Tag: recession
After the Government-Engineered Recession, How Soon Will the Economy Return to Normal?

The arrival of COVID-19 has brought with it an unprecedented and uncertain situation in many ways. One uncertainty is that because the disease is novel, we don’t know its future trajectory. Another uncertainty is how rapidly governments will move to lift restrictions on economic activity. That is something government officials can choose. Yet another…
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Pandemics Are Not Recessions, And Pessimism Isn’t Logic

I thank Dr. Edwin G. Dolan for taking the time to critique my recent Independent Institute Executive Summary, A Pandemic is Not a Recession, in his April 15th blog posting for the Niskanen Center, “The Shaky Logic Behind Hopes for a Quick Recovery.” Criticism is valuable and necessary—though inaccuracies need to be cleared up…
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Never Let a Good Crisis Go to Waste

Remember the Golden Age of Laissez-Faire, the grand epoch brought to a tragic end by the COVID-19 crisis, which laid bare its failures for all to see? Me neither. And yet the New Narrative is already being written. “The Era of Small Government Is Over,” writes Jamelle Bouie in the New York Times. US federal, state, and local government…
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A Vulgar Keynesian Visits My Chamber

I heard a noise that seemed to come from my chamber door. I opened it, and then . . . Deep into that darkness peering, long I stood there wondering, fearing, Doubting, dreaming dreams some Austrians dared to dream before; But recession was unbroken, and the darkness gave no token, And the only words…
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France and Greece Move Left

Now that France’s incumbent President Sarkozy has been defeated at the polls by socialist candidate M. Hollande, Americans should have gotten a wake-up call. Angela Merkel now seems to be the only voice of European reason in the rising popular tide against budgetary austerity and a return to the by now old-fashioned idea that…
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Should Wages Never Fall?

Sudeep Reddy, writing on the front page of January 11th’s Wall Street Journal, claims that one of the “ugly” legacies of the current economic crisis is a “lasting drop in wages”. Following National Public Radio’s modus operandi for reporting “news”, he supplies some human-interest stories recounting the experiences of former money managers and other…
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The Proposed New “Tax Deal” is More of the Same Washington Bait and Switch

According to a report published on the front page of the December 6, 2010, Wall Street Journal, Congress is close to negotiating a compromise in which the so-called Bush tax cuts will remain in place temporarily (for two years) in return for an extension of yet unknown duration in federal benefits for the long-term…
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Macroeconomic Booms and Busts: Deja Vu Once Again

Consider the following commentary on the economic situation: Foolhardy procedures which are divorced from economic realities, or whose economic implications are not understood by their promoters, do not perforce become sanctified and wise merely by designating them as “action”; tilting at windmills does not draw water. [W]hen a recovery program, which, while it may…
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New Investor Survey Provides Additional Evidence of Regime Uncertainty

Writing for CNBC’s “Behind the Money,” John Melloy describes the findings of a recent survey of investors: Institutional investors fear a government policy mistake far more than inflation, terrorism, a housing double dip, a weak dollar, poor earnings or any other potential risk to the economy, according to a survey of 100 mutual fund,…
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“The Socialist”

From the synopsis for the forthcoming film, “The Socialist,” to be released in November 2010: Every age seeks visionaries to leave, in the wake of their genius, a changed world—but rarely are they found without a few strikeout also-rans getting a crack first. In 2008, millions of Americans thought they had found the real…
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