Tim Price

Deputy Editor

Recent Posts by Tim Price

  • Daily Digest - April 25: A Lonely Place to Testify

    Apr 25, 2013Tim Price

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    The Poorly Attended Hearing on One of the Economy's Toughest Problems (National Journal)

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    The Poorly Attended Hearing on One of the Economy's Toughest Problems (National Journal)

    If there's a congressional panel on long-term unemployment and no one is around to hear it, does it make a sound? Niraj Chokshi writes that the Joint Economic Committee might have discovered the answer yesterday if not for Amy Klobuchar's presence.

    Possible Fed Successor Has Admirers and Foes (NYT)

    Binyamin Appelbaum profiles Janet Yellen, a likely candidate for Fed chair when Ben Bernanke finally departs from the Grey Havens, who's made enemies among the GOP by suggesting that a little inflation might go a long way toward helping the economy.

    Banking Regulation: Closed for Business (Prospect)

    David Dayen writes that while Senators Brown and Vitter have just introduced a bipartisan plan to end "too big to fail," Treasury officials insist they needn't have bothered, since that's all been fixed already. No, really, it has. Why are you giving them that look?

    The Immigration Bill's Forced-Labor Problem (MoJo)

    Adam Serwer notes that in the midst of a heated debate about whether to give undocumented immigrants a path to become full citizens, a more difficult question may be how to ensure that the guest workers who are here legally are treated like full human beings.

    Study: There may not be a shortage of American STEM graduates after all (WaPo)

    Jia Lynn Yang highlights a study from EPI which finds that America's dilemma isn't really that it has too small a pool of available workers who know how to fix a computer or do a math problem, but that it doesn't have a whole lot of work for many of them to do.

    Why Obama's Stealth Social Security Cut Is Bigger Than It Seems (TPM)

    Brian Beutler flags a CBO report on Chained CPI which shows that while standard criticisms apply, it hits seniors particularly hard if you account for the fact that they don't have the same spending habits as their grandkids (as any gift-giving occasion will reveal).

    Obama Administration Is Right to Hold Fliers Hostage (Bloomberg)

    Josh Barro argues that despite all the moaning about how across-the-board furloughs have delayed flights, the White House should keep critics grounded until a comprehensive sequester fix is in place. There's no such thing as first class in economic policy.

    The Preferences of the Wealthy and Their Role in Our Politics (On the Economy)

    Jared Bernstein writes that until we stem the flow of money in politics, deciding what goals we want to achieve as a society will take a backseat to another question: what do the millionaires think? And the answer is usually, "we should cut social spending."

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  • Daily Digest - April 24: The Terrible Twitter Traders

    Apr 24, 2013Tim Price

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    Austerity doctrine is exposed as flimflam (WaPo)

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    Austerity doctrine is exposed as flimflam (WaPo)

    Katrina vanden Heuvel isn't expecting an apology from the austerians who have pushed destructive policies based on bad information, but if they'd go stand in a corner and think about what they've done, at least it would get them out of the way while we fix it.

    Make Wall Street Choose: Go Small or Go Home (NYT)

    Senators Sherrod Brown and David Vitter introduce their new bipartisan plan to end "too big to fail" by raising capital requirements so the largest banks must either play it safe or break into smaller pieces, which can then feel free to fail to their heart's content.

    False White House tweet exposes instant trading dangers (Reuters)

    Steven C. Johnson writes that when the hacked AP Twitter account announced that President Obama had been injured in an explosion, the only real damage done was to the stock market. Choose your hashtags carefully; the global economy may depend on it.

    Financial Regulators To Warn About Student Debt Risks (HuffPo)

    Shahien Nasiripour notes that the Financial Stability Oversight Council will warn that America's $1 trillion student debt burden poses a real threat to economic growth in its latest annual report, entitled "Here Are Some Things You Probably Already Figured Out."

    Wyden in line for coveted Finance gavel (The Hill)

    Max Baucus's decision to retire after next year leaves the chairmanship of the Senate Finance Committee up for grabs, but if Democrats manage to hold the Senate, it could go to Ron Wyden, who's acquired a dangerous reputation for working with people on things.

