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Modern Monetary Theory: Are We Overtaxed?

Posted on: December 30th, 2011 by Mike Sax 1 Comment

     Until I got into MMT I would have thought this was a Right wing question. I mean what seems obvious is that we-or at least some of us-are undertaxed. It seems that Bush's tax cuts were what put us into huge deficits that are now being used as an excuse to cut spending even further.     Yet I think I'm beginning to understand the MMT line. We are overtaxed relative to government spending. Of course by "we" I mean the non-rich. So it is doubly ironic that we have had such regressive tax proposals out of the Republican candidates this year....

Bill Maher’s Sharp Tebows

Posted on: December 29th, 2011 by Mike Sax No Comments

       Clearly his tweet about Tebow over the weekend has been received as "controversial."        "Comedian Bill Maher drew the ire of Tim Tebow fans and Christians over the weekend after a profane tweet reveling in the Broncos' blowout loss to the Buffalo Bills."  Here is the offending tweet:        "Wow, Jesus just f***ed #TimTebow bad! And on Xmas Eve! Somewhere ... Satan is tebowing, saying to Hitler "Hey, Buffalo's killing them," Maher...

Arthur Laffler Endorses Newt

Posted on: December 29th, 2011 by Mike Sax No Comments

     We can also say, exposes him, for obviously you have to have a pretty regressive tax plan to get Laffler's vote.       Laffler really likes Newt's 15% flat tax-with a 12.5% corporate tax rate. And you have to love flat taxes-they are very simple; simple to understand, even more they are simply awful.       “The purpose of economic policy is growth, jobs, and prosperity,” supply-side founder Art Laffer told me Wednesday. As such, Laffer has endorsed Newt Gingrich and the Gingrich 15 percent flat-tax plan, which...

Reading FDR

Posted on: December 29th, 2011 by Mike Sax No Comments

      I'm currently reading a very good biography on FDR by Ted Morgan. I've been on an FDR jaunt lately, having already read a few anti-FDR books-for me you must always listen to detractors too.       As we are currently going through the worst economic downturn since the Great Depression, many liberals who are disappointed in Obama wonder why we can't have an FDR today.        I do think this can be a little misleading. To an extent great Presidents in US history were also made by their time-from a...

The GOP Primary: A Traffic Accident

Posted on: December 29th, 2011 by Mike Sax No Comments

      Yet you can't avert your eyes. I mean what's next? In Iowa we suddenly have a new candidate who "is not Mitt Romney", Rick Santorium whose numbers are suddenly in double digits. Ron Paul has been leading here for the last few weeks.       Meanwhile, the Gingrich surge we saw just two weeks ago, seems like another lifetime. Since then he has dropped 19 points in Iowa and has a new public humiliation-at least on the level of when his campaign quit on him last summer or when he and Santorium were the only ones to agree to the Trump...

Obama’s Approval Numbers Rise: Is It the Economy?

Posted on: December 28th, 2011 by Mike Sax No Comments

     So asks a CNBC post. Maybe the somewhat improving economy has helped.            I also think what is helping him is similar to what helped Bill Clitnion during the impeachment fiasco during the 90s-he is simply a lot more likable than his enemies.      Maybe his numbers going up are simply Americans having seeing the alternative of what they could have with the GOP candidates-more vicious budget cuts, no stimulus for the economy other...

Market Monetarism: Frontline of Revisionism?

Posted on: December 28th, 2011 by Mike Sax No Comments

     This whole question of market monetarism, NGDP targeting, etc. I have puzzled out. While the idea on it's face seems like it could do some good, some of the positions the market monetarists take in the "real economy" are not reassuring,      I have recently read quite a bit of Lars Chistensen's Market Monetarist blog. In many ways he provides more of a systematic presentation of MM views than you find even at Sumner-evidently, while Sumner is perhaps the best well known, Christensen evidently coined the MM term.     Yet it seems...

Signs of Life in Italy’s Bond Market?

Posted on: December 28th, 2011 by Mike Sax No Comments

      Certainly don't want to get too out in front over this but today's Italian short term bond auction saw yields havled from what they fetched just a month ago.       "Analysts warned market nerves could easily reignite and pointed to a tougher test on Thursday when Italy will sell up to 8.5 billion euros ($11.1 bln) of longer-term bonds, including three- and ten-year paper."      "But the lowest six-month auction yield and strongest bid-to-cover ratio since September added to a sense that some of the tension around...

Sumner, Krugman and Credibility

Posted on: December 28th, 2011 by Mike Sax No Comments

      In his most recent post, Sumner claimed in the comments section that Krugman has "zero credibility" on the issue of Fannie and Freddie and their impact on the fianancial crisis.       The reason for such a dismissal is because here Krugman has had an agenda. Ok, and Sumner thinks he has no agenda?        No one has more of an agenda than him and is fellow market monetarists, which by the way is not a point against...

The Agenda of Scott Sumner’s NGDP

Posted on: December 27th, 2011 by Mike Sax No Comments

     Morgan Warstler took it upon himself to answer this for Scott the other day. Sumner has not commented on Morgan-a resident Right wing knuckle dragger over at The Money Illusion. But if Morgan means to help Scott, he should maybe just be quiet. Here is his attempt at helping Sumner explain his position.     "Remember this, liberal softies, Scott’s real agenda is JUST AS BRUTAL on public employees as I am."     "Under a level target (4% is much preferable to 4.5%), every time the government deficits spends, that creates calorie-less...

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