Wednesday , April 8 2020
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Tag Archives: Political Economy

Brief thoughts on the loss of 701,000 jobs in the US

The tenor of my recent posts to subscribers has been mostly about the real world economic outcomes being worse than anticipated. Today’s data flow is no different. Earlier today, I talked about the abysmal PMI numbers in Europe and the political outcomes that the human suffering behind those numbers will create. Now, let’s look at the US for a second because I think that will be the focus of my talk with Raoul Pal on today’s daily briefing at Real Vision. Unfathomable job losses...

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Tax Justice and Modern Monetary Theory – A Guide — Yves Smith

Yves Smith: I think Modern Monetary Theory proponents have made acceptance of their ideas a bit more difficult by not drawing a bright line between their theory, which is a description of how government spending works in a fiat currency system, versus what they believe are resulting sound policy approaches, such as setting the price of labor (a Job Guarantee) rather than the price of money. Some folks seem slow on the uptake. How loud to MMT economists need to shout? (shakes head) Why...

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Taking stock now that coronavirus has been officially declared a pandemic

I have been looking back at my posts and re-reading my coverage of this global health crisis to get a sense of what I got wrong and why. I know this sounds perverse. But I think it’s critical to actively seek non-confirming information and then to try not use it as an excuse for hardening one’s pre-conceived view. Most people look for confirming data, leading to so-called confirmation bias. And even to the degree, we look for non-confirming data, we generally incorporate it by...

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Social distancing, lockdown and quarantine and policy responses

We are now to the point where it’s clear the coronavirus situation will last for weeks and months to come as more and more countries are forced into the lockdown and quarantine approach to slow the virus down. This is a matter of life and death because we now know that the virus is considerably more lethal for the elderly than influenza is. But, the downside of this approach is a massive hit to the economy. And so, now we have to explore potential policy responses and whether they...

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Trump Budget Seeks Deep Non-Defense Appropriations Cuts, in Break With Bipartisan Agreement — David Reich & Jennifer Beltrán

The Trump Administration’s 2021 budget calls for major new cuts in programs funded through non-defense appropriations. This budget category, often called non-defense discretionary (NDD), supports veterans’ medical care, aid to education, environmental protection, low-income housing, scientific research, infrastructure, public health, national parks, justice and law enforcement, job training, and many other important services and investments.[1]"THE BUDGET ABANDONS THE BIPARTISAN AGREEMENT...

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