Two weeks ago we penned "As US Debt Hits New Record, Fiscal 2012 Tax Revenues Are 10% Higher Than Debt Issuance" which unfortunately was very wrong: we completely forgot that tax revenues in the US are a two way street particularly from January through the end of tax season on April 15, when income and employment tax withholdings are offset by tax refunds as consumer claim what was rightfully overcollected by the government.
Investors and analysts everywhere are warning of the fiscal cliff that is approaching at the end of 2012 that could significantly hit the American economy. Unless Congress acts, more than $600 billion in tax and spending provisions ... Read Post
You can see it with guns, the fiscal cliff, even subprime lending – in many ways America remains a victim of its birth and the arguments used to justify that birth several centuries ago. Maybe the wrong side won? 18 Dec 2012 10:36 A... Read Post
About a year ago, former Treasury secretary Larry Summers gave his famous speech at the IMF about "secular stagnation." The basic idea behind secular stagnation is that the economy in its current condition is unable to create enough... Read Post