Tuesday, March 3, 2015

Business Cycle Doesn't Care About Budget Holes

While the world focuses on Greece's cash crunch, they miss smaller, less obvious moves of desperation within core economies (1,2).  Budget deficits ('holes') will only get worse as the global economy turns down decisively in 2016.  Those that believe tax receipts can be increased during a global contraction either believe that the business cycle, like King Kong, can be controlled for our entertainment or, more likely, are unaware that it exists.


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