A discussion of race, politics, media and the like… What I see is what you get.

Posts tagged “Economy

The Truth About the Economy

Robert Reich makes it simple and easy…

Needless to say, Republicans are counter to any constructive and fact based approach to repairing the economy. They would rather continue doing the same things that led us down this road. Their policies are the same policies that were discussed and implemented under Reagan and both Bush’s…

YouTube – The Truth About the Economy.


Jared Bernstein | The Correct Diagnosis

In my opening post to this new blog, I pointed out that a top objective was to correct false assertions regarding economic arguments.  Well, allow me to outsource to my CBPP colleague Paul Van de Water.

If we’re going to meet the fiscal challenges we face, we’ve got to accurately diagnose the problem. The much-circulated CBPP analysis sorting out the factors behind the increase in the deficits provides just this diagnosis and does so in one friendly graph (see figure).

Now, the plot thickens.  The conservative Heritage Foundation went after the analysis claiming that we cherry-picked the Bush tax cuts, the wars, and the recession as the main factors explaining the increase in deficits over the next decade when we could just as easily have picked Social Security or Medicare.

But as Paul’s rebuttal makes clear, before Bush cuts, etc. took place, non-partisan budget analysts were predicting surpluses based on spending and revenues including, of course, the entitlements.

“Heritage charges we arbitrarily picked certain elements of the budget to blame for the deficits, saying one could also single out Social Security and Medicare to explain the entire deficit.  Yes, the costs of Social Security and Medicare will rise over the next decade as more baby boomers retire and health care costs continue to rise.  But Heritage misses the key point: Analysts knew this would happen back in 2001; their forecasts of large surpluses over the following two decades took those increases into account.”

It’s Diagnosis 101: if something changes—in this case, predictions of surpluses to deficits—don’t look for the ongoing stuff you already knew about.  Look for something new to the system, in this case, the cuts, the wars, etc. – Jared Bernstein

via Jared Bernstein | On the Economy.


Visit msnbc.com for breaking news, world news, and news about the economy

Jared Bernstein | On the Economy

The national debate over economic policy is way off track and the stakes are as high as can be.   In every important area of economic and social policy—health care, fiscal policy (deficits, debt, taxes), public investment, retirement security, climate change, education, job growth, income distribution—there’s so much misinformation, so many false assertions, that it is impossible for anyone paying attention to evaluate the choices with which they’re faced.

Most important, as the 2012 election season gears up, we are poised to have a fundamental debate about the size and role of the federal government.   But absent straight talk and plain, understandable facts from both sides of the argument—about the costs and benefits engendered by this choice—it will be impossible for voters to make an informed choice.

Let me be clear about where I stand.  I view the conservative agenda right now as trying to implement a large shift in who bears the risk of those events in our personal and economic lives that are inadequately handled by private markets.  In my view, to get this wrong means significant disinvestment in public goods from education to infrastructure, diminished health and retirement security, more booms and busts—a move from “we’re in this together” to “you’re on your own.”

But let me also be clear about this: there’s a legitimate argument to be had about this choice and I don’t assume that if the quality of our economic debate were suddenly vastly improved, my view of what’s good economic policy would prevail.  A majority of the American electorate might well decide, once they had the facts, that they wanted a quite different sort of government, one that was much smaller, did less, and cost less as well.

But that’s not the argument we’re having.   Conservatives essentially argue we can have it all for less: get government “out-of-the-way” and health care, job growth, investment, upward mobility, would be enhanced, not diminished.   These claims are difficult to defend using facts—as opposed to assertion—and part of this blog will be devoted to sorting through them. – Jared Bernstein

Check out this clip (Mr Bernstein starts at the 6:30 mark) from the Dylan Ratigan show… 


via Welcome – Jared Bernstein | On the Economy.

Crappy Jobs Caused by Plutocracy and Austerity

This is a great article that fully explains the ideas of “Plutocracy” where the wealthy and powerful control the levers of government for their own financial gain and “Austerity” which degrades the economy in a never-ending downward spiral.

It’s about time we understand what Republicans have planned for this country and it’s about time we force the Democrats to push back and defend the regular people and make sure that the sacrifice is shared by everyone. Trickle-down economics is a farce. It’s political propaganda designed to excuse the upward money vacuum.

Cutbacks shrink the economy. And expanding economy provides good jobs with good pay and benefits and fixes budget deficits. We want an expanding economy for We, the People, not tax cuts for the rich and cutbacks on the things government does for We, the People. Tax cuts and austerity provide an opportunity for a few to cash out and take off, but does not provide for the rest of us. – Dave Johnson

via Dave Johnson: Crappy Jobs Caused by Plutocracy and Austerity.