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Rangoon78's picture

(Mis)remembering Reagan

If you were a young upwardly mobile professional during the Reagan years the money was good. The corporate life, though, became more of the Rat Race it is today: mergers and acquisitions and leveraged buyouts and downsizing made the survivors scramble to keep up. Home life was a luxury.

But for the lower economic ranks, Reagan ushered in dark days: Read more about (Mis)remembering Reagan

Rangoon78's picture

The Left

The difference between today's Left and the one FDR had to contend with was that they were a credible threat to jump ship. Now, all we hear is Must Vote Demicrat because 'The Koch bros.' and so the country keeps moving Right. Here's a snippet from a great article that deserves a complete read: Read more about The Left

letsgetitdone's picture

The Peterson Foundation Sings the Same Old Song

The Peter G. Peterson Foundation (PGPF) always does a press release when the CBO issues one of its budget outlook 10 year projection reports. The PGPF did another in January quoting its President and COO, Michael A. Peterson. Let's go through that press release and see how many troublesome or false statements we can find. Here's a breakdown of the press release quotation from Michael Peterson.

Today's CBO report reminds us once again that our nation has significant fiscal challenges that have yet to be solved.

It certainly does, but I doubt that Peterson and I would agree on what those challenges are. He thinks they have to do with bringing the national debt under control. I think they have to do with creating full employment with a federal job guarantee program, price stability, a robust economy, a great public and free educational system through graduate school, stopping and reversing climate change, providing everybody in, nobody out, no co-pays and no deductibles health care for all, a first class infrastructure, and a greatly expanded social safety net including a doubling of SS benefits.

He thinks the debt is a long-term problem that we have to start to solve now. I think there is, literally, no public finance-related debt problem for a fiat sovereign like the U.S., and that the problem that exists is not a debt problem, but a political problem created by Peterson and his allies across the political spectrum who have propagandized the view that there is a debt crisis since the mid-1970s, with increasing success since the 1990s. Read more about The Peterson Foundation Sings the Same Old Song

letsgetitdone's picture

The “Debt Crisis” According to Bruce Bartlett: Generational Accounting

This is the last post in my analysis and commentary on Bruce Bartlett's testimony to the Senate Budget Committee. There's one very significant issue left to discuss, and that is the issue of fiscal gap and generational accounting and whether it should be institutionalized in legislation. I'll begin this post with that discussion and then end the series with my overall evaluation of his effort.

Fiscal Gap and Generational Accounting

15. Generational accounting exaggerates the burden of debt. Intergenerational accounting attempts to assess financial burdens through time, especially with a view to claiming that financial decisions taken in one generation can impose burdens on another. But this argument refuses to count as real assets the infrastructure and other national assets that the current generation will leave for future generations, and it does not understand that federal government debt never needs to be retired. In real terms, there obviously are no intergenerational transfers, except for the knowledge, the physical assets and the larger environment, which the present leaves to the future. The real goods produced in 2050 will be distributed to those alive in 2050, regardless of the public debt in existence at that time. Meanwhile, the U.S. government can always meet its payments when they come due. . . .

. Read more about The “Debt Crisis” According to Bruce Bartlett: Generational Accounting

DCblogger's picture

Why does James Comey have a job?

Thread: 

Clearly the current Director of the FBI does not take violence against women seriously.

Rep. Katherine Clark: The FBI Needs to Make Gamergate 'A Priority'

Clark is the congresswoman for Brianna Wu, the Boston-based game developer who's been relentlessly trolled for months by Gamergaters. Clark's office, she says, has been "watching Gamergate unfold" for several months.

letsgetitdone's picture

The “Debt Crisis” According to Bruce Bartlett: Debt Thresholds, and Wars

This is the fourth in a series of commentaries on Bruce Bartlett's recent testimony to the Senate Budget Committee. I appreciated his testimony and his critical evaluation of the idea that there is a public “debt crisis” in the United States. I also agree that there is no debt crisis. However, I was disappointed that his views, for the most part, did not show the across the board relevance to most aspects of the “debt crisis” of the fact that the United States is a fiat currency sovereign.

