Well, I think what we need to remember is that budget deficits can impede economic activity.
The government could either raise $100 by selling allowances and then give that amount in cash to particular businesses and individuals, or it could simply give $100 worth of allowances to those businesses and individuals, who could immediately and easily transform the allowances into cash through the secondary market.
Something that's unsustainable, like a dysfunctional relationship, can go on longer than you expect, and then end faster and messier than you think.
It is a foregone opportunity that we could have a trillion dollars more of income for the United States if we were producing at capacity rather than falling so far short of it.
Social Security faces a long-term actuarial deficit, yes.
The most important thing for small businesses is getting the economy back on its feet. That - the key driver of small business activity is demand for their product, and that is what we are trying to do, getting the economy back on its feet. That's far more important than other factors.
Every day is like that, eight successive meetings on eight different topics, every one really important and interesting.
For example, I was privileged to be working at the White House under the Clinton administration and had not finished my Ph.D., and I thought I was the cat's meow.
If you didn't auction the [CO2] permits, it would represent the largest corporate welfare program that has ever been enacted in the history of the United States. All of the evidence is that what would occur is that corporate profits would increase by approximately the value of the permits.
Well, a deficit reflects an imbalance between spending and revenue, and so narrowing it requires acting on one, the other or both.
Total borrowing has imploded. Private borrowing has collapsed. And, in effect, the Treasury Department is the last borrower left standing.
My mom is a very warm, typical sort of Jewish-mother type. And my dad has a somewhat, um, different personality.
There've been times where I wondered whether it was worth continuing in my own education.
