J. Bradford DeLong's Blog, page 2256
July 14, 2010
NO DEFICIT HAWK HAS ANY BUSINESS EVER VOTING FOR ANY REPUBLICAN CANDIDATE FOR ANYTHING...
And no journalist ever has any business claiming that Democrats and Republicans are equally bad on long-term fiscal issues. None. Ever.
Steve Benen:
The Washington Monthly: Senate Minority Whip Jon Kyl (R-Ariz.)... asked on Fox News how his party would pay for $678 billion in tax cuts for the wealthy.... Kyl said what he actually believed: Republicans wouldn't pay for them, and thinks it's a mistake to even try. Spending should be paid for, Kyl said, but tax cuts shouldn't. Kyl...
Scott Winship on the Depth of the Recession
How Bad is the Job Situation, Really?:
As Winship says, it is clear that these data series are not compatible. But how incompatible could they possibly be? Not this incompatible.
So We Have a 2% GDP Growth Rate Second Quarter and a Likely 3% GDP Growth Rate Third Quarter with a Spending Gap of 10%...
...both state and federal spending and tax policies are about to start putting downward pressure on the economy's growth rate... and Ben Nelson's "moderate" caucus in the Senate and Ben Bernanke's "moderate" caucus in the Fed are blocking any attempt to move government policy even to neutral.
July 13, 2010
links for 2010-07-13
B: "[Bloomberg:] 'The planned squeeze in U.K. government spending increases the chance of the economy slipping back into recession, said Geoffrey Dicks, who heads economic forecasting at Britain's new fiscal watchdog.... Dicks said measures proposed by Chancellor of the Exchequer George...
Barry Eichengreen: Fiscal Fibs and Follies
Barry:
Fiscal Fibs and Follies: Southern European firms... understand that their countries’ fiscal positions are unsustainable... that debt default would be disruptive... they are holding their collective breath, while evidence that the government is serious about stepping on the brake can induce them to exhale. In this case, fiscal consolidation is likely to affect their investment spending positively.
This does not mean that Greece, Portugal, and Spain will expand as robustly as...
Breaking the Obama Exclusion Principle
I thought that the first rule of the Obama administration was that you couldn't have your old Clinton administration job back?
Apparently no logner the case:
David Kurtz: What's Old Is New Again: President Obama nominates former Clinton OMB Director Jacob Lew to return to his old post, replacing Peter Orszag.
Macroeconomics: A Watershed Quarter
Mark Zandi says: the ARRA is no longer boosting the rate of economic growth.
From now on, the net effect of Obama administratration macroeconomic policy is to slow growth, not to accelerate it. If you think that our current economic growth rate is too fast, that is probably hunky-dory with you. If not, not.
A Chart That Screams, 'Extend Unemployment Benefits!'
Michael Fletcher and the whole Washington Post could take lessons from Daniel Intiviglio. Just saying.
Daniel:
A Chart That Screams, 'Extend Unemployment Benefits!': At the end of May there were 3.2 million job openings, according to a new report from the Bureau of Labor Statistics. In the face of nearly 15 million unemployed, that's obviously not enough. And if you add in those other Americans not working because they're discouraged or marginally attached ("U-5"), then that number...
I Really, Really Do Not Get This...
Anna Fifield writes:
Obama taps Lew for budget office: President Barack Obama on Tuesday nominated Jack Lew as the new director of the White House Office of Management and Budget, putting someone who helped President Bill Clinton to balance the books in charge of the government finances. Mr Lew will take over from Peter Orszag, who is leaving after 18 months, partly in frustration over his lack of success in persuading the Obama administration to tackle the fiscal deficit more...
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