Do Tax Cuts Lead to Economic Growth?

http://www.nytimes.com/2012/09/16/opinion/sunday/do-tax-cuts-lead-to-economic-growth.html

“Today, Mitt Romney and Mr. Ryan are promising another cut in tax rates and again predicting that good times will follow. But it’s not the easiest case to make. Much as President Obama should be asked to grapple with the economy’s disappointing recent performance (a subject for a planned column), Mr. Romney and Mr. Ryan would do voters a service by explaining why a cut in tax rates would work better this time than last time.

That was precisely the question I was asking Mr. Ryan when I brought him the chart last year. He wasn’t the vice presidential nominee then, but his budget plan has a lot in common with Mr. Romney’s.

“I wouldn’t say that correlation is causation,” Mr. Ryan replied. “I would say Clinton had the tech-productivity boom, which was enormous. Trade barriers were going down in the Clinton years. He had the peace dividend he was enjoying.”

The economy in the Bush years, by contrast, had to cope with the popping of the technology bubble, 9/11, a couple of wars and the financial meltdown, Mr. Ryan continued. “Some of this is just the timing, not the person,” he said.”

SECRET VIDEO: Romney Tells Millionaire Donors What He REALLY Thinks of Obama Voters

http://www.motherjones.com/politics/2012/09/secret-video-romney-private-fundraiser

“During a private fundraiser earlier this year, Republican presidential candidate Mitt Romney told a small group of wealthy contributors what he truly thinks of all the voters who support President Barack Obama. He dismissed these Americans as freeloaders who pay no taxes, who don't assume responsibility for their lives, and who think government should take care of them. Fielding a question from a donor about how he could triumph in November, Romney replied:

    There are 47 percent of the people who will vote for the president no matter what. All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it. That that's an entitlement. And the government should give it to them. And they will vote for this president no matter what…These are people who pay no income tax.”

GOP Sours on Romney

http://www.ritholtz.com/blog/2012/09/gop-sours-on-romney/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29

I greatly enjoyed this:

“Republicans are up in arms about QE whatever. The big complaint seems to be that it may actually make things better. Funny part is imagining what Romney would want if he were president; surely he wouldn’t want the Fed choking off his recovery by tightening up. (Bit that no one picked up on: Hubbard talking about how great a job Bernanke had done and was doing, only to have Romney turn around a week later and say no way would he reappoint Bernanke as Fed chairman. Either the campaign is clueless and disorganized, or Romney really will say anything to be president.)”

The State of Working America

http://stateofworkingamerica.org/

“The State of Working America, an ongoing analysis published since 1988 by the Economic Policy Institute, includes a wide variety of data on family incomes, wages, jobs, unemployment, wealth, and poverty that allow for a clear, unbiased understanding of the economy’s effect on the living standards of working Americans. Cornell University Press will publish the hard edition and e-book in late November.”

Matt Taibbi on Mitt Romney's Crooked, Dirty Game

http://www.alternet.org/matt-taibbi-mitt-romneys-crooked-dirty-game?akid=9384.1117295.DCCB98&rd=1&src=newsletter709238&t=16&paging=off

“The following is a transcript of HuffPost Live, in which host Ahmed Shihab-Eldin interviews Rolling Store editor Matt Taibbi about his latest piece exposing the ugly ways Mitt Romney built his massive forture. The transcript has been edited for clarity.”

FYI: Why Is Bill Clinton So Good at Speaking to a Crowd?

http://www.popsci.com/node/64957/?cmpid=enews091312&spPodID=020&spMailingID=4764151&spUserID=MjQ1ODY4MDU0MzcS1&spJobID=286610542&spReportId=Mjg2NjEwNTQyS0

“There is a reason why so many of you were enthralled by former President Clinton the other night. It’s the same reason why Barack Obama had a tough act to follow last night at his own convention. The art of speechwriting and speech-giving -- and it is an art, no doubt -- is also, in many ways, a science. A good speech flows sort of like a backward scientific method; it starts with a preconceived idea, and is supported by evidence reinforcing the idea. And politics aside, there may be no one better at doing this than William Jefferson Clinton.”

Erskine Bowles: an object lesson in Wall Street influence on Washington

http://www.guardian.co.uk/commentisfree/2012/sep/10/erskine-bowles-wall-street-influence-washington

“So Erskine Bowles gives us a real trifecta. He used his position as co-chair of President Obama's deficit commission to protect Wall Street. He pockets millions as part of a flawed system of corporate governance that allows CEOs to rip off the companies they run. And he wants to reduce social security benefits for seniors who are already living on the edge.”

