President Obama’s deficit commission, lovingly described around these parts as the cat food commission. It lived up to its name yesterday, as Bowles and Simpson described the budget as “a cancer that will destroy the country from within.” It’s one of those curious cancers which would go completely away if Congress simply did nothing. But this cancer must be fought, we’re told, by making sure retirees have no financial security.
|By: David Dayen Monday July 12, 2010 11:45 am|
|By: David Dayen Wednesday July 7, 2010 2:16 pm|
I don’t know that you could make a blanket statement anymore that the economic advisers know best – economic advisers have made a habit of letting the nation down these days – but in a contest between the economic team and the political team, I’ll take the economic team most of the time. The public doesn’t rely on economic theory to shape their opinions, they rely on results. They can be told that deficits drove the recession or some other pabulum, but the greatest antidote to this fearmongering would be tangible improvements in their economic picture.
|By: David Dayen Monday June 28, 2010 6:25 am|
In an announcement that portends misery for much of the world’s citizens (and I’m only slightly exaggerating), the G20 communique will include a pledge from the largest nations on Earth to halve their budget deficits by 2013. Coming at a fragile time for the global economy, this descent into austerity could lead to a return to recession or worse.
|By: David Dayen Monday June 7, 2010 7:40 am|
The G-20 nations over the weekend basically held up a “Let Them Eat Cake” sign for the rest of the planet’s citizens to read. And a white flag to the bond market vigilantes, to boot. Not in this country or abroad has the private sector stepped up to drive the recovery. And yet, the deficit scolds have won. There will be no more fiscal stimulus, generally speaking, for most of the world. And that’s true despite mass unemployment in America and rising joblessness in Europe. This is precisely the kind of thinking that turned a jarring stock market crash into a worldwide depression in the 1930s.