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Archive for the ‘Economics’ Category

I guess the big “gotcha” in the Krugman bankruptcy “story” was that Krugman’s big spending liberal views on debt led him into bankruptcy and therefore he’s been proven wrong. He has, in essence, refuted himself. Gotcha!

Of course, even if this story were true, it would prove nothing. It would not be a case of Krugman refuting himself because it overlooks the other thing that Krugman says all the time, which is that the finances of an individual / family in no way relate to those of the federal government. 

So to recap: In order to prove that damn hippie Krugman wrong, conservative “journalists” pushed a fake “story” that wouldn’t actually make a point about Krugman even if it were true, which it isn’t. 

Heckuva job, Brownie.

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Krugman opposed the stimulus because it wasn’t big enough and he disagreed with the administration’s position that they could always do another one, if need be.

He was, we now know, right on both counts.

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The big news yesterday seems to be that the Dow Jones Industrial Average hit an all time high! Hooray!

Unemployment remains at 7.9% and half the damn country is crumbling under our feet, so what do you say we put the champagne away and do something about those things?

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This is your semi regular reminder that our years long focus on the deficit in the face of very high unemployment and tepid growth is both terrible and stupid, having resulted in needless suffering by many.

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I went into this article expecting a mildly offensive train wreck, as most pieces about generational differences of millenials tend to be. It wasn’t as bad as anticipated, except for this (my emphasis):

While a young Gen X grad might recoil at the prospect of long hours in an unpaid internship for the elusive potential to perhaps, one day, be gainfully employed, most millennials I know wouldn’t dream of not doing so — despite what you see on Girls. Resume-building work for little to no compensation is par for the course for young people entering the workforce today. It’s not worth complaining about. It’s simply a necessary step to compete when jobs are few and far between.

I’m not arguing the reality of this trend. I recognize it. I am, however, stating that it is, in fact,  something to complain about. Loudly. It is exploitative and as far as I know illegal. “A gray area”, at best. Worse than that, though, it perpetuates inequality.

Want a good career? You’ll have to work with no pay or benefits for two years, so I sure hope you come from a wealthy family able to support your unpaid existence in a high rent city. Don’t come from a wealthy family? Ah well, take some classes at your local for-profit outfit along with your free labor, then you can cover it all with high risk, predatory student loans that can’t be discharged in default. Can’t do either? Target might be hiring, get in line. 

So yea, it is so very much worth complaining about. 

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I’m just going to pass along this Kevin Drum post in its entirety:

This is just a quick arithmetic reminder. If the sequester goes into effect, here’s how we’ve done on deficit reduction over the past few years:

2010 continuing resolutions: $450 billion
FY2011 budget: $200 billion
Budget Control Act: $960 billion
Fiscal cliff deal: $840 billion
Sequester: $1.2 trillion

Total: $3.6 trillion
The original Simpson-Bowles plan, which is Washington’s holy grail, called for $4.1 trillion in deficit reduction. All calculations include debt service savings, so this is an apples-to-apples comparison.

If you want to move the goalposts, feel free. But facts are facts: by this time next week we will have achieved very nearly the total amount of deficit reduction that everyone was gaga about a mere two years ago—more than 80 percent of it from spending cuts. It’s truly unfortunate that we’ve been so fixated on this, since we would have been much better off investing for the future and leaving deficit reduction for later, but that’s water under the bridge. Love it or hate it, over the past 27 months we’ve accomplished nearly 90 percent of the deficit reduction everyone wanted.

So we’re all happy about this, right? Right?

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Seriously. Just stop.

[Obama] is also open to a bill that would avert the sequester for as little as two months.

Just cancel the goddamn thing. Or just implement it. Or do anything other than this. Constant, monthly fiscal fights and unceasing budget uncertainty prevent anyone from doing anything.

Oh, that’s the point, isn’t it?

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