The Social Security ‘trust fund’ is now projected to run out of money in 2037, moved up from 2041, according to its trustees’ latest report. That would not mean an end to benefits, but it would limit them to the…
Kazakh crisis should chill credit swaps
Recent news about loans to Kazakhstan and credit default swaps illustrates the complicated and sometimes perverse incentives created by the esoteric financial instruments that sprang up over the last 15 years. This particular case is not, in itself, of importance…
Over time, parties have made U-turns on trade tariffs
Party stances can be confusing. Parties often make U-turns on key policy issues. For example, the Democratic Party long criticized big government. Some Democrats still hold Jefferson-Jackson dinners, claiming the mantle of two champions of the common man. They don’t…
Is big the new bad? We can’t seem to decide
It seems clear from ongoing controversies over how to deal with nearly insolvent auto companies or financial conglomerates like Citigroup or Bank of America that neither our society or government has clear views on whether bigness is good or bad…