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Opinion

Keynes, Obama and the future

Keynes, Obama and the future
BY CHRISTOPHER W. YOUNG
COMMENTARY

Despite the overwhelming amount of commentary about the Great Depression and the recently labeled Great Recession, the United States has survived twelve or more panics, crashes and recessions since its founding in 1776. From the land speculation bubble of 1796 to the beginning of the Great Depression, the political answers to these troubled times was, for the most part, to allow the fiasco's to run their course. Allow the market to fix the problem. Sure, the government put people in jail, others skirted to the hills to save themselves from the vicious mobs who trailed them but overall the government did not intervene with stimulus. The purpose seemed to be that the government wanted society to learn from its missteps despite how painful it may have been.

It was not until the Great Depression when Lord Keynes advocated for ‘temporary' deficit spending by the government to help fuel business investment that government intervention became so popular. Up until the Great Depression of 1929, the United States ran a national debt that was typically about 15-18% of GDP. Post the Great Depression, this number climbed to about 120% in 1946 and 1947 just after World War II. The estimated national debt as a percentage of GDP is expected to be about 102% as of 2015, up from 55% or so in 2000.

 

Christie’s N.J. property tax toolkit needs a hammer

Christie’s N.J. property tax toolkit needs a hammer
BY WILLIAM G. DRESSEL, JR.
COMMENTARY

Over the past month, the governor signed a budget that cut municipal property tax relief funding by about $400 million, and a new 2 percent cap on future property t...

New Jersey’s economic recovery will not come easy

New Jersey’s economic recovery will not come easy
BY HANK KALET
NEWJERSEYNEWSROOM.COM
COMMENTARY

Gov. Chris Christie was elected promising a rebirth of the state's economy, a promise it was clear he couldn't keep given the structural changes that have h...

To infinity and beyond: The state of media in the 21st Century

To infinity and beyond: The state of media in the 21st Century
BY RICHARD A. LEE
COMMENTARY

Right before I left for Italy at the end of June, my two daughters took me to see the movie Toy Story 3 for Fathers' Day. They are both grown now, but we had enjoyed the Toy St...

Protect N.J. by treating coal ash like toxic waste

Protect N.J. by treating coal ash like toxic waste
BY JEFF TITTEL AND TRACY CARLUCCIO
COMMENTARY

New Jersey may not be a coal state, but the pollution from coal surrounds us. The prevalence of coal fired power plants in Pennsylvania and Ohio pollutes th...

Christie’s proposal is good for sports complex — And the entire Meadowlands

Christie’s proposal is good for sports complex — And the entire Meadowlands
BY ALAN J. STEINBERG
NEWJERSEYNEWSROOM.COM
COMMENTARY

Governor Chris Christie is a fan of baseball's New York Mets. His baseball club hasn't been playing very well recently, but the Governor hit a polit...

Now is the time to begin dialogue of shared services in N.J.

Now is the time to begin dialogue of shared services in N.J.
BY DOMENICK STAMPONE
COMMENTARY

Sharing services between local communities is an obvious and pragmatic approach to stabilizing our taxes and maintaining a high level of municipal services our residents ...

Real N.J. property tax reform takes more than caps and cuts

Real N.J. property tax reform takes more than caps and cuts
BY WILLIAM G. DRESSEL, JR.
COMMENTARY

Facing an unprecedented revenue gap this year, Gov. Chris Christie introduced, and the Legislature passed, a budget that cut funding for municipal property tax reli...

How well will the 2 percent cap work on NJ municipal budgets?

How well will the 2 percent cap work on NJ municipal budgets?
EDITORIAL CARTOON BY MIKE SCOTT
NEWJERSEYNEWSROOM.COM

The NJ Senate, Assembly and Gov. Chris Christie reached a compromise on a "hard" 2 percent cap on municipal spending, but with exceptions for health...

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