Jeff Madrick–whose work I’ve always enjoyed and learned from—misinterprets a recent post of mine, perhaps because I wasn’t clear enough in my exposition. It’s worth revisiting because there are portentous issues embedded in this broader argument. My piece argued while some recent work by the Congressional Budget Office is certainly worthy of critique (and I… Read more
Speaker John Boehner brought a clean bill to increase the debt ceiling to the floor of the House tonight, and it passed with mostly Democrat votes. From the NYT: The vote – 221-201 – relied primarily on Democrats to carry the legislation, the first debt ceiling increase since 2009 that was not attached to other… Read more
Over at the NYT Economix blog. I also gotta give it up to Jon Chait who employs the parallel universe technique to make some excellent points about this latest dust up.
It’s a good question that someone asked me to speak to the other day, and here’s what I’ve got so far: –Not because it was bigger: according to established bubble-ologist Dean Baker, the 1990s dot.com bubble was, if anything, larger than the 2000s housing bubbles: he has the former at $8-$10 trillion of bubble-induced wealth… Read more
I’ve written pretty copiously of late on how the current unemployment rate is unusually uninformative about the current weakness of the job market. Due to many potential job seekers leaving the labor market—and the fact that you’re only counted in the jobless rate if you’re looking for work—it’s biased down. In my estimation, the bias… Read more