Archive for the ‘Economics’ Category

The Nobody-But-Ourselves-to-Blame Trip

If Americans can’t retire in comfort and relative security, who’s at fault? Increasingly, we’re being conditioned to point the finger at ourselves. It’s a brilliantly underhanded way to keep us from questioning the downsizing of successful, collective programs like Social Security and Medicare. Every so often, the mainstream media anoints a new public intellectual—the big […]

The Real Meaning of Chained CPI

Switching to a stingier method of adjusting Social Security benefits is supposed to be OK because we can just “substitute” an equivalent good for one that’s become too costly. But what if that substitution becomes permanent? The chained CPI is perhaps the first—at least the most blatant—attempt to write the acceptance of downward mobility into […]

Of Groupthink, Financial Bubbles, and Lance Armstrong

Lance Armstrong got away with ringleading what now looks like a vast doping conspiracy, in part because the sports media refused to investigate what was right under their noses. Why? Because they were too invested in the heroic image that congealed around the Tour de France winner. In much the same way, groupthink in the […]

Teaching Social Security, With and Without Prejudice

A Young Person’s Guide to Social Security is an excellent tool for teaching students and younger workers how the system works and what’s at stake in the struggle over Social Security’s future. But big money is behind “Understanding Fiscal Responsibility,” a competing curriculum that can’t hide its deep ideological bias. The Social Security wars are […]

“Rebuilding the Foundation” of Social Security, Chapter 1

Contrary to the conventional wisdom, “saving” Social Security doesn’t have to just be about making more fiscally “solvent.” It can also link up with efforts to raise wages, make the program more equitable, and even to start rebuilding the U.S.’s crumbling infrastructure – without privatizing it. In fact, there are a multitude of ways to […]

The Truth Behind “Managed Decline”

“Managed decline” is one of the favorite catchphrases of the American right. Briefly, it’s an accusation that Democratic politicians and the Obama administration – i.e., the “extreme left” – have decided to let the U.S. decline economically and militarily, with government “managing” that process to protect special interests like unions and public employees. This argument […]

How Much Do We Care About the Elderly?

That’s the real issue behind the Social Security debate – and the deficit fight as well. But it’s almost impossible to have a constructive public discussion about the elderly and the share of the economy they occupy so long as deficit hysteria continues. Don’t go to Pete Peterson’s Fiscal Times for balanced reporting on Social […]

The Greed of the “Bottom Half”

We’ll shortly be hearing the objections of deficit hawks to the deficit reduction package Demos, The Century Foundation, and the Economic Policy Institute. No doubt they’ll echo the criticisms that have already been leveled at the deficit-shrinkage roadmap Rep. Jan Schakowsky put on the table earlier this month. To get a sense of what those […]

Schakowsky’s Deficit Reduction Plan Is Game Changer

Rep. Jan Schakowsky’s deficit reduction proposal is a game changer: a serious, moderate, balanced blueprint for addressing the nation’s long-range fiscal challenges, by a leading progressive lawmaker. How her colleagues on the president’s deficit commission respond to it will be a test of how serious they really are about solving the deficit puzzle in a […]

Bowles-Simpson: The Unequal Marriage of Reaganomics and Rubinomics

The Bowles-Simpson plan isn’t a fair and equitable way to reduce the long-term federal deficit, whatever its co-authors might claim. In fact, it’s the biggest proposed experiment in supply-side economics since early Reagan. Long story short: The proposal put on the table last week by the co-chairs of the president’s National Commission on Fiscal Responsibility […]