The United States has just now posted the worst quarterly growth figures since 2009. The United Kingdom, the country in which I study, is also experiencing economic contraction again, in what may be the start of a triple dip recession in that country. What’s going on? Let’s have a look.
Tag: payroll taxes
Joe Scarborough is Not an Economist
Joe Scarborough, a former congressman and currently a co-host for the show Morning Joe on MSNBC, had Paul Krugman on his show the other day (you can view the clip in its entirety here). In the segment, Krugman gave what amounts to a standard Keynesian view of the global economic crisis–spending cuts damage growth, the stimulus package was insufficiently large, debt and deficits should be tackled only once growth has been restored, and so on. For those of us who check in with Krugman on his blog, they amount to the key set of Keynesian insights Krugman chooses to highlight. What is much more interesting is the opinion piece Scarborough wrote afterwards, in which he demonstrates that, like Jon Stewart, he is not an economist.
Fiscal Cliff Insanity
Back in August, I wrote a piece called “Fiscal Cliff Madness” about the set of consequences produced by the law enacted by the government that will severely reduce spending and raise taxes. Today, new research has surfaced from the non-partisan Congressional Budget Office (CBO) that gives us a clearer idea of just what exactly the fiscal cliff might do to the United States’ economy if it comes to pass. The new information is even more dire than the information we had in August, and so the “madness” has now been upgraded to “insanity”.
The 47%
Recently, Mother Jones leaked a video of Mitt Romney talking to some potential donors, in which he says the following:
The video (ironically discovered by a grandson of Jimmy Carter) shows Romney claiming that 47% of Americans pay no income tax, that this 47% is dependent and has a mentality of dependency, and that he has no hope of gaining their votes. Since this amounts to almost half the electorate, he argues, it will take quite a bit of money from these donors to help him win the election. But who are the 47%? Are they really dependent welfare scroungers? That is today’s topic.
Benjamin Studebaker 