Daily Digest - March 13: Same Plan, Different Day

Mar 13, 2013Tim Price

Click here to receive the Daily Digest via e-mail.

Above the law (WaPo)

Click here to receive the Daily Digest via e-mail.

Above the law (WaPo)

Katrina vanden Heuvel argues that the combo of drone warfare and "too big to fail" contradicts the idea of the U.S. as a nation of laws, creating a system in which ordinary citizens may be blown up by remote control but criminal bankers are untouchable.

Ryan the Redistributionist (Robert Reich)

Reich notes that while the GOP claims Paul Ryan's budget aims to free the middle class from the financial burden President Obama has imposed on them, that's just to distract them while Ryan reaches into their pockets and collects their tributes to the rich.

What Paul Ryan's Budget Means for Women (The Nation)

NND Editor Bryce Covert writes that the latest version of the Ryan budget doesn't let up on the policies voters in general and women in particular rejected in the last election, and his cuts to the safety net and domestic spending show the rejection is mutual.

We Need a Shadow CBO (Harper's)

Roosevelt Institute Senior Fellow Jeff Madrick highlights a study that shows our long-term debt problem isn't as bad as the CBO's alarmist projections, and the need for an alternative source for predictions about the real world rather than the "neutral" one.

The Millennial Generation Can Lead Us Out of Gridlock (Time)

Eric Liu argues that while the rising Millennial generation has big goals and expectations for what an active government can achieve, its instinct is to go around or over the obstacles it faces rather than hurling itself face-first into them like current policymakers.

Budget war showcases sharp contrast in values and priorities (WaPo)

Greg Sargent notes that Senate Democrats, led by Patty Murray, will unveil their plan to replace the sequester with $100 billion in new stimulus spending today, which sounds like a pie in the face compared to the proposals of Very Serious Man Paul Ryan.

Blessings of Low Taxes Remain Unproved (NYT)

Eduardo Porter writes that despite the GOP's long-held belief that "lower thy tax rates" is the 11th commandment, most recently enshrined in the Ryan budget, three decades of experimentation have yet to produce the economic miracles they prophesied.

Research ties economic inequality to gap in life expectancy (WaPo)

Michael Fletcher compares life expectancy in two neighboring but economically disparate counties in Florida to show that when policymakers say we need to account for the fact that Americans are living longer than ever, there's a silent "rich" in there.

Share This

Daily Digest - March 12: Paul Ryan Made You a Budget

Mar 12, 2013Tim Price

Click here to receive the Daily Digest via e-mail.

Paul Ryan's make-believe budget (WaPo)

Click here to receive the Daily Digest via e-mail.

Paul Ryan's make-believe budget (WaPo)

Were you worried the Romney-Ryan ticket's decisive loss to Obama meant Paul Ryan would no longer get to shape our fiscal debate? No need to fear; Ryan's out with a new budget this week, and as Eugene Robinson writes, this one's more Ryan-y than ever.

We Tried Austerity, and It Didn't Work (Prospect)

Jamelle Bouie notes the inconvenient fact that the U.S. has already had austerity in the form of hundreds of thousands of laid off public sector workers, and all it's given us is one long mathematical proof that taking people's jobs away increases unemployment.

The Global Austerity Resistance Continues (The Nation)

Allison Kilkenny highlights videos of the thousands of anti-austerity protesters who have taken to the streets of Spain, Greece, and other countries to remind policymakers that winning a pat on the back from the troika may be easier than winning the next election.

The undead, unnecessary, unhelpful Grand Bargain (Salon)

Alex Pareene writes that the Serious Men of Washington remain convinced that we need to make "tough choices" about entitlements and do the unpopular thing, never pausing to consider that the unpopularity of a policy might be correlated with how dumb it is.

Cash-strapped cities seized by new management (MSNBC)

Ned Resnikoff looks at the phenomenon of emergency managers appointed to take control of the finances (read: destroy the public sector) of insolvent cities in Michigan, a prospect Detroit now faces. Who knew there were repo men for the concept of self-government?

