Tax rebates, tax cuts and business bailouts will not solve this crisis. Here’s what’s needed.
Author Archive | James K. Galbraith
The thing about Trump’s infrastructure plan is: it doesn’t really exist
The Republican leaders of Congress killed off Trump’s much touted infrastructure plan months before he even reached the Oval Office. What we are left with is a farce.
There Is No Economic Justification for Deficit Reduction
Statement to the Commission on Deficit Reduction by James K. Galbraith, Lloyd M. Bentsen, jr. Chair in Government/Business Relations, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin, and Vice President, Americans for Democratic Action, June 30, 2010 Mr. Chairmen, members of the commission, thank you for inviting this statement. I […]
A “People First” Strategy: Credit Cannot Flow When There Are No Creditworthy Borrowers or Profitable Projects
In 1930, John Maynard Keynes wrote: “The world has been slow to realise that we are living this year in the shadow of one of the greatest economic catastrophes of modern history.” Today, as then, we are in the shadow of catastrophe. Today, as then, our thinking is slow. We need to come to grips […]
We Are at the Beginning of a Long, Profound, Painful Process of Change
Statement by James K. Galbraith, Lloyd M. Bentsen, jr., Chair in Government/Business Relations, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin and Senior Scholar, Levy Economics Institute, before the Committee on Financial Services, U.S. House of Representatives, Hearings on the Conduct of Monetary Policy, February 26, 2009. Mr. Chairman and […]
A Bailout We Don’t Need
Now that all five big investment banks — Bear Stearns, Merrill Lynch, Lehman Brothers, Goldman Sachs and Morgan Stanley — have disappeared or morphed into regular banks, a question arises. Is this bailout still necessary? The point of the bailout is to buy assets that are illiquid but not worthless. But regular banks hold assets […]
