According to Time Magazine, the answer is yes. I refer to their recent cover proclaiming “Make America Solvent Again!” and touting our current $13.9 trillion debt level.  Sounds more like a rallying cry for a political candidate than an attempt to educate the public on economics.  But that’s pretty typical for the media these days. …
Read more

In the wake of the Dodd–Frank Wall Street Reform and Consumer Protection Act that was signed into law by President Obama in 2010, there’s been a five-year fight going on in Congress pitting investor protection against Wall Street profitability. What bothers me significantly is the deceptive way one side appears to be framing the discussion.…
Read more

The U.S. economy added 288,000 jobs in June, well ahead of most consensus estimates.  Even better, employment gains in April and May were revised upward by about 29,000.  The job gains were widespread across economic sectors, causing the overall unemployment rate to decline from 6.3% to 6.1% in June, a new post-recession low.  Notwithstanding the…
Read more

The New York Times recently reported that the American middle class, long the most affluent in the world, has experienced much lower income growth over the last 30 years as compared to citizens of other advanced countries, and has now given up much of its lead. The wealthiest Americans, on the other hand, have been…
Read more