The International Monetary Fund reported that global public debt would rise to 100% of the world gross domestic product in 2020. On an unprecedented level, governments have made huge fiscal expenditures in response to the coronavirus [...]
Introduction Today’s New York Times highlighted the canonization of federal deficits. For the first 75 years of my life, I learned repeatedly that government deficits should be a source of fiscal concern. Today there [...]
Federal Reserve Chairman Jerome Powell, November 13, 2019 In testimony before the House Committee on the Budget, Federal Reserve Chairman Powell expressed strong reservations about the U.S. federal debt. He worried that policymakers will [...]
The federal government budget deficit is fiscally irresponsible. For the second year in a row, the shortfall will exceed $1 trillion. The current generation of political leaders is now oblivious to fiscal constraint. The [...]
“The hypocrisy is astounding. Every one of these Republicans complained about President Obama’s deficits and now they have put forward a trillion-dollar deficit.” — Sen. Rand Paul Members of both political parties criticized U.S. [...]
"The United States faces daunting economic and budgetary challenges." - Congressional Budget Director Douglas Elmendorf In mythology, Troy was destroyed because its inhabitants failed to heed the warnings of Cassandra against bringing a wooden [...]
In the space of a week -- Nov. 10-17 -- two blue-ribbon panels proposed tough-minded proposals for reining in our federal budget deficits. President Barack Obama appointed the bipartisan White House Fiscal Commission. The [...]
‘The Case of the Intractable Deficit’ or How to Avoid Debtor's Prison' Since childhood, I have treasured my friendship with Sherlock Holmes and Dr. Watson. Together we have solved mysteries such as "The Red-Headed [...]
After the ball is over, after the break of morn, After the dancers' leaving, after the stars are gone, Many a heart is aching, if you could read them all ... -- Lyrics from [...]
'If summer were spring and the other way round, Then all the world would be upside down." In 1781, the above ditty, "The World Turned Upside Down," was reputedly played as the defeated British [...]
