President Obama Weighs His Economic Legacy by Andrew Ross Sorkin [The New York Times] Eight years after the financial crisis, unemployment is at 5 percent, deficits are down and G.D.P. is growing. Why do so many voters feel left behind? The president has a theory. [more inside]
By comparison to what it could have been, it’s a miracle. By comparison to what it should have been, it’s a disaster. - A historic deal has been struck in Paris to reduce carbon emissions and reduce global warming, with a ceiling of 2 degrees centigrade and a goal of 1.5C. 2015 has been the hottest year on record.
Tonight at 9 EST Democratic candidates Hillary Clinton, Bernie Sanders, and Martin O'Malley will come together for a debate in Iowa at Drake University. [more inside]
Several recent developments reveal how political and institutional fragmentation in the United States has produced self-inflicted wounds for the U.S. abroad. In all of these instances, America’s ability to exercise economic power in the world has been deliberately curtailed through decisions made unilaterally in Washington by American political leaders.
"What Obama would say at the State of the Union if he were being brutally honest": They do it because that's how the game works. They do it because the rules are you line up in front of the other team and then you hit them as hard as you can. They do it because, for one side to win, the other has to lose. And they do it because, if they don't do it, they're off the team. Football has no place for conscientious objectors. [more inside]
Ian Welsh on The Role of Character and Ideology in Prosperity and Why We Live In a Shitty Economy for Most People
This PewResearch animation graphically shows the growing polarization among US voters during the past 15 years. Part of a 121 page pdf. Pew doesn't address why polarization is happening, but the pundits will try: "Voters are becoming angrier because living standards are falling and the middle class is shriveling." Democrats blame corporations, Republicans blame the government and the Dallas Fed blames robots. [more inside]
It's time for Americans to gather around the dinner table, eat too much, and argue about politics! A new genre of Thanksgiving-themed web pages seems to be taking off this year, that being the "How to argue with your [opposite political party] family members at Thanksgiving" genre. From the left side of the political spectrum, the Democratic National Committee has launched "The Democrat's Guide to Talking Politics with Your Republican Uncle", and The Huffington Post chimed in with "Here's Every Argument You'll Need To Win Your Obamacare Debate This Thanksgiving". Not to be outdone, conservatives have responded with cheat sheets of their own, including RedState.com's "Thanksgiving dinner with your liberal relatives" and The Washington Examiner's "The Thanksgiving guide to making conservative arguments liberals can understand". [more inside]
The last mystery of the financial crisis. It's long been suspected that ratings agencies like Moody's and Standard & Poor's helped trigger the meltdown. A new trove of embarrassing documents shows how they did it. by Matt Taibbi in Rolling Stone.
Secret and Lies of the Bailout. "The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come." [Via]
Eunuchs of the Universe: Tom Wolfe on Wall Street Today: [Daily Beast]
"As America teeters on a cliff, Tom Wolfe draws up a sterling indictment of our unscrupulous financial culture. Twenty-five years after Bonfire of the Vanities, the author returns to Wall Street to see what happened to the Masters of the Universe."
2012: The year in graphs - as picked by the Washington Post Wonkblog's favorite economists, political scientist, politicians and other wonkys.
Global Trends 2030 Alternate Worlds is the latest quadrennial report from The US National Intelligence Council (NIC). (Report: PDF / Talking Points: PDF.) Similar to its predecessors, '2030' attempts to predict 'alternate visions of the future.' An official blog discusses their speculations. The Atlantic Council has published a "companion publication": "Envisioning 2030: US Strategy for a Post-Western World." [more inside]
The November 6th elections saw a lot of historic decisions made in the United States -- the first black president re-elected, marijuana legalized for the first time in two states, gay marriage affirmed by the voters in four, and even the first openly gay senator. But perhaps the most underreported result yesterday came from outside the country altogether: in the commonwealth of Puerto Rico, a solid majority voted to reject the island's current status and join America as the long-fabled 51st state. How the bid might fare in Congress is an open question, but both President Obama and Republican leaders have vowed support for the statehood movement if it proves successful at the ballot box (while D.C. officials ponder a two-fer gambit to grease the wheels). Though it would be the poorest state, joining the Union might bring economic benefits to both sides [PDF]. And politically, some argue the island might prove to be a reliably red state, despite the Hispanic population, although arch-conservative governor and Romney ally Luis Fortuño appears headed toward a narrow loss. But the most important question here, as always, is: how to redesign the flag? (Puerto Rican statehood discussed previously.)
