Alan Greenspan is back! After a solid two years worth of exceedingly well-deserved humble pie, the former Fed chairman is settling into his favorite role; the oracle of deficit hawks. Recently interviewed for the Wall Street Journal, Mr. Greenspan cautioned Congress about the need to adopt the Debt Commission recommendations in order to avert a “bond crisis”. Ayn Rand’s most successful protege even spoke of the need for tax increases to help close the gap, and the timing of this communication was of course perfect.
Posts filed under Economics
On Deficit And Recession
President George W. Bush and the Republican Congress he worked with, added nearly $5 trillion to the national debt during his first six fiscal years. Members of The Rational Middle will not be surprised to read that statement. Bush’s doubling of the debt is not the reason for the Great Recession. Perhaps that statement is a surprise. A singular fact of economics needs to be understood by the citizens of this democracy, and that knowledge is needed now more than ever: budget deficits do not cause recessions.
Billions Of Reasons To Be Afraid
When you are talking or writing about America, it is customary to use superlatives. We are the “greatest nation” in the world. We have the “largest economy” in the world. We are protected by the “greatest military” in the world. Many writers could go on for paragraphs on these themes, but the basic point is as simple as our country is large. Yet when it comes to accurately reporting on issues facing our democracy, these same writers set aside the scale and focus on sticker shock.
The Flat Tax Miracle
Everyone pays taxes…the only things certain in this life, Franklin said, are death and taxes. In these United States, the majority of the taxes we the people pay fall into the conservative definition of a fair tax. With one notable exception, all of the institutions financed by these universal and absolutely flat taxes are in fiscal trouble.
The Retirement Blues
We live at a time where the war on the working class has brought pensions squarely into the cross-hairs of politicians and pundits looking for scapegoats and an easy fix. In the past, it was the working poor and jobless who bore the brunt of the economic blame that so often circulates during tough times. Today, working class Americans with careers in industry, law enforcement, fire protection, the military, education, and state and municipal services are being attacked because they earn decent wages and benefits that include retirement security. This malevolent scrutiny is added to the cynical attacks mounted by Wall Street interests on Social Security. The promise of dignified retirement that is so critical to the American way of life is under dire threat.
Subscribe To The RM
-
