Patrick Caldwell

Patrick Caldwell is a writing fellow at The American Prospect.

Recent Articles

The Caped Crusader of the Executive Branch

What is the CFPB, and why should you care? 

(Flickr/401(K) 2012)
SEC. FTC. DOD. DOJ. OCC. HHS. FAA. EEOC. OPM. CFTC. CPSC. CFPB. To most sane people, they probably recall a poor combination of letters during a game of Words With Friends. For demented Beltway minds, however, each string of letters carries specific connotations in the vast alphabet soup of the federal bureaucracy. Most operate outside the notice of the rest of the country, quietly protecting our financial markets, inspecting the cars we buy, or upholding labor standards. But that last acronym will climb atop the pile and enter the popular vernacular in the near future. The Consumer Financial Protection Bureau (CFPB, per D.C. shorthand) celebrated its one-year anniversary on Saturday. Depending on the outcome of the presidential election, the agency could grow into one of the most public and popular arms of the federal bureaucracy—or wither away into irrelevance. Did you forget to blow out a candle for its first birthday this past weekend? Fear not, the Prospect has you covered. I’ll...

Inconsistent Mandate

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Barack Obama and Mitt Romney's stances on health insurance mandates stand as one of the great ironies of the 2012 presidential race. At various points both have opposed the mandate and both have advocated for the idea, successfully forcing the measure into legislation. The only problem is that they have evolved in opposite directions. The Obama campaign made the strategic decision to carve out a niche as the anti-mandate candidate during the 2008 Democratic primary. "It forces everyone to buy insurance, even if you can't afford it, and you pay a penalty if you don't," said one ominous ad from the 2008 campaign that Obama used to attack Hillary Clinton. That staunch opposition of course changed once Obama assumed office and faced the realities of crafting legislation. His team realized any measure that prevented insurance companies from discriminating on the basis of pre-existing conditions would collapse without a mandate, as healthy individuals would flee the market, leaving only the...

Texas GOP Holds Hispanics in Check

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Last week Scott offered a great defense of the Voting Rights Act, arguing that Section Five—a clause that requires southern states to receive preclearance before changing any voting procedures—is a necessary correction to the limits of the Fifteenth Amendment. That provision was recently overturned by the D.C. Circuit, setting up a hearing in the Supreme Court that could possibly strike down the landmark civil rights legislation. Given the recent conservative tilt of the Supreme Court, some legal experts are predicting that the circuit court's decision will be upheld, with the majority arguing that the act was crafted during circumstances no longer relevant to the political climate. The recent spate of voter suppression laws tell another story and are often trotted out by liberals as the best evidence to highlight the continued need for Section Five. However today's primaries in Texas also offer a good test case for why the Voting Rights Act needs to be strengthened rather than...

The Cost of the Debt-Ceiling Fight

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For a moment last fall, it looked as if the last-minute debt-ceiling deal was all for nothing. Democrats had caved to Republicans’ demands to cut spending in order to keep the government funded. But Standard and Poor’s decided that the brinkmanship displayed by John Boehner and Republicans reflected poorly on the country’s ability to pay its bills, and decided to lower the U.S.’s credit rating anyway from AAA to AA+. Luckily, that decision was taken more as a reflection of the rating agency than a proper assessment of the country’s credit-worthiness. The U.S. continues to sell Treasury bonds at record low interest rates, a sign that investor confidence hasn’t been shaken. That doesn’t mean the tussle over the debt ceiling last summer came without cost. Economists Betsey Stevenson and Justin Wolfers have an op-ed in Bloomberg today assessing the impact of the debt-ceiling showdown: High-frequency data on consumer confidence from the research company Gallup, based on surveys of 500...

No Taxmageddon Solution Before November

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Congress is deadlocked on a host of issues that will need to be solved before the end of the year lest the country plunge off a fiscal cliff at the start of 2013. If no action is taken, all of the Bush tax cuts will expire, the payroll tax will return to higher rates, and the full-sequester spending cuts will go into effect, with the debt ceiling hitting its limit shortly thereafter. Estimates from the Congressional Budget Office released early this week paint a horror story for the start of 2013, with the economy contracting by 1.3 percent. The New York Times tries to offer a bit of hope this morning, with a story detailing both Democrat and Republican intentions to tackle the tax cuts before the lame duck session: Both parties in the House and the Senate are eager, perhaps even giddy, at the prospect of voting for their respective versions of an extension of the cuts this summer, well before the due date. Speaker John A. Boehner, Republican of Ohio, has said there will be a House...

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