As the government continues to pile up trillion dollar deficits, when interest rates return to a historical norm, interest payments on the national debt may exceed payments to Social Security recipients.
Middle-income households and workers haven't been disappearing. They've been moving into higher income levels, while the lowest-income groups have been getting smaller. But another recession could erase many of the gains made over 20 years.
Many entrepreneurs go into the marketplace with romantic and abstract notions of how markets work. But there's nothing romantic or abstract about the losses incurred by failed entrepreneurs.
Noah Smith's Bloomberg column praises Milton Friedman's "plucking model" of recessions, where the severity of a bust is connected to the strength of the following recovery. Does this refute Mises's BOOM-BUST theory?
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