Just as every Spring we can count on the Peter G. Peterson Foundation (PGPF) to do a supportive press release when the CBO issues one of its budget outlook 10 year projection reports, we can also count on being treated to public statements by Maya MacGuineas joining in the Peterson Army choir, warning about the coming debt crisis, and singing about the glories of deficit and debt reduction. And this while completely ignoring the real and sad consequences of deficit and debt reduction policies throughout the world since the crash of 2008, as well as previous applications to Latin American, Asian, and the nations of the disintegrated soviet empire, most notably Russia itself. Let’s look at Maya MacGuineas latest effort; her testimony to the Senate Budget Committee.
Posted in Joe Firestone
Tagged austerity, balanced budget, Campaign to Fix the Debt, CBO, Committee for a Responsible Federal Budget (CRFB), Fiscal Policy, high platinum coin seigniorage, Maya MacGuineas, MMT, Modern Monetary Theory, Peter G. Peterson Foundation, REAL fiscal responsibility, Senate Budget Committee, washington consensus
By J.D. Alt
I recently saw a newspaper photo of ten or twelve men sitting on a crumbling stone wall beside a dirt road. It was somewhere in Africa, but the location doesn’t matter. What matters is that the men, as the caption made clear, were sitting on the wall because they had nothing else to do: they had no land to farm, there was no local job or employment available to them, they had no savings or credit with which to start some venture. Continue reading
By William K. Black
(Cross-posted from Benzinga.com)
The Wall Street Journal recently printed an economically incoherent and dishonest discussion of Spain’s budget deficit. It begins its discussion with these paragraphs.
“Spain’s central government reported a new deterioration in its finances and struggled to impose budget discipline on the country’s restive regions as data showed a surge in capital flight from the euro zone’s fourth-largest economy.