't eat their spinach the bogeyman will get them.
Just as Social Security was to supplement one's retirement -- not be the total retirement plan -- minimum wage jobs were not intended to be long-term careers.
It may be politically popular to yell about deficits being bad, but political popularity cannot change arithmetic. If President Obama wants to boost the economy, he will need to get more government spending to put people back to work, which will mean larger deficits.
Republicans lost the White House. They lost an opportunity to control the Senate. They lost seats in the House, though they remain the majority there. Yet it is their plan, from that minority position, to sustain their sink-middle-class-boats economic policies and scuttle all attempts to change course.
While many Americans would like to see us move toward "green energy" as a means to reduce our dependency on foreign oil and fossil fuels in general, such a move should be driven by market forces, not the strong arm of government and crony capitalism.
I quote the following at length because it's so logical and well said. And remember, he's saying this stuff in the House of Representatives, where logic has been on an extended vacation.
It is widely recognized that economists are not very good at economics. That is why we are looking at a decade of economic stagnation with tens of millions of people being unemployed or underemployed in Europe and the United States.
Stimulus comes and goes, as it should. The fact that it creates some drag when it departs is fine, as long as we get the timing right. The problem is when you screw up the timing, and that's what it looks like we're doing -- again.
You might have heard that "austerity is dead." Meanwhile we have two real problems to worry about: unemployment and crumbling infrastructure.
In the wake of government stimulus in response to the Great Recession, many of us working in cleantech and energy efficiency have wondered: what is th...
IRS shenanigans aside, there are plenty of things being done right now in D.C. that will likely affect your business and mine over the next few years.