Fiscal Policy
Downturn? Walmart Lowers Profits Outlook
On Monday, Walmart announced that it was lowering its profit outlook for the second quarter of the fiscal year 2023. The company now says that its operating margin will be...
What is the “Trillion-Dollar Coin”?
Back during the debt ceiling debates of the Obama Administration, some economists and other commentators came up with a proposal to solve the problem: For a single coin to be...
After the 2020 Bust, Look Out for the 2021 Blip
It could have been worse. But, yes, it was pretty bad. Measured year over year, the American economy contracted by 3.5 percent in 2020, according to the Commerce Department this morning. It...
COVID-19 Will Turn the State Pension Problem into a Fiscal Crisis
You may be wondering why, over the last few months, the state pension problem – normally not a subject of widespread discussion – has been in the news. In fact,...
How Will the World Pay for Enormous Debt Accumulated by the Coronavirus?
The macroeconomic shock to the world economy from the COVID-19 pandemic is arguably unprecedented in modern times. The financial response by governments of the major economies has been substantial. The...
Even During The Coronavirus Crisis, The Fed’s Independence Must Be Respected
Not long ago, the CMFA staff and I were preparing to officially launch The Menace of Fiscal QE, my book aimed at countering efforts to have the Fed undertake or otherwise...
Medicaid Improper Payments are Much Worse Than Reported
Earlier this week, Centers for Medicare & Medicaid Services (CMS) raised its estimate of Medicaid’s improper payments from $36 billion (9.8 percent of federal Medicaid expenditures) to $57 billion (14.9 percent of...