Published on 22 Feb 2017
In this episode, Dr. Antony Davies, Professor of Economics of Duquesne University in Pittsburgh, and Dr. James R. Harrigan, Senior Research Fellow at Strata, in Logan, Utah discuss the way the Congressional Budget Office works, and outline its history of failure at accurately forecasting increases in the national debt.
Find out more about the CBO and debt projections here:
https://fee.org/articles/the-congressional-budget-office-cant-countand here:
http://www.huffingtonpost.com/entry/58a0810be4b0e172783a9daaPlus, check out this great 360 Video from Learn Liberty with Antony Daves that helps put the massive scale of the current US Federal debt into perspective: https://www.youtube.com/watch?v=ErUZjM16r1M
And track the National Debt in real time here:
http://www.usdebtclock.org/
February 23, 2017
Words & Numbers: The CBO Can’t Count
Catherine the Great – I: Not Quite Catherine Yet – Extra History
Published on Jan 28, 2017
Before she became Catherine the Great, legendary empress of Russia, she was a smart but lonely girl named Sophia. Her mother ignored her until family connections proposed a marriage between Sophia and the presumptive heir to the Russian throne – and suddenly she was thrown from her quiet life in a backwoods mansion to the center of a cutthroat political world.
QotD: Government failure is baked-in
One can build a very good predictive model of government agency behavior if one assumes the main purpose of the agency is to maximize its budget and staff count. Yes, many in the organization are there because they support the agency’s public mission (e.g. protecting the environment at the EPA), but I can tell you from long experience that preservation of their staff and budget will almost always come ahead of their public mission if push comes to shove.
The way, then, to punish an agency is to take away some staff and budget. Nothing else will get their attention. Unfortunately, in most scandals where an agency proves itself to be incompetent or corrupt or both (e.g. IRS, the VA, more recently with OPM and their data breaches) the tendency is to believe the “fix” involves sending the agency more resources. Certainly the agency and its supporters will scream “lack of resources” as an excuse for any problem.
And that is how nearly every failing government agency is rewarded for their failure, rather than punished. Which is why our agencies fail so much.
Warren Meyer, “Congress Almost Always Rewards Failed Government Agencies. Here is Why”, Coyote Blog, 2015-06-17.
