Can we just keep things in perspective? On Tuesday, the President asked Republicans to join him in finding more spending cuts and revenues before the next fiscal cliff whacks the economy at the end of the month.
Yet that same day, the Congressional Budget Office projected that the federal budget deficit will drop to 5.3 percent of the nation’s total output by the end of this year.
For left-leaning writers, at least, it’s almost cliché to note the extent to which the press defers to deficit hawks, despite clear evidence that deficits are not a pressing problem for the United States. Even still, it’s worth noting when reporters pass along received wisdom, especially when we have fresh data to show the folly of Washington’s obsession with deficit reduction. To wit, here’s TheWall Street Journal with a piece that just cedes the idea there’s a deficit problem and it requires further “belt tightening” from the federal government:
Since the start of the new Congress, liberal Democrats have anxiously awaited senior Senator from Massachusetts Elizabeth Warren’s initial moves. Celebrity entrants into the Senate—from Hillary Clinton to Al Franken—have tended to take a modest approach, immersing themselves in committee work and issues of local importance, building relationships with their colleagues, and operating as a “workhorse, not a show horse.” By contrast, Warren said during the campaign that she wanted to use her new position as a platform for her ideas. And one of her first actions suggests she will spend her time as Senator much the way she did as chair of the TARP oversight panel and at the Consumer Financial Protection Bureau: shedding light on the harm caused by unscrupulous financial interests.
Perla Saenz went back sore and exhausted just four weeks after giving birth—and two weeks after the incision from her C-section reopened. (She had heard her older child cough in the night and instinctively tried to pick him up, forgetting for a moment her doctor’s warning against lifting anything heavier than ten pounds.) Weak and sometimes feverish, she often found herself clutching the counter for support.
Is China moving ahead of the United States on worker rights? According to a report on Monday’s Financial Times, it may be doing just that.
The FT reports that Foxconn, which employs 1.2 million Chinese workers who make the bulk of Apple’s products, along with those of Nokia, Dell, and other tech companies, has decided to allow its workers to hold elections to select their union leaders. This is a radical departure from past practice in China, where unions are run by the government—that is, the Communist Party—which customarily selects the union leaders. Often, the leaders selected under this system are actually the plant managers.
Sometime this month, the Senate is expected to grill President Obama’s pick for Treasury secretary, Jack Lew, who if confirmed will replace outgoing secretary Timothy Geithner. As the president’s chief of staff, Lew has been influential in the budget battles President Obama fought with House Republicans in the past year and has a deep knowledge of how government spending works. Conventional wisdom is that the president chose Lew to have a strong ally as the White House battles with congressional Republicans over spending and taxes. But with only a short stint at Citigroup amid a life of public service, there isn’t a deep record on what he thinks about financial reform.
Exactly a century ago, on February 3, 1913, the Sixteenth Amendment to the Constitution was ratified, authorizing a federal income tax. Congress turned it into a graduated tax, based on “capacity to pay.”
It was among the signal victories of the progressive movement—the first constitutional amendment in 40 years (the first 10 had been included in the Bill of Rights, the 11th and 12th in 1789 and 1804, and three others in consequence of the Civil War), reflecting a great political transformation in America.
According to the latest report from the Bureau of Labor Statistics, the economy created 157,000 jobs in January, a solid number, though behind what we need to see a robust recovery. More important, as always, are the revisions. November’s job growth was revised to 247,000 (up from 161,000) and December’s was revised to 196,000 (up from 155,000).
These are big revisions, and when analyzed as part of a trend, it’s clear that the government was been underestimating job growth for most of 2012, to the tune of 28,000 jobs a month.
As a collective unit, Americans are pretty keen on the civics-class idea that life in the 6,106,012 square miles of God’s green earth that is the USA is more or less equitable for the 313,847,465 people who have hunkered down to live on the craggy coasts, fruited plains, and purple mountains filled with majesty. We’ve got proportional representation in Congress, a legal system that presumes innocence before guilt, and the ability to walk into any 7-Eleven to get a Slurpee and slice of pizza that will cost you $4 and a year of your life, which has to say something about the level playing field we’ve got going, right?
The Republican party's abysmal performance among Latino voters in the 2012 election, and the ensuing realization among many in the GOP that they need to change their stance on immigration or risk more defeats, have made it a real possibility that passage of the first comprehensive immigration reform bill in over a quarter-century could happen soon. The debate will no doubt be intense, so as it begins, some facts about the recent and not-so-recent history of immigration in America will be important to keep in mind.
Before Washington state voters legalized marijuana in the 2012 election, pot was easy enough to access on the black market. Five percent of state residents have used the drug in one form or another while burning through a remarkable 187,000 pounds per year, according to estimates by Washington’s Office of Financial Management. Getting high without getting arrested wasn’t much of a problem, either. Washington decriminalized medical marijuana 15 years ago, and today dozens of dispensaries are operating under protection of state law. In addition, Washington’s biggest city, Seattle, had instructed its police force to treat personal possession of marijuana as the lowest law-enforcement priority.
As President Barack Obama embarks on his second term, he and many other global leaders hoping for economic recovery paid close attention to the recent speech given by British Prime Minister David Cameron about whether he would lead the UK out of the European Union. Europe is the largest trading partner with both the United States and China, so the continent’s recession and the restructuring of its basic institutions is no academic matter. What happens there affects the rest of the world.
Poking holes in the arguments that appear on TheWall Street Journal’s editorial pages bears a close resemblance, I admit, to shooting fish in a barrel, but an op-edin Thursday’s Journal makes points so idiotic I cannot restrain myself.
Brace yourself. In coming weeks you’ll hear there’s no serious alternative to cutting Social Security and Medicare, raising taxes on the middle class, and decimating what’s left of the federal government’s discretionary spending on everything from education and job training to highways and basic research.
“We” must make these sacrifices, it will be said, in order to deal with our mushrooming budget deficit and cumulative debt.
Poking holes in the arguments that appear on TheWall Street Journal’s editorial pages bears a close resemblance, I admit, to shooting fish in a barrel, but an op-ed in Thursday’s Journal makes points so idiotic I cannot restrain myself.