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  • What Recovery Summer?

    The Obama Administration announced “Recovery Summer” in June to highlight the expected gains in jobs and economic strength resulting from Obama’s stimulus.. Well, maybe next summer. Initial estimates from the Department of Labor (DOL) suggest the economy shed a whopping 131,000 jobs in July while employment for the prior two … More

    It’s Official: Medicare’s Finances Shadowed by Uncertainty

    If you do a quick read of the Medicare Trustees Report, it would seem that Medicare’s finances have dramatically improved since last year. The 2010 report shows that Medicare has a $30.8 trillion shortfall (net present value terms of excess costs over revenues over the 75-year time horizon). Last year … More

    Congress Reaches New Heights of Tax Hike Cynicism

    Progress is often a matter of higher, faster, further—profits are higher, computer chips are faster, cars run further on a gallon of gas. In Washington, progress is often measured by more and more—spending more than ever and being more cynical than ever. The liberal leadership in Congress has set a … More

    Tax Cut Myth Busting, Round 2

    Bill Gale’s discussion of the five myths about the Bush tax cuts was an unusually slanted piece from a normally straight-shooting liberal economist. With respect to an old friend, a little further myth busting is called for. Tax Relief as Stimulus Gale refers to the proposition that extending the tax … More

    Liberals' Deficit Chicken Is Taxpayers' Soaring Eagle

    Liberals are desperate to bully or chide the rest of the country into accepting massive new taxes to support the recent federal spending surge. Many opponents who resisted the spending on the grounds that it increased the budget deficit are now being called deficit chickens because they oppose the tax … More

    Reid’s Deficit Addiction Is Blocking Unemployment Benefits Extension

    There’s only one reason nearly 2 million American former workers are without unemployment benefits today: Senator Reid (D-NV) and his Democratic colleagues’ addiction to deficit spending. The Senate is expected to try to extend these benefits soon. There are arguments pro and con, but if the benefits are extended, then … More

    Greenspan’s Economics Trips on His Naïve Politics, Again

    Alan Greenspan recently gave a Bloomberg News interview with Judy Woodruff. His agenda was redemption. Hers was politics. She got what she wanted. In the course of the interview, Greenspan acknowledged the economy was slowing, a more modest appraisal than that recently signaled by his former colleagues at the Fed … More

    On Stimulus, Krugman Feints, Mankiw Parries, Both Miss

    It often happens that flawed theories put into practice expose their internal inconsistencies for all to see before long. We now see this playing out in the case of Keynesian stimulus and the U.S. economy, and the stimulus defenders are at a loss. By any measure, the Keynesian debt-based stimulus … More

    Democrats Mean to Raise Middle Class Taxes in 2011

    Imagine a Congress running in a tough environment—the electorate is angry; a war is going badly; the unemployment rate remains stubbornly high. And imagine such a Congress facing the prospect of passing a nice, pre-election tax cut for all. They’d pass the tax cut faster than Speaker Nancy Pelosi (D–CA) … More

    Congress’ Small Business Tax Schizophrenia

    An old saying applicable to dysfunctional organizations is that the right hand doesn’t know what the left hand is doing. The President and Congress have taken this approach to a whole new level. In seeking to strengthen small businesses to spur badly needed job creation, the left hand doesn’t know … More