Since I am still sick, I am going to do a series of short posts until I feel well enough for longer-form stuff.
Here I just want to mention the Paul Ryan budget, which looks to balance the US budget via budget cuts. Now I get the ideological bias against big government and the corollary that government spending should be held in check for this reason. That's a philosophical or ideological view. I get that. But what is always disconcerting for me is how it's not the ideological point that leads. Rather it is the false economic narrative.
Why does the federal government need to balance its books? Where does the money come from that the government spends? Whose income gets cut when spending gets cut? These are a few of the questions we should be asking when thinking about cutting or raising...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.