Facing the Facts Doesn't Always Change Minds (TNR)

Timothy Noah notes that a new study shows it's pretty easy to open Americans' eyes to the extent of inequality, but they're set in their ways when it comes to a policy response -- except with the "death" tax, which it turns out is not really as certain as death or taxes.

In major shift, scores of FDIC settlements go unannounced (LA Times)

E. Scott Reckard reports that the FDIC has lately begun moonlighting as a PR firm in addition to its normal role as a regulator, offering banks multimillion-dollar settlement deals with public disclosure agreements that boil down to "We won't tell if you don't."

Graph of the day: Who benefits from a stock-market boom? (WaPo)

Brad Plumer points out that while a soaring Dow is theoretically good for everyone who has a little money in the markets, there's a much higher buy-in for those who want a piece of the real action, even though they're the ones with the least use for the jackpot.

Share This

Daily Digest - March 11: An Amicable Break-Up

Mar 11, 2013Tim Price

Click here to receive the Daily Digest via e-mail.

Sen. Sherrod Brown explains why he wants to break up the big banks (WaPo)

Click here to receive the Daily Digest via e-mail.

Sen. Sherrod Brown explains why he wants to break up the big banks (WaPo)

Roosevelt Institute Fellow Mike Konczal talks to the Ohio progressive about the need to end "too big to fail" and how it became something he and David Vitter can agree on -- a category usually limited to things like "Nasty weather lately!" or "It is 2:30 p.m."

Why we need to raise the minimum wage (LA Times)

Andy Stern and Carl Camden make the case that the 8 million workers who fall below the poverty line deserve a wage that reflects the value they provide and the respect they deserve, not government aid that doubles as a consolation prize for Good Effort.

Federal Austerity's Bite on Job Growth (NYT)

Binyamin Appelbaum writes that Friday's jobs report isn't just about the 236,000 jobs added last month; it's also about the 142,000 jobs a month we won't be adding thanks to deficit hawks' determination to, um, save the economy -- even if they have to kill it.

Long-Term Unemployment Inches Up in February Jobs Report (HuffPo)

Arthur Delaney finds more gray clouds to go with the report's silver lining: despite overall improvement, the number of Americans out of work for six months or more increased. Now policymakers will need to try that much harder to convince them to give up.

When Public Is Better (Prospect)

Robert Kuttner argues that what we need isn't a smaller government, but one that does what we want it to do directly and effectively instead of contracting its work out to a third party, which often results in privatizing the foul-ups and socializing the blame.

Don't Cut Social Security, Expand It (Bloomberg)

Josh Barro notes that as Obama wines and dines the GOP, chained CPI may once again be served up on a platter. But cutting Social Security isn't the answer to any question except "What is the government really good at, and how do we make it worse?"

In the South and West, a Tax on Being Poor (NYT)

Katherine Newman writes that while the federal tax code is progressive, there's a stark regional divide in state taxes, and the more regressive systems make it look like they've confused the idea of eradicating poverty with eradicating the poor people.

How Washington Could Make College Tuition Free (Without Spending a Penny More on Education) (The Atlantic)

Jordan Weissman notes that instead of spending $77 billion on federal student aid in the form of tax breaks and grants last year, the government could have paid to give every student in the state university system a free ride. So what if it just... did that?

Share This

Daily Digest - March 8: There's No Rabbit in the GOP's Hat

Mar 8, 2013Tim Price

Click here to receive the Daily Digest via e-mail.

A Republican Magic Trick (Harper's)

Click here to receive the Daily Digest via e-mail.

A Republican Magic Trick (Harper's)

Roosevelt Institute Senior Fellow Jeff Madrick argues that deficit hawks have mastered the art of distraction -- but when they start pointing to shiny objects like the CBO's dubious 20-year budget forecasts, you should check to make sure you still have your wallet.

The Market Speaks (NYT)

Paul Krugman writes that conservatives have predicted the market would visit a swift and terrible justice on the unbelievers for years now, but with the Dow soaring despite their prophecies of doom, it looks like they're rather poor interpreters of their chosen oracle.

What We Have Here Is a Failure to Communicate. Sort Of. (Prospect)

Paul Waldman notes that while partisans on both sides often assume their opponents are clueless, it turns out congressional Republicans really don't have any idea what's going on with the budget debate unless the president personally explains it in small words.

