The Mystery of Thanksgiving Day: of Turkeys and Pencils
Jeff Jacoby listed some of the reasons he was thankful on Thanksgiving Day in 2003, including the feast on the table, the company of his family and loved ones, the good...
Economic Commentary
How Canada Cut Spending and Got a “Payoff Decade”
From Reuter’s interview with former Canadian Prime Minister Jean Chretien in August came a much fuller understanding of the forces that moved the Canadian economy from a basket case to a...
80 is the New 65, Two Surveys Show
On Wednesday Wells Fargo released the results of its survey of 1,500 individuals between ages 25 and 75, titling it “80 is the New 65 for Many Middle Class Americans” while...
Economic Outlook: The Good, the Bad, and the Unknowable
Expressions of joy were muted on Wall Street at Friday's release of the latest report from the Conference Board (CB) showing its Leading Economic Index (LEI) jumping 0.9 percent in October,...
Options After the Supercommittee Failure
Barring a miracle, the Supercommittee will announce Monday morning its failure at coming up with legislation to reduce the projected combined federal budget deficits over 10 years by $1.2 trillion, or...
National Debt Runs Past $15 Trillion
It’s official. The U.S. federal debt has crossed another unbelievable line: $15 trillion. The Treasury Department reported the news on Wednesday, and various sources are reporting different figures for the level...
Solyndra Just the Tip of the Iceberg
In late October White House Chief of Staff William Daley (left) ordered a complete review of all loan guarantees the Department of Energy has made to various energy projects. The review “is...
U.S. Debt Downgrade by Chinese Rating Agency Is “Inevitable”
A year ago Dagong Global Credit Rating reduced its rating on the sovereign debt of the United States from AA to A+. In August it dropped it another notch to A....
The Best Way Back to a Gold Standard
In his Forbes magazine article published Thursday, Nathan Lewis makes it sound easy to get back to a gold standard. After all, it has been accomplished numerous times in history around...
Keynesians Diss Republican Candidates
CNN’s article by Charles Riley quoted several of the Republican candidates for President out of context and then asked several unknown Keynesian economists — Keynesians believe in growing and empowering the...
Worldwide Recession?
Christine Lagarde, managing director for the International Monetary Fund (IMF), warned that the world faces the risk of a “lost decade” and that “there are dark clouds gathering in the global...
Jefferson County’s Inevitable Bankruptcy
After three years of trying to solve their self-imposed debt crisis, the Jefferson County, Alabama, commissioners threw in the towel on Wednesday and declared bankruptcy. The bankruptcy, involving over $4 billion...
National Bank Transfer Day (Nov 5): How Effective Was It?
Critics of the banking system in the United States declared Saturday, November 5, National Bank Transfer Day — a grassroots movement that encouraged bank customers to switch to credit unions. The...
Deflation: Good and Bad
Economist Gary Shilling’s claim that the U.S. economy is on the edge of deflation defies the Bureau of Labor Statistics’ recent announcement that inflation is high and increasing. ...
Fed Chairman Bernanke Is on the Defensive
Fed Chairman Ben Bernanke’s news conference on November 2 included the admission that the Fed is depending on hope and patience to see if its continuing strategies of Operation Twist and...