fiscal responsibility Archive

Young In America

By John Lumbard, CFA. According to The Daily Kos, 27% of recent college graduates (ages 21 to 24) are either unemployed or underemployed.  The Democratic Underground says that recent college graduates earn $3,200 less than they did 13 years ago.  Of course, it’s not just college graduates;  low starting salaries and...
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On Taxes and Growth

By James Schaefer. The U.K.'s Chancellor of the Exchequer, George Osborne, wrote an op-ed recently in the Wall Street Journal ("How Britain Returned to Growth", December 17, 2013), on Britain's changes to their tax rates and spending as a means of stimulating growth of the British economy.  The results were dramatic. They...
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Motown Blues

By John Lumbard. "Addressing a lunchtime rally of more than 6,000 state workers in front of the State House Annex on Monday, [New Jersey Governor] Corzine pumped his fists and vowed to keep his pledge to increase the pension contributions. ''I will fight for you,'' Corzine told the crowd, made up...
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Happy Days Are Here Again

By John Lumbard .  The economy is strengthening. Home prices have jumped 10% in the last twelve months alone, and home equity---the part of the home that the homeowner actually owns, is up an incredible 25%.  Over the same period the stock market is up 20%, adding another $2.5 trillion to...
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The Pundit Wars

By John Lumbard. The economy is accelerating.  It’s been almost four years since the official end of the 2007-2009 recession, yet New York Times op-ed columnist Paul Krugman is still calling for more stimulus spending!  Maybe if we were to pave every road every year . . . Last month the former...
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Land of the Setting Sun

By John Lumbard. When news came that we had not, like lemmings, jumped over a Cliff, celebrations broke out across the nation. Nearly a million people jammed the streets around Times Square, and the party lasted well after dawn. As the sun rose---coincidentally the first day of a new year---revelers quietly...
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“Who ARE You People??!?”

By James Schaefer. Outraged by partisan gridlock, corporate CEOs have become central players in the fiscal cliff negotiations -- and the far larger effort to tame the nation's deficits and debt. Friday's Wall Street Journal ("Honeywell CEO in the Middle of Cliff Standoff", Monica Langley, December 14, 2012) gave a behind-closed-doors look at...
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The Bipartisan Debt Machine

By John Lumbard. Below you'll find the text of a speech that Senator Barack Obama gave in the Senate in March of 2006 (you want page S2237, if you'd rather read it there) regarding our debt and deficits---which at the time were growing rapidly under President Bush.  Now they're growing rapidly...
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On Savings and Debt

By James Schaefer. Some years back, at an annual company off-site retreat, a presenter was elaborating on money.  He gave many definitions, then asked us to think of money in a slightly different way.  Rather than thinking of it as a medium of exchange, he asked us to think of money as...
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Another Path To Solvency

By John Lumbard. The legislatures of seventeen states have recently passed a bill calling for a constitutional convention that would be focused solely on the drafting of a balanced budget amendment to the Constitution.  Each of these bills explicitly states that it will be declared null and void if the Supreme...
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