Daily Digest - April 12: Liberal vs. Liberal vs. Social Security

Apr 12, 2013Tim Price

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India's Patently Wise Decision (Project Syndicate)

Roosevelt Institute Chief Economist Joe Stiglitz and Arjun Jayadev praise the Indian Supreme Court's decision to deny Novartis a patent on its cancer drug, noting that big pharma will survive with less revenue, but without affordable medicine, lots of people might not.

The Liberal Civil War Over Social Security Cuts (MoJo)

Erika Eichelberger writes that the progressive movement is fracturing and turning against itself over President Obama's proposal to switch to chained CPI, though even in the pro-administration camp, the rallying cry tends to be a resounding "Ugh, okay, if we have to."

Even With Exemptions, Chained CPI Proposal Will End Up Hurting Low-Income People (CEPR)

Shawn Fremstad argues that even if the president's plan comes with built-in protections for the most vulnerable, already modest benefits and the value of refundable tax credits will decrease, and exemptions won't last forever once the GOP smells blood in the water.

The Flaw in Obama's Budget Approach (NYT)

Simon Johnson writes that the right way to make a budget is to decide what government should do and then figure out the best way to fund all of that. Instead, Obama chose a container size and then tried to figure out how much government he could pack in there.

Elizabeth Warren Tears Into Federal Regulators For Shielding Big Banks (Think Progress)

Igor Volsky notes that Warren was once again spitting hot fire at yesterday's Senate Banking Committee hearing, pressing regulators from the Fed and the OCC to explain why they'd settle with banks without knowing how many crimes they committed. (A: All of them.)

Lust for Gold (NYT)

Paul Krugman notes that conservatives who were taken in by conspiratorial rants about fiat money and the coming inflation crisis are experiencing a rude awakening now that it turns out gold isn't a fool-proof investment either. Of course not. That would be Bitcoin.

Debunking today's carried interest tax arguments (CNNMoney)

Two takeaways from Dan Primack's case for closing the carried interest loophole as the president proposes: First, it's not some cruel punishment to ask fund managers to pay a normal tax rate on their income. Second, the phrase "sweat equity" is kind of gross.

A Third of Americans Like Taxes. Who Are They? (Slate)

If you're one of the 34 percent of Americans who told Pew they enjoy doing their taxes, Abby Ohlheiser writes that chances are you're getting a refund, you're a Democrat or a minority, or you just don't mind doing math and filling out forms. Happy Tax Day, nerds.

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