A News Years Eve, 1965, Time magazine article quoted iconic free-market economist Milton Friedman as saying, "We are all Keynesians now." Friedman later explained that the quote was taken out of context. He meant that even though the language of John Maynard Keynes—famous for recommending fiscal policy as a tool to manage the economy—had pervaded popular consciousness, most people had no idea what this meant.   more »

Congress and the President have finally left town. But they left quite a legacy. Here are our nominees for the five biggest fiscal losers of 2007. The AMT Patch: Sure, Congress finally agreed to keep 20 million middle-class families off the AMT for one more year. But it never paid for the $50 billion temporary fix and ignored proposals to permanently resolve the mess. Just wait until next year, when they do it all again.    more »

To the surprise of no-one, the Senate has blinked in the stand-off over whether Congress will pay for the cost of patching the Alternative Minimum Tax for another year. The question now: Will House Democrats stand firm, or will they too cave in to the big-bucks lobbying campaign of the hedge fund and private equity industry?   more »