by Bruce Webb A couple of commenters here have inquired about how Social Security would fare in a time of extended recession. And the really short answer is ‘not too badly, mostly it self-adjusts’. But the questions reveal a profound misunderstanding of the real nature of the Trust Funds and their relation to Social Security […]

rdan HR 1 PP is the seventh version printed, the final bill to date Feb. 10, 2009. This link is to a ‘clickable’ form of the bill. I believe there were six earlier versions starting with the House, then to Senate, then to joint committee to resolve differences. Update: Link fixed

rdan Happy Valentines.

Mark Thoma at Economist’s View links us to the following article from William Grieder at The Nation.Looting Social Security Governing elites in Washington and Wall Street have devised a fiendishly clever “grand bargain” they want President Obama to embrace in the name of “fiscal responsibility.” The government, they argue, having spent billions on bailing out […]

rdanSimon Smelt at Seeking Alpha discusses how the US and China are “communicating” national interests. He points to three important, very broad messages needing interpretation and analysis: In summary: 1. In 2005 a bilateral Strategic Economic Dialogue (SED) between China and the U.S. was set up. Reportedly, Beijing has put a lot of effort into […]

“Countable Infinity“ The extension of this is that I can have infinite resources, and still sleep under a bridge.

Robert Waldmann Arnold Kling (via Matt Yglesias) argues that economists agree more about microeconomics than about macroeconomics. My take on this is that the consensus of economists is likely to be more reliable on microeconomic issues than it is on macroeconomic issues. In my view, fundamental macroeconomic issues are unsettled. It makes sense to have […]

Talking Points Memo got ahold of a confidential summary of the Conference compromise Stimulus Conference Agreement Chart Long and detailed, only the wonks need apply. If I see something interesting I will update the post or put up a new one. Otherwise fell free to dive in.

By Spencer, Our conservative/libertarian friends keep saying the FDR made the recovery from the 1929-33 economic downturn weak. I keep asking them weak compared to what, and they never have an answer. When I look at the data series like this I find it hard to accept that the recovery under FDR was weak. 1940 […]

rdan This piece of stormy’s post caught my attention: But ask yourselves–ask Krugman, ask Roubini, ask Martin Feldstein, ask any economist: What will be the engine of our economic recovery? The stimulus package can, at best, only blunt the worst effects of this economic crisis. And, the most overt forms of protectionism may come into […]