Page 21 - Paul Samuelson News Today

If a big problem with the potential of causing major disruption gets resolved in a series of steps without causing major disruption, then this is good news

The essential point is that economists’ competitive frame is falsely founded, and that our competitive social systems are spawning and reinforcing a dangerously myopic culture that is doing us a great deal of damage.

Following is the unofficial transcript of a CNBC interview with Berkshire Hathaway Chairman & CEO Warren Buffett on CNBC’s “Squawk Box”

A fiscal deficit occurs when the benefits and services received by one group exceeds the taxes paid.

In the Progressive and New Deal eras, there was a markedly different response to rising prices, and a different usage of economic theory.

A perilous possibility now confronts us—the conversion of America, the leading capitalist nation in the world, into a socialist state. Impossible, you say? Consider the following.  The national polls continue to show that a large majority of millennials have a favorable view of socialism. A near majority favor the “compassion” of socialism over capitalism which, they argue, is indifferent to the needs of the people, especially those on the bottom rung of the economic ladder.

Usual economic theories no longer hold water

BG1035:  Jobs, Growth, Freedom, and Fairness:  WhyAmerica Needs a Flat Tax

The Fed is fulfilling its obligation to restrain wage and price pressures while so far avoiding a recession. The relatively benign current outcome of Americans fully employed without uncontrollable inflation is in stark contrast to the 1970s

The beautiful dream.