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This isn’t fun to report: Ireland’s economy contracted faster in the third quarter than at any time over the past two years, calling into question its ability to recover while implementing harsh austerity measures. Gross domestic product fell by 1.9 per cent from July to September compared with the previous quarter due mainly to falling . . . → Read More: Ireland’s Suicide-by-Austerity Continues Pavlina, one of the bigger names in the MMT world was interviewed on the radio. I put the audio on youtube. It’s about 30 minutes long. Growing up, many children, myself included, have been taught that being selfish is wrong. Regardless of the merits by which we protrude our selfishness, selfishness is not as bad as many think. The problem is what constitutes selfishness, and who gets to decide when someone has had enough? Our current . . . → Read More: Choices…….. Economically speaking, what is the difference between wealth and money? Here’s how I look at it. Wealth is all of the valuable goods and resources that you want in the world. Whether it’s a gallon of gas, or a video game, both are examples of things that people desire and\or use. Money is worthless pieces . . . → Read More: The difference between Wealth and Money All of Washington is buzzing about the release of competing budget plans to cut the deficit. The whole thing is a bad joke. Last year’s budget deficit was over 1.4 trillion dollars. If you would’ve told me that last year I would’ve thought that was a major problem. However, now I realize that federal spending . . . → Read More: Balance the Budget with Non-Security Discretionary Cuts? No way! During the State of the Union Address President Obama mentioned simplifying the individual tax code, well for years there has been a 165 page bill that will do exactly that and more. The bill I am talking about is the Fair Tax Bill (HR25). Upon hearing about HR25 during the Neal Boortz show around five . . . → Read More: HR25 – The FairTax Bill For those who don’t know, austerity is “a policy of deficit-cutting, lower spending, and a reduction in the amount of benefits and public services provided. Austerity policies are often used by governments to reduce their deficit spending while sometimes coupled with increases in taxes to pay back creditors to reduce debt”. In the United States, . . . → Read More: Ireland’s Budget Cuts: A Case Study on the rewards of Austerity Last week the Fed announced that it was going to Buy $600 Billion in Debt, Hoping to Spur Growth. The idea is to increase the amount of bank reserves so that it’ll lower interest rates which will spur more borrowing to fund real economic activity(i.e. buying stuff and starting new businesses). This move by the . . . → Read More: What’s the Big Deal with the Fed Buying Treasury Debt? Last month I wrote a post in which I showed the number of undocumented workers vs. how much we spend on border security. My conclusion was that the amount spent on border security had little effect on immigration. The numbers are the best evidence:
Daniel Griswald over at CATO’s liberty blog comes . . . → Read More: CATO’s Griswald Agrees with my Immigration conclusion Since the United States started running up large budget deficits when the Great Recession started, there has been some talk by some groups that our debts are “unsustainable” and the United States risks being “Insolvent” and forced into bankruptcy(see here, here, and here). So let’s say that the deficit levels stay at the level they . . . → Read More: What Happens If the United States is “Insolvent”? |
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