“We’re getting a lot of calls from high earners who are asking whether they should get out of France,” said Mr. Grandil... “Even young, dynamic people pulling in 200,000 euros are wondering whether to remain in a country where making money is not considered a good thing.” French president François Hollande's plan to tax income above a million euros ($1.24 million) a year at 75% is alarming some.
"Dwarfing even the $2 trillion borrowed for the Railway Ministry’s high-speed networks since 2008, and the thousands of kilometres of 4–6 lane toll roads with barely a vehicle on them, China’s building binge is the most striking example of what Prime Minister Wen Jiabao famously, but impotently, denounced in 2007 as the country’s “unbalanced, unstable, uncoordinated and unsustainable” model of economic development. Now, with house prices and sales sagging in response to government restrictions aimed at deflating history’s biggest ever property bubble, and with local governments as deep in bad debt as the developers, I asked the businessman what was to prevent the bubble actually bursting, in a spectacular financial explosion? "
With the recent news that unemployment applications are at their lowest levels since 2008, Congressional Republicans are attempting to curtail unemployment benefits. Democrats want to extend benefits for another year. This has led to an impasse. [more inside]
Australian Exceptionalism "Let that phrase roll off your tongue... now stop laughing if you can." [more inside]
Coming Apart: After 9/11 transfixed America, the country’s problems were left to rot. "No national consensus formed around 9/11. Indeed, the decade since has destroyed the very possibility of a common narrative."
The talks between President Obama and House Speaker John Boehner "collapsed" Friday with little more than a week to go before the United States may effectively default on its debt. The two parties have been in ongoing negotiations for months over GOP refusal to raise the legal limit on national debt unless tied to a significant package of spending cuts - with some members and activists opposed to any increase whatsoever [more inside]
Obama proposes Social Security cuts. Amid ongoing debt talks wherein the Democrats are seeking to raise the debt ceiling to prevent the default of Federal debt, "entitlement reform" has been a hot topic. This morning, Obama has taken the unusual step of proposing even larger spending cuts than Republicans have asked for, mystifying many. Has the Grand Bargain arrived?
As California goes, so goes the country, they used to say. Well, yikes. Golden State, an n+1 piece by Nikil Saval, presents a bleak picture of paralysis and conflicted interests that has rendered "The Bellwether State" all but inoperable. (via Arts & Letters Daily)
"Imagine a parallel universe where the Great Crash of 2008 was followed by a Tea Party of a very different kind.... The name of this parallel universe is Britain." The UK's Progressive Tea Party.
The Chancellor of the UK coalition government has announced the details of the Comprehensive Spending Review, setting budgets for government departments to 2014/15. Total savings will be £18 billion. Local government funding will be cut 7% each year for the next four years. The Arts Council budget will be cut by 30%. 490,000 jobs are forecast to be lost over the period in the public sector. The average cuts for each government department will be 19%. The speech. HM Treasury Spending Review pages. Guardian summary. Independent article. Nick Robinson's blog for the BBC. Make your own cuts with the Guardian's interactive tool. Graphic showing 09/10 government spending (that is, before the cuts).
These folks in rural Arkansas and Missouri are getting jobs that are often reported as going to India and other countries. Is this a sign of American ingenuity or decline?
In 2010, Obama will have a miserable year, NATO may lose in Afghanistan, the UK gets a regime change, China needs to chill, India's factories will overtake its farms, Europe risks becoming an irrelevant museum, the stimulus will need an exit strategy, the G20 will see a challenge from the "G2", African football will unite Korea, conflict over natural resources will grow, Sarkozy will be unloved and unrivalled, the kids will come together to solve the world's problems (because their elders are unable), technology will grow ever more ubiquitous, we'll all charge our phones via USB, MBAs will be uncool, the Space Shuttle will be put to rest, and Somalia will be the worst country in the world. And so the Tens begin.
The Economist: The World in 2010. [more inside]
The Economist: The World in 2010. [more inside]
NRW 1946—2006. Short articles chronicling North Rhine-Westphalia. The site has one rather large shortcoming though, the video clips cannot be accessed (only available on VHS within the State!).
While the world may be abuzz with talk of President Obama's first (sorta kinda but not really) State of the Union Address last night, others are comparing Louisiana Governor Bobby Jindal -- who, in his response (part 1, part 2) scoffed at high-speed rail and suggested that monitoring volcanoes is somehow a bad thing -- to, um... well, just check it out for yourself. [more inside]
Great achievements in American socialism: A slide show of two dozen excellent things the federal government bought with your money.