Cruel Conservatives Throw a Masquerade Ball

http://www.nytimes.com/2012/09/02/opinion/sunday/dowd-cruel-conservatives-throw-a-masquerade-ball.html?ref=maureendowd

“MESSAGE: They care.Republicans care deeply. They really do.They care deeply about making us think that they care deeply.That’s why they knocked themselves out producing a convention that was a colossal hoax.”

Peter Orszag Is Surprised Neither That the Sun Rose in the East This Morning Nor That Paul Ryan and Robert Samuelson and the Wall Street Journal Editorial Page Have No Idea What They Are Talking About: Medicare Spending Edition

http://delong.typepad.com/sdj/2012/08/peter-orszag-is-surprised-neither-that-the-sun-rose-in-the-east-this-morning-nor-that-paul-ryan-and-robert-samuelson-and-the.html

Peter Orszag:

    Private-Market Tooth Fairy Can’t Cut Medicare Cost: The vast bulk of health-care costs arise from an extremely small share of patients, whose insurance will inevitably bear a substantial share of their expenses. That’s why competition in health care doesn’t work as well as in other sectors, and it’s also why the key to keeping costs to a minimum is to encourage providers to offer better, less costly care in complex cases. Unfortunately, proponents of moving Medicare to a private “consumer-driven” system, including Republican vice presidential hopeful Paul Ryan, seem to instead believe in a health-care competition tooth fairy -- that if we just increase the patient’s share of costs and bolster competition among insurance companies, the expense will come down….

    What did the budget office conclude?:

        A private health insurance plan covering the standardized benefit would, CBO estimates, be more expensive currently than traditional Medicare.

    The reason was that:

        both administrative costs (including profits) and payment rates to providers are higher for private plans than for Medicare.

    And that effect was larger than any cost savings achieved by people getting less health care. In any Rove-versus-CBO debate that involves economic analysis, I’d put my money on the CBO….

Truth, Lies, Politics, and the Press, in Three Acts

http://m.theatlantic.com/politics/print/2012/08/truth-lies-politics-and-the-press-in-three-acts/261297/

Catching up on several related indicators, which together might point toward a positive and potentially major development in journalism and public life.

1) An excellent item this week by The Atlantic's Garance Franke-Ruta, in turn citing one by Alec MacGillis in The New Republic. Both explain why the realities of modern "post-truth" politics will sooner or later force the press out of its preferred, comfortable pose of "balance," if it is to come close to doing its fundamental job of describing reality. When some people in public life are willing to lie, and to keep on lying even when the bald falseness is exposed, the press should take on an affirmative responsibility to remind readers what the "truth" is. So these items argue, and I agree.

Financial Intermediaries in the United States: Development and Impact on Firms and Employment Relations

http://www.cepr.net/documents/publications/financial-intermediaries-2012-08.pdf

Private equity firms (PE), hedge funds (HFs), sovereign wealth funds (SWFs), and other private pools of capital form part of the growing shadow banking system in the United States, where these new financial intermediaries provide an alternative investment mechanism to the traditional banking system. PE and HFs have their origins in the Unites States, while the first SWF was created by the Kuwaiti Government in 1953. While they have separate roots and distinct business models, these alternative investment vehicles have increasingly merged into overarching asset management funds
which encompass all three alternative investments. These funds have wielded increasing power in financial and non-financial sectors – not only via direct investments but also indirectly, as their strategies – such as high use of debt to fund investments – have been increasingly adopted by investment arms of banks and by publicly-traded corporations. In this chapter we outline the changes in the US regulatory environment which have facilitated the rapid growth of alternative investment funds (AIFs) and then examine the specific features of these funds, including their growth, business models, and implications for firms and employees.

Inflation Isn't About The Price Of Corn. It's About Wages.

http://www.npr.org/blogs/money/2012/09/05/160611271/inflation-isnt-about-the-price-of-corn-its-about-wages?sc=nl&cc=pmb-20120906

Corn prices are going through the roof. The price of gasoline is rising again. Inflation, though, is still low.What's more, as Bloomberg notes today, investors are betting that inflation will remain low for years to come.

Ayn Rand: Patron saint or soulless capitalist?

http://www.marketwatch.com/story/ayn-rand-patron-saint-or-soulless-capitalist-2012-08-21?siteid=nbch

SAN LUIS OBISPO, Calif. (MarketWatch) — “Atlas Shrugged” is Ayn Rand’s most popular work. And Paul Ryan’s favorite. In the book, the hero, a mysterious rebel leader John Galt saves America from economic collapse. But before we rise from the ashes, before the redemption, the past must be blown up.

For that, let’s turn to my favorite, “The Fountainhead,” where Rand offers a subtle hint to capitalism’s eventual self-inflicted shot-in-the-foot.

