Economist Taylor: Pawlenty target “makes a great deal of sense”

Fox News’ Chris Wallace drilled down on former Minnesota governor Tim Pawlenty’s financial plan on Sunday, and Wallace appeared intent on making the GOP presidential candidate back down. Pawlenty was having none of it and he said an influential economist found the plan’s growth targets “reasonable.”

John B. Taylor, professor of economics at Stanford University, did say that, and more, about Pawlenty’s plan.

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Economist says GAO warned about financial derivatives in 1994; must face music now

Economist Martin Weiss says government is trying to "short circuit" a depression. [Photo from Money and Markets website.]Economist Martin Weiss appeared on C-Span Mar. 18, and his advice to US citizens was blunt. When you have a global collapse, there’s always a day of reckoning. “Better to face the music now,” he said.

Weiss echoed the opinion of many of us when he implied the bailouts were a bad idea. Only Weiss held that opinion before bailouts became a daily household word. In September, 2008, the Florida based expert submitted a white paper to the Senate Banking Committee and to the House Financial Services Committee. The title: “Proposed $700 Billion Bailout Is Too Little, Too Late to End the Debt Crisis; Too Much, Too Soon for the U.S. Bond Market.” But alarm bells sounded long before that--by the government no less.

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Somebody tell Larry Summers: it’s the tax refunds, stupid

IRS has a special website to promote the Earned Income Tax Credit. EITC is a credit for people who do not earn high incomes. EITC can reduce your taxes, and result in a refund. In simple terms, workers keep more of what they earn.Larry Summers, the Obama administration’s director of the National Economic Council, addressed a forum Mar. 13 and he said consumer spending in the U.S. appears to have stabilized. It would be a good thing if the administration’s economic whizzes stabilized. Summers’ remarks indicate a complete disconnect with real people. Here’s why. It’s mid-March, right? And if you’re in a lucky tax bracket, what do you do? You file your tax return early because you will probably get a refund if you’ve withheld more than you owe. I hate that word ‘refund,’ by the way. They should call it a tax overpayment. Somebody should tell Summers, “It’s the tax refunds, stupid.” Take a look at what IRS said today.

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