I make the case at Forbes online. I first found out about it when Cato posted a copy of the essay on their web site. I wonder how many people actually will click on the “opinions” section of Forbes on line and then read my essay there. I’m guessing not many. Nice picture, though.
Jan 29 2009
The Wall Street Journal blog (Justin Lahart) reports, He advocated aggressive government audits of banks, aimed at separating solvent ones from insolvent ones. Once that was done, insolvent banks would be forced into closure or sale while solvent ones would be pushed to raise more private capital. In Washington, we s...
Jan 29 2009
Justin Wolfers writes, there are about three papers written on monetary policy for each paper mentioning fiscal policy. And there are only a few dozen papers written on the multiplier each year. He has more data. Jerry Muller writes, a large role was played by the failure of the private and corporate actors to unde...
Jan 29 2009
I make the case at Forbes online. I first found out about it when Cato posted a copy of the essay on their web site. I wonder how many people actually will click on the "opinions" section of Forbes on line and then read my essay there. I'm guessing not many. Nice picture, though.
READER COMMENTS
Patrick R. Sullivan
Jan 29 2009 at 3:05pm
If you cut the payroll tax (roughly) in half, where does the Social Security System get the money to pay benefits?
scott clark
Jan 29 2009 at 4:35pm
“The bottom line is the bottom line.”
Good stuff.
El Presidente
Jan 29 2009 at 5:56pm
Help me out here. You write:
The economy is in trouble today because of, pardon the pun, false profits.
So, why on Earth would we try to “take these lies and make them true”? If we were reporting fanciful or unsustainable profits, how would we go about re-inflating that bubble, and why?
I agree with your basic analysis about profitability needing to drive the bus, but profit expectations and current contracts have a lot to do with how we reach that point. If profit expectations were unreasonable and they were embodied in contracts (of all kinds, including mortgages) then the remedy is either inflation (preferably through redistribution) or economic collapse, not tax cuts to employers. Or am I missing something?
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