Fiscal Theory

Many Americans now lack even small amounts of savings to deal with life emergencies. This is a triumph for Keynesian economics.

The real question about an American default has always been less a matter of if, and more a matter of how and when.

We must, in short, get past the tax reformers' favorite ploy of revenue neutrality. Why must total revenue remain the same? Instead, it should be lowered drastically, and as much as possible.

Secretary of the Treasury, Jack Lew, released the government's audited financial statement and it make Bernie Madoff's books look like Warren Buffet's financial statements!