Login

Japan’s Slow-Motion Fiscal and Monetary Suicide

Remember Bill Murray’s Groundhog Day, the 1993 comedy classic about a weatherman who experiences the same day over and over again? Well, the same thing is happening in Japan. But instead of a person waking up and reliving the same day, we get politicians pursuing the same failed Keynesian stimulus policies over and over again. […]

Continue reading Japan’s Slow-Motion Fiscal and Monetary Suicide

The Growing Crisis of Excessive and Unfunded Retirement Benefits for State and Local Bureaucrats (and a Libertarian Quandary)

I’ve written (some would say excessively) about the fact that America has too many bureaucrats and that they’re paid too much. That’s true in Washington. That’s true at the state level. And it’s true for local governments. But since I’m a big believer in beating a dead horse, let’s revisit this issue. We’ll narrow our […]

Continue reading The Growing Crisis of Excessive and Unfunded Retirement Benefits for State and Local Bureaucrats (and a Libertarian Quandary)

The Entitlement Disaster that Hillary Clinton and Donald Trump Are Ignoring

I’m like a broken record when it comes to entitlement spending. I’ve explained, ad nauseam, that programs such as Medicare, Medicaid, Obamacare, and Social Security must be reformed. In part, genuine entitlement reform is a good idea because you get better economic performance when you replace tax-and-transfer schemes with private savings and competitive markets. But […]

Continue reading The Entitlement Disaster that Hillary Clinton and Donald Trump Are Ignoring

Social Security’s Gargantuan Fiscal Shortfall

The Social Security Administration has released the 2016 Trustees Report, which shines a spotlight on the overall fiscal condition of the program. In previous years (2012, 2013, 2014), I’ve used this opportunity to play Paul Revere. But instead of warning that the British are coming, I sound the alarm about a future fiscal crisis resulting […]

Continue reading Social Security’s Gargantuan Fiscal Shortfall

More Hack Analysis from the IMF

The International Monetary Fund is a left-leaning bureaucracy that was set up to monitor the fixed-exchange-rate monetary system created after World War II. Unsurprisingly, when that system broke down and the world shifted to floating exchange rates, the IMF didn’t go away. Instead, it created a new role for itself as self-styled guardian of economic […]

Continue reading More Hack Analysis from the IMF

A Semi-Acceptable Indirect Bailout for Puerto Rico?

I wrote last year about why Puerto Rico got into fiscal trouble. Like Greece and so many other governments, it did the opposite of Mitchell’s Golden Rule. Instead of a multi-year period of spending restraint, it allowed the budget to expand faster than the private sector for almost two decades. As the old saying goes, […]

Continue reading A Semi-Acceptable Indirect Bailout for Puerto Rico?