government finance

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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.

"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".

"A Disappointing, Procyclical, and Highly Politicized Budget" by Ed Dolan Ed Dolan's Blog April 11th 2013

The White House has officially unveiled its budget for fiscal year 2014. I hope to have a chance to look at some of the numbers and programs in depth over the coming weeks, but the overview alone confirms what many leaks have suggested, namely, that this is a disappointing, highly politicized document. Here are some first impressions:

A commitment to continued procyclical austerity

“Nobody in Europe” sees a “contradiction” between austerity and growth" William K. Black, UMKC, NEP blog, April 10th, 2013

The two most revealing sentences about the gratuitous Eurozone disaster – the creation of the deepening über-Depression – was reported today. The context (rich in irony as I will explain) is that U.S. Treasury Secretary Lew spent his Spring Break in Europe meeting with his counterparts. The Wall Street Journal’s article’s title explains Lew’s mission and its failure: “U.S.

Inclusive Monetary Fund by Subhomoy Bhattacharjee April 08 2013 The India Express

The International Monetary Fund (IMF) has decided that country surveillance will now include issues of job creation and inclusive growth. Considering that 'big government' usually runs to perdition spouting this mantra it is difficult to figure out how the subsequent IMF led clean up will do any better, if it is also locked in the same frame of reference.

Cyprus has finally killed myth that the EMU is benign By Ambrose Evans-Pritchard UK Telegraph 27 Mar 2013

The punishment regime imposed on Cyprus is a trick against everybody involved in this squalid saga, against the Cypriot people and the German people, against savers and creditors. All are being deceived. If Cyprus tries to claw back competitiveness with an 'internal devaluation', it will drive unemployment to Greek levels (27pc) and cause the economy to contract so fast that the debt ratio explodes. It is not a bail-out. There is no debt relief for the state of Cyprus.

The NY Times Calls Third Way “Center-Left” and Turns a Study on its Head By William K. Black UMKC, NEP, March 21, 2013

Some lies will not die. As I have demonstrated repeatedly, Third Way is Wall Street on the Potomac. It is funded secretly by Wall Street (it refuses to reveal its donors), it is openly run by Wall Street, and it lobbies endlessly for Wall Street. Third Way, like every Pete Peterson front group, is dedicated to shredding the safety net as its highest priority and throwing the Nation back into a gratuitous recession through self-destructive austerity.

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