I just love these graphs! (Can you say that about graphs you made?? We–RK and I–were only able to make them because my formidable co-author Richard Kogan dug up data on deficits as a share of GDP going back the beginning of the nation!) Over at Vox. Basically, these figures are pictures of what I… Read more
Over at PostEverything. Jobs, fiscal policy, and Mozart opera–doesn’t get any better than that!
Once the Republicans took the majority in Congress, they instructed the budget scorekeepers to do “dynamic scoring:” building macroeconomic feedback effects into their revenue estimates from proposed changes to tax policy. Because economists broadly assume that taxes distort decisions about activities with growth impacts, like labor supply or capital investment, cutting taxes often generates more… Read more
I’ve got a piece out in PostEverything on a lesson we should learn from some arithmetic embedded in the Greek debt crisis. Basically, I point out that when the interest rate a country must pay to service their sovereign debt is consistently and significantly above their growth rate, their debt/GDP ratio just keeps growing. In… Read more
I wanted to weigh in briefly on this little dust up re some recent CBO analysis. My colleague Richard Kogan pointed out that while the CBO’s recent long-term budget analysis was as sound as ever, the opening sentence was very wrong: “The Congressional Budget Office’s (CBO) new report on the budget picture opens by saying,… Read more