In “The Fountainhead,” Howard Roark is the ultimate individualist, an idealistic architect and archetypal free-market capitalist: Architecture was my first degree so Roark naturally became my hero. Enraged when second-rate competitors compromise the integrity of his plans for a modern building, Roark seeks revenge, takes the law into his own hands, sneaks onto the construction site in the dead of night … dynamites the building … kaboom … destroyed.

Flash forward: What a perfect metaphor for Rand’s extreme ideology now spinning out of control, turning against mainstream America. You are witnessing the drama from within, as the new Ryan Budget approaches critical mass, set to explode Adam Smith’s Great 1776 Cathedral of Capitalism, self-destructing on an overdose of high-octane ideology.

Yes, soon the commanding inner voice of Ayn Rand’s extreme capitalism that’s now imbedded deep in America’s emerging conservative conscience will, as did Roark’s building, blow up Adam Smith’s grand design, the Cathedral of Capitalism, taking down the financial markets, triggering an economic collapse bigger than 2008 and profoundly handicapping America’s political destiny as the global super-power. At least that’s the liberal narrative.

Romney’s Success at Bain Capital: The Business as Scam Model

http://truth-out.org/news/item/11316-romneys-success-at-bain-capital-the-scam-as-business-model

In short, Bain Capital is not about producing wealth but rather about siphoning off wealth that was produced elsewhere in the economy. There is no doubt that one individual or one company can get enormously wealthy if they are able to do this successfully. However you cannot have an entire economy that is premised on the idea that it will siphon off wealth produced elsewhere. It is not clear that Mitt Romney understands that fact, but certainly the general public should when it goes to vote this fall.

Full Show: The Resurrection of Ralph Reed

Great expose on Reed, Abramoff, and Norquist – what pure hype! Also great interview with Mike Lofgren – ex-Republican staffer towards the end of the show.

http://billmoyers.com/wp-content/themes/billmoyers/transcript-print.php?post=12238

BILL MOYERS: This week on Moyers & Company, political zealot Ralph Reed is back from the wilderness firing up the faithful to support conservative candidates and raking in campaign cash.

Are We Better off Now than in 2008? You Betcha!

http://www.americanprogressaction.org/issues/economy/news/2012/09/04/36357/are-we-better-off-now-than-in-2008-you-betcha/

“A reasonable question to ask in any election year is whether we are better off today than we were four years ago. This year, the question happens to be remarkably easy to answer. Yes, by almost any measure, we are better off now than we were in the fall of 2008. Today our economy is growing, but back then it was shrinking. Today we’re adding new jobs every month, but back then we were shedding them at an alarming and increasing rate. Today businesses are boasting record profits, but back then they were awash in red ink.”

Greed and Debt: The True Story of Mitt Romney and Bain Capital

http://www.rollingstone.com/politics/news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-20120829?utm_source=dailynewsletter&utm_medium=email&utm_campaign=newsletter

“By making debt the centerpiece of his campaign, Romney was making a calculated bluff of historic dimensions – placing a massive all-in bet on the rank incompetence of the American press corps. The result has been a brilliant comedy: A man makes a $250 million fortune loading up companies with debt and then extracting million-dollar fees from those same companies, in exchange for the generous service of telling them who needs to be fired in order to finance the debt payments he saddled them with in the first place. That same man then runs for president riding an image of children roasting on flames of debt, choosing as his running mate perhaps the only politician in America more pompous and self-righteous on the subject of the evils of borrowed money than the candidate himself. If Romney pulls off this whopper, you'll have to tip your hat to him: No one in history has ever successfully run for president riding this big of a lie. It's almost enough to make you think he really is qualified for the White House.”

Social Mobility in U.S. is a Myth, Study Claims

http://www.counselheal.com/articles/2778/20120905/social-mobility-u-s-myth-study-claims.htm

The rhetoric is as classic as it is cliché: The American Dream is achievable with enough hard work and more than enough determination. Famously known as the "Land of Opportunity," America has made a reputation as that soil from which a single seed can spring a garden.

But the reality, according to researchers from the University of Michigan, is that the inequality gap between socioeconomic statuses is so pervasive that upward social mobility is very improbable.

"In the United States, people underestimate the extent to which your destiny is linked to your background," says Fabian Pfeffer, a sociologist at the U-M institute for Social Research (ISR). "Research shows that it's really a myth that the U.S. is a land of exceptional social mobility."

A Decade of Decline–Pew Research Center

Recent study from Pew Research Center chronicles Median Household Income and Median Net Worth.

CNN Host Dismantles Grover Norquist’s Anti-Tax Argument: ‘This Is A Wish, Not A Plan’

http://thinkprogress.org/economy/2012/09/02/788091/cnn-host-dismantles-grover-norquists-anti-tax-argument-this-is-a-wish-not-a-plan/

“CNN’s Fareed Zakaria challenged Grover Norquist’s opposition to tax increases during an interview on Sunday, insisting that the anti-tax zealot’s opposition to higher taxes — gospel which the GOP has adopted — could lead to financial collapse and turn the nation into “another Greece.” “In other words, I don’t like high taxes, but the question is if you want lots of government services, you have two options. You can either have high taxes, or you can borrow the money,” Zakaria said.”

