I’m actually agnostic on this choice. The always excellent Charles Pierce makes a good case for Hagel, but why should Obama go for any Republican? This just continues to promote the canard that Republicans are somehow stronger or more capable on defense issues than Democrats. The irony here is that the greatest opposition is coming […]
It’s already clear that Republican congressional leaders now recognize that the Republicans actually have no leverage at all on the debt ceiling matter; they’re not going to pull that trigger, and everyone knows it. But Obama (or other prominent Dems) still really, really need to explain to the public that the debt ceiling concerns authorization […]
by Linda Beale Social Security/Medicare vs Corporate Welfare The denouement of the fiscal cliff debate behind us (and not, I regret, with the best results–more on that later) we now face the next stage, in which we can expect the right-side extremists to threaten to hold the government hostage unless spending is cut (meaning, to […]
Now the old world can address the fiscal imbalance of the new. It seems that some of the best minds in the USA are trying to figure out how the US Treasury can disburse money without issuing debt. Finally a topic I know something about. There are many ways. 1) Paul Krugman proposes Moral Obligation […]
In the wake of the fiscal deal raising taxes only on income over $450,000, Republicans are declaring that the debate over taxes is finished. The next fiscal deal will contain nothing in new revenues. Yesterday, Mitch McConnell said: “The tax issue is finished. Over. Completed. That’s behind us. Now the question is what are we […]
There has been much discussion recently of the “problem” with Macroeconomics. See Nick Rowe, Noah Smith (who may have been punked by a self-selecting sample—or may not have), Mark Thoma, Brad DeLong, RDan’s collection here a while back, and the rest of The Usual Suspects.Let’s ignore for the moment that the problem with Macro is […]
by Mike Kimel Some Thoughts on Statistical Analysis (A bit wonky) Via Tyler Cowen, a pretty good post on statistical analysis. While I suggest reading the post, I’ve reproduced the first sentence of each point the author makes below (though have cut out the pieces in betweeen): 1. When you don’t have to code your own estimators, youprobably won’t […]
Steve Randy Waldman as usual gets practical about Treasury issuing platinum coins. JKH in comments there does typically likewise. Suppose the Department of the Treasury says: “We have a statutory obligation to pay all amounts that have been authorized by Congress — both expenditure and debt obligations. Since the borrowing limit has been reached and […]
With all the well-deserved attention going to Kevin Drum’s excellent Mother Jones article on crime rates and lead in gasoline (more here), I thought it worth revisiting my post on the subject from a year and a half ago, which was itself prompted by Angry Bear’s own inimitable Robert Waldmann. Government Gets the Lead Out, […]
by Bruce Webb CBO: SS Scheduled vs Payable Benefits (Rosser’s Equation illustrated) ‘Rosser’s Equation’ is something between an in-joke and tribute to Prof. Barkley Rosser, Jr of JMU, an economist friend of mine who pointed out a surprising result: real payable benefits after projected Trust Fund depletion and subsequent 25% cut will still be higher […]