In 2013, a graduate student discovered a flaw in a spreadsheet, renewing the debate about austerity and debt. Emerging economies tanked, and Bitcoin boomed. In the U.S., unemployment fell and the Federal Reserve started to scale back its bond-buying program. Research focused on inequality and jobs gap between the highly skilled and everyone else. The Affordable Care Act began.
Republican lawmakers have played down the significance of hitting the debt limit, saying the U.S. can avoid default by putting aside funds to pay bond holders. Economists affiliated with the party aren’t so sanguine.
Oil companies, manufacturers, advertisers and real estate investors warned that a proposal from Senate Finance Chairman Max Baucus to slow down deductions for capital assets could raise the cost of investment.
Fees that health insurers will be required to pay the U.S. government starting in 2014 will give nonprofits such as Kaiser Permanente a market advantage over corporate competitors, said economist Douglas Holtz-Eakin.
Although Warren Buffett may be a stellar investor, his entry into the world of federal tax policy has brought forth nothing but bad ideas based on flawed information and misleading demagoguery. Let’s review the record.