REPORT: How The Media Covered Two Romney Falsehoods

http://mediamatters.org/research/2012/08/30/report-how-the-media-covered-two-romney-falseho/189668

“CNN, MSNBC Debunked Romney's Welfare Claim In Most Segments; Fox News Did Not. Media Matters examined how CNN, Fox News, and MSNBC, and the print outlets discussed below treated Romney's false claim about Obama removing the work requirement from welfare between the day Romney's ad was released, August 6, and August 26. CNN debunked the claim in 69 percent of its segments that mentioned it, and MSNBC debunked the claim in 87 percent of such segments. Fox News, however, debunked the claim in only 17 percent of such segments.”

Revolt of the Rich

http://www.theamericanconservative.com/articles/revolt-of-the-rich/

“It was 1993, during congressional debate over the North American Free Trade Agreement. I was having lunch with a staffer for one of the rare Republican congressmen who opposed the policy of so-called free trade. To this day, I remember something my colleague said: ‘The rich elites of this country have far more in common with their counterparts in London, Paris, and Tokyo than with their fellow American citizens.’”

The Federal Bailout That Saved Mitt Romney

http://www.rollingstone.com/politics/news/the-federal-bailout-that-saved-mitt-romney-20120829?print=true

“Mitt Romney likes to say he won't "apologize" for his success in business. But what he never says is "thank you" – to the American people – for the federal bailout of Bain & Company that made so much of his outsize wealth possible.”

Mitt Romney, Paul Ryan Speeches Make Me Miss George Bush

http://www.rollingstone.com/politics/blogs/taibblog/mitt-romney-paul-ryan-speeches-make-me-miss-george-bush-20120831?utm_source=dailynewsletter&utm_medium=email&utm_campaign=newsletter

“I didn't watch Mitt Romney's acceptance speech last night. I can't do it: even under normal circumstances, watching politicians of any stripe talk about anything at all makes me unable to sleep. And a convention speech, which is almost always a deeply schizoid address authored by 38 different infighting political consultants and amplified by the heaviest possible doses of network TV's goofball effects and nuclear-powered stagecraft, is generally the most unwatchable of all political performances. So I try always to watch such speeches the next morning, and am just now taking in the Romney address.”

The Incoherence of Antonin Scalia

http://www.tnr.com/print/article/magazine/books-and-arts/106441/scalia-garner-reading-the-law-textual-originalism

“Scalia and Garner reject (before they later accept) Easterbrook’s warning. Does an ordinance that says that “no person may bring a vehicle into the park” apply to an ambulance that enters the park to save a person’s life? For Scalia and Garner, the answer is yes. After all, an ambulance is a vehicle—any dictionary will tell you that. If the authors of the ordinance wanted to make an exception for ambulances, they should have said so. And perverse results are a small price to pay for the objectivity that textual originalism offers (new dictionaries for new texts, old dictionaries for old ones). But Scalia and Garner later retreat in the ambulance case, and their retreat is consistent with a pattern of equivocation exhibited throughout their book.”

Atlanta Mayor Kasim Reed Pushes Back Against Peggy Noonan And Ted Cruz

“On this occasion, however, Atlanta Mayor Kasim Reed held court on Meet The Press pushing back against Peggy Noonan's and Ted Cruz's assertion that veep candidate Paul Ryan is a "serious man".

Mayor Reed did exceptionally well at commanding the panel's attention. The way he pivoted back to Peggy Noonan, not letting her off-the-hook for what she said earlier, while simultaneously chin-checking Ted Cruz, knocking him off his high horse was well-played, indeed.

President Obama needs more surrogates like Mayor Reed; one's who can go toe-to-toe with the GOP minions. Reed's handling of Noonan and Cruz is a great example of how, when pitted directly against one another, facts always trump talking points.”

America, We Have a Problem

Thoughtful post from Jared Bernstein:

http://jaredbernsteinblog.com/america-we-have-a-problem/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+JaredBernstein+%28Jared+Bernstein%29

“But what’s got me very worried today is the blatant acceptance of post-truthiness that one feels creeping deeply into our national debate.  Most—not all—of the news stories on the speeches from the convention—and I’m sure this won’t be limited to the R’s—focus on the emotional, the personal stories, the strategic (did the speech accomplish its goal…did is rally the base…did it appeal to [interest group]?), the political horse race.

And then there’s this other section of the show or the newspaper–if you’re lucky or interested in going there—that asks…um…how much of what you just heard was true?

