Posted on February 16, 2025 by Doug Henwood
Among the leading fantasies of the moment are that federal employment and spending are “out of control,” so drastic action is needed to put things back in order. These are lies. Some people who utter these lies probably know better and some don’t, but they’re still lies. First, let’s look at federal expenditures and revenues as a percent of GDP. (These come from table 3.2 in the national income accounts, by the way.) People who want to deceive will often cite raw dollar amounts to amplify the gee-whiz factor, but the only… Read More
Posted on September 15, 2015 by Doug Henwood
The Wall Street Journal, one of the more respectable organs of the Murdoch press, put out a sensationalized tally of Bernie Sanders’ spending proposals yesterday: an $18 trillion agenda that would “greatly expand government.” Sensation is Murdoch house style, but the Journal is also supposed to be a serious paper. Here’s how they get to $18 trillion: Sanders’ spending proposals, next 10 years billions of dollars Medicare for all $15,000 Social Security 1,200 infrastructure 1,000 college affordability 750 fund to allow workers paid family/medical leave 319 protecting private pensions 29 one million youth jobs 6 total 18,304… Read More
LBO News from Doug Henwood 