Congress Archive

Italian article this am

Misrepresents what I say a bit, but they do have my picture next to JFK! ;) The IMF: sovereign currency, no longer the monopoly of the banks Eliminate the public debt of the United States at once, and do the same with Great Britain, Italy, Germany, Japan, Greece. At the same time ...Read More

Michael Bloomberg: Best Economic Stimulus is Now Fiscal Responsibility

So much for his legacy… Mayor Bloomberg Outlines Specific Actions For Super Committee By Michael Bloomberg November 8 (Moment of Truth Project) — Mayor: Best Economic Stimulus is Now Fiscal Responsibility – Super Committee Must Break Partisan Deadlock and Take Bold Action. The following are Mayor Michael R. Bloomberg’s remarks as prepared ...Read More

News recap comments

The news flow from last week was so voluminous it was nearly impossible to process. For good measure I want to start today’s commentary with a simple recap of what happened. On the negative side – · Greece called a referendum and threw bailout plans up in the air taking Greek 2yrs ...Read More

WSJ- Boehner pulls out of debt talks….

As previously discussed, the President is no longer involved, and if Congress does get a bill to his desk he’ll sign it. Grand Bargain Talks Collapse By Carol E Lee and Janet Hook July 22 (WSJ) — A high-stakes effort by President Barack Obama and House Speaker John Boehner to hatch a ...Read More

Economy Faces a Jolt as Benefit Checks Run Out

When there is a lack of aggregate demand due to high ‘savings desires’ as the unemployed take jobs when benefits expire, it just means someone else loses a job, and then some, as govt deficit spending falls as well, further reducing aggregate demand. It also serves to drive down wages, as per ...Read More

CBO Congressional Report- U.S. Could Face European-Style Debt Crisis

How about the accounts sticking to accounting. Just in case you thought there was any hope: But most ominously, the CBO report warns of a “sudden fiscal crisis” in which investors would lose faith in the U.S. government’s ability to manage its fiscal affairs. In such a fiscal panic, investors might abandon ...Read More

Congress to Act If SEC Doesn’t

[Skip to the end] One by one they are finally getting around to doing what they should have done long ago. In my opinion, it’s all gotten ‘over the hump’ and the Obamaboom is underway with new fiscal measures adding fuel to the fire as they kick in. Most recessions are inventory ...Read More

Galbraith/Wray/Mosler submission for February 25

[Skip to the end] This is the paper being presented next week in DC. Please distribute. Comments welcome! This is how it begins: Comments on the FASB Exposure Drafts relating to “Comprehensive Long-term Projections for the U.S. Government (ED 1)” and to “Accounting for Social Insurance. (ED 2)” Testimony Submitted by: James ...Read More

Why it matters how the 700 billion is accounted for

[Skip to the end] It would be counter productive to add the $700 billion to the budget deficit calculation if the proposal goes through and is executed, since Congress is likely to take measures to somehow constrain spending or increase revenues to try to ‘pay for it’. This would be highly contractionary ...Read More

On the floor of the Senate today

[Skip to the end] From the last two paragraphs it looks like another fiscal package is on the way? Interesting how little damage to the real economy it takes to trigger a fiscal response – GDP last printed at 3.3% and the relatively modest job losses are not nearly enough to have ...Read More