Economy

The comparison of the results contained in the April 2010 Monthly Treasury Statement released this afternoon to April of last year is bad enough. But if the American people knew that April 2010 came in about a quarter-trillion dollars worse than both 2007 and 2008 with almost 40% less in tax collections, most of them would be appalled. Many more than are already doing so would be questioning what…

Jeanne Sahadi at CNNMoney.com has finally realized Social Security needs urgent reform - and by reform, she means going after the wealthy, of course. On Monday, Sahadi reported on news from the Congressional Budget Office that Social Security is dipping into savings already this year and will not be able to meet its obligations by 2037. That's at least 15 years earlier than what the CBO had…

It doesn't seem like this exercise should be that tough. The government issues Daily Treasury Statements telling everybody what went in and out on a given business day. At the end of the month, the last Daily Treasury Statement has a record (admittedly jumbled and larded with lots of bureaucratic excess) of all receipts and disbursements for the month. The folks at the Congressional Budget…

While it is often an unpopular viewpoint, many economists realize unemployment insurance can actually promote unemployment. Business & Media Institute adviser Prof. Gary Wolfram explained this in an op-ed on March 17, 2010, as the media attacked Sen. Jim Bunning for filibustering a bill including an extension of the ability to file for federal unemployment benefits. Wolfram wrote, "…

If a conservative or Republican uttered the nonsense to be revealed shortly, we'd justifiably never hear the end of it on the late-night comedy shows and elsewhere. As it is, former car czar Steve Rattner's "creative" term for fibbing has and probably will continue to get little coverage outside of Detroit. Rattner's risible rendition of reality spewed forth before he spoke at a Federal…

Tax bills fell to the lowest level since 1950 in 2009, according to a new analysis from USA Today. But don't be fooled into thinking that's a good thing. The newspaper downplayed the pain caused by the recession and the fact that the downturn lowered both incomes and consumption. USA Today undermined criticism of taxes saying, "Amid complaints about high taxes and calls for a smaller…

Chris Matthews is stuck in the 1970s, it seems, and I'm not  talking about his pop culture references. Talking with CNBC's Jim Cramer on the May 6 "Hardball" about the Greek fiscal crisis, everyone's favorite MSNBCer blamed "right-wing" dictators from the Cold War era for financial troubles in Greece, Portugal, and Spain [MP3 audio available here]: I'm a political guy, you're a money…

The European Union and the International Monetary Fund to the rescue! The Dow Jones Industrial Average (DJIA) soars and investors breathe a sign of relief. But where's this $1 trillion in bailout funds for Greece coming from? On CNBC's May 10 "Squawk Box," host Joe Kernen channeled Rick Santelli's anti-bailout populism, suggesting it was important to note that this bailout was made possible in…

Most economists are not susceptible to partisanship in their work, a new scholarly study finds. But anyone who reads Paul Krugman's columns in the New York Times will hardly be surprised to learn he is a glaring exception to the study's findings. He consistently changes his fiscal views depending on the party in power."Krugman has changed his tune in a significant way regarding the budget deficit…

If a genuine, sustained economic recovery is truly underway, why can't the government show us the money? This would appear to be a question the establishment press has no interest in answering. As seen in the graphic at the right (HT to an e-mailer), when the government's Monthly Treasury Statement is released next Wednesday, the anticipation is that it will show an April deficit of $85 billion…

After making a fool out of himself going up against George Will on last Sunday's "This Week," Bill Maher dug an even deeper hole five days later trying to strike back at the well-known columnist with a peculiar blend of falsehoods and Bill Clinton.As NewsBusters previously reported, Maher was humiliated on national television last week when he errantly claimed Brazil was "off oil" only to be…

Columbus Bureau Chief Jim Provance at the Toledo Blade is a one-man "Name That Party" creativity machine: In March of last year (covered at NewsBusters; at BizzyBlog), in a story about late financial reports from Ohio's state government, Provance identified State Auditor Mary Taylor, who criticized Governor Ted Strickland's administration for being so tardy with the numbers that they could not…

The Bureau of Labor Statistics (BLS) released its monthly jobs report early May 7 announcing a rise in unemployment to 9.9 percent and an increase of 290,000 jobs. Any positive job growth is good news to be sure. But in order for Obama to meet his pledge of 4 million jobs created by the end of 2010, the U.S. economy would have to add 932,000 jobs each and every month between now and the…

While everyone is scratching their heads and trying to figure out how the Dow Jones Industrial Average (DJIA) lost nearly 1,000 points before rallying back to lose only 347 points - it appears not to be limited to just one stock. On CNBC's May 6 "Closing Bell," correspondent Matt Nesto explained that investigators for both the stock exchanges and for Citigroup, the firm that some are pointing…