My current Forward column, “For Source of Debt Crisis, Look to the Tithes,” tries to make the simple point makes that we have a federal debt crisis because we have lowered taxes over the past 30 years and created a federal revenue base that’s simply not enough to pay our bills. My second point is that lowering taxes hasn’t resulted in faster economic growth, nor in greater prosperity for all levels of taxpayers. What it’s accomplished is a fairly direct transfer of funds from the federal treasury to the pockets of the wealthiest Americans.
My latest Good Fences column looks at the gloomy state of the economy and argues that it’s a mistake to blame either President Obama or the recent President Bush. What we’re experiencing actually is the collapse of a snake-oil economic cult theory that’s had us in its thrall for the past 30 years or so, the so-called Washington Consensus, also known as Reaganomics. In this blog post I run through some of the sources for my numbers, so you can check my math or even do your own exploring.
Los Angeles Times business columnist Michael Hiltzik has an essential piece today debunking what he calls “The Myth of the Social Security system’s financial shortfall.” It’s based on the newly-released 2010 report of the Social Security Trustees.
You may or may not have noticed this story on the front page of The New York Times. Its main point is that the dizzying growth of our national indebtedness poses a threat not just to America’s economic health and future but to its role in the world.