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Showing posts from July, 2011

Fear No Default: Dr. Drew Comments on John Lott, Jr.'s Seven Myths About the Debt Ceiling

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I used to teach political economy at Williams College and it sort of annoys me when we allow Democrats to say silly, obviously false things about the workings of the U.S. economy and the state of knowledge we have about politics and economics.  Nevertheless, I ran across a great article by John Lott, Jr. who is an economist and author of the revised edition of "More Guns, Less Crime" (University of Chicago Press, 2010).

I thought it might be fun to repeat his take on these seven myths that he asserts the Obama administration is pushing on the American people and add my own comments:

1) Not increasing the debt ceiling means the U.S. government will default on its debt. This is probably the biggest lie that almost all other claims arise from. Default occurs if the government stops paying interest on the money that it owes. Not increasing the debt ceiling only means that the government can't borrow more money and that spending is limited to the revenue the government bring…

Dr. Drew Debates MSNBC's Ezra Klein on the Obama Stimulus Package

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I started with Quora about seven days ago.  I already have 150 followers, so I guess I'm doing something right.  I was a little startled to bump into Ezra Klein, 27, from MSNBC.  Ezra only has a BA degree in Political Science from UCLA and I've been teasing him about his lack of expertise relative to a person like me. Here's a bit of the debate that I cleaned up.  I have also included a link to Klein's sheepish follow-up article in the Washington Post.  It is amazing to me that this inexperienced guy is featured so prominently on MSNBC - he really does not have the sort of credentials or practical experience needed to make sense of the data he is looking at.  It is sort of a textbook case of dangerous, misguided liberalism in action. 

Ezra Klein's Initial Post Attracts Quora Attention

Klein: I've come to think "what size should it have been" is, to some degree, the wrong question. At the time, Christina Romer and Larry Summers believed it should be $1…