Natural Disasters and Economic Disasters Require the Same Urgent Response

By: Friday November 2, 2012 7:45 am

David Callahan had a smart column in The American Prospect about natural and economic disasters, and why they must be met with the same level of urgency. If most of us take for granted that we should be there for our fellow citizens during natural disasters, using the tool of government, why is it so [...]

Talk Rises About Sovereign Debt Cancellation

By: Monday October 22, 2012 6:58 am

It’s an intriguing question: why can’t central banks around the world, practically all of whom have bought up sovereign debt, just cancel it? Countries would get more headroom on their debts, inflation would rise but not necessarily at an unmanageable rate. It would have the effect of hitting the reset button.

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, [...]

Debt Scolds Build War Chest to Force Grand Bargain

By: Wednesday September 19, 2012 8:57 am

The forces wanting to put together a grand bargain have amassed a war chest to promote their ideas in the public. The new Campaign to Fix the Debt, organized by fiscal scolds on the left and the right, announced it has raised over $25 million for its campaign. I enjoy the use of the phrase [...]

The Problem With the Clinton Budget Surpluses

By: Wednesday September 5, 2012 10:18 am

The flip side to the fact that deficit spending in a recession is responsible is that the story of the 1990s, the story of prosperity through surpluses, was actually deeply irresponsible, laying the conditions for the current crisis. Joe Weisenthal has a masterful article out, drawing on the work of UMKC professor and MMT theorist [...]

Deficit Spending in a Recession is Responsible

By: Wednesday September 5, 2012 7:35 am

Above is an ad put together by Republicans to commemorate the reaching of $16 trillion in overall debt, a figure that’s supposed to frighten the public. It very skillfully uses President Obama’s debt trolling against him, including his invocation of debt being “irresponsible” and his worry about “lack of confidence” wrecking the economy if the [...]

CBO: Fiscal Cliff Would Cause Recession, But Punting Fiscal Cliff Would Lead to Stagnant Economy, Too

By: Wednesday August 22, 2012 11:00 am

The Congressional Budget Office released an update to their fiscal projections for 2012 to 2022. And it shows that the US will carry a $1.1 trillion budget deficit this year, down from their earlier projection of $1.2 trillion. As a percentage of GDP, the 2012 deficit will be 7.3%, down by 1/4 from the Fiscal [...]

House GOP Mulls Clean Debt Limit Vote

By: Tuesday May 3, 2011 9:50 am

I’ll repeat what I said before: somebody had better tell investors and sovereign wealth funds that this is all just a game. House Majority Leader Eric Cantor (R-Va.) suggested Tuesday that Republicans may allow a clean vote on raising the $14.3 trillion debt ceiling in order to demonstrate that it lacks the votes to advance [...]

Geithner Slips Into Emergency Debt Limit Mode

By: Tuesday May 3, 2011 6:45 am

The US will reach its borrowing limit in less than two weeks, under normal circumstances. Since nobody expects Congress to come to their senses and pass a bill to allow the country to pay what it has promised, the Treasury Department has decided to start maneuvering to avoid default. Treasury Secretary Tim Geithner believes he [...]

Oh, By the Way: Debt Limit Will Be Reached This Month

By: Monday May 2, 2011 2:57 pm

I’ve spent most of my day on the bin Laden beat, but today was going to be consequential regardless. Because today the Congress returned to session for a month in which the Treasury Department is expected to reach the debt limit. They may be able to take extraordinary measures to keep under the limit for [...]

Goolsbee: Lower Federal Spending Caused Slowdown in GDP

By: Friday April 29, 2011 7:00 am

Chairman of the Council of Economic Advisers Austan Goolsbee revealed too much when he blamed lower government spending for the reduction in GDP in the first quarter. Austan Goolsbee, the chairman of the Council of Economic Advisers, said that a slowdown in government spending was mostly responsible for the 1.8 percent growth in gross domestic [...]

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