Getting Austerity Wrong
I wrote yesterday about the austerity debate and today David Leonhardt tackles the subject in the NYT: The world’s rich countries are now conducting a dangerous experiment. They are repeating an economic policy out of the 1930s — starting to cut spending and raise taxes before a recovery is assured — and hoping today’s situation .. read more
Stimulus Package Details
Updated: 2/14 Feb. 12 – Details of the final version of the stimulus package have been released. The final price tag would come out to about $789 billion, broken down to roughly $282 billion in tax changes (I will not call them tax cuts because most of them aren’t) and $507 billion in spending. What .. read more
Still Blaming the Victims
As the new Obama administration prepares to enact the mother of all “stimulus” packages, it seems that some still can’t get straight what caused the current worldwide recession. Hank Paulson still believes the problem was caused by Asians saving too much: In a recent interview with the Financial Times, U.S. Treasury Secretary Hank Paulson blamed the .. read more
