It’s not getting better:
Officials in Berlin told The Telegraph it is “more likely than not” that investors will suffer fresh losses on holdings of Greek debt, beyond the 21pc haircut agreed in July.
The exact level will …
For my sins, and in hopes of clarifying the debate, I will respond again to the criticism of Forbes’s Ralph Benko, though I am no longer much inclined to do so, inasmuch as I believe him to be …
The word “denier” has had a strange political career. It began with Holocaust deniers, that execrable little group of closeted Nazis. Next, in order to libel global-warming skeptics with an echo of Holocaust denial, environmentalists began to call …
The Debt-Ceiling Panic that Wasn’t
The Democrats would have you believe that the current fight over raising the debt ceiling is a game of Russian roulette with the economy at stake. But people with money on the line — Treasury bond investors — do not …
I have some tongue-in-cheek thoughts about the debt ceiling over on The Corner. But here’s a serious one: The statutory debt ceiling is not the only debt ceiling. There’s a real debt ceiling, too. Who wants to find out where …
About Those Medicare Savings
Our current unfunded entitlement liabilities run about $100 trillion.
President Obama proposes to “strengthen” Medicare through a price-fixing panel called the Independent Payments Advisory Board (IPAB).
CBO took a look at IPAB and estimated that it might save us $28 billion over …
Yes, Entitlement Spending Must Be Cut
A question for the young ones: Perhaps you’d like an 88 percent tax increase? Perhaps not. If not, then the United States government must spend less on the major entitlement programs — Social Security, Medicare, and Medicaid. And that has to …
What 2 Percent in Cuts Looks Like
So says the guy who was once elected as a Republican about the very reasonable budget proposed by the Democrat. Strange times.
“Proportionally, the cuts that are inflicted on New York City are an outrage,” [NYC mayor Michael] …
First PIMCO, Then OPEC, Then . . . ?
This remind you of anything?
March 14 (Bloomberg) — Oil exporting countries are cutting holdings of U.S. government debt as energy prices rise, helping depress the dollar, the worst performing major currency of the past six months.
Treasuries owned by …
Gangster Government, Pinocchio Government, Whatever
Michele Bachmann (and I) call it “gangster government.” The Washington Post calls it “three-Pinocchio” government, assigning the Democrats’ most recent budget claims a credibility rating of roughly You’ve Got To Be Kidding Me. Seriously: Even the Washington by-God Post is …
How Much Credibility Does the GOP Have on Taxes?
How you know the White House is not taking the bipartisan deficit-reduction talks seriously: Joe Biden is in charge. I’ve made that observation before, and people think it’s a quip, but I mean it. The vice …
Another Cheap, Short-Term Gimmick from Obama
Here’s another clunker of an economic-revitalization proposal from the rump of Barack Obama’s quickly dissipating economy team: a temporary payroll-tax cut.
We’ve already had one of those: We’re enjoying the fruits of …
Two Ways to Approach a Deficit
Detroit, the standard specimen of urban dysfunction, has, you will not be terribly surprised to learn, a serious municipal deficit. The numbers and trends will be familiar to anybody who has monitored the evolution of that fascinating modern parasite, the …
As expected, the biggest news out of Fed chairman Ben Bernanke’s press conferences was not anything that he said — it was the fact that the chairman of the Fed held a public press conference for the first …
Among sentences I do not like to write: Andrew Leonard is mostly right about this one. Tax cuts do not generally increase revenue, and Republicans should stop saying otherwise.
But he’s not quite right to treat all these …
As predicted, the recent budget deal and the Ryan plan have the Democrats wishing in the direst way they’d hopped on Simpson-Bowles. But among Democrats, Simpson-Bowles was dead on arrival: There simply is no plan that credibly controls spending that …
Ben Bernanke and the Second Deficit
Arguing that the Fed should embrace a more aggressive growth agenda, David Leonhardt writes in the New York Times:
By any standard, joblessness is a bigger problem than inflation.
Never mind those pesky Austrian-econ types and their argument …
What General Electric has in common with the guy who runs Obama’s IRS: not paying taxes. That New York Times report on G.E.’s remarkable ability to avoid paying U.S. taxes has been getting a …
Biggest Bond Fund Dumps U.S. Debt
So, the guy behind the world’s largest bond fund is dumping U.S. government debt.
Got your attention yet?
Bill Gross of Pacific Investment Management Co. (PIMCO) is no great fan of U.S. government debt to start …
Democrats: We Are Not Going To Cut a Thing
So the Democrats are drawing their line in the sand: at $6 billion in spending cuts.
A top Senate Democrat said Sunday that the $6 billion in additional spending cuts that his party offered is the limit Democrats can accept – drawing …