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Your Abbreviated Pundit Round-up
Daily Kos —
... 'between the holidays' week. But that won't stop the pundits. William Kristol: I get paid by the number of times I can call the left hysterical or intolerant. It's cold comfort compared to losing and always being wrong, but I have to write about something between now and when the Times fires me. So here's my attempt at being gracious: I hope Obama does well, particularly when he does something conservative. It's not much, but it's the best I can do. Paul Krugman: No modern American president would repeat the fiscal ...
Krugman: 50 Hoovers
Calculated Risk —
Paull Krugman writes: Fifty Herbert Hoovers No modern American president would repeat the fiscal mistake of 1932, in which the federal government tried to balance its budget in the face of a severe recession. The Obama administration will put deficit concerns on hold while it fights the economic crisis. But even as Washington tries to rescue the economy, the nation will be reeling from the actions of 50 Herbert Hoovers — state governors who are slashing spending in a time of recession, often at the expense both of their most vulnerable constituents and of the ...
Fifty Herbert Hoovers
Suburban Guerrilla —
Yeah, Krugman’s right. Governors are cutting like crazy, just when their residents are at their most vulnerable.
And so he raises the right questions. The way we pay for public services in this country is not only stupid, it serves to further the political interests of division. Places like Alabama are poorly educated (and highly conservative) because they don’t have enough of a tax base to fix their education system.
Are governors responsible for their own predicament? To some extent. Arnold Schwarzenegger, in particular, deserves some ...
Building Wheelchair Ramps
The Moderate Voice —
... In today’s NYT, Paul Krugman frets about “state governors who are slashing spending in a time of recession, often at the expense both of their most vulnerable constituents and of the nation’s economic future.” ...
Larry Lindsey's Hit-and-Miss Stimulus Ideas
The Stump —
... It's an especially weird proposal for Lindsey to make immediately after criticizing federal aid to states on the grounds that "states and localities will simply substitute federal funds for their own resources." Even if you think aid to states wouldn't net households much additional cash (and Lindsey seems way too pessimistic on this point), it would certainly net them more than his capital gains tax proposal, which wouldn't net them any additional cash. ...
How We Can Bail Ourselves Out
Open Left - Front Page —
... First things first. Congress and the incoming Obama Administration are hammering out an economic recovery package with major investments in infrastructure, education, energy efficiency, health programs and aid to the states and localities (see Paul Krugman’s excellent discussion of why such assistance is particularly vital during an economic downturn). While the to-be-decided details of the plan will be critical to its success, the broad outlines look like precisely what the ailing U.S. economy desperately needs: a plan that creates jobs quickly while ...
More on the Fifty Herbert Hoovers
Calculated Risk —
... state government, and imposes $1 billion in additional taxes on Massachusetts residents, shoppers, and visitors. ... “This is without question an austere – and in some respects, painful – budget,” Patrick told reporters. “It contains many unavoidable spending cuts, and many of them will have a painful impact.” He said the budget “reflects the stark economic realities of the time.” Higher taxes and less spending at the state level - what Krugman called the Fifty Herbert Hoovers Meanwhile - no progress in California on a budget. ...
Fed Letter: Should U.S. Bailout States?
Calculated Risk —
... In addition, a significant portion of the aid was received during the subsequent economic recovery and may have contributed to post-recession inflationary pressures. Finally, it appears that some states failed to spend the money and instead put the aid toward rebuilding state budget balances during the recovery. emphasis addedFirst, many states are now cutting spending and / or raising taxes - what Krugman calls the Fifty Herbert Hoovers. Second, aid to the states is already late and the public layoffs are ...
