Since the City of Detroit made history by declaring the largest municipal bankruptcy in the nation’s history, there has been much talk about credit ratings, debt burdens and the legalities of bankruptcy, which allows those who declare it to take time to restructure their financial obligations and, often, to repay less than what was previously owed.… [Read more]
“None of this is necessary,” said President Obama during his weekly address to the nation. “It’s happening because Republicans in Congress chose this outcome over closing a single wasteful tax loophole that helps reduce the deficit.”
How ridiculous that we’ve arrived at this point. And how utterly exhausting for the nation. We’re wrapping up yet another week watching the train wreck that is U.S.… [Read more]
The deafening noise coming from Republicans about the deficit is nothing but a lot of…. noise. Most of these people, especially on the far fringe right, are talking about something that they really do not understand.
Many understand the underlying thought but a picture will help to reinforce the concept. Towards that goal, here is an extremely simplified picture of the economy:
The concept to keep in mind here is that the economy is a network of circulating money.… [Read more]
“I’ll CUT the DEFICIT!” The words scream down from a billboard along I-15 in a rural part of the county north of me. I’ve seen it several times in the last few months during my drives from one end of the state to the other. The dude smiling in the picture isn’t even running for Congress anymore, so I guess maybe he was running a deficit of his own with regard to campaign finance.… [Read more]
Would you like to have free elective cosmetic surgery at the taxpayer’s expense? If you do, get a job with the Buffalo Public School system.
Yep, as thousands of teachers across the country find their jobs in jeopardy, Buffalo teachers get free plastic surgery.
How is this possible?
New York State’s broken collective bargaining system, that’s how.… [Read more]