Wireless Competition That AT&T and Verizon Need (Bloomberg)

Roosevelt Institute Fellow Susan Crawford looks at how the FCC's free Wi-Fi proposal challenges duopoly control over the wireless spectrum and how we could do more to ensure that getting a good signal on your mobile device doesn't require you to be immobile.

We've Moved Backward in Closing the Gender Wage Gap (Forbes)

NND Editor Bryce Covert highlights a new study that shows the gender wage gap in the U.S. actually increased in 2012, a reversal that comes on the heels of a broader stagnation in gains made over the last two decades. P.S. Happy International Women's Day!

No, the United States Will Never, Ever Turn Into Greece (The Atlantic)

Pundits often claim the U.S. is "becoming Greece" and that failure to rein in the national debt will smash our economy to pieces like plates at a wedding ceremony, but Matthew O'Brien argues there's no proven risk for countries that control their own currency.

Higher and Higher Ed (TNR)

Timothy Noah notes that President Obama has floated the idea of withholding federal aid to impose cost controls on college tuition, but in American politics, having the backing of the president and a generation of college students doesn't count as a constituency.

Who are Democrats and Republicans Representing, Anyway? (Salon)

David Sirota flags a study that shows both Republicans and Democrats overestimate how conservative their constituents are, which illustrates the danger of electing elites who figure they can just imagine what voters think instead of deigning to speak to them.

Share This

Daily Digest - March 7: To Be Continued?

Mar 7, 2013Tim Price

Click here to receive the Daily Digest via e-mail.

A way out of our budget wars (WaPo)

Click here to receive the Daily Digest via e-mail.

A way out of our budget wars (WaPo)

Now that the House has passed a continuing resolution to fund the government, E.J. Dionne writes that President Obama is looking to strike a broader deal with Senate Republicans in the hope that even they are tired of hearing themselves moan about the budget.

What Young Republicans Want: Government as a Force for Good (NYT)

Roosevelt Institute | Campus Network director Taylor Jo Isenberg writes that with research (including our own new report) showing Millennials support an active government, the GOP should stop trying to sit them on their knees and tell them about the road to serfdom.

Expand Social Security (USA Today)

Duncan Black argues that Social Security has come to serve as the last crutch for retirees instead of being one leg of a "three-legged stool," and if they haven't saved enough in their working lives, they don't get to declare their lesson learned and request a do-over.

The War on Entitlements (NYT)

Thomas Edsall notes the clear divide between what the general public wants to do about Social Security and Medicare (make the people with all the money pay more for them) and what those with influence want to do (turn them into Welfare: Large-Print Edition).

Infographic: How Universal Preschool Is an Economic Boon to Working Mothers (The Nation)

NND Editor Bryce Covert writes that amid all the talk about how universal pre-K could benefit children, there's been less attention paid to how it would help mothers, who, outside of magazine covers, can't just stuff their kids in their purse and get on with their day.

With Positions to Fill, Employers Wait for Perfection (NYT)

Catherine Rampell reports that despite an abundance of openings and applicants, employers are still only window-shopping for new hires due to fear the economy will contract again. But remember, interviewees: you only get one chance to make a sixth impression.

Wealth inequality will keep growing unless workers demand better (Guardian)

Mark Price argues there's no excuse for the growing disparity between high- and low-earners or the disconnect between productivity and wages, but unless workers organize for change, there's no solution that policymakers don't have a vested interest in ignoring.

Holder: Big banks' size complicates prosecution efforts (The Hill)

Testifying before Congress, AG Eric Holder admitted that "too big to jail" is more than just a convenient rhyme for headline writers: he worries that some financial institutions have become so big that prosecuting them would be like pulling the pin from a grenade.

Share This

Daily Digest - March 6: Dow or Don't

Mar 6, 2013Tim Price

Click here to receive the Daily Digest via e-mail.

Why There's a Bull Market for Stocks and Bear Market for Workers (Robert Reich)

Click here to receive the Daily Digest via e-mail.