    The Texas fertilizer plant explosion cannot be forgotten (WaPo)

    Mike Elk argues that while the Boston bombings have absorbed the media's attention, the explosion of a Texas factory that killed 14 people and injured 160 tells an important story about workplace safety and lax regulation. If we're lucky, we'll get to hear it one day.

    Fast food walkout planned in Chicago (Salon)

    Josh Eidelson reports that 500 fast food and retail workers in the Windy City have walked off the job, hot on the heels of a similar strike in New York. They're demanding higher wages and union representation, and maybe some functioning drive-through speakers.

    S.E.C. Gets Plea: Force Companies to Disclose Donations (NYT)

    Nicholas Confessore writes that the SEC is under pressure to issue rules that would require publicly traded corporations to reveal their political contributions, though Republicans argue this would infringe on free speech rights that apparently only companies have.

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  • Daily Digest - April 23: The Deficit Crisis That Forgot to Happen

    Apr 23, 2013Tim Price

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    The Incredible Shrinking Budget Deficit (NYT)

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    The Incredible Shrinking Budget Deficit (NYT)

    Annie Lowrey notes that Goldman Sachs economists predict the deficit will shrink dramatically due to lower spending and higher revenues. Pop the champagne and kiss your sweetheart; our long national nightmare is over. Now about that economic growth...

    Getting Back to Full Employment (On the Economy)

    Moving back to the list of things real people worry about, Jared Bernstein writes that jobs are still priority one, and if the private sector isn't supplying enough of them on its own, we could try pulling the dropcloth off the federal government and firing it up again.

    The Grad Student Who Took Down Reinhart and Rogoff Explains Why They're Fundamentally Wrong (Business Insider)

    Thomas Herndon, co-author of the paper that exposed the flaws in Reinhart-Rogoff, explains that he isn't suggesting the economists intentionally skewed the data that screwed up their findings, but that doesn't mean their findings aren't seriously screwed up.

    Who Is Defending Austerity Now? (The Atlantic)

    Matthew O'Brien writes that while actual austerity policies have brought nothing but disaster in places like the U.K. and southern Europe, support for them has really begun to fade now that you can't wave a paper in someone's face to show they work In Theory.

    Immigration Raises Incomes in America (Slate)

    Matthew Yglesias notes that it's so difficult to show that increased immigration would hurt the economy that even staunch opponents now claim the problem is that most of the benefits would go to immigrants. Which is a problem, if you don't like immigrants.

    Abenomics Will Boost Japan's Economy By Helping Its Women Workers (Think Progress)

    Bryce Covert writes that Japanese PM Shinzo Abe's aggressive new approach to economic stimulus includes making use of one of the country's untapped natural resources: namely, the half of its population that's almost nowhere to be found in its executive suites.

    A Day Without Care (Jacobin)

    Sarah Jaffe writes that the kind of flexible work that was supposed to help women now requires them to be contortionists, and women in care work find it difficult to strike for higher wages. But shortening the work week may be an answer everyone can get behind.

    Panel Blocks CFPB's Chief (WSJ)

    Alan Zibel reports that Jeb Hensarling, chair of the House Financial Services Committee, refuses to let Richard Cordray testify because of his recess appointment, which is slightly more mature than interrupting him with "What? Who's there? Is someone speaking?"

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  • Daily Digest - April 22: Economists Are Only as Good as Their Data

    Apr 22, 2013Tim Price

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    Reinhart/Rogoff-gate isn't the first time austerians have used bad data (WaPo)

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    Reinhart/Rogoff-gate isn't the first time austerians have used bad data (WaPo)

    Roosevelt Institute Fellow Mike Konczal notes an odd contradiction: Keynesians who favor more government intervention rely on market data, while austerians favor data from government sources they otherwise wouldn't trust to tell them the time of day.

    Meet the 28-Year-Old Grad Student Who Just Shook the Global Austerity Movement (NY Mag)

    Kevin Roose interviews Thomas Herndon, who co-authored a paper that undermined one of the key arguments for austerity and toppled two of the biggest names in economics, setting a high bar for the rest of the papers he has due in the spring semester.

