Tag Archives: deficit

Every Economist Calls For More Stimulus Spending

Bush Jr. CEA Chief Economist Andrew Samwick highlights a Robert Shiller column calling for infrastructure spending, and adds: Shiller goes on to argue for the balanced-budget aspect of infrastructure improvements in the President’s American Jobs Act proposal.  I would take that, as … Continue reading

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Misleading Right-Wing Arguments On The Long-Term Debt Problem

The Heritage Foundation kinda-sorta praises Rick Perry for calling Social Security a Ponzi scheme over and over again at the last presidential debate (Perry was lying, of course), pointing to this chart: This is quite misleading. First off, Social Security … Continue reading

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Hoping For A Better Day To Hear

In a post that highlights the same lack of demand that we stressed a few days ago, Joe Weisenthal digs into a new paper by Stephen G. Cecchetti, M. S. Mohanty and Fabrizio Zampolli that’s being used to stoke fears of a … Continue reading

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Deficit Reduction In The Current Context

We shouldn’t be doing it. We can borrow money for about free, and we have an unemployment crisis, vs. a long-term debt problem. But if we are dumb enough to focus on deficit reduction… we should return high-income rates to … Continue reading

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I Got This [Paul Ryan] Thorn In My Side

We noted earlier today that Congressional Republicans oppose an extension of the payroll tax cut. I don’t know whose job it was to explain to them that taxes affect revenue, which affects the deficit, but hats off to that guy. (Of … Continue reading

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Regulatory Uncertainty In China

In China, this sort of thing can happen at a moment’s notice: Around 2000 people have been arrested, and nearly 5000 businesses shut down, as Chinese authorities try to force their food industry to improve its safety standards. … The … Continue reading

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Blind Men & An Elephant The Economy

So S&P downgraded US Treasuries the other day. As a result, money poured into US Treasuries, driving their yields from absurdly low levels to almost unthinkably low levels (under 2.5% on 10-years, at 0.25% on two-years. Oh no, we must … Continue reading

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There’s A Bright Future For All You Professional Liars

Convergence on the left and right! David Frum points out: “Markets are saying: We fear recession and deflation. Washington consensus: now is the time to fight debt and inflation.” And: “As of right now, the US govt can borrow money … Continue reading

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Polls And Reality On The Causes Of The Debt

Here’s how we got here, on the debt: And here’s where Pew says Americans think it comes from: Surprised to see how few people realize that the Bush tax cuts are the leading cause of the current debt level.

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Collateral Damage In The Debt Ceiling Hostage Standoff

So S&P said something kinda mean about our ability to pay our bills over the weekend. The key quote from the report: Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, … Continue reading

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The Long-Term Debt Issue Is Health Care Costs

As we’ve discussed before around here, the long-term debt issue is health care costs. Via Matt Yglesias, this chart from Yuval Levin: Below the jump, some more context on this issue, drawing on the previous post.

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Deficits Are A Consequence Of Spending And Revenue

This chart from Jonathan Hopkin shows little correlation between spending levels and deficits: Now, I wouldn’t draw any grand conclusions from the experience of 2007-2010 because it was rather unusual. Still, interesting, especially given that the US is a low-spending, low-tax … Continue reading

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The Republican Party Created The Deficit And The Debt

Just to have some stuff all in one place, here’s some information about how we created our long-term debt problem. This one has the score at Bush $5.07 trillion to Obama $1.44 trillion: This one puts Bush at $7 trillion … Continue reading

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Who Matters

So as we’ve been lamenting around here, the end result of the debt ceiling hostage negotiation is “DC To Unemployed: Drop Dead.” That’s too bad, because we haven’t seen a sustained unemployment crisis like this since the Great Depression. The government … Continue reading

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The Other Intra-Party Dispute: Republicans Divided On Whether Republicans Are More Like Soviet Dictators, Al Qaeda Terrorists, Or Charlie Sheen

Reagan adviser Bruce Bartlett compares the Republican Party to the Soviet leadership: I think if Obama had the sort of experience that Cold War presidents had in dealing with the Soviet Union or that corporate executives and union leaders had in negotiating … Continue reading

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Republicans Don’t Care About The Deficit

Via Fallows, a chart (click to enlarge): And, of course, the structural changes made in the Bush era only exacerbate the problem over time: 

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The Tea Party Vs. The Constitution And The Federalist, Paper No. 10

A whole bunch of neat stuff in this recent poll from Pew, including: Many Republicans, and the majority of the Tea Party, reject the republican structure of the Constitution, which requires that elected officials compromise to pass legislation. I’ve never … Continue reading

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“The Arsenal Of Megadeath Can’t Be Rid” They Said

At the Ink Spots blog, Gulliver fact-checks a Politico op-ed by four Congressmen hungry for federal dollars in their districts. Gulliver’s post is well worth reading in full– he goes through the numbers to demonstrate that we have not, in fact, … Continue reading

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