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Scary CBO Chart
You know those CBO projections getting bounced around, saying the debt as a share of GDP is supposed to double in the next ten years? Well, things don’t exactly turn around after that. (That’s one of the reasons that Krugman’s “Why worry?” posts on the deficit projections are misleading. He does show that it wasn’t […]
Read moreIt’s Only Money
Krugman has left cap and trade for the moment to deal with government budget deficits. The man is fearless; look at his nonchalance in this post when he writes: “Finding 1 percent of GDP in higher taxes and/or spending cuts shouldn’t be that hard — and won’t be, if America has a sane political scene […]
Read morePraising Krugman on His Critique of Fama and Cochrane
In response to a reader request (who is probably now horrified), at the Mises blog I addressed an old Krugman post on what he called the “Dark Age” of macroeconomics. Here’s the news you can use: Krugman is totally right. (!!) Fama and Cochrane are wrong in spinning out what appear to be tautologies above. […]
Read moreKrugman Contradicts Krugman on California
Earlier this week Paul Krugman’s NYT column discussed the sorry state of California finances. According to Krugman, the reason the Golden State is in such a hole these last few years, is because of a tax revolt in 1978: The seeds of California’s current crisis were planted more than 30 years ago, when voters overwhelmingly […]
Read morePushing the Analysis Deeper on Social Security
I have been feeling quite smug the last few years, since I knew that the projections of the date at which Social Security “runs out of money” were wildly optimistic. The latest projection is 2036, but that relies on the mythical “trust fund.” The true crisis point occurs much earlier, when payroll taxes put in […]
Read moreWhy the Editor of The New Republic Hasn’t Quieted My Inflation Fears
Bob Roddis sends me this short video of TNR Senior Editor Noam Sheiber explaining why Allan Meltzer was wrong to worry about inflation: When I get some time, I want to return and pick apart the fallacy in the Phillips Curve–the alleged tradeoff between unemployment and price inflation. My starting point will be Brad DeLong’s […]
Read moreYet More Evidence on the Harm of GDP Figures
Oh man. While promoting his new book (at least two weeks on NYT bestseller list, btw) on a radio show, Tom Woods fielded a caller who said Smoot-Hawley was in effect only for a year. Tom asked if this were true, I said I had no friggin idea, and I resorted to my trusty source […]
Read moreWhat’s Money Good For?
This gentleman John Steinsvold emailed me this self-described utopian article, on the wonders of abolishing money. I told John I would post it here, so long as he agreed to go at least a few rounds in debate. I also assured him that I would keep any comments courteous. So by all means, tell John […]
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