    The Rogoff-Reinhart data scandal reminds us economists aren't gods (Guardian)

    Heidi Moore writes that while we might wish economists were offering us the secret wisdom of the ages, the truth is they're mortals prone to mistakes and often have almost as little idea what they're talking about as the policymakers who flog their research.

    The Jobless Trap (NYT)

    Paul Krugman argues that in contrast to FDR's declaration that we had nothing to fear but fear itself, a little more fear about the consequences of long-term mass unemployment would make for a nice change of pace from the current devil-may-care approach.

    Only the Apocalypse Will Stop Simpson and Bowles (Businessweek)

    The sun is shining, the tulips are blooming, and there's another Simpson-Bowles deficit reduction plan to help us mark the passing of the seasons. Joshua Green writes that this version is a lot like the others, especially insofar as Congress is likely to ignore it.

    Fitch Downgrades Britain. No One Cares. (Bloomberg View)

    Joshua Barro notes that the U.K.'s credit rating downgrade is an easy target for critics of its austerity policies, but like the U.S. downgrade, it's having little effect on investors, who already have firm opinions about whether the country will continue to exist.

    This Week in Poverty: Ignoring Homeless Families (The Nation)

    Greg Kaufmann looks at The American Almanac of Family Homelessness, which shows that while single adult homelessness is down, family homelessness is rising, and the policy response has been to treat them like single adults with a slightly bigger appetite.

    The Underground Recovery (New Yorker)

    James Surowiecki notes that a recent study shows as much as $2 trillion may be changing hands under the table due to factors ranging from the changing nature of work to old-fashioned anti-government paranoia, offsetting some pain from the weak economy.

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  • Daily Digest - April 19: Austerity's Excel-lent Excuse

    Apr 19, 2013Tim Price

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    The Excel Depression (NYT)

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    The Excel Depression (NYT)

    Paul Krugman writes that Reinhart-Rogoff became the sacred text of the austerity movement, but they've been exposed as false prophets. Now policymakers will need to find some other thinly veiled excuse to keep doing what they were going to do anyway.

    Let Cities Build Better Internet-Access Networks (Bloomberg)

    Roosevelt Institute Fellow Susan Crawford notes that Georgia voted down a bill that would have blocked cities from investing in access, and it could be a turning point in the effort to stop state legislators from acting as paid freelancers for AT&T and Time Warner.

    The Debt We Shouldn't Pay (NYRB)

    Robert Kuttner argues that debates over public debt have become a sideshow distracting from the privately held debt that actually triggered the Great Recession, as if someone shouted, "Hey, look over there!" and we all proceeded to stare at nothing for four years.

    Did underwater mortgages kill the economy? (WaPo)

    Housing may finally be bouncing back (though if you had a dime for every time someone's said that, you could buy a house), but Zachary Goldfarb highlights research that shows the biggest problem may have been household debt, not just falling home prices.

    The Fed's Foreclosure-Relief Fail (Prospect)

    David Dayen explores the strange odyssey of Debbie Marler, a woman who was kicked out of her home, foreclosed on twice more for good measure, asked to pay upkeep on the property she no longer lived in, and received a whopping $800 for her troubles.

    This Is the Reality of Austerity: Greek Children Are Starving (The Atlantic)

    When critics say austerity is taking food out of people's mouths, they're not speaking metaphorically. Derek Thompson flags a report of children going hungry and families burning furniture for warmth as Greece pays the price for being a member of the EU.

    Kansas Passes Law to Drug-Test Welfare and Unemployment Recipients (Think Progress)

    What's the matter with Kansas? If you believe Republican Governor Sam Brownback, it's that everyone's been getting high instead of working. Nicole Flatow notes that Kansas just became the ninth state to require drug tests for recipients of public benefits. 

    Costly and Wrong: Background Checks for Social Services in North Carolina (Policy Shop)

    Ilana Novick writes that North Carolina's legislature approved background checks for recipients of food stamps, but there's no such scrutiny for richer citizens who receive government grants. ("Are you now or have you ever been a member of a yacht club?")

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