admin's blog

Washington 'Spends' More on Tax Breaks Than on Medicare, Defense, or Social Security::Taxation spending is the $1 trillion nudge

Tax expenditures are funny, They're not taxes, exactly, because they save us money. They're not spending, exactly, because the dollars are never actually spent. They're somewhere in between. So think of it as tax spending.

Or just think of it as the ultimate nudge. The carrot hiding behind the tax code's big stick, tax spending guides us by making certain behaviors and actions cheaper. We encourage employers to provide health care by taxing wages and not taxing health benefits. We encourage investing by making a dollar earned from dividends cheaper than a dollar earned from a salary.

Federal cuts put women and children last In forcing the sequester bySusan Feiner, NEP , Maine Sunday Telegram

The congressional GOP, like the captain of the Titanic, put women and children first.
The Titanic's captain was trying to save people's lives. In contrast, House Republicans, having contrived the sequester -- $85 billion in federal budget cuts -- are steering straight for that iceberg. And when the economy hits it, when the sequester cuts are fully implemented, women and children will go down first.

Sure, the sequester cuts are bad for pretty much everyone. But they're especially harmful to women and their children.

Why Reinhart and Rogoff Results are Crap by L. Randall Wray, Great Leap Forward, UMKC, April 20th, 2013

Kudos to UMass economists for exposing the flaws in R&R’s empirical work. The conclusion that there is some magic debt ratio beyond which growth slows was never substantiated by R&R’s data–they fudged and flubbed the empirical work. True enough.

Modern Money & Public Purpose 6: Fiscal vs. Monetary Policy

The feedback of the first speaker is remedied about 4 minutes into the video.
This is a relatively long video seminar, and it is a strong piece of educational material. It is not at an introductory level, but more toward an intermediate level. It covers a number of topics which are important relative to managing our way out of the neo-liberal nonsense under which most domestic populations are living under currently.

Lies, Damned Lies & Sadistics: The IMF’s Role as Bankster Henchman by Don Quijones, Raging BS, 19/04/2013

“We make or break human life every day of every year as probably no other force on earth has ever done in the past or will ever do again.”

The above rather dramatic quote comes courtesy of one Davison L Budhoo, a former International Monetary Fund economist who, in 1988, broke ranks with the Fund, publishing a scathing 150-page resignation letter. In it he accused the organization of corruption, self-interest and deceit.

István Mészáros: The New Crisis of Capitalism

This is an important presentation by Istvan Meszaros, that years later is still apt and astute. Meszaros is truly a pathfinder for socialism, and is compatible, imo, with MMT.

This is a second interview of Meszaros that happened about the same time. The associated notes are not clear

"If the IMF is criticising UK austerity, things must be bad" Michael Burke guardian Wed. 17 April 2013

Britain has been singled out by one of the troika for its weak growth, proving the failure of Tory ideology and economic policy The failure of the government's economic policy has led to a damning indictment from the International Monetary Fund. In the fund's flagship World Economic Outlook report it lowered the forecast growth for the advanced economies as a whole, but Britain by more than the rest. The IMF repeatedly singled out the British economy for weak growth and negative outlook. Its chief economist, Olivier Blanchard, said the UK chancellor, George Osborne, was "playing with fire".

New Attacks on FDR’s New Deal Fueled by Old - and Discredited - Ideology" by Marshall Auerback, the Roosevelt Institute

If the US government had a dollar every time someone proclaimed to learn the lessons of the Great Depression, we probably wouldn’t have a budget deficit. Usually, these debates turn on the question of fiscal policy and whether in fact, FDR’s New Deal had a discernable role in generating recovery. “Fiscal austerians” have done much to dismiss the economic achievements of the New Deal, some even suggesting that FDR’s fiscal policies worsened the crisis.

Spain’s Descent Into Banana Republicanism by Don Quijones April 7, 2013

It seems that nary a day goes by without some new seismic political scandal breaking in Spain. In just the first few days of April, King Juan Carlos’ daughter, La Infanta Cristina, was charged with aiding and abetting her husband, Iñaki Urgangarin, in his myriad scams to embezzle money from the public purse.

Syndicate content
Powered by Drupal, an open source content management system