Think about this for a second.  Just the fact that newspapers now need a fact-check section is itself evidence that we’re deep into the post-truth era.  There’s the news…and then there’s the question of how much of the news is true.”

Exclusive: Inside Karl Rove's Billionaire Fundraiser

http://www.businessweek.com/articles/2012-08-31/exclusive-inside-karl-roves-billionaire-fundraiser#r=hp-ls

“On the final morning of the Republican National Convention, Karl Rove took the stage at the Tampa Club to provide an exclusive breakfast briefing to about 70 of the Republican Party’s highest-earning and most powerful donors. During the more than hour-long session, Rove explained to an audience dotted with hedge fund billionaires and investors—including John Paulson and Wilbur Ross—how his super PAC, American Crossroads, will persuade undecided voters in crucial swing states to vote against Barack Obama. He also detailed plans for Senate and House races, and joked, “We should sink Todd Akin. If he’s found mysteriously murdered, don’t look for my whereabouts!”

Then Rove pleaded with his audience for more money—much more.

This rare look at the mechanics of super-PAC fundraising and electoral strategy was likely not intended for reporters. I was invited as the guest of a financier who is a significant Republican donor. The financier knew that I was a journalist. At no point was I presented with, nor did I agree to, restrictions regarding the information I heard. Upon my arrival at the breakfast, I was not asked if I was a journalist. I gave my name, identified the person who had invited me, was handed a wristband, and ushered into the dining room. American Crossroads disputes this version of events, but a spokesman did not immediately return calls to elaborate.”

Judge to remove Florida voter registration rules permanently

http://samuel-warde.com/2012/08/judge-to-remove-florida-voter-registration-rules-permanently/

“Florida voters scored a decisive victory earlier today in Florida when a Federal Judge filed an order indicating he will permanently remove controversial restrictions on community-based voter registration drives.

The suit was filed by the League of Women Voters of Florida, Rock the Vote, and the Florida Public Interest Research Group Education Fund back in December.

To better put this in perspective the following chart is from a  recent study by the Jacksonville Times – Union in Florida:”

From Lindsey Graham, startling honesty on race and politics

http://blogs.ajc.com/jay-bookman-blog/2012/08/30/from-lindsey-graham-startling-honesty-on-race-and-politics/

“Lindsey Graham does the math, and doesn’t like what he sees:

    “The demographics race we’re losing badly. We’re not generating enough angry white guys to stay in business for the long term.”

You see an admission like that, and the Romney welfare ad springs immediately to mind. You know, the one that goes like this?

‘Under Obama’s plan, you wouldn’t have to work and wouldn’t have to train for a job. They just send you your welfare check and “welfare to work” goes back to being plain old welfare.’”

GOP Super Pacs Dwarf Dem Ones in Fundraising

http://thinkprogress.org/justice/2012/02/03/418160/super-pac-dem-gop/

The Hidden Candidate

http://prospect.org/article/hidden-candidate

“When Gore Vidal died a few weeks ago, eulogies quoted his famous observation that “the more money an American accumulates the less interesting he himself becomes.” Vidal originally wrote these words in a 1972 essay on Howard Hughes, but who could read them today and not think of Willard Mitt Romney?”

The Most Dishonest Convention Speech ... Ever?

http://www.tnr.com/blog/plank/106730/ryan-most-dishonest-convention-speech-five-lies-gm-medicare-deficit-medicaid

“You’re going to read and hear a lot about Paul Ryan’s speech on Wednesday night. And I imagine most of it will be about how Ryan’s speech played—with the party loyalists in Tampa, with the television viewers across the country, and eventually with the swing voters who will decide the election.

I’d like to talk, instead, about what Ryan actually said—not because I find Ryan’s ideas objectionable, although I do, but because I thought he was so brazenly willing to twist the truth.

At least five times, Ryan misrepresented the facts. And while none of the statements were new, the context was. It’s one thing to hear them on a thirty-second television spot or even in a stump speech before a small crowd. It’s something else entirely to hear them in prime time address, as a vice presidential nominee is accepting his party’s nomination and speaking to the entire country.”

Ryan’s Mystery Meat Budget

http://taxvox.taxpolicycenter.org/2012/03/20/ryans-mystery-meat-budget/

I am weary of mystery meat.  The latest serving was dished out today by House Budget Committee Chairman Paul Ryan (R-WI), who released a fiscal plan that airily promises both trillions of dollars in tax cuts and a nearly balanced budget within a decade, but never says how he’d get there.

Mexico chalks up success in health-care reforms

http://www.nature.com/news/mexico-chalks-up-success-in-health-care-reforms-1.11222

A revamp of Mexico’s beleaguered health-care system is proving to be a runaway success and offers a model for other nations seeking to reform their own systems, according to a review published this week in The Lancet1. The key to the scheme’s success is the way in which it has modified its reforms in response to scientific assessments of their effectiveness, the authors say.

