Category Archives: Economy

Let’s Teach People Not To Care If They Can’t Feed Their Families

Garett Jones, writing, in Reason, about Thomas Piketty’s new study of capitalism and income inequality, Capital in the Twenty-First Century.

In Capital in the Twenty-First Century, the French economist Thomas Piketty claims to have uncovered “the central contradiction of capitalism.” When a major scholar like Piketty—a man who has made genuine contributions to empirical economics—makes such a bold claim, it deserves to be taken seriously.

That’s the opening paragraph. He then proceeds, for the next two pages, not to take Piketty seriously.


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The Crisis Next Time

So the government is open again and the debt ceiling will not be breached — for now. And yes, that’s good, and it’s good that the deal that ended this latest crisis did not include any concessions to Republicans (except, of course, the Obama income verification thing — more on that later). But I’m not calling this a victory until the possibility that Republicans can again take the entire nation and the global economy hostage is eliminated for good.

Those who say that Republicans have learned a lesson and won’t let the crazies who have taken over their party do this again are, in my view, deluded. No matter what Mitch McConnell says. Because, as John Dickerson said on CBS News last night, it’s the fighting that matters to them, not the winning. So Ted Cruz and his pack of far right anarchists don’t see the beating Republicans took in the polls as a defeat. Indeed, they don’t believe the polls. They think they won. They think the American people support them. And as they’ve said and shown many times, they are willing to go to any lengths to get their way. More to the point, though, I haven’t seen or heard anything from Old Guard Republicans that would lead me to believe they would have the guts to NOT let the Cruzians steamroll over them again, in January and February.

To wit, here is Jim DeMint in today’s Wall Street Journal, telling us that elections, as far as he is concerned, don’t have consequences (emphasis is mine):

Yes, I can hear many conservative friends saying to me right around this point: “Jim, we agree with you that ObamaCare is going to wreck the country, but elections have consequences.” I have three responses.

The first is that ObamaCare was not the central fight in 2012, much to the disappointment of conservatives. Republicans hoped that negative economic news would sweep them to victory, and exit polls confirmed that the economy, not health care, was the top issue. The best thing is to declare last year’s election a mistrial on ObamaCare.

Second, the lives of most Americans are not dominated by the electoral cycle. They shouldn’t have to wait three more years for Congress to give them relief from this law, especially when the president has so frequently given waivers to his friends. Full legislative repeal may not be possible while President Obama remains in office, but delaying implementation by withholding funds from a law that is proven to be unfair, unworkable and unaffordable is a reasonable and necessary fight.

There’s a third reason not to stop fighting. Forget the consultants, the pundits and the pollsters; good policy is good politics. If the Republicans had not fought on ObamaCare, the compromise would have been over the budget sequester. Instead, they have retained the sequester and for the past three months ObamaCare and its failings have been front and center in the national debate. Its disastrous launch was spotlighted by our defund struggle, not overshadowed, as some contend. With a revived and engaged electorate, ObamaCare will now be the issue for the next few years.

These are the reasons we fought so hard to get Washington to listen to the American people and take action to stop ObamaCare, and it is why so many are thankful for the courageous leadership of people like Sens. Ted Cruz and Mike Lee, and conservatives in the House of Representatives. The law is economically unstable, financially irresponsible and harmful to hardworking Americans.

Forget the substantive problems with DeMint’s arguments. The point here is that he and his fellow right-wing nuts believe in them. And they think that closing the government and breaching the debt ceiling is gaining them nothing but gold stars from their base.

Here are Ted Cruz and David Vitter in the Washington Post today, reiterating their ends-justify-the-means philosophy about the Affordable Care Act:

“I would do anything, and I will continue to do anything, to stop the train wreck that is Obamacare,” said Sen. Ted Cruz (Tex.), a tea party favorite who said he would not rule out pushing for another government shutdown.

House Energy and Commerce Committee leaders announced Thursday that they will hold a hearing Oct. 24 to scrutinize the law’s implementation. They also sent Health and Human Services Secretary Kathleen Sebelius a letter, asking her to reconsider the administration’s decision not to participate.

Sen. David Vitter (R-La.), who tried unsuccessfully to insert a provision in Wednesday’s continuing resolution that would have denied federal health insurance subsidies to lawmakers and their aides, said he will revive the proposal as soon as possible.

“I guarantee it will be back,” Vitter said on Fox News. “I’m not going away, and this issue is certainly not going away.”

Furthermore, the shutdown and near-breach of the debt ceiling got the GOP at least one substantive win, despite Pres. Obama’s vow that he would not allow any policy concessions until the government reopened and the debt ceiling was raised. Although opinions on the left differ as to how significant the income verification requirement for subsidized insurance policies on the exchanges will prove to be, what is not arguable is that Democrats DID make the concession. I don’t see how that can do anything but embolden the Cruzians, given that they have made it clear they don’t even need tangible signs of success to believe they can get rid of Obamacare by shutting down the government.


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THE Most Tone-Deaf Presidential Candidate EVER

It really isn’t even news anymore that Mitt Romney is completely disconnected from most Americans’ daily reality. He hasn’t got a clue. He’s living in a bubble. He isn’t on the same planet the rest of us live on. His latest? Advising young people who don’t have the money to go to college or start out on their own to borrow money from their parents.

Libby Spencer has THE.BEST.TITLE: “You can rely on the old man’s money.”

I fucking LOVE it.

ABL at Balloon Juice:

Mitt Romney is the most tone-deaf motherfucker to ever run for president. HANDS DOWN.


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Ready for Four More Years of George W. Bush?

That’s what you’ll get if Mitt Romney is elected. Who sez? The Republican National Committee, that’s who:

During an interview last week on The Fernando Espuelas Show, Alexandra Franceschi, Specialty Media Press Secretary of the Republican National Committee, said that the Republican party’s economic platform in 2012 is going to be the same as it was during the Bush years, “just updated.”

More at Think Progress.

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Invested in Cluelessness

There’s a fascinating, must-read article in the New York Times today about the disconnect between Americans who consider themselves conservative and say they want smaller government, and the extent to which those same people depend on government benefits and programs:

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Romney Now Claims a “45 or 50 Percent” Tax Rate

Because, he says, “capital gains are also being taxed at the corporate level.”

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Mitt Romney’s Taxes

No surprises, just confirmation that Romney is a multimillionaire with not one penny of his millions coming from his own labor:

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