Why There's a Bull Market for Stocks and Bear Market for Workers (Robert Reich)

Reich notes that while giddy market analysts treated yesterday's Dow gains as a sign that happy days are here again, an economy's health is measured by the well-being of its flesh-and-blood people, not the corporate pod-people who are currently rolling in money.

The GOP Budget Divide: Don't Know vs. Don't Care (NY Mag)

Jonathan Chait writes that Republicans have decided to either pretend they don't know what President Obama is offering or deliberately avoid finding out, since exposure to heavy doses of reality has been proven to have harmful side-effects for their arguments. 

Paul Ryan Ups the Ante (TNR)

Jonathan Cohn writes that Ryan's plans to further gouge spending with once off-limits Medicare cuts show the GOP's not looking for a middle ground. There's where we are now and a point way off on the right that will one day be considered a leftist compromise.

Fear and the New Deal (Prospect)

Scott Lemieux writes that Ira Katznelson's Fear Itself, an account of how Southern Democrats shaped the New Deal, serves as a reminder of the political constraints that even FDR had to face, not a "gotcha" that proves the last 70 years of progress didn't count.

It's time to tax financial transactions (WaPo)

Katrina vanden Heuvel argues that instead of slashing basic government services through sequestration, we could be raising billions by taxing Wall Street's excess. If they even notice the money missing, they'll probably just assume they should be hushing it up.

To serve and protect... banks? (Salon)

David Dayen notes that there's clear evidence that banks have repeatedly broken the law by foreclosing on active duty service members serving overseas, but despite the criminal penalties in place, jail cells remain as empty as the service members' former homes.

He Who Makes the Rules (Washington Monthly)

Haley Sweetland Edwards looks at how the implementation of the Dodd-Frank financial reform law has become less of an exercise in rule-making and more of an elaborate brain-teaser for industry lawyers hired to make words mean the opposite of what they say.

GOP Senator Suggests New Way for Republicans to Gum Up Wall Street Reform (Think Progress)

Travis Waldron notes that Richard Shelby, a top Republican on the Senate Banking Committee, wants to submit all new financial regulations to a cost-benefit analysis. You know, just on the off-chance that any of them cost more than the $22 trillion financial crisis.

Share This

Daily Digest - March 5: Giving the Budget 40 Whacks

Mar 5, 2013Tim Price

Click here to receive the Daily Digest via e-mail.

The Sequester's Hidden Danger (NYRB)

Click here to receive the Daily Digest via e-mail.

The Sequester's Hidden Danger (NYRB)

Roosevelt Institute Senior Fellow Jeff Madrick argues the real danger of the sequester isn't the cuts themselves but the dangerous mindset of austerity advocates who see the lemmings rushing off the cliff in Europe and think, "Oooh, I wonder what's down there."

Charity Case (Washington Monthly)

Roosevelt Institute Fellow Georgia Levenson Keohane looks at how donors and taxpayers get fleeced for $40 billion a year to prop up failing nonprofits that can only charitably be referred to as charities, no matter how much their directors enjoy the resulting trip to Vegas.

Controversial activist takes on the telecom industry (WaPo)

Cecilia Kang talks to Roosevelt Institute Fellow Susan Crawford about her new book, Captive Audience, and why our cable and cell phone bills are too damn high. (Hint: If telecom giants like Comcast don't face any competition, who's going to lower them?)

As Automatic Budget Cuts Go Into Effect, Poor May Be Hit Particularly Hard (NYT)

Annie Lowrey notes that even with programs like CHIP and TANF protected from sequestration, there are still billions of dollars of cuts slated for programs that help needy families. On the plus side, once their aid is cut off, Republicans might finally admit they're poor.

Regulators and Prosecutors Gird for Sequester Cuts (Compliance Week)

Joe Mont warns that while the Fed, FDIC, and OCC have been spared, regulators like the SEC, CFPB, and CFTC aren't so lucky, meaning the full implementation of financial reform rules will be delayed. No hurry; the global economy will just be over there waiting.

Republican goal to balance budget could mean deep cuts to health programs (WaPo)

Lori Montgomery reports that with budgetary blood already in the water, the House GOP may soon go into a full-on feeding frenzy: Paul Ryan is drafting a plan to balance the budget within 10 years by cutting into Medicare benefits -- even for the over-55 untouchables.

