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Ignorance Index II The Spending Cuts Myth

Conservative Republicans hold as an article of faith that cutting government spending creates jobs, even in the midst of a recession. House Majority Leader Eric Cantor, the conservative zealot who has personally blown up the debt ceiling talks twice over the mere hint...

UK Media Scandal Reveals Weakness Of US Media

I am in the UK this week. You can barely turn on the TV here without hearing about the “phone-hacking” scandal from outraged voices across the spectrum. It is a full-blown, 24/7 scandal. The thing that might be most astonishing to Americans, though, is that people are...

Trade Deficit Blows Up

There was (yet more) bad economic news this morning. Reuters: US trade deficit grows to 31-month high. While oil takes part of the blame, the problem is not all oil: Oil imports helped widen the U.S. trade deficit to $50.2 billion in May from $43.6 billion in April,...

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