White House Brings In Oligarchy Heirs To Discuss Future

By: Monday April 21, 2014 8:48 am

Though President Obama noted wealth inequality as the defining issue of our time and said “I realize we are not going to resolve all of our political debates over the best ways to reduce inequality and increase upward mobility this year or next year or in the next five years”, less than a year later [...]

Murdoch’s Wall Street Journal Makes Dishonest Arguments Against Inequality

By: Friday January 3, 2014 9:55 am

The long slog by activists – within and without of the Occupy Wall Street Movement – to bring the question of wealth inequality to the center of the American political debate has finally succeeded. Even President Obama has now called inequality the defining issue of our time. This has, not surprisingly, driven the trickle-down economics/Neoliberal [...]

Consensus Emerging With Economists That U.S. Economy Based On Rents Not Production

By: Friday June 21, 2013 8:02 am

Karl Marx may have been too optimistic about capitalism. Economist Michel Hudson has long claimed that Marx’s contention that ultimately industrial capitalism would triumph over finance capitalism was wrong. That, in fact, bankers have prevailed subjugating the productive forces of industry to the power of debt slavery and rentier capitalism. The real economy has been [...]

Fallout Continues From Discovery Of Major Flaws In Key Austerity Paper

By: Friday April 26, 2013 8:28 am

Academia remains incredulous as evidence accumulates that the Reinhart-Rogoff paper that underwrote much of the intellectual justification for austerity economics omitted important data and contained severe Excel errors. Some are calling it a technical knockout of austerity economics, handing victory to the anti-austerity faction of economists. Economic debates rarely end with a T.K.O. But the [...]

We Don’t Have a Deficit Problem, Cont’d

By: Monday December 17, 2012 6:59 am

Paul Krugman takes aim at something that should have been a major talking point for progressives, even if lawmakers couldn’t touch it, for the last four years. There has been a void in talking about the budget deficit in real terms, in what it’s composed of and what it really means. First of all, to [...]

Krugman, Five Weeks Before Election, Works to Discredit Bowles-Simpson

By: Monday October 1, 2012 6:18 am

The election is 36 days away, and most of the media are churning out their profiles of undecided voters in Ohio and polling snapshots. Only Paul Krugman has broken the illusion, moved past the election and its expected outcome, and focused on the expected policy prescription that lies ahead, the desire of most of official Washington to slash the budget along the lines of a proposal that gets far more credit than it deserves. Krugman, a voice outside Washington, has no problem explaining to everyone that the Bowles-Simpson plan actually stinks.

Niall Ferguson Embarrasses Himself Repeatedly in Newsweek Article

By: Monday August 20, 2012 11:06 am

It’s hard to even pack all of the falsehoods in Niall Ferguson’s Newsweek cover story into one post, so I’ll have to outsource some of this. First of all, the thing to know is that Niall Ferguson is always wrong about economics. I mean with remarkable consistency. He has been spooked by imminent hyperinflation fears [...]

The Republican Economy, and the Democratic Reticence

By: Monday June 4, 2012 7:37 am

Paul Krugman’s book End this Depression Now is predicated partly on a simple argument that government must act in an economic downturn as the spender of last resort. Along the way he has to explain that this is currently not happening, that per capita government expenditures have trended down over the last two years, and [...]

Kudlow Interviews the Last Man Anyone Should Be Listening to for Economic Advice

By: Friday June 1, 2012 12:15 pm

This is one of those things that explains why some people you see at Starbucks sometimes have QWERTY or FGHJK imprinted backwards on their foreheads. There are a lot of terrible economists, advisers and government officials from the last decade or two who ought to have the decency to follow Mitt Romney’s remedy to “self [...]

State and Local Austerity Creating Slow-Growth Economy

By: Monday March 5, 2012 7:35 am

I know I’ve mentioned it before, but if we saw the same public sector growth over the last few years that is customary during economic downturns, or just growth consistent with population growth, [the unemployment rate] would be at least a full point lower. In fact, higher unemployment is a consequence of austerity, particularly at [...]

As Eurozone Meets on Greek Bailout, More Evidence of Austerity’s Disastrous Impact

By: Monday February 20, 2012 6:18 am

I don’t know how many Eurozone finance meetings have been seen as consequential, but we’ve got another one today, with the Greek bailout as the main topic. Greek leaders hope that the finance ministers will approve the bailout, after they gave final assent to austerity measures. CNBC quotes officials saying the chances are “little higher [...]

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