Patients Would Pay More if Romney Restores Medicare Savings, Analysts Say

http://www.nytimes.com/2012/08/22/us/politics/costs-seen-in-romneys-medicare-savings-plan.html?_r=1&ref=us&pagewanted=all

The 2010 health care law cut Medicare reimbursements to hospitals and insurers, not benefits for older Americans, by that amount over the coming decade. But repealing the savings, policy analysts say, would hasten the insolvency of Medicare by eight years — to 2016, the final year of the next presidential term, from 2024.

Romney’s Choice

http://www.nybooks.com/blogs/nyrblog/2012/aug/16/romneys-choice/?utm_medium=email&utm_campaign=August+21+2012&utm_content=August+21+2012+CID_0eec76a6b0ebac695d71a3d3f4cea229&utm_source=Email+marketing+software&utm_term=Romneys+Choice

Paul Ryan is the charming ideologue driven by an ambition robust even by Washington standards. He has been the young man in a hurry, with dead aim; the indefatigable persuader; the self-created “man of ideas,” articulate and conspicuous. “Ideas” politicians can be more likeable and interesting than wise. Yet those who broke out in celebration upon learning that Mitt Romney had chosen Ryan as his running mate, certain that the Wisconsin Congressman’s radical worldview would surely sink the Romney ticket, may find him more dangerous than they currently assume.

Jared Bernstein: What the heck happened to the middle class?

http://leanforward.msnbc.com/_news/2012/08/24/13455409-jared-bernstein-what-the-heck-happened-to-the-middle-class?lite

The Growth of Inequality: This one has to be high up in the mix. Yes, overall economic growth has been slower over the period when middle-class wages and incomes have been stagnating, but growth has been positive—real GDP is up. And productivity growth actually accelerated over the last few decades. Back when I studied econ, it was generally asserted that as productivity rose, so did living standards. And there’s logic to that—if an economy can produce more goods and services per hour, its citizens should be better off.

But that’s only true on average. If, due to other factors, the distribution of that growth eludes the middle class and the poor, then society may grow richer on average, but for the middle class, growth is nothing more than a spectator sport. And the evidence suggests that in recent decades, that's exactly what's happened.

Romney Hailed as Regular Guy by Woman with Horse in Olympics

http://www.newyorker.com/online/blogs/borowitzreport/2012/08/romney-hailed-as-regular-guy-by-woman-with-horse-in-olympics.html

TAMPA (The Borowitz Report)—On the opening night of the 2012 Republican National Convention, the Presidential nominee Mitt Romney received fulsome praise for being a “regular, down-to-earth guy” from his wife, Ann, whose dressage horse, Rafalca, competed in the London Olympics.

The Comeback Skid

http://www.nytimes.com/2012/08/27/opinion/krugman-the-comeback-skid.html?_r=2&partner=rss&emc=rss&wpisrc=nl_wonk

Paul Krugman writes:

If there is a distinctive feature to New Jersey’s belt-tightening under Mr. Christie, it is its curiously selective nature. The governor was willing to cancel the desperately needed project to build another rail tunnel linking the state to Manhattan, but has invested state funds in a megamall in the Meadowlands and a casino in Atlantic City.

Also, while much of his program involves spending cuts, he has effectively raised taxes on low-income workers and homeowners by slashing tax credits. But he vetoed a temporary surcharge on millionaires while refusing to raise the state’s gasoline tax, which is the third-lowest in America and far below tax rates in neighboring states. Only some people, it seems, are expected to make sacrifices.

Chris Matthews' Smackdown of Reince Priebus Should Be Taught in Journalism School

http://www.huffingtonpost.com/andy-ostroy/chris-matthews-smackdown-priebus_b_1835676.html

The action took place on Monday's edition of "Morning Joe." As the wussified hosts Mika Brzezinski and Joe Scarborough looked on embarrassingly and apologetically, Matthews ripped into Priebus over the GOP's reprehensible attacks on President Obama's citizenship and welfare stance, saying the Republican party was playing "that little ethnic card... the race card." The "Hardball" host was clearly emotional, frustrated and angry.

Matthews heatedly referred to the recent Mitt Romney ad about welfare work requirements and Romney's recent "birth certificate" joke he shamelessly cracked in Michigan last week which was meant to appeal to the party's lowest common denominator. "That cheap shot ... was awful...It is an embarrassment to your party to play that card ... you are playing that ethnic card there," he chided a smirking Priebus. "You can sit there and giggle about it, but the fact is your party is playing that card."

