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Summers makes a solid argument, on Keynesian grounds alone, that the proposed $1.9 trillion spending bill is much too large.
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With the growing chorus of free-market economists calling out the president’s proposal, hopefully the public will soon realize that there’s no economic justification for Biden’s political spending push.
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The Senate adjourned on Thursday until September 8, the day after Labor Day, without reaching a deal for the next round of coronavirus relief legislation. House Speaker Nancy Pelosi has indicated that Democrats would pare down their $3 trillion relief bill to $2 trillion if Republicans were willing to compromise and boost their $1 trillion …
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With lawmakers scrambling to pass a new coronavirus stimulus bill as enhanced unemployment benefits expire on Friday, Senate minority leader Chuck Schumer (D., N.Y.) is pushing to repeal the cap on the state and local tax (SALT) deductions that primarily benefit high earners in states with high taxes. The debate over money for state and …
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White House economic advisor Larry Kudlow said Sunday that the coronavirus relief package being rafted by Senate Republicans will include a second round of direct payments to Americans as well as an extension of the moratorium on evictions for renters. “There’s a $1,200 check coming, that’s going to be part of the new package,” Kudlow …
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The European Union reached a “historic” deal early Tuesday morning on a massive coronavirus stimulus plan after nearly five days of intense negotiations. The deal includes $857 billion in grants and loans, the largest joint borrowing in the history of the E.U., which will go towards repairing and rebuilding the economies of the group’s 27 …
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Maybe “budget” wasn’t really the word they were looking for. How else to explain the face of bipartisan agreement to a two year “budget” deal that lifts the debt limit and increases federal spending by $300 billion. If that’s their idea of “budgeting”, let’s just be grateful they didn’t call the agreement “Splurge 2018”. This …
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California’s 2020–21 $202 billion state budget spends about three times as much per state resident, adjusted for inflation, compared to California’s 1990–91 budget. And this is after $20 billion of COVID-19 related budget cuts. But as you look around the state, you will not see this much higher spending at work. You will instead observe …
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The Government Accountability Office revealed in a new report that almost 1.1 million dead people received coronavirus relief checks from the government that totaled nearly $1.4 billion. The GAO explains that the Internal Revenue Service (IRS) and the Treasury Department “moved quickly” to send out over 160 million payments to Americans as authorized by the …
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The current U.S. budget deficit could soon exceed a record $4 trillion. The massive borrowing is being driven both by prior budget profligacy and a hurried effort by the Donald Trump administration to pump liquidity into a quarantined America. The shutdown has left the country on the cusp of a self-inflicted economic collapse not seen …
Summers makes a solid argument, on Keynesian grounds alone, that the proposed $1.9 trillion spending bill is much too large.
