Political Economy category archive
David dissects the double-speak.
Read Newsweek’s report on this Chris Wallace interview.
Jill Richardson translates:
They mean the freedom of one individual to harm or gain unearned advantage over another (for example, by Hobby Lobby refusing to cover birth control for employees) or preserving the freedom to benefit from society without giving back (for example, large corporations that benefit from taxpayer-funded services, but pay little to nothing in taxes).
Follow the link for the rest.
Michael in Norfolk catalogs the contrasts. A snippet:
Politicians of both major political parties bloviate about “American exceptionalism,” yet among advanced nations America is exceptional for its failures to provide universal health care and to simply maintain its infrastructure. The nation is a study in contrasts of immense wealth and abject poverty with the highest child poverty rate, access to the best technology and where poor students have to sit outside of fast food restaurants and Starbucks to access the Internet for virtual schooling during the ongoing pandemic.
Sam and his crew dismantle the Republican double-talk on the minimum wage.
Paul Krugman explains the flawed reasoning behind the failure of the electricity industry in Texas. A snippet:
Texas energy policy was based on the idea that you can treat electricity like avocados. Do people remember the great avocado shortage of 2019? Surging demand and a bad crop in California led to spiking prices, but nobody called for a special inquest and new regulations on avocado producers.
In fact, some people see nothing wrong with what happened in Texas in the past week. William Hogan, the Harvard professor widely considered the architect of the Texas system, asserted that drastic price increases, while “not convenient,” were how the system was supposed to work.
But kilowatt-hours aren’t avocados, and there are at least three big reasons why pretending that they are is a recipe for disaster.
Follow the link for those three big reassons.
is an optimist thinks that there’s hope for the Republican Party.
Here’s a bit of the straw at which she grasps. Follow the link for the rest of the broom.
Last Wednesday, the Republican members of the House, voting in closed caucus, confirmed U.S. Rep. Liz Cheney as the third most senior Republican in the lower chamber even though she had “betrayed” Donald Trump by voting for his impeachment. The vote wasn’t even close: 145 in favor of keeping her in post, only 61 against.
The following day, in an open vote on whether Rep. Marjorie Taylor Greene, a fanatical Trump loyalist, should keep her seat on several congressional committees despite her ugly and certifiably crazy views, the very same Republican members of the House voted to keep her in place by 199 to 11.
The Republican members of Congress may be weak and cowardly, but most are not wicked. In an open vote, they felt they had to back Greene, because otherwise Trump’s loyalists back in their home districts would ensure that they never got elected again. But they’d love to dump him if they could do it safely.
Drew Magary took a flyer on the Robinhood app and ended up with very little john, which led him to form a theory about how the stock market
works is worked. (Warning: Language.)
Individual stocks may go way up or way down, but the market itself only knows one trajectory. They’ll never let the whole market sink even if certain stocks eat curb. When the pandemic hit, what was the first thing legislators worried about? It wasn’t you. It wasn’t your favorite mom-and-pop pad Thai joint. It was the market. Who’d the legislators bail out in 2008 when the banks collapsed? Not you. The banks. Why? To keep the market up. They’ll never let it fail. All of their interests, regardless of party, coalesce within it. Hence, the average American’s best way to survive the vagaries of the market is to invest in ALL the corruption, not in bits and pieces of it.
That means index funds.
Paul Krugman is an optimist.
Even though what he says is true, the falsehoods have become too deeply ingrained to be dislodged by something as trivial as evidence.