A draft of my next Project Syndicate column: I am puzzled at the opposition from not-the-usual-suspects. The past fifteen years taught me that a higher warranted federal funds rate is greatly needed...
The UK Chancellor of the Exchequer is already hinting about raising rates to balance the budget and reduce debt. In the US, I listened to the Kruman vs Summers debate. Krugman believes any spending is mostly disaster relief and will not necessarily increase employment or spending. Republicans, predictably, are against raising the debt and will want to cut government expenditure.
On another note, while you may enjoy a solid cost of living increase with inflation, those relying on social security have been getting well below inflation rate increases (where inflation is measured by seniors expenditures - housing, medical, and food).
My concern is that Republicans will get their way and get the benefit cuts they want, no tax increases on the wealthy and corporations, and thus a further increase in inequality.
I'm not an economist by any stretch, but I fear that the nominal cost of this will exhaust any political will to spend money on the energy-transition, without which we will miss climate goals.
The UK Chancellor of the Exchequer is already hinting about raising rates to balance the budget and reduce debt. In the US, I listened to the Kruman vs Summers debate. Krugman believes any spending is mostly disaster relief and will not necessarily increase employment or spending. Republicans, predictably, are against raising the debt and will want to cut government expenditure.
On another note, while you may enjoy a solid cost of living increase with inflation, those relying on social security have been getting well below inflation rate increases (where inflation is measured by seniors expenditures - housing, medical, and food).
My concern is that Republicans will get their way and get the benefit cuts they want, no tax increases on the wealthy and corporations, and thus a further increase in inequality.
I'm not an economist by any stretch, but I fear that the nominal cost of this will exhaust any political will to spend money on the energy-transition, without which we will miss climate goals.
"a lot of people whom I greatly respect and admire"
This would seem to be the problem. May be time to mark to market.
I have smart friends with weird biases myself.