Robert Kuttner

Robert Kuttner is co-founder and co-editor of The American Prospect, as well as a distinguished senior fellow of the think tank Demos. He was a longtime columnist for Business Week and continues to write columns in The Boston Globe. He is the author of Obama's Challenge and other books.

Recent Articles

A Spine Is a Useful Thing to Have

AP Photo/Charles Dharapak
AP Photo/ Evan Vucci H ow much damage have the Republicans done to themselves going into the elections of 2014 and 2016? And has President Obama resolved to hang tough, not just in this round, but in the one that follows and the one after that? The contrived shutdown crisis proved two things. It proved that Republicans are split down the middle between a lunatic, fundamentalist wing that prefers wreckage to governing and a pragmatic wing often allied with Wall Street. And it proved once and for all that being tough in the face of blackmail beats appeasement that only courts more rounds of blackmail. Business elites applied escalating pressure on the Republicans not to let the United States default on its debt. In the end, 144 House Republicans voted against the measure, and 87 voted for it. That 144, though, exaggerates somewhat the true strength of the Tea Party faction. Some of that vote was a protest against the failure of the Democrats to give anything in return. For now, public...

Take the Fourteenth!

AP Images/Charles Dharapak
Remember the proposals that were current back in 2011 to have President Obama invoke his authority under the 14 th Amendment to keep funding America’s public debt, even without approval from Congress? Well, that proposal has suddenly become highly relevant again, even urgent. Prior to 1917, Congress did not even require periodic legislation to increase the debt ceiling. Statutory approval was added as part of the large increase in World War I borrowing. The 14 th Amendment, approved after the Civil War, included several provisions, but the key one for our purposes was Section 45. It provided that: “The validity of the public debt of the United States, authorized by law, including debts incurred for payments of pensions and bounties for services in suppressing insurrection or rebellion….shall not be questioned.” The intent was to make sure that Union war debts would be paid and Confederate ones would not be. A number of constitutional scholars believe that this provides ample authority...

Tom Friedman’s Worst Column Ever

AP Photo/Mark Lennihan
Sometimes, Tom Friedman writes a column that is such complete baloney it makes you want to retch. Rather than risking soiling my shoes, here is a point-by-point rebuttal to Friedman’s opus du jour, titled: “ Sorry, Kids. We Ate It All .” Friedman’s column swallows whole the budgetary malarkey of the corporate Fix-the-Debt lobby and its Wall Street sponsors. Namely, the reduced horizons of the next generation are the result of the gluttony of old folks—and of unions. But what makes this piece especially appalling (and emblematic) is that the hero of Friedman’s piece is one Stanley Druckenmiller, a hedge-fund billionaire who has appointed himself as the Paul Revere of deficit reduction to warn America’s college students that The Seniors Are Coming. In passing, Friedman discloses that Druckenmiller is also “a friend.” So on top of the absurd logic of the piece, Friedman is guilty of a conflict of interest—using the most valuable real estate in American journalism to do a favor for a chum...

Thinking the Unthinkable

Listen up, class. World War I never happened. It didn’t happen because nobody wanted it, and everybody grasped the horrific risks. In the event, the common European civilization was destroyed, three empires fell, 16 million people died, and 20 million were wounded. So World War I couldn’t happen because everyone knew how awful it would be. In August 1914, virtually all leaders anticipated a short set of skirmishes, a readjustment of borders as in other recent wars, and everyone would be home for Christmas. But, you know, stuff happens. Then there was the American Civil War. It didn’t happen either. Many Southern leaders knew that staying in the Union and accepting some limitations on slavery in the territories and new states would allow them to keep their “peculiar institution” and avoid the economic catastrophe of a war on their soil. Oops. Thus the Republican game of chicken with the debt default. It can’t happen because its consequences would be too unthinkable, right? The stock...

An Ignoble Prize

Eugene Fama, one of the winners of this year’s Nobel in economics, is the fellow who proposed that all markets are efficient all of the time—more precisely that market pricing accurately captures all available information and thus creates “correct” prices. Fama also insisted that there is no such thing as a price bubble. Somehow, the man missed one of history’s great bubbles and the collapse that followed—an epic case of markets getting prices wrong. He also missed the fact that markets have incorrectly priced carbon, leading to global climate disaster, which Lord Nicholas Stern correctly termed “history’s greatest case of market failure.” For this, they give the man a Nobel. What timing! The mind boggles in search of an apt comparison. It’s like giving a posthumous Nobel in physics to Ptolemy rather than Copernicus for demonstrating that the sun revolves around the earth. Or maybe in biology not to Gregor Mendel or Charles Darwin but to Trofim Lysenko, Stalin’s court geneticist, for...

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