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That’s the self-explanatory title of my latest piece in Inside Story Share this:Like this:Like Loading...

from Dean Baker Yes, it is spring. The flowers are blooming, the birds are singing, and the deficit hawks are whining. The proximate cause is President Biden’s new budget, which will push the ratio of government debt to GDP to its highest level ever. The question is whether this should bother anyone who has a life? The projections show that the debt to GDP ratio will rise to 117 percent of GDP in 2031. If that sounds scary, consider that Greece’s debt to GDP ratio is over 180 percent....

My new book is now available from BTL. The Fire and the Ashes – Between the Lines (btlbooks.com) In The Fire and the Ashes, long-time union economist and policy analyst Andrew Jackson looks back on a fascinating career in the labour movement, the NDP, and left politics, combining keen historical analysis with a political manifesto for today. As one of the few trade union economists in Canada, Jackson brings a unique insider perspective and decades of...

from Lars Syll Analogue-economy models may picture Galilean thought experiments or they may describe credible worlds. In either case we have a problem in taking lessons from the model to the world. The problem is the venerable one of unrealistic assumptions, exacerbated in economics by the fact that the paucity of economic principles with serious empirical content makes it difficult to do without detailed structural assumptions. But the worry is not just that the assumptions are...

Josh Marshall nails it (paywalled, but here’s part of his argument): Published reports suggest – and it is no surprise that this is the case – that the DOJ investigations are not looking deeply into the causes of the January 6th insurrection, causes which are inherently political and tied to numerous public officials and electoral politics. They’re going to look at the specific people who broke into the Capitol. They’re going to look at organized...

Claims continue to drift lower but are still about double what they were pre covid: Continued claims are also about double pre covid levels: Fell back some and still below pre covid highs.This chart is not adjusted for inflation: Same pattern of recent weakness: Pending home sales in the US surged 51.7 percent year-on-year in April of 2021, the biggest increase ever amid a low base effect from last year when sales sank at a record pace because of the pandemic. All four US...

Eighteen million uninsured Americans are eligible for free or subsidized health insurance. Kaiser Family Foundation estimates, 12.5 million of the uninsured are eligible for free coverage which includes 3.4 million for whom “free” means high-deductible bronze coverage. More than likely, half of the uninsured could get “platinum-equivalent” silver healthcare insurance coverage for a premium amounting to no more than 2% of income). Yet the...