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Tag Archives: Budget Issues

Some Non-Covid Links

Deirdre McCloskey shares the history of her political opinions. A slice: When in 1964 I shifted from Harvard College to Harvard graduate school in economics I was still supposing that my classmates and I would go down to Washington and, as the contemporary if daft phrase had it, “fine tune” the U.S. economy, or with still greater ease the Indian economy. The radio dial for tuning would be input-output analysis, which I had used to write my college fourth–year thesis. The thesis, which I...

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Some Non-Covid Links

My intrepid Mercatus Center colleague Veronique de Rugy warns of the humongous bill coming due as payment for Biden’s fiscal incontinence. A slice: A closer look reveals that the plan is instead a jackpot for public unions and big business. Coming after two decades of spending indulgence under the last three presidents, culminating in an explosion of outlays during Washington’s COVID-fighting efforts, Biden’s spending extravaganza is in effect the final stage of an effort to centralize...

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Some Non-Covid Links

Richard Ebeling defends the reputation of Milton Friedman. A slice: He [Zachary Carter] is aghast that Friedman could so absurdly believe that the fundamental problem surrounding race relations in South Africa was government intervention in imposing highly rigid social and economic segregation laws between whites and blacks in practically every aspect of everyday life. Mr. Carter seems to have not done any homework on other writings that explain in great detail how apartheid came about...

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Some Non-Covid Links

David Henderson defends the legacy of Milton Friedman against the scurrilous, detached-from-reality attack on that legacy by Zachary Carter. A slice: His claim about lack of sophistication caused me to reread the article/pamphlet. I recommend that you do too. You can download it here. It turns out to be quite sophisticated. I think Carter conflates clear writing with lack of sophistication. And in rereading it after all these years, I concluded that it really is about housing. If Carter...

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Some Covid Links

GMU Econ alum Dan Mitchell supplies further evidence of the recklessness and irresponsibility of politicians – recklessness and irresponsibility that, clearly, are not necessarily tempered during times of crises. Here’s more wisdom and a wise warning from my GMU Econ colleague Bryan Caplan. A slice: When government explicitly admits that, “The probability of a severely bad outcome is low, but caution makes sense until we know more,” the natural response is to try to swiftly ascertain the...

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No, the Burden of Deficit Financing Is Not Confined to the Present

Here’s a letter to John Tamny: John: Much of what you write in your essay “Misunderstood Deficits” is correct. But your continued insistence that the burden of government indebtedness is incurred in the current period rather than passed on to future taxpayers is incorrect. It’s simply bad economics to assert, as you do, that “Government spending is always, always, always a tax that is paid right away.” While all resources loaned to government are indeed used by government right away,...

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A Major Turn of the Higgsian Ratchet

Here’s a letter to the Wall Street Journal: Editor: Writing about the off-the-charts fraud and abuse of Covid “relief” programs, James Freeman homes in nicely on a key point (“The Great American Rip-Off,” June 12): For that matter perhaps the people who endorsed the idea of shuttering much of the U.S. economy in response to Covid-19, expanding the Federal Reserve balance sheet by nearly $4 trillion and adding more than $4 trillion to the nation’s publicly held debt can explain if their...

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Some Non-Covid Links

Douglas Holtz-Eakin writes wisely about the fallacies surrounding so-called “supply chains.” Here’s his opening: A supply chain is a series of commercial transactions that permits the final assembly and delivery of a good or service. A supply chain is what it needs to be – short, long, simple, complex, quick, or time-consuming. Firms pick the combination of the characteristics to deliver the best value proposition they can. So, while I can understand what a tax policy is, what a trade...

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Some Non-Covid Links

GMU Econ alum Dan Mitchell reminds us that “by historical standards, today’s Americans are fantastically wealthy.” My intrepid Mercatus Center colleague Veronique de Rugy talks with Emily Jashinsky about some of Biden’s irresponsible policies. Also from Vero is this EconLog blog post on Covid and Keynesian stimulus. Here’s her conclusion: I am not expecting newspapers to stop calling government spending “stimulus”, but it would be nice if textbooks would adjust their Keynesian theory...

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Some Non-Covid Links

Writing recently in the Wall Street Journal, Williamson Evers rightly ridiculed the effort in California to dumb down instruction in mathematics. A slice: This will be the result if a proposed mathematics curriculum framework, which would guide K-12 instruction in the Golden State’s public schools, is approved by California’s Instructional Quality Commission in meetings this week and in August and ratified by the state board of education later this year. The framework recommends eight...

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