Debt Ceiling: No Chance of US default
Not raising the debt ceiling will not mean default, instead it will mean other federal spending will get cut
Sign in
Sign in
Recover your password.
A password will be e-mailed to you.
Browsing Tag
deficit
Paul O’Neill Calls Opponents of Raising Debt Ceiling ‘Terrorists’
Former US Treasury Secretary Paul O'Neill calls the people advocating brinkmanship on the debt ceiling deficit "terrorists". The United States looks more and more like a banana republic every day. If S&P wants a reason to downgrade the…
The S&P Downgrade and Sovereign Government Bankruptcy
The claims about “unsustainable deficits” gained new urgency this week as S&P warned that it was downgrading US federal government debt from stable to negative (see here for recent debate).
This appeared to be a blatantly political…
Randall Wray and Michael Tanner on the Deficit
Michael Tanner is a Cato Institute Senior Fellow and L. Randall Wray is Professor of Economics, University of Missouri, Kansas City. The two discussed opposing views on how to deal with the U.S. federal deficit in a radio interview…
Austerity in the UK
The UK is a good example of what austerity means. In the wake of tax increases and budget cuts in the UK, retail sales in Britain have plunged by the most on record. I seriously doubt that the coalition government there will meet its…
Stiglitz: Of the 1%, By the 1%, and for the 1%
The following video talk is based on a must-read piece Professor Stiglitz wrote in Vanity Fair on inequality in the United States.
A Modest Proposal for Ending Debt Limit Gridlock
By L. Randall Wray
Washington's deficit hysteria has morphed into gridlock over expansion of federal government debt limits. It is as if that stupid “debt clock” on Times Square had run out of electrons to keep the numbers racing ever…
Parry and Feint: Outlines of Europe’s Next Chapter
European officials have reached an agreement in principle that falls well shy of the “comprehensive plan” officials had promised and is unlikely to provide investors with a sense of closure to the debt crisis that began in late 2009. Yet…
More thoughts on out of control deficit spending
About a year ago I wrote a post called "Out of control US deficit spending". The purpose of the post was to begin a series of posts presenting the modern monetary theory (MMT) framework from a deficit hawk's perspective, what I…
Can The US. Afford Its Present Deficit Spending?
As promoters of MMT, we are all very keen on Abba Lerner, who was one of the first to articulate the foundations of the approach. Lerner believed that the government should maintain the level of aggregate spending in the economy (either by…