In 2009, a remarkably gifted politician, confronting a remarkably difficult set of challenges, will have to learn to say "No we can't", Guantánamo will prove a moral minefield, economic recovery will be invisible to the naked eye, governments must prepare for the day they stop financial guarantees, we will judge our commitment to sustainability, scientists should research the causes of religion, we will all be potential online paparazzi, English will have more words than any other language (but it's meaningless), Afghanistan will see a surge of Western (read: American) troops, Iran will continue its nuclear quest while diplomacy lies in shambles, the sea floor is the new frontier, we should rethink aging, (non-)voters will continue to thwart the European project -- but cheap travel will continue to buoy it -- though it has some unfinished business to attend to, and a Nordic defence bond will blossom.
The Economist: The World in 2009. [more inside]
The Economist: The World in 2009. [more inside]
Pollan for Agriculture Secretary? It has been suggested (and previously) that Michael Pollan, author of Second Nature, The Omnivore's Dilemma, might make a good Secretary of Agriculture. This would be a dramatic departure for an office that has a decades-long history of steering US agriculture policy to the advantage of the largest agribusiness corporations. Especially given Obama's potential connections to Big Corn, how silly would we be to anticipate real change in US ag policy, relevant as it may be to the economic, energy, climate, and national security issues he campaigned on? Via the Brian Lehrer Show.
The Stakes, 2008. Eight of the Washington Monthly's contributing editors "consider the looming challenges that America is likely to face—in the economy, education, the courts, and other areas—during an Obama or McCain presidency, and how, based on what we know about the two men, they are likely to handle them." [more inside]
The $3 Trillion Shopping Spree. "The occupation of Iraq will cost $3 trillion, America's most expensive conflict since WWII. Can YOU spend that money better? Here's your chance to go on a virtual $3 trillion shopping spree and prove it!" [Via Gristmill.]
A very special 'This American Life' about an administration with the endemic belief that laws only apply to the little people, and a limitless refusal to concede on even petty issues, no matter the costs. The highlight is about immigrant widows of US citizens (30:50). The program also discusses the constitutional beliefs of the presidential candidates. [more inside]
The Economic Consequences of Mr. Bush. "The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup." [Via Firedoglake.]
In 2007 there will be lots of anniversaries, the web will keep killing the television star, the popcorn will taste familiar, humankind will come closer still to achieving immortality, and text messaging will conquer Africa. And although the spread of democracy is stalling (don't worry however - the Swedes still win (pdf)), it's still down to George Bush.
The Economist: The World in 2007.
The Economist: The World in 2007.
An American paradox: Why so many families report being financially less secure even as the nation has grown more prosperous. The answer lies in a quarter-century-long shift of economic risks from the broad shoulders of business and government to the backs of working families.
Party like it's 1892! "Executive power and patronage have been used to corrupt our legislatures and defeat the will of the people, and plutocracy has thereby been enthroned upon the ruins of democracy."* In the late 1800s, the Populist Party, or People's Party, formed to merge the Farmers Alliance message of economic empowerment for growers with the Knights of Labor's movement to check the growing power and corrupt practices of big business (along with the Greenbacks Party critiques of monetary policy). With a strong base in the midwest and south, the party earned 9% of the 1892 popular vote, won the presidential electoral votes of four states (not to mention electing 10 congressmen, 5 senators, 3 governors, and 1,500 state legislators). However the party's power quickly faded as the Democratic Party co-opted much of the Populist platform while internal disputes culminated in the Populists placing the Dems' 1896 nominee at the head of their own ticket. Nevertheless, the populist movement's influence continued to be felt through various 20th century reforms including direct election of senators, presidential term limits, and abandonment of the gold standard.
Tax Man Bush says tax cuts stimulate the economy. Unfortunately, he's fallen more than 2.2 million jobs short of the projection made by his own economists.
Executive Pay-Day Perhaps, if we don't maintain the greatest worker-to-executive salary discrepancy in the world, the terrorists win.
How Bush's economic stimulus proposal may affect you. An easy to understand explanation of what we might expect from Bush's tax cut proposal to be announced on Tuesday.
Shooting the messenger. "The Bush administration, under fire for its handling of the economy, has quietly killed off a Labor Department program that tracked mass layoffs by U.S. companies." (via madamjujujive)
The End of Empire? "You can't sustain an empire from a debtor's weakening position--sooner or later the creditors pull the plug. That humiliating lesson was learned by Great Britain early in the last century, and the United States faces a similar reckoning ahead."
I'm curious, isn't this exactly opposite of what we're being told? I'm always hearing the wealthy are benefitting somehow from GWB's new tax plan. I'm certainly no-where near the top 5%, and now I don't want to be.
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