New Political Buzzwords Obscure Same Old Problems: Amity Shlaes
Happy Fiscal New Year, Americans. In
2012, your paystub will feature an increasingly progressive
income-tax structure and a temporary two-month partial payroll-
tax holiday.
If there is no paystub in your mailbox, you may enjoy an (also temporary) extension of unemployment insurance and perhaps an earned-income tax credit, if your spouse works. At the same time, your lawmakers will be making the rich pay their “fair share” while assiduously pushing through cutbacks under the time-honored federal system of “baseline budgeting.” And if you know what all that means, you win an Android phone. But most of us don’t know. As it happens, more young Americans know what Google Inc. (GOOG)’s Android operating system is than know some basic facts about our politics, according to the Pew Research Center in Washington.
If there is no paystub in your mailbox, you may enjoy an (also temporary) extension of unemployment insurance and perhaps an earned-income tax credit, if your spouse works. At the same time, your lawmakers will be making the rich pay their “fair share” while assiduously pushing through cutbacks under the time-honored federal system of “baseline budgeting.” And if you know what all that means, you win an Android phone. But most of us don’t know. As it happens, more young Americans know what Google Inc. (GOOG)’s Android operating system is than know some basic facts about our politics, according to the Pew Research Center in Washington.
Krugman’s Austerity Alarms Miss Depression Lessons: Amity Shlaes
So it’s official. The New York
Times, or at least columnist Paul Krugman, has declared us
to be in a worldwide depression. And just in time for
Christmas.
Democracy is at stake, Krugman alleged in his Dec. 11 column, and Europe, economically and socially, will tip into fascism if it doesn’t cease pursuing “ever-harsher austerity, with no offsetting effort to foster growth.”
Those are big assumptions and scary forecasts. But Krugman is comfortable making them, he says, because he has evidence. His evidence that European democracy is teetering in favor of repression is the case of Hungary, which is a member of the European Union but still has its own currency, the forint. There, the governing Fidesz party is pursuing policies that suppress free expression, judicial independence and the news media.
Democracy is at stake, Krugman alleged in his Dec. 11 column, and Europe, economically and socially, will tip into fascism if it doesn’t cease pursuing “ever-harsher austerity, with no offsetting effort to foster growth.”
Those are big assumptions and scary forecasts. But Krugman is comfortable making them, he says, because he has evidence. His evidence that European democracy is teetering in favor of repression is the case of Hungary, which is a member of the European Union but still has its own currency, the forint. There, the governing Fidesz party is pursuing policies that suppress free expression, judicial independence and the news media.
Mexico’s Strengths Still Shine Through the Gloom: Enrique Krauze
The news from Mexico, in recent
years, has most often been bad. For a while, it was largely
reports of corruption, electoral fraud and economic crisis.
These days, it’s all about crime and insecurity.
The country hasn’t been given sufficient credit for the good news it has generated since the 2000 elections broke the 71-year hegemony of a single party: the Institutional Revolutionary Party, better known as the PRI. Neither the international press nor we Mexicans have fully acknowledged what has been achieved or maintained. Still, Mexico’s dark image is valid, up to a point, but it’s only a fragment of the truth.
The country hasn’t been given sufficient credit for the good news it has generated since the 2000 elections broke the 71-year hegemony of a single party: the Institutional Revolutionary Party, better known as the PRI. Neither the international press nor we Mexicans have fully acknowledged what has been achieved or maintained. Still, Mexico’s dark image is valid, up to a point, but it’s only a fragment of the truth.
How Art History Majors Power the U.S. Economy: Virginia Postrel
Illustration by Evah Fan
There’s nothing like a bunch of
unemployed recent college graduates to bring out the central
planner in parent-aged pundits.
Ron Paul’s Ascent Won’t Last, or Help His Cause: Ramesh Ponnuru
Representative Ron Paul, a Texas
Republican and a candidate for the presidential nomination,
doesn’t mind long odds, and doesn’t mind standing alone.
In 2004, the House voted 414-1 for a resolution celebrating the 40th anniversary of the passage of the Civil Rights Act of 1964. Paul not only voted no but gave a speech arguing that the act should never have been enacted. Employers who wish to discriminate against blacks, in his view, should be free to do so. A federal government that claims the power to override their decisions, he said, could also impose racial quotas. “Relations between the races have improved despite, not because of, the 1964 Civil Rights Act.”
In 2004, the House voted 414-1 for a resolution celebrating the 40th anniversary of the passage of the Civil Rights Act of 1964. Paul not only voted no but gave a speech arguing that the act should never have been enacted. Employers who wish to discriminate against blacks, in his view, should be free to do so. A federal government that claims the power to override their decisions, he said, could also impose racial quotas. “Relations between the races have improved despite, not because of, the 1964 Civil Rights Act.”
Fed’s New Wordplay to Yield Negligible Results: Caroline Baum. By Caroline Baum
A forecast is a forecast. In many
cases, it’s not worth the paper it’s printed on.
Some forecasts are more important than others, which is not to say they’re more accurate, just that they matter more. The Federal Reserve’s forecasts belong in this category.
Unlike the average Wall Street prognosticator, the Fed has the unique ability to make its forecast become reality through its manipulation of the federal funds rate (the overnight rate at which banks lend to one another) and control of the monetary base (ARDIMTBA). That’s why the central bank’s forecasts, and what’s required to achieve them, matter.
Some forecasts are more important than others, which is not to say they’re more accurate, just that they matter more. The Federal Reserve’s forecasts belong in this category.
Unlike the average Wall Street prognosticator, the Fed has the unique ability to make its forecast become reality through its manipulation of the federal funds rate (the overnight rate at which banks lend to one another) and control of the monetary base (ARDIMTBA). That’s why the central bank’s forecasts, and what’s required to achieve them, matter.
If Europe Can Learn From U.S., Why Not Vice Versa?: Clive Crook By Clive Crook
Mitt Romney likes to contrast the
U.S. economic system with Europe’s welfare state. You can have a
merit society, he says, or an entitlement society, but not both
-- and an entitlement society is where the U.S. is heading if
Barack Obama and the Democrats get their way.
It’s a favorite Republican theme, and you can see why. For one thing, there’s some truth to it. Contrasting the American model of capitalism with the European alternative isn’t absurd. The gap is narrower than it used to be, but they’re still different.
It’s a favorite Republican theme, and you can see why. For one thing, there’s some truth to it. Contrasting the American model of capitalism with the European alternative isn’t absurd. The gap is narrower than it used to be, but they’re still different.
Obama Turns His Attention to Where the Money Is: William Pesek. By William Pesek
Of all the realizations Barack Obama
has made in three years in the White House, this may be the most
crucial: The U.S. is a Pacific nation.
Odd as it sounds, the U.S. spent the past decade forgetting a fact that’s obvious from consulting a map or tracking container ships. When George W. Bush’s administration bothered with Asia, it was all terrorism all the time. Quite odd, considering how reliant the largest economy became on Asia’s money during his tenure. The region became America’s banker.
Odd as it sounds, the U.S. spent the past decade forgetting a fact that’s obvious from consulting a map or tracking container ships. When George W. Bush’s administration bothered with Asia, it was all terrorism all the time. Quite odd, considering how reliant the largest economy became on Asia’s money during his tenure. The region became America’s banker.
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