One of the enduring myths spread about by opponents of debt financed stimulus is that every dollar borrowed by the government represents one less available for private business. This is called the crowding out of the private sector. Worse, so the story goes, since the government tends to spend its money of things that earn […]

It takes no extraordinary acuity to see that New York is not Germany, and that Germany is not New York. It takes a little more struggle to wish that they were more similar. For if Germany were New York it would be part of a transfer union where funds flowed easily and anonymously from one […]