Senator Rob Portman (R-OH), the ranking member of the Senate Homeland Security and Governmental Affairs Committee, released a new minority staff report on July 26 contending that, for more than a decade, China has made “a sustained effort . . . to gain influence over the Federal…
In assessing the possibility that a severe downturn occurred at the end of WWII, I took issue with conventional wartime and postwar output statistics, while taking the period's unemployment statistics at face value. In so doing I set aside a hypothesis that disputes the unemployment numbers themselves….
It was supposed to be a debacle. As the Second World War drew to a close, the nation's leading economists feared that, once the armed services demobilized, at least 8 million men and women, perhaps many more, would be unemployed. That meant an unemployment rate of 12…
Thanks to the Roosevelt Recession, in the spring of 1938 the New Deal's "Keynesians" finally found themselves in the saddle, displacing the planners, reformers, and trust-busters whose legislative efforts had petered out some months before. The Keynesians' rise was symbolized by the $3 billion spending program FDR…
Today, inflation has reached a 40-year high, in response to fiscal profligacy and accommodative monetary policy. Direct cash payments to individuals and businesses in 2020 and 2021, which totaled more than $5 trillion, along with the rapid growth of base money—under the Fed’s large-scale asset purchase program…