Soledad O'Brien's Amazing John Sununu Interview Should Be Taught in Journalism School

http://www.huffingtonpost.com/andy-ostroy/soledad-interview-journalism-school_b_1778181.html

CNN's Soledad O'Brien did something which is extremely rare in television news these days: she actually did her job. And it was the best example of truly awesome journalism I've seen since Katie Couric so deftly gave Sarah Palin the opportunity in 2008 to destroy herself. Perhaps, given the unprecedented polarization and partisan vitriol in politics today, coupled with the right-wing's propaganda campaign of lies and distortion, we just might see a return of the mainstream media as a potent force in this heated election.

Mitt Romney Sure Does Lie a Lot, Doesn't He?

http://www.motherjones.com/kevin-drum/2012/08/mitt-romney-sure-does-lie-lot-doesnt-he

“Paul Waldman has done a lot of academic research on political ads. In fact, he says, he has personally watched "every single presidential general election campaign ad ever aired since the first ones in 1952." So what does he think of Mitt Romney's new ad that claims President Obama has a plan for "dropping work requirements" for welfare? "Under Obama's plan," says the narrator, "you wouldn't have to work and wouldn't have to train for a job. They just send you your welfare check."

    I've seen ads that were more inflammatory than this one, and ads that were in various ways more reprehensible than this one (not many, but some). But I cannot recall a single presidential campaign ad in the history of American politics that lied more blatantly than this one.”

Robert Shiller on Human Traits Essential to Capitalism

http://thebrowser.com/interviews/robert-shiller-on-human-traits-essential-capitalism?utm_source=The+Browser%27s+weekly+newsletter&utm_campaign=9fb88014b1-Newsletter&utm_medium=email

The Yale economist says rising inequality was a major cause of America's economic problems, and that little is being done to reduce the disparities. He gives us a reading list to understand how we got to here.

Charts and Graphs

http://www.dailykos.com/story/2012/08/15/1120236/-Charts-and-graphs
This from the Daily Kos – sad but true – we Democrats win on graphs, facts, spreadsheets, etc. but lose to the Luntzian-inspired Republican propaganda machine:

I used to have a stump-speech critique of the Democratic Party that went something like this:
Republicans sell their policies with appeals to emotion. They hit you in the gut. Democrats sell their policies with charts and graphs and spreadsheets, in other words, appeals to the intellect. There's no question which has been more effective. Just take a look at how Coke, Pepsi, and Apple sell their products. This is why "framers" like Frank Luntz exist in the first place. 
There's a reason so many economically disadvantaged whites and tea party suckers are propping up Wall Street Republicans at the expense of their own self-interest. The Democratic desire, no, (pathological) need to win the debate on intellectual terms is oftentimes the cause of our undoing. (Another example? Liberals argue for gun control by citing gun deaths statistics. Conservatives have built an entire warm-and-fuzzy culture around gun ownership that will always trump those stats.)

Inquirer Editorial: Voter ID simply unnecessary

From the Philadelphia Inquirer:

http://articles.philly.com/2012-08-16/news/33233602_1_voter-id-law-voter-id-valid-vote

Commonwealth Court Judge Robert E. Simpson's refusal to stop Pennsylvania from potentially denying hundreds of thousands of voters their constitutional right to cast a ballot is disturbing.

Simpson's ruling Wednesday validating the state's new voter-ID law is steeped in legal precedents, but the past rulings he cites appear to be just as ideologically based.

Allegations that the ID law is a ploy to suppress the minority vote in the forthcoming presidential election have been bolstered by the unguarded statements of a top Republican legislator. House Speaker Mike Turzai (R., Allegheny) said the law "is going to allow Gov. Romney to win the state of Pennsylvania."

Tom Morello: 'Paul Ryan Is the Embodiment of the Machine Our Music Rages Against'

http://www.rollingstone.com/music/news/tom-morello-paul-ryan-is-the-embodiment-of-the-machine-our-music-rages-against-20120816

Last week, Mitt Romney picked Paul Ryan, the Republican architect of Congress's radical right-wing budget plan, as his running mate. Ryan has previously cited Rage Against the Machine as one of his favorite bands. Rage guitarist Tom Morello responds in this exclusive op-ed.

Paul Ryan's love of Rage Against the Machine is amusing, because he is the embodiment of the machine that our music has been raging against for two decades. Charles Manson loved the Beatles but didn't understand them. Governor Chris Christie loves Bruce Springsteen but doesn't understand him. And Paul Ryan is clueless about his favorite band, Rage Against the Machine.

Great Infographic from Demos.org

Check out this great infographic from Demos.org:

http://www.demos.org/sites/default/files/data_bytes/OutsideSpending-Final.png

Where Have All the Good Jobs Gone?

