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Category Archives: government budget
Most veterans speak highly of furloughs…
…except that the furloughs now in the news are of a different kind. In this case, federal employees will be put on unpaid leave of varying lengths because of the “sequester.” The long run-up to the sequester began during the … Continue reading
Greece is downgrading itself
On December 19 Standard and Poor’s raised its rating of Greek sovereign debt by six notches, to B-minus from selective default. The government’s decision to prosecute a statistician indicates that the upgrade was premature. According to S&P, the ratings change … Continue reading
Posted in government budget, Uncategorized
Tagged Andreas Georgiou, Greece, Standard and Poor's
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Drat you, Obama Administration!
The following (now mildly edited) op-ed was slated to appear in a major US news outlet on January 15. Unfortunately for me, but good for the country, an announcement by the Obama Administration rendered the op-ed obsolete. The main point–that … Continue reading
Following Blind Ideology Right Off Cliff
…is the title of my op-ed in today’s Hartford Courant on the role that ideology played in walking us right up to the fiscal cliff. Read it here! The role of ideology in poor economic policy decisions is the theme … Continue reading
Posted in government budget
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Send in the technocrats!
Winston Churchill said that democracy is the worst form of government except all those other forms that have been tried. The financial crisis has tested Churchill’s assertion. In Greece, the austerity measures imposed on the country by the EU and … Continue reading
Alan Meltzer’s straw “Keynesian”
Remember when “liberal” became the insult of choice among Republicans? Apparently, “Keynesian” has now taken on that status for Republican economists. Never mind that Keynesian is ill-defined (old Keynesian? new Keynesian? the Keynesian part of the neoclassical synthesis?)–making Keynesian a … Continue reading
John Cogan and John Taylor confuse temporary and permanent
In a recently published op-ed piece in the Wall Street Journal, Stanford economists John Cogan and John Taylor argue that: “Temporary, targeted tax reductions and increases in government spending are not good economics. They have repeatedly failed to increase economic … Continue reading
Posted in government budget
Tagged George H. W. Bush, George W. Bush, Jimmy Carter, John Cogan, John Taylor, Paul Volcker, Ronald Reagan
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The long run and short run of it
When you teach economics, you spend a fair amount of time dwelling on the distinctions between the short run and the long run. If a firm is not making a profit but is meeting its short-run costs (e.g., wages, utilities), … Continue reading
