Niall Ferguson (Sort Of) Apologizes For Claiming Gay People Don’t Care About The Future

By: Wednesday May 8, 2013 8:22 am

Harvard historian Niall Ferguson has a history of saying inflammatory nonsense to get attention. But recently while trying to sex up an attack on his long dead intellectual nemesis, John Maynard Keynes, Ferguson went way too far in his endless quest to widen the eyes of his audience. Ferguson responded to a question about Keynes’ [...]

Obama Continues to Accept Debt Crisis Frame

By: Thursday September 20, 2012 8:15 am

Republicans have gone all-in on their “redistributionist” attack on President Obama, which will work about as well as the last time they tried it, in 2008 with Joe the Plumber. If anything, it will reinforce the desire to increase taxes on the wealthiest Americans, a popular policy. Before they pulled out a quote from 1998, [...]

On the Economy, Austerity, and the “Drown the Government” Self-Fulfilling Prophecy

By: Friday June 22, 2012 10:15 am

Jared Bernstein posted this amazing chart yesterday. It shows Federal Reserve forecasts for GDP growth in 2012. They have steadily fallen. In 2010, the Fed forecast an impressive 4% growth for 2012. By June of this year, they have lowered that to a little over 2%. And yet the Fed is also a policymaker, rather [...]

House Republicans Plan Bush Tax Cut Vote This Summer

By: Friday May 25, 2012 10:59 am

The renewed battle over the expiring Bush tax cuts, which has begun with Republicans clear on their goals and Democrats mired in confusion, will begin over the summer with the House of Representatives set to vote on a full extension in July. House Republican leaders on Friday unveiled a legislative calendar for the summer, revealing [...]

It’s Still a Fiscal Cliff If You’re Headed Downhill

By: Monday May 21, 2012 9:02 am

We’re finally starting to get more attention paid to the fiscal cliff, including from conservatives dedicated to discounting it. Ed Lazear tries to dismiss concerns that spending cuts could affect the economy, using typical confidence fairy logic, separating that part of the fiscal cliff from the expiration of the Bush tax cuts, which must be [...]

The Triumph of Keynesianism

By: Friday December 30, 2011 7:38 am

Spain’s new government announced an 8.9 billion euro austerity package today, split between tax increases and spending cuts. It’s part of a larger austerity plan that would cut 16.5 billion euros by the end of 2012. And yet this is what the austerity measures of the past year provided… It also said Spain’s 2011 deficit [...]

Absence of Progressive Economic Opinion Puts Country in Straitjacket

By: Wednesday July 27, 2011 12:48 pm

This is related to my last post, but E.J. Dionne correctly asserts that all of the polls Democrats are sticking in people’s faces about how they’re “winning” on the politics are meaningless if they cause material harm to the economy: The latest Pew Research Center poll released on Tuesday – the survey was carried out [...]

Of Course a Grand Bargain Would Be Tilted Toward Spending Cuts

By: Thursday February 17, 2011 7:36 am

Jonathan Chait, who just a couple days ago was doubting the existence of a grand bargain on the deficit, today comes out with his hair on fire about the grand bargain on the deficit being negotiated in the Senate. Jonathan Weisman has a great story today breaking the outlines of the bipartisan deficit agreement being [...]

The Triumph of Austerity and the Abandoning of the Unemployed

By: Tuesday January 25, 2011 12:18 pm

One thing about this spending freeze – it may not actually conflict with a message of long-term investment. Long term is, after all, long term, and the five-year window is more medium-term. By shifting some spending, and applying it more productively, the story goes, you can set the economy on a better path, by making [...]

Ireland, Greece Sink Further Into Debt After Austerity Measures

By: Monday November 15, 2010 10:57 am

Over the weekend, it looked like the EU was prepared to provide a large rescue to Ireland, a bailout that could reach as high as $77 billion dollars, to help them tackle their growing debt burden. The Irish government repeatedly denied that they were seeking such assistance from the EU, and by Monday, the urgency [...]

President Looks at Reductions in Public Employees at Federal Agencies

By: Friday October 15, 2010 1:13 pm

Annie Lowrey notes that the final numbers for the US budget deficit in fiscal year 2010 have come in at $1.294 trillion dollars – a reduction of 9% from fiscal year 2009, or $122 billion in real dollars. Tim Geithner bragged that the deficit as a percentage of GDP shrank by 1.1%, “the most rapid [...]

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