Fascinating paper – fewer and fewer jobs can be considered ‘good jobs’ these days. This study by the CEPR used the criteria of pay greater than $18.50 per hour, and employer contributions to retirement and health plan. The percentage of jobs considered ‘good’ is 24.6%.
http://www.cepr.net/documents/publications/good-jobs-2012-07.pdf

A Question We Want to See Asked of Romney / Ryan

This is from Mike Allen’s Politico Playbook blog (8/12/12):

BREAKING - CBS release: "Mitt Romney and ... Paul Ryan ... will give their first joint interview to Bob Schieffer, the CBS News Chief Washington Correspondent and Anchor of FACE THE NATION. The interview, to be taped today in High Point, N.C,. will be broadcast on 60 MINUTES tonight ... (7:00-8:00 PM, ET/PT)."

A QUESTION WE PREDICT SCHIEFFER WILL ASK RYAN: "How many years of tax returns did the Romney campaign ask you for?"

BOB'S FOLLOW-UP TO ROMNEY: "Do you think the American people deserve less?"

President Obama Fiscal Speech George Washington University (April 13, 2011)

Here’s President Obama’s Fiscal Speech at George Washington University. Paul Ryan was in the audience and got a chance to hear all of his ideas repudiated – and rightly so. An excellent speech – Obama 2012!

http://www.youtube.com/watch?v=_2Fc9O_5NOw

A Paul Ryan Profile in the New Yorker -- Jared Bernstein

An excellent analysis by Jared Bernstein – also very timely! 

http://jaredbernsteinblog.com/a-paul-ryan-profile-in-the-new-yorker/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+JaredBernstein+%28Jared+Bernstein%29

“It’s actually not hard to write down plans that purport to quantify Ayn Randian visions.  You cut deeply here and there—always from 30,000 feet up so you don’t have to get into fights about specifics—you turn big programs over to the states (e.g., you “block grant” foods stamps and Medicaid), you privatize social insurance, you voucherize Medicare with vouchers whose costs lag prices.”

Six Things to Know About Ryan-and Romney

http://www.tnr.com/blog/plank/106029/ryan-romney-vp-budget-cuts-medicare-medicaid-voucher-tax-cut?utm_source=The+New+Republic&utm_campaign=f3058d2006-Trending_Now_081112&utm_medium=email

Here are six things you need to know about Mitt Romney. I see no way that the American middle class is going to fall for this as a path forward. It pretty much decimates the middle class on behalf of the wealthy.

From the site:

Many millions of working-age Americans would lose health insurance. Senior citizens would anguish over whether to pay their rent or their medical bills, in a way they haven’t since the 1960s. Government would be so starved of resources that, by 2050, it wouldn’t have enough money for core functions like food inspections and highway maintenance. And the richest Americans would get a huge tax cut.

Krugman said it best – he’s the ‘flim-flam’ man…

Cumulative Growth in Average Income After Transfers and Federal Taxes

From the Congressional Budget Office, this report deals with trends in household incomes from 1979 to 2009.

 

http://www.cbo.gov/sites/default/files/cbofiles/attachments/Trends_in_household_income_forposting.pdf

 

Fussbudget

http://www.newyorker.com/reporting/2012/08/06/120806fa_fact_lizza?currentPage=all
 

Nice article from New Yorker on Paul Ryan – this quote from the article talks about his Ayn Rand influence. Ryan is so clearly on the side of 'selfishness as a virtue' as espoused by Rand -- I can't imagine this being a good choice except that it satisfies the conservative base who don't really care for Romney.

Like many conservatives, he claims to have been profoundly affected by Ayn Rand. After reading “Atlas Shrugged,” he told me, “I said, ‘Wow, I’ve got to check out this economics thing.’ What I liked about her novels was their devastating indictment of the fatal conceit of socialism, of too much government.” He dived into Friedrich Hayek, Ludwig von Mises, and Milton Friedman.

In a 2005 speech to a group of Rand devotees called the Atlas Society, Ryan said that Rand was required reading for his office staff and interns. “The reason I got involved in public service, by and large, if I had to credit one thinker, one person, it would be Ayn Rand,” he told the group. “The fight we are in here, make no mistake about it, is a fight of individualism versus collectivism.”

Mitt Romney will name Paul Ryan as his VP. Here’s what that means.

Thanks Ezra for staying up late last night to post this analysis:

http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/08/11/paul-ryan-will-be-mitt-romneys-vice-presidential-pick-heres-seven-thoughts-on-what-that-means/?hpid=z1

"It’s not just that Romney now has to defend Ryan’s budget. To some degree, that was always going to be true. What he will now have to defend is everything else Ryan has proposed. Ryan was, for instance, the key House backer of Social Security privatization. His bill, The Social Security Personal Savings Guarantee and Prosperity Act of 2005, was so aggressive that it was rejected by the Bush administration. Now it’s Romney’s bill to defend. In Florida."