By now, you’re probably tired of all the back-and-forth on Reinhart and Rogoff. That would be Harvard University’s Carmen Reinhart and Kenneth Rogoff, the economists who co-authored the 2009 best-seller, “This Time Is Different: Eight Centuries of Financial Folly,” and who are now on the firing line because of minor data errors in a 2010 working paper.
A bullet point on Page 18 of President Barack Obama’s 2014 budget sounds ominous: “Prohibit Individuals from Accumulating Over $3 Million in Tax-Preferred Retirement Accounts.” That it appears in a section titled “Strengthening the Middle Class” is odd since such a proposal would seem to undermine the goal.
The Republican majority in the U.S. House of Representatives is promising to cut $100 billion from domestic spending this year. The Tea Party caucus’s response? I’ll see your $100 billion and raise you $2.4 trillion over 10 years.