by Mario Rizzo I grant that the government “shutdown” and the perceived threat of default on the debt was a public relations disaster for the Republican Party. I think that the shutdown problems, like those of the Sequester, were grossly exaggerated by the traditional media and as well as by various left-wing hysterics. Neither of … Continue reading The Government Shutdown and the Debt Default Issue: The Dreadful Lesson
by Mario Rizzo I now favor expiration of the Bush era tax rates for everyone. Why? Because the only way to curb spending in the long run is to make as large a number of Americans as possible truly feel the consequences of the expenditures they appear to desire. If Americans saw the cost of the gigantic welfare … Continue reading Raise Middle Class Taxes Now!
by Chidem Kurdas Gore Vidal died a few days ago. He was a remarkably erudite author, as any reader of his marvelous historical novels – Burr and Lincoln are just a sample – notices. He never went to college. Born in 1925, he joined the army at age 17 and published his first novel before age … Continue reading Student Debt Bubble Side Effect
by Chidem Kurdas It has become a standard left-liberal jibe that those complaining of government largesse receive a piece thereof themselves. Such beneficiaries go against their own interest if they favor smaller government—so it is alleged. Thus Paul Krugman in the NYT largely agrees with Thomas Frank, who attributed apparent red state ingratitude to the exploitation of … Continue reading Elitist Hokum from Krugman
by Mario Rizzo There has been a lot of talk this year, and especially during the holiday season, about the inequities in the distribution of wealth and income. But most of what has been written is quite simple-minded, if the writers mean to convey something more than their own personal preferences for a different distribution. … Continue reading The Just Distribution of Income and Wealth
by Chidem Kurdas Protestors have “occupied” a square near Wall Street for weeks. Hundreds of them were arrested, some 700 while blocking the Brooklyn Bridge. The movement may be spreading to other American cities. At least one demonstrator says: “This is a revolution.” They complain of joblessness and the inequities of global capitalism, though the … Continue reading Revolution on Wall Street?
by Mario Rizzo David Gergen has written a piece decrying the lack of leadership on the debt-deficit “crisis” and calling for a new Churchill. David Gergen, who saw no problem working for both Ronald Reagan and Bill Clinton, now teaches at the JFK School of Government at Harvard. He has a claim to being a … Continue reading The Führer Principle – Light
by Mario Rizzo One of the most important, but frequently ignored, aspects of the current negotiations about raising the debt ceiling is the lack of credible commitment on each side. The problem has two aspects. One is clearly analyzed by Michael McConnell in today’s Wall Street Journal. (Perhaps also here.) What exactly is “on the … Continue reading The Current Debt and Budgetary Impasse
by Mario Rizzo In this past Monday’s New York Times (July 11th) there appeared an article entitled, “Economy Faces a Jolt as Benefit Checks Run Out.” The following excerpt gives the gist of the article: An extraordinary amount of personal income is coming directly from the government. Close to $2 of every $10 that went … Continue reading The Long-Run versus the Short
by Mario Rizzo I am always amazed that when many economists give policy advice the sophistication and logical rigor that the discipline so values gets completely lost. There are many ways to interpret this. One is that the level of precision appropriate to theory and to applied economics is not appropriate to the “art” of … Continue reading Confusion Masquerading as Science? Taxes and Spending