Nothing New Under the Wingnut Sun: Reckless Spending Cuts (The Nation)

Rick Perlstein writes that while President Obama may have thought the sequester beyond the pale even for the GOP, conservative icons like Barry Goldwater and Ronald Reagan have shown that when handed an axe, they will go full Lizzie Borden on the budget.

The Maximum Impact of the Minimum Wage (Prospect)

Harold Meyerson takes on Christina Romer's claim that raising the minimum wage is a half-measure compared to raising the EITC and instituting universal pre-K, because as we know, most major vendors accept cash, credit, or your kids' education as payment.

Share This

Daily Digest - March 4: One Nation Under Sequestration

Mar 4, 2013Tim Price

Click here to receive the Daily Digest via e-mail.

Does Dodd-Frank really end 'too big to fail'? (WaPo)

Click here to receive the Daily Digest via e-mail.

Does Dodd-Frank really end 'too big to fail'? (WaPo)

Roosevelt Institute Fellow Mike Konczal examines the three biggest ongoing debates surrounding the financial reform law and whether it has really changed the system enough to keep it from blowing up in our faces or simply lengthened the fuse a bit.

Just Because the World Didn't End Doesn't Mean That Sequestration Isn't Scary (TNR)

Jonathan Cohn notes that the design of the law and agency management will ensure that the full extent of sequestration isn't felt all at once, but it's still the economic equivalent of that scene where the cowboy gets shot, walks five paces, and then falls over.

Sequester Real Talk: The 3 Dumbest Things About This Truly Dumb Law (The Atlantic)

Derek Thompson highlights three major issues with sequestration, like how it's an intentionally bad solution to a problem we don't have and how Responsible Centrists have decided it's all Obama's fault for not riding to the rescue on his golden pegasus.

Stop the Madness (Prospect)

Paul Waldman writes that Congress can't have a constructive budget negotiation until Republicans agree to lay down their weapons, including the sequester, shutdown threats, and the debt ceiling. What are they supposed to do then? Just talk about stuff?

Recovery in U.S. Lifting Profits, Not Adding Jobs (NYT)

Nelson Schwartz reports that while corporate profits and stock prices are soaring, lifting the Dow Jones to near record highs, workers aren't seeing wage increases to match -- especially with several million people eager to take their place at a moment's notice.

American Conservatism's Crisis of Ideas (Project Syndicate)

Brad DeLong warns that conservatives are going to have an uphill battle winning converts to their cause as long as they continue to push the message that the worst thing government can do is create an easier, more secure, and comfortable life for them.

Mooching Off Medicaid (NYT)

Paul Krugman argues that Rick Scott gave away the game by accepting Obamacare's Medicaid expansion on the condition that it be run by private insurers, suggesting that the real debate isn't how much we should spend but whose palms we should grease.

This Week in Poverty: Gangnam-Style Counting With Senator Jeff Sessions (The Nation)

Greg Kaufmann analyzes a thought-provoking new report from conservative firebrand Jeff Sessions, which purports to show that poor people in America actually make more money than the middle class if you just add random numbers to the aid they receive.

Share This

Daily Digest - March 1: Austerity Strikes at Midnight

Feb 28, 2013Tim Price

Click here to receive the Daily Digest via e-mail.

The Sequester and the Tea Party Plot (Robert Reich)

Click here to receive the Daily Digest via e-mail.

The Sequester and the Tea Party Plot (Robert Reich)

Reich writes that the sequester is a product of the grander plans of radical Tea Party-ing conservatives who seek to breed fear, anger, and hate in order to win converts to their cause -- which also happens to have been the Emperor's strategy in Star Wars.

We're headed for the sequester -- but it won't even do much to reduce the deficit. (WaPo)

Jamelle Bouie notes that some are trying to find a silver lining to sequestration, arguing that these may not be the cuts we want, but at least they're cuts, which help shrink the deficit! Except when they slow the economy and shrink revenue instead. Oh well.

