Economic History

Conservatives Really Don’t Care About the Deficit

Tuesday, May 10th, 2016

Share on Facebook  Just like Reagan, Trump does not care abut the debt or the deficit. Throw money at rich people, and it’ll trickle down. The revenue losses understate the total effect on the national debt because they do not include the additional interest that would accrue as a result. Including interest costs, the proposal […]

Obama, Debt and History

Thursday, October 18th, 2012

Share on Facebook Obama is not perfect, but we have 4000 years of human civilization to tell us he is on the right side. No society, including the Soviet Union, had a hard time making sure a few people are rich and powerful. Only Liberal American (1932-1968) and those Nasty European Social Democracies found a […]

Krugman’s EUROmess Summary

Saturday, February 25th, 2012

Share on Facebook “There are basically three stories about the euro crisis in wide circulation: the Republican story, the German story, and the truth.” The Republican story is that it’s all about excessive welfare states. OK, the German story is that it’s about fiscal profligacy, running excessive deficits. Finally, let’s look at the balance of […]

The Bell Tolls for Europe, Who Will listen?

Tuesday, February 21st, 2012

Share on Facebook No man is an island, entire of itself…any man’s death diminishes me, because I am involved in mankind; and therefore never send to know for whom the bell tolls; it tolls for thee. John Donne (1572-1631) Europe is slowly committing suicide.  After 50 years of seeking a common path forward, nationalism is […]

How to tell Conservatives are lying about the housing bubble.

Saturday, January 28th, 2012

Share on Facebook I modified Mark Zandi’s chartto add what would have happened if conservatives were right about the causes of the housing bubble.  Frannie’s and Freddie’s market share would have gone up, while private firms’ share would have gone down.    Blaming FF is not only dishonest, but it prevents us from stopping future scams.  […]

Greeks lead Western Revolution?

Wednesday, November 2nd, 2011

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A Brief History of Fiscal Responsibility

Wednesday, August 31st, 2011

Share on Facebook While crisis economics requires government spending to lessen the damage done to average Americans, sound fiscal policy requires several long-term strategies.  Over the last thirty years, Washington policy makers, like American businessmen, have put short-term, temporary gains ahead of long-term, sustainable progress.  Solving our problems requires a clear understanding of America’s fiscal […]

Exposing Reagan’s Big Lie

Wednesday, August 17th, 2011

Share on Facebook Several years ago, a former neighbor, Joe Abraham had an idea.  He wanted history taught backwards.  Instead of starting with past events and coming to the present, he suggested starting with current events and working backwards.  As a professional historian, this method just didn’t feel right.  My training at USL and LSU […]

“Condensing Friedrich Hayek: How Popularization Radicalized Austrian Economics”

Wednesday, March 9th, 2011

Share on Facebook In a 1984 interview John O’Sullivan asked Friedrich Hayek to explain the contradiction between the reality of English freedom and his argument that economic planning leads down the Road to Serfdom.  Sullivan pointed out that since World War Two, the United Kingdom had adopted “increasing control over industry, over planning, over education, […]