According to The Weekly Standard, President Obama attended Easter services at St. John’s Episcopal Church in Washington, D.C. yesterday, where the pool reporter recorded this tirade against fictional religious right leaders. “It drives me crazy when the captains of the religious right are always calling us back … for blacks to be back in the back […]
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Our national debt is $16.75T, our unfunded liabilities are ~ $120T, and President Obama says we have no debt crisis. In a post last week on the national debt and deficits, I promised we’d discuss the morality of passing the debt burden on to our grand-kids. As is often the case, our moral senses are […]
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Same Sex Marriages: Are they inevitable?
29 Mar 2013
Mark Smith has offered some excellent political and constitutional analysis of the same sex marriage debate before the Supreme Court (see here and here). But one of the most often heard arguments in favor of same sex marriage is its inevitability. As reported in NPR by Republican strategist (and same sex marriage supporter Ana Navarro): […]
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A few months ago the big revelation to gold bugs was Germany wanted its gold back from the Federal Reserve. What’s the world coming to when central banks don’t trust each other? Further, with central banks net buyers of gold for the last few years, something seems afoot in the global currency markets. In perhaps […]
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CNBC reports today that the Federal Reserve is increasingly considering income inequality as a consideration for monetary policy. The basic idea seems to be that monetary policy ought to be kept easy as long as those in the lower income groups are unable to gain jobs. As CNBC reports Some on the FOMC, they said, […]
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Are deficits really good for our economy?
24 Mar 2013
They are; at least according to Charles DuBois in his letter to the editor in the Wall Street Journal. Mr. DuBois says, In brief, the near-term impact of deficit spending is for the private sector to incur one debit (to buy the bonds) and two credits—one for receiving the bonds and one for receiving the deficit […]
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The institution of marriage is one of God’s great gifts to humanity, and it will certainly be under great debate over the next few weeks as the Supreme Court looks at challenges to the Defense of Marriage Act. Nevertheless, in today’s post, I simply want to point to the economic benefits of marriage, courtesy of […]
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Paul Krugman on Cults and Economics
19 Mar 2013
“But woe to you, scribes and Pharisees, hypocrites, because you shut off the kingdom of heaven from people; for you do not enter in yourselves, nor do you allow those who are entering to go in. When I think about this verse from Matthew 23 of the Eight Woes, I can’t help but see some […]
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President Obama: There Is No Debt Crisis!
14 Mar 2013
That’s the headline of this report from ABC News. Today, the U.S. National Debt is $16.7T, whereas our 2012 GDP was $15.6T, or our debt/GDP ratio is 107%. Economists Carmen Reinhart and Ken Rogoff have shown that when debt levels are greater than 90% of GDP (for advanced economies), economic growth slows. EDIT Jun ’13: […]
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Janet Yellen, the current Vice-Chair of the Federal Reserve is rumored to be next in line to replace “Helicopter” Ben Bernanke. This is troubling because, as a committed Keynesian, she is a big fan of inflation as a way to lesson the pain of unemployment. Indeed, she is–as many others are–convinced that inflation causes small […]
Bert Wheeler
Jeff Haymond
Marc Clauson
Mark Caleb Smith
Tom Mach