Dean Baker

The NYT had a good piece this morning reporting on how the medical supply industry pays top hospital executives thousands of dollars for advice on how to market their products. This is what you expect to happen when government patent monopolies allow these firms to sell their products at prices that are several hundred percent […]

NPR had a piece this morning warning of a shortage of agricultural workers in California. It reported that some crops may rot in the field, if farmers there can’t get more workers by the end of the summer. Those of us who believe in markets would suggest that the farmers try raising wages. It is […]

Back in the days of the Soviet Union, key facts were often excluded from historical accounts in order not to put the regime in a bad light. The NYT seems to be experimenting with this journalistic style. Today’s article on the G-8 summit in St. Petersburg included a passing reference that described Russia’s 7-year long […]

The Times had an interesting piece discussing the impact of more than $1.2 trillion in adjustable rate mortgages resetting in the next two years. The article points out that many homeowners may find their rates increasing by as much as 2 full percentage points when their lock-in period ends on an adjustable rate mortgage. The […]

I will be giving a talk on my book, The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer, at Demos next Thursday at noon. The talk is free, as is the book, if you want to download it. You can the details on their website. –Dean Baker

Economists are supposed to be good at math. It is a great honor for an economist to be appointed as head of the President’s Council of Economic Advisors. For these reasons, it should be big news that the person currently holding this position apparently has problems with simple arithmetic. According to an article carried by […]

The coverage of the debate over the recent budget numbers has been painful. The arguments on both sides have been far removed from reality. The media should have put in the effort to bring the issue back to earth. First, the White House’s claim that the recent growth in revenue show that the tax cuts […]

The prospect of a new trade agreement with the United States has prompted mass opposition within South Korea, as demonstrated by large and angry protests. The International Herald Tribune (IHT) appears to be rising to the occasion, going all out to push the new pact. The article includes a variety of facts that are supposed […]

Many of the stories on the reduction in the 2006 budget deficit have correctly focused on the fact that the long-term deficit picture still looks pretty awful. However, they have badly misled readers about the reason for the deficit problem. The standard line is that “Social Security and Medicare” costs will explode as the baby […]

The initial reports on the Fed’s release of consumer credit data for May focused on the slow 2.4 percent annual rate of growth reported for the month. This reporting misses the boat. There are two major components to consumer credit. The non-revolving component is primarily car loans. This component fell at a 2.0 percent annual […]