Readers of MyGovCost will likely be interested in this week’s Econtalk podcast with Don Boudreaux on the nature and significance of public debt. Roberts and Boudreaux begin by discussing debt at the household level and then work to draw out which lessons apply to the spending of a federal government. In doing so, the…
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The St. Louis branch of the Federal Reserve has come out with the findings of their groundbreaking research into the primary cause of the rise in the U.S. national debt. Is it too little revenue (i.e. tax collections?) Is it too much spending? The report’s authors Daniel L. Thornton and Kevin L. Kliesen summarize…
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Bernanke urges for an increase in the debt ceiling, demonstrating the wisdom of James Buchanan and Richard Wagner. In Democracy in Deficit, Chapter 8, the authors set out to model Keynesian-oriented fiscal policy with the “the plausible hypothesis that monetary authorities are, like elected politicians, subjected to both direct and indirect political pressures, and…
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Ever since the bursting of the real estate bubble became evident at the end of 2007, Washington has been on a spending spree to avert events that, in its collective judgment, threatened the stability and solvency of the U.S. financial system and economy as a whole. Although the U.S. economy has experienced recurrent cycles…
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