Michael B. Duff

Lubbock's answer to a question no one asked

links for 2010-10-22

  • In what is being described as the largest release of secret U.S. military documents ever, whistle-blowing web site WikiLeaks has released a trove of classified reports about the war in Iraq, including a secret U.S. government tally that puts the Iraqi death toll between 109,000 and 285,000, according to news sources that received advanced copies of the documents.
  • The best way to avoid these conflicts is to remember what’s at stake. If you’re a 50-something adult with a family and a mortgage, your primary goal should be to preserve your dignity.
  • According to the Center for Responsive Politics, Democrats in the most competitive House races have raised an average of 47 percent more than Republicans. They have spent 66 percent more, and have about 53 percent more in their war chests. According to the Wesleyan Media Project, between Sept. 1 and Oct. 7, Democrats running for the House and the Senate spent $1.50 on advertising for every $1 spent by Republicans….
  • Thankfully, Truman ignored the Keynesians. Government spending plummeted by nearly two-thirds between 1945 and 1947, from $93 billion to $36.3 billion in nominal terms. If we used the “multiplier” of 1.5 for government spending that is favored by Obama administration economists, that $63.7 billion plunge should have caused GDP to fall by $95 billion, a 40 percent economic decline. In reality, GDP increased almost 10 percent during that period, from $223 billion in 1945 to $244.1 billion in 1947. This is a rare precedent of a large drop in government spending, so its economic consequences are important to understand.
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Written by Michael B. Duff

October 22, 2010 at 23:01

Posted in Uncategorized

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