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  • Even Krugman Agrees--Economy in a Dead-Cat-Bounce Recovery

    Despite a recent spate of good economic data, including last week’s jobs report, the U.S. economy remains deeply depressed. Don’t take my word for it. That’s how Paul Krugman, leftist econo-pundit extraordinaire, describes the economy. In a recent column in The New York Times, he wrote, “our economy remains deeply … More

    Romney’s Taxes: Too Little or Too Much?

    Much has been made of Mitt Romney’s asserted 15 percent or so tax rate. There is both a material error and an irony to this story. The release of Romney’s tax returns for 2009 and 2010 and a preliminary assessment for 2011 shows a remarkably consistent picture. First, he makes … More

    Obama to Obama Jobs Council: I Disagree

    President Obama’s Council on Jobs and Competitiveness released its third report January 17 entitled “Road Map to Renewal,” a worthy description of serious issues affecting the American economy coupled with set of proposals that, with few exceptions, can best be described as pretty thin gruel. The council—chaired by Jeffrey R. … More

    Krueger Tries and Fails to Disguise an Anti-Growth Tax Plan in Keynesian Garb

    The remarks of Alan Krueger, chairman of Obama’s Council of Economic Advisers, asserting that taxing the rich can spur economic growth demonstrate that he and the Administration are nothing if not consistent in their mistakes. Krueger says that there is growing income inequality in the United States, that this growing … More

    The Senate Takes a (Payroll Tax) Holiday

    The political battle over extending the payroll tax holiday is understandably confusing for many Americans, so it is worthwhile to step back and see how we got into this mess. Americans have come to expect Washington’s lamentable dysfunction, but this instance is of a different sort than most. First, the … More

    The Fed, Other Central Banks Prepare for the Firestorm

    The Fed has shocked us once again, and it’s probably right. There’s a firestorm on the horizon. It starts in Europe, but it threatens the U.S. economy just as surely, and the Fed is getting ready. The most fundamental role of any central bank is to deal with a financial … More

    CBO Report's Good News Built on Shifting Economic Sands

    Contrary to tradition, the Congressional Budget Office (CBO) today released its mid-year assessment of the budget and economic situation. Traditionally, CBO releases its mid-year assessment after the White House’s Office of Management and Budget (OMB) releases its statutorily required Mid-Session Review (MSR). The law requires the MSR to be produced … More

    The U.S. Government Debt Default Bogie Man Scares No One

    Ever since the debate over the debt limit began in earnest at the start of the year, the Obama Administration, led by Treasury Secretary Tim Geithner, has implied that the U.S. might default on its publicly held debt. In his press conference today, the President said that “it is not … More

    Biden Campaigns Against Wasteful Spending

    The White House yesterday launched yet another signature initiative to cut wasteful spending, once again setting the Administration’s key utility infielder, Vice President Joe Biden, to the task. This latest campaign follows a previous effort launched in 2009 directing the cabinet secretaries to track down a whole $100 million—yes, million—in … More

    Moody's Points to the Real Debt Judgment Day

    May 21, 2011, was supposed to be Judgment Day according to Harold Camping. It was, in a sense. As the day came and went, the world judged that Camping’s 15 minutes of fame were up. Treasury Secretary Tim Geithner may yet learn something from Camping. Geithner has been a whirlwind … More