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Yields on Greek & Spanish bonds (credit downgrade looms) are up; Irish bond yields are also up to 8.4%, which, in real terms is over 10%. Something is going to give because that is unsustainable when real GDP is CONTRACTING…
Read More2010 NOV U.S. retail sales up 0.8% but Autos down 0.8%, Furniture/appliances down 0.5%, Electronics down 0.6% & Building materials down 0.1%. What was up? Groceries 0.8% Gas 4.0% Drug stores 0.9% & Clothing 2.7% What we had was a…
Read MoreThere is tremendous econometric evidence strongly suggesting that only tax cuts that are perceived to be permanent contribute to spending — people do not alter their behavior based on temporary changes to their income, wealth or job. Temporary tax cuts,…
Read MoreSome economists say higher income taxes keep people from working. This is the substitution effect–because leisure becomes relatively cheaper people consume more of it. But higher taxes also reduce after-tax income so one might work more due to higher taxes.…
Read MoreThe risk of front-loaded fiscal austerity in the UK is that big cuts in spending, subsidies, public employment & increases in taxes will have a recessionary effect on an anemically recovering economy. A credible early commitment to gradual fiscal consolidation…
Read MoreWhile things could always be better the recent Obama-Republican tax package compromise rates a B+. It will raise GDP growth and reduce unemployment in 2011 but things may sag a bit in 2012 when some of the tax cuts end.…
Read MoreThe Friday File: The wealthiest nation is Luxembourg with per capital GDP of $135,605, followed by Ireland at $112,248 and Switzerland at $102,865. No other nations exceeded $100,000. Norway was next at $99,266. Singapore was 5th at $87,884 then, Qatar…
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