Economy

The bitcoin bubble will likely burst, and here’s why

by |January 3rd, 2018

As featured in The Boston Globe | January 3, 2018 It is hard to see bitcoin’s price surge as anything other than a bubble that will ultimately collapse. Bitcoin’s ostensible social function as an anonymous, nongovernmental means of payment carries big risks of its demise. And while blockchain, the platform that records bitcoin transactions, may well have staying… read more

Categories: Economy

Dear senators: Don’t bankrupt our country

by |November 20th, 2017

As featured on CNN.com | November 20, 2017 Dear Sens. Susan Collins, Bob Corker, Jeff Flake, Ron Johnson, John McCain and Lisa Murkowski: I fear for the future of our country. I know that you do as well. You are patriots first and partisans a distant second. We are at a defining moment in our history: The tax… read more

Categories: Economy, Policy, Politics

The GOP tax cut is daylight robbery

by |November 14th, 2017

As featured in the Boston Globe | November 14, 2017 If the tax cut passes, it will constitute the largest heist in human history. This is daylight robbery by the super-rich against the rest of society: homeowners, students, the middle class, the young, the poor, indeed everybody who doesn’t own a significant stock portfolio. The result will put… read more

Categories: Economy, Policy, Politics

The Ominous Absurdity of Trump’s Tax Cuts

by |October 30th, 2017

As featured on CNN.com | October 30, 2017 Treasury Secretary Steve Mnuchin’s call for corporate tax cuts is akin to his request for a government plane for his honeymoon: both are adventures in avarice. Donald Trump, Mnuchin, Gary Cohn, and the key billionaire funders of the Republican Party (including the Koch brothers, Sheldon Adelson, and Robert Mercer) would each reap a fortune from the proposed… read more

Categories: Economy, Policy, Politics

The truth about Trump’s tax cuts

by |August 25th, 2017

As featured on CNN.com | August 25, 2017 Give the Republicans their due: They are persistent. Since Ronald Reagan became president in January 1981, the Republican Party has focused relentlessly on tax cuts. And Donald Trump is no exception — he told the crowd at his Phoenix rally Tuesday, “We’re giving you the biggest tax cut in the… read more

Categories: Economy, Policy, Politics

How to break the 40-year working class losing streak

by |August 17th, 2017

As featured in the Boston Globe | August 17, 2017 The Chicago Cubs broke a 108-year drought by winning the World Series last year. American workers are in a 40-year drought, but with the right game plan, they too can start to win. Consider first the sorry facts. The median inflation-adjusted earnings of full-time male workers peaked in… read more

Ending the Ronald Reagan lie

by |July 11th, 2017

As featured in the Boston Globe  | July 11, 2017 As they return from the July Fourth break, the Republican leadership is twisting in agony on the Obamacare repeal and it couldn’t happen to a more miserable bunch. President Trump, House Speaker Paul Ryan, and Senate majority leader Mitch McConnell have been trying to jam through a… read more

Categories: Economy, Policy, Politics

America, we still have a jobs problem

by |July 7th, 2017

As featured on CNN.com | July 7, 2017 For those with a college degree or above, life is good. Jobs are plentiful, incomes are rising, inflation is low, health is broadly improving, and the impacts of the new information technologies — from smartphones to e-commerce to ubiquitous information — are generally beneficent. For those without a college… read more

Tax reform that works for all

by |June 27th, 2017

As featured in the Boston Globe| June 27, 2017 THE REPUBLICANS are trying to jam a reckless health care bill through Congress so that they can move on to their real objective: another round of deep tax cuts for the rich, paid for by deep cuts in public services, more debt on the backs of the young,… read more

Categories: Economy, Policy, Politics

Will Economic Illiteracy Trigger a Trade War?

by |April 20th, 2017

As featured in Project Syndicate | April 20, 2017 Nearly 100 days after US President Donald Trump took office, he and his commerce secretary, Wilbur Ross, continue to commit an economic fallacy that first-year economics students learn to avoid. They claim that America’s current-account deficit (or trade deficit), which is in fact the result of America’s low and… read more