It has been said that economists have predicted “nine of the last five recessions,” or words to that effect, suggesting that the “dismal science” can’t be trusted.
In case you have missed them since the early years of the Obama administration, the $1 trillion-a-year federal budget deficits are coming back, beginning with Uncle Sam’s new fiscal year for 2019, which starts on October 1, 2018. And they might not be going away anytime soon.
In “Paul Krugman and Detroit, Part 1” I discussed the New York Times columnist’s failure to understand why Detroit currently resembles the United States in Atlas Shrugged. But Krugman’s error…
The biggest fallacy regarding Social Security is that it would be easier politically to cut Social Security benefits rather than to fundamentally reform the way the program works, so as…