In the previous three posts, I've outlined the many contexts in which the fiat currency sovereignty of the United States is relevant to showing that the idea that the United States has or can have a debt crisis is just bunk. In this post, I'll continue my discussion of Bruce Bartlett's testimony in the same way. Read more about The “Debt Crisis” According to Bruce Bartlett: Debt Thresholds, and Wars

letsgetitdone's picture

The “Debt Crisis” According to Bruce Bartlett: Household Analogy, Inflation, Savings, and Taxes

In the first two parts of this series of commentaries on Bruce Bartlett's testimony to the Senate Budget Committee, I've reviewed the first 8 paragraphs in his statement. These points debunked various concerns of those who think the United States has a serious “debt crisis” it must handle before it takes on trivial problems such as its unprecedentedly high level of wealth inequality, lack of true full employment at a living wage, roughly 30 million people still lacking health insurance, one of the worst infrastructure systems in the developed world, transitioning from fossil fuels and ending climate change, creating a first class public educational system from pre-K through graduate school, ending the student loan crisis, creating a single standard of law for all, including the various categories of violators categorized as too big to prosecute by recent Administrations, and ending the student loan debt crisis, just to name a few.

However, what was noticeably missing from the variety of arguments given in his eight paragraphs was a recognition that the United States is a fiat sovereign nation and that this fact has serious implications for most of the subject matter Bruce Bartlett covers in his statement. In this post I'll continue my analysis of his statement to explore the extent to which his views correspond to Modern Money Theory (MMT). Read more about The “Debt Crisis” According to Bruce Bartlett: Household Analogy, Inflation, Savings, and Taxes

DCblogger's picture

Clinton email, who knew?

Jason Leopold

The email sent to Clinton and senior officials at State shows that numerous people were aware that Clinton used a private email account. According to an Associated Press report, however, the White House Counsel's office did not know Clinton used a personal email account. Nor did a congressional committee investigating the Benghazi attacks, which obtained several hundred of her emails last month.

letsgetitdone's picture

The “Debt Crisis” According to Bruce Bartlett: Capital Investment, the “Debt Burden,” Fiat Currency, and the Debt Limit

This is the second in a blog series of commentaries on Bruce Bartlett's recent statement to the Senate Budget Committee. The first post in the series discussed a number of his comments on aspects of the “debt crisis,” a crisis he and I both believe doesn't exist. I discussed a number of his reasons for doubting the severity of any debt problem and related each of them to the capabilities of the United States as a fiat sovereign.

In this post, I'll cover the issues related to capital investment, the debt burden, fiat currency, and the debt limit. I'll begin with Bruce Bartlett's statement on how capital investments ought to be treated in the budget. Read more about The “Debt Crisis” According to Bruce Bartlett: Capital Investment, the “Debt Burden,” Fiat Currency, and the Debt Limit

letsgetitdone's picture

The “Debt Crisis” According to Bruce Bartlett: Fiat Sovereignty

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Today, I'll offer the first of five commentary posts on Bruce Bartlett's recent testimony before the Senate Budget Committee. Bruce Bartlett is a long-time veteran of the fiscal policy wars. He initially became known as a supply-side free market economist working for Ron Paul and then Jack Kemp in the 1970s. Later, he served as a senior policy analyst in the Reagan Administration, and then in the Bush 41 Administration as the deputy assistant secretary for economic policy at the Treasury Department. Since then he's worked at conservative think tanks and as a well-known writer on economic policy and politics, becoming increasingly critical, first of the Bush 43 Administration and then of the increasingly rightward trend of the Republican Party. Today I think Bruce Bartlett is best characterized as a fiercely independent voice still respected in conservative circles, and also, among progressives such as Jamie Galbraith and Stephanie Kelton, but never afraid to call balls and strikes on any Administration or Congress as he sees them.

With that brief introduction completed, I'd like to turn now to a commentary on his testimony to the Senate Budget Committee from my own, individual, but Modern Money Theory -informed point of view. This post will discuss the first four points covered in Bruce Bartlett's testimony. Read more about The “Debt Crisis” According to Bruce Bartlett: Fiat Sovereignty

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