Ben Bernanke, Hippie (NYT)

Paul Krugman argues that opposition to austerity is now treated with the same kind of incredulity and suspicion as opposition to the Iraq War once was, but in his congressional testimony this week, the Fed chairman reeked with the patchouli oil of dissent.

Will a Government Shutdown Threat Determine the Winner of the Sequestration Fight? (TPM)

What's better than sequestration? How about sequestration plus the expiration of the continuing resolution that funds the government, resulting in another knock-down, drag-out budgetary battle? Can we work the debt ceiling in here and go for the hat trick?

So much for 'economic uncertainty' (Maddow Blog)

Steve Benen notes that while the GOP used to blast President Obama for creating "economic uncertainty" by passing laws and stuff, they've dropped that line since they took back the House and started tying the economy to the railroad tracks on the regular.

Everything You Need to Know About the Italian Election Threatening the World Economy (The Atlantic)

Matthew O'Brien looks at the political turmoil in Italy, where an amateur comedian (Berlusconi) and a former professional comic (Grillo) hold the balance of power, sowing doubts that the country will continue to destroy itself so the ECB will agree to save it.

How the recession turned middle-class jobs into low-wage jobs (WaPo)

Brad Plumer highlights a recent San Francisco Fed presentation on NELP data showing that mid-wage jobs made up 60 percent of losses during the recession but only 27 percent of gains during the recovery, and not because the rest are living like kings.

The Six-Month Recovery (TNR)

Timothy Noah notes that new data suggest median income stagnated last May after a brief growth spurt beginning in fall 2011, meaning the average American experienced half a year of half a recovery. At least we'll always have the memories to cherish.

Share This

Daily Digest - February 28: The GOP's Own Goal

Feb 27, 2013Tim Price

Click here to receive the Daily Digest via e-mail.

Conservatives Hindered by Ownership-Society Ideal (Bloomberg)

Click here to receive the Daily Digest via e-mail.

Conservatives Hindered by Ownership-Society Ideal (Bloomberg)

Roosevelt Institute Fellow Mike Konczal argues that the GOP is still guided by its vision of an "ownership society" in which public risks are shifted onto private individuals. But having taken this model for a test drive, Americans can tell they're being sold a lemon.

Feminism's unfinished business (NY Daily News)

NND Editor Bryce Covert writes that Betty Friedan's The Feminine Mystique sparked a cultural transformation, but even with women making up half the workforce, our policies still assume they're literally cooking dinner rather than figuratively putting it on the table.

The Titanic Wealth Gap Between Blacks and Whites (Prospect)

Jamelle Bouie notes that a recent study shows the wealth gap between white and black families has tripled in the last 25 years and writes that the government must work to promote upward mobility, even if the Supreme Court rules that racism is officially over.

Senate, in a More Affable Mode, Backs Treasury Nominee (NYT)

Perhaps sensing it would be a stretch to tie him to Benghazi, the Senate confirmed Jack Lew as Treasury Secretary by a vote of 71 to 26, allowing Republicans to take the next step in the grieving process of admitting they didn't win the last presidential election.

Sequestration stupidity (WaPo)

Harold Meyerson notes that when the economy collapsed in the 1930s, FDR showed the world that public investment was the way out of the hole. But Europe's leaders and their GOP sympathizers must have skipped that history class, because they just keep digging.

6 Ways the Sequester Will Mess Up the Environment (MoJo)

Zaineb Mohammed looks at the environmental impact of looming budget cuts, from the inconvenient (delayed opening of national parks) to the truly unappetizing (cutbacks to food safety inspections). Maybe if we're lucky the job creators will start hiring food tasters.

Will the Sequester Start Another Recession? (TNR)

Perry Stein surveys a range of leading economists on the potential results of sequestration, and the general consensus is that it's a really dumb policy that will act as a drag on much needed growth. So it's pretty much meeting design specifications, then.

Economists think minimum wage is worth it (WaPo)

Ezra Klein highlights yet another survey of top economists that shows they don't really agree about the downsides of raising the minimum wage, but they do think the benefits outweigh the costs, whatever those may be. Thanks for clearing that up for us, guys.

Share This

Pages