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New Fiscal Report from European Commission Punctures Myth of “Savage” Austerity

The European Commission’s data-gathering bureaucracy, Eurostat, has just published a new report on government finances for the region. And with Greece’s ongoing fiscal turmoil getting headlines, this Eurostat publication is worthwhile because it debunks the notion, peddled by folks like Paul Krugman, that Europe has been harmed by “savage” and “harsh” spending cuts. Here’s some […]

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Puerto Rico: Another Harsh Lesson about the Consequences of Violating Fiscal Policy’s Golden Rule

When I make speeches about fiscal policy, I oftentimes share a table showing the many nations that have made big progress by enforcing spending restraint over multi-year periods. I then ask audiences a rhetorical question about a possible list of nations that have prospered by going in the opposite direction. Are there any success stories […]

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Learning Valuable Lessons from History on How to Reduce Poverty

I’ve written over and over again that the federal government’s so-called War on Poverty has been a disaster. It’s been bad news for taxpayers, of course, but it’s also been bad news for poor people since they get trapped in dependency. So what’s the alternative? Well, we actually can learn a lot from history. Let’s […]

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A Very Depressing Look at America’s Growing Dependency Crisis

Based on a new report from the Congressional Budget Office, I wrote two weeks ago about America’s dismal long-run fiscal outlook. Simply stated, we face a Greek-style fiscal future because of changing demographics and poorly designed entitlement programs. But I was just looking at big-picture fiscal aggregates. And while that was discouraging, it gets downright […]

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The Economist and New York Times Channel Fox Butterfield on Keynesian Policy

Back in 2010, I described the “Butterfield Effect,” which is a term used to mock clueless journalists for being blind to the real story. A former reporter for the New York Times, Fox Butterfield, became a bit of a laughingstock in the 1990s for publishing a series of articles addressing the supposed quandary of how crime […]

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Why the !*%# Is the Rest of the World Subsidizing Suicidal Fiscal Policy in Greece?!?

I detest writing about Greece. I suggested back in 2010 that the best outcome was default, which would have been the most likely outcome of a no-bailouts approach. And for the past five years, events have confirmed – over and over again – that this was the right approach. So you can understand how frustrating […]

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