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Prepare for the Tantrums

The real problem is that the “government spending” component of the GDP exceeds government revenues by about a trillion dollars.  That’s every year.  This means that our GDP is artificially inflated by about one trillion dollars.  Make any cuts, which we need to do,...

Economic Impact of Fiscal Cliff

Washington is in a dither over the fiscal cliff. The cliff consists of roughly $500 billion in tax increases that will occur on January 1, 2013 as the Bush-era tax rates expire, along with almost $100 billion in automatic cuts in government spending resulting from the...