Robert P. Murphy
Business & Economics
Congress will show economic leadership by extending tax cuts
In 2001 and 2003, under the administration of George W. Bush, Congress passed significant tax reductions. These will expire on December 31, if Congress does nothing. Instead, Congress should seize the opportunity to show economic leadership, by extending the cuts and cutting federal spending. The current debate in Washington centers ...
Business & Economics
Double dip looks doubly certain
NASHVILLE, Tenn. (MarketWatch) — Economists and financial analysts are currently arguing whether the economy will experience a “double dip,” a recession followed by a short recovery, followed by another recession. Some think the worst is behind us, and that output and employment will slowly but steadily increase during the next ...
Business & Economics
LA TIMES: There’s no defense for the estate tax
In his July 6 Op-Ed, law professor Ray D. Madoff made a case for the estate tax, claiming that it promoted tax fairness and economic growth. Madoff is wrong on both counts. The estate tax violates common principles of justice and stifles economic growth. Congress should permanently lock in this ...
Business & Economics
What an economist learned in Haiti
I recently spent a week in Haiti helping with reconstruction efforts. I volunteered only as someone with two hands and a lot of Gatorade, but my professional background as an economist allowed me to diagnose some of Haiti’s problems. These go much deeper than the earthquake. I registered with the ...
Business & Economics
‘Government involvement’ never leads to lowered prices
After almost a month of repairs, the K.R. Harrington Water Treatment Plant is back in operation. Nashville residents can bathe and wash dishes normally. Now that the crisis has passed, it is useful to reflect on the economic lessons of government pricing and rationing. Let’s start with the basic facts. ...
Business & Economics
TN tax structure helps, but state, cities spend too much
As the bad memory of April 15 fades, my fellow Tennesseans may be curious to know how our state compares to others in terms of taxes. The good news centers on the methods state and local governments take to extract revenue. Here, at least, we fare quite well compared to ...
Business & Economics
Artificially low interest rates bad for economy
Ultra-low interest rates fueled the housing bubble, thanks to former Fed chairman Alan Greenspan’s direction. And Americans should brace for another crash because that practice has continued. The Federal Reserve’s Open Market Committee recently announced it would maintain a target of zero to 0.25 percent for the federal funds rate ...
Business & Economics
Bankers vs. Everyone
Libertarian Ron Paul’s “Audit the Fed” movement has gained the support of socialist Sen. Bernie Sanders (I-Vt.) and conservative Sen. Jim DeMint (R-S.C.). At the same time, anarchists in Greece riot against fiscal austerity measures, while organs of the strongest government on the planet—namely, the U.S. Justice Department and SEC—accuse ...
Business & Economics
Spending will confine Americans to debtors’ prison
The Congressional Budget Office recently updated its estimates of the fiscal impact of the Obama administration’s proposals. The results are breathtaking, and show that the federal government is making a great leap forward into the red. While there is still time, taxpayers should be asking some tough questions. The CBO ...
Business & Economics
Putting the Security Back in Social Security
(April 27) — Social Security needs fixing, most analysts agree, but supposedly we had a few more years to work out the details. Now the crisis is upon us. This year, Social Security will pay out more in benefits than it collects in employer and employee contributions, but the problems ...
Congress will show economic leadership by extending tax cuts
In 2001 and 2003, under the administration of George W. Bush, Congress passed significant tax reductions. These will expire on December 31, if Congress does nothing. Instead, Congress should seize the opportunity to show economic leadership, by extending the cuts and cutting federal spending. The current debate in Washington centers ...
Double dip looks doubly certain
NASHVILLE, Tenn. (MarketWatch) — Economists and financial analysts are currently arguing whether the economy will experience a “double dip,” a recession followed by a short recovery, followed by another recession. Some think the worst is behind us, and that output and employment will slowly but steadily increase during the next ...
LA TIMES: There’s no defense for the estate tax
In his July 6 Op-Ed, law professor Ray D. Madoff made a case for the estate tax, claiming that it promoted tax fairness and economic growth. Madoff is wrong on both counts. The estate tax violates common principles of justice and stifles economic growth. Congress should permanently lock in this ...
What an economist learned in Haiti
I recently spent a week in Haiti helping with reconstruction efforts. I volunteered only as someone with two hands and a lot of Gatorade, but my professional background as an economist allowed me to diagnose some of Haiti’s problems. These go much deeper than the earthquake. I registered with the ...
‘Government involvement’ never leads to lowered prices
After almost a month of repairs, the K.R. Harrington Water Treatment Plant is back in operation. Nashville residents can bathe and wash dishes normally. Now that the crisis has passed, it is useful to reflect on the economic lessons of government pricing and rationing. Let’s start with the basic facts. ...
TN tax structure helps, but state, cities spend too much
As the bad memory of April 15 fades, my fellow Tennesseans may be curious to know how our state compares to others in terms of taxes. The good news centers on the methods state and local governments take to extract revenue. Here, at least, we fare quite well compared to ...
Artificially low interest rates bad for economy
Ultra-low interest rates fueled the housing bubble, thanks to former Fed chairman Alan Greenspan’s direction. And Americans should brace for another crash because that practice has continued. The Federal Reserve’s Open Market Committee recently announced it would maintain a target of zero to 0.25 percent for the federal funds rate ...
Bankers vs. Everyone
Libertarian Ron Paul’s “Audit the Fed” movement has gained the support of socialist Sen. Bernie Sanders (I-Vt.) and conservative Sen. Jim DeMint (R-S.C.). At the same time, anarchists in Greece riot against fiscal austerity measures, while organs of the strongest government on the planet—namely, the U.S. Justice Department and SEC—accuse ...
Spending will confine Americans to debtors’ prison
The Congressional Budget Office recently updated its estimates of the fiscal impact of the Obama administration’s proposals. The results are breathtaking, and show that the federal government is making a great leap forward into the red. While there is still time, taxpayers should be asking some tough questions. The CBO ...
Putting the Security Back in Social Security
(April 27) — Social Security needs fixing, most analysts agree, but supposedly we had a few more years to work out the details. Now the crisis is upon us. This year, Social Security will pay out more in benefits than it collects in employer and employee contributions, but the problems ...
