Robert P. Murphy

Business & Economics

Congress will show economic leadership by extending tax cuts

In 2001 and 2003, under the administration of George W. Bush, Congress passed significant tax reductions. These will expire on December 31, if Congress does nothing. Instead, Congress should seize the opportunity to show economic leadership, by extending the cuts and cutting federal spending. The current debate in Washington centers ...
Business & Economics

Double dip looks doubly certain

NASHVILLE, Tenn. (MarketWatch) — Economists and financial analysts are currently arguing whether the economy will experience a “double dip,” a recession followed by a short recovery, followed by another recession. Some think the worst is behind us, and that output and employment will slowly but steadily increase during the next ...
Business & Economics

LA TIMES: There’s no defense for the estate tax

In his July 6 Op-Ed, law professor Ray D. Madoff made a case for the estate tax, claiming that it promoted tax fairness and economic growth. Madoff is wrong on both counts. The estate tax violates common principles of justice and stifles economic growth. Congress should permanently lock in this ...
Business & Economics

What an economist learned in Haiti

I recently spent a week in Haiti helping with reconstruction efforts. I volunteered only as someone with two hands and a lot of Gatorade, but my professional background as an economist allowed me to diagnose some of Haiti’s problems. These go much deeper than the earthquake. I registered with the ...
Business & Economics

‘Government involvement’ never leads to lowered prices

After almost a month of repairs, the K.R. Har­ring­ton Water Treat­ment Plant is back in oper­a­tion. Nashville res­i­dents can bathe and wash dishes nor­mally. Now that the cri­sis has passed, it is use­ful to reflect on the eco­nomic lessons of gov­ern­ment pric­ing and rationing. Let’s start with the basic facts. ...
Business & Economics

TN tax structure helps, but state, cities spend too much

As the bad mem­ory of April 15 fades, my fel­low Ten­nesseans may be curi­ous to know how our state com­pares to oth­ers in terms of taxes. The good news cen­ters on the meth­ods state and local gov­ern­ments take to extract rev­enue. Here, at least, we fare quite well com­pared to ...
Business & Economics

Artificially low interest rates bad for economy

Ultra-low interest rates fueled the housing bubble, thanks to former Fed chairman Alan Greenspan’s direction. And Americans should brace for another crash because that practice has continued. The Federal Reserve’s Open Market Committee recently announced it would maintain a target of zero to 0.25 percent for the federal funds rate ...
Business & Economics

Bankers vs. Everyone

Libertarian Ron Paul’s “Audit the Fed” movement has gained the support of socialist Sen. Bernie Sanders (I-Vt.) and conservative Sen. Jim DeMint (R-S.C.). At the same time, anarchists in Greece riot against fiscal austerity measures, while organs of the strongest government on the planet—namely, the U.S. Justice Department and SEC—accuse ...
Business & Economics

Spending will confine Americans to debtors’ prison

The Congressional Budget Office recently updated its estimates of the fiscal impact of the Obama administration’s proposals. The results are breathtaking, and show that the federal government is making a great leap forward into the red. While there is still time, taxpayers should be asking some tough questions. The CBO ...
Business & Economics

Putting the Security Back in Social Security

(April 27) — Social Security needs fixing, most analysts agree, but supposedly we had a few more years to work out the details. Now the crisis is upon us. This year, Social Security will pay out more in benefits than it collects in employer and employee contributions, but the problems ...
Business & Economics

Congress will show economic leadership by extending tax cuts

In 2001 and 2003, under the administration of George W. Bush, Congress passed significant tax reductions. These will expire on December 31, if Congress does nothing. Instead, Congress should seize the opportunity to show economic leadership, by extending the cuts and cutting federal spending. The current debate in Washington centers ...
Business & Economics

Double dip looks doubly certain

NASHVILLE, Tenn. (MarketWatch) — Economists and financial analysts are currently arguing whether the economy will experience a “double dip,” a recession followed by a short recovery, followed by another recession. Some think the worst is behind us, and that output and employment will slowly but steadily increase during the next ...
Business & Economics

LA TIMES: There’s no defense for the estate tax

In his July 6 Op-Ed, law professor Ray D. Madoff made a case for the estate tax, claiming that it promoted tax fairness and economic growth. Madoff is wrong on both counts. The estate tax violates common principles of justice and stifles economic growth. Congress should permanently lock in this ...
Business & Economics

What an economist learned in Haiti

I recently spent a week in Haiti helping with reconstruction efforts. I volunteered only as someone with two hands and a lot of Gatorade, but my professional background as an economist allowed me to diagnose some of Haiti’s problems. These go much deeper than the earthquake. I registered with the ...
Business & Economics

‘Government involvement’ never leads to lowered prices

After almost a month of repairs, the K.R. Har­ring­ton Water Treat­ment Plant is back in oper­a­tion. Nashville res­i­dents can bathe and wash dishes nor­mally. Now that the cri­sis has passed, it is use­ful to reflect on the eco­nomic lessons of gov­ern­ment pric­ing and rationing. Let’s start with the basic facts. ...
Business & Economics

TN tax structure helps, but state, cities spend too much

As the bad mem­ory of April 15 fades, my fel­low Ten­nesseans may be curi­ous to know how our state com­pares to oth­ers in terms of taxes. The good news cen­ters on the meth­ods state and local gov­ern­ments take to extract rev­enue. Here, at least, we fare quite well com­pared to ...
Business & Economics

Artificially low interest rates bad for economy

Ultra-low interest rates fueled the housing bubble, thanks to former Fed chairman Alan Greenspan’s direction. And Americans should brace for another crash because that practice has continued. The Federal Reserve’s Open Market Committee recently announced it would maintain a target of zero to 0.25 percent for the federal funds rate ...
Business & Economics

Bankers vs. Everyone

Libertarian Ron Paul’s “Audit the Fed” movement has gained the support of socialist Sen. Bernie Sanders (I-Vt.) and conservative Sen. Jim DeMint (R-S.C.). At the same time, anarchists in Greece riot against fiscal austerity measures, while organs of the strongest government on the planet—namely, the U.S. Justice Department and SEC—accuse ...
Business & Economics

Spending will confine Americans to debtors’ prison

The Congressional Budget Office recently updated its estimates of the fiscal impact of the Obama administration’s proposals. The results are breathtaking, and show that the federal government is making a great leap forward into the red. While there is still time, taxpayers should be asking some tough questions. The CBO ...
Business & Economics

Putting the Security Back in Social Security

(April 27) — Social Security needs fixing, most analysts agree, but supposedly we had a few more years to work out the details. Now the crisis is upon us. This year, Social Security will pay out more in benefits than it collects in employer and employee contributions, but the problems ...
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