The Angry Bear

Why “Entitlement” Cuts and Not Tax Increases Again? John Cochrane has to remind us that he co-authored a really bizarre oped: Unless Congress acts to reduce federal budget deficits, the outstanding public debt will reach $20 trillion a scant five years from now, up from its current level of $15 trillion. That amounts to almost a quarter of million dollars for a family of four, more than twice the median household wealth. This string of perpetually rising...

(Dan here…Lifted from Econospeak) Anniversary of Yeshua bin Yusuf dying on a cross. Today is “Good Friday” for most of established world ruling Christianity. It is indeed the recognition of the single most historically realistically accepted event of the life of this world historical individual, his death on the cross a bit under 2000 years ago. Three of the Gospels, Matthew, Mark, and John, two of which reportedly observed this as live personal...

The story of globalization from a US point of view continues. Here AB reader Denis Drew is highlighted at DeLong’s website: Paul Krugman on globalization Brad DeLong asks ‘what did PK miss?’ Comment of the Day: Dennis Drew: GLOBALIZATION: WHAT DID PAUL KRUGMAN MISS?: “I’m always the first to say that if today’s 10 dollars an hour jobs paid 20 dollars an hour… …(Walgreen’s, Target, fast food less w/much high labor costs) that would solve most social...

The Coordinated Activity Theory of the Firm I just got around to posting this paper on SSRN, although it was written a couple of years ago.  I need to cite it for other work I’m currently doing, so it has to be out there, somewhere.  It is a more concise version of the theory than previous renditions and stays closer to the main point. What it shows: There is a simple explanation for why firms exist, why they have the boundaries they have, and why they...

This Is Tax Simplification? I happen to support tax simplification that does not increase regressivity of the tax system, and I recognize that there are a few parts of the Trump tax change that do that.  But mostly it massively increases regressivity, along with massively increasing the budget deficit at a time when we are not too far from full employment.  As it is, however, the new tax law turns out to be riddled with all kinds of ridiculous...

LOLFF on TED  In a TED talk, “3 myths about the future of work and why they are not true” from December 2017, Daniel Susskind channels Sandwichman: Now the third myth, what I call the superiority myth. It’s often said that those who forget about the helpful side of technological progress, those complementarities from before, are committing something known as the lump of labor fallacy. Now, the problem is the lump of labor fallacy is itself a fallacy, and...

A thought for Sunday: a note of caution about opinion surveys with voluntary associations I read a Pew Research study a few days ago with a startling statistic: aside from self-identified Republicans, the single group most strongly approving of Trump was white evangelical Protestants (dark is approval, light is disapproval): This is mind-numbing, especially when you consider the ad hoc contortions of morality that are involved in excusing all of...

Needed to murder 17 high school students. [embedded content] A Congress to afraid to pass laws and oppose the NRA and its members, a minority of the population holding the majority hostage to it’s tyranny. And then there is this dirt bag, Republican Senator Rick Santorum suggesting students should learn CPR rather than becoming engaged in the political process of this nation. I hope they take the time to vote this tribe out of Congress. [embedded...