I cover national politics and civil liberties issues for the Washington, DC bureau of Mother Jones. I have also written for The Economist, the Washington Monthly, the Atlantic, and Commonweal. Email me at nbaumann [at] motherjones [dot] com.
That’s right, my increasingly pudgy-fingered players, you used to want to be irons—ready to strike. Now you want to be cats—playing with toys until your overindulgence in organic treats catches up with you and you fall asleep belly-up.
Now I will go to my penthouse, to retire, and sit on my terrace overlooking Park Avenue and feel the sun on my triangular face. I will be the last generation of Americans able to do that. Enjoy your cat.
"The reason austerity doesn’t work to quickly fix the problem is that, when the economy is already struggling, and you cut government spending, you also further damage the economy. And when you further damage the economy, you further reduce tax revenue, which has already been clobbered by the stumbling economy. And when you further reduce tax revenue, you increase the deficit and create the need for more austerity. And that even further clobbers the economy and tax revenue. And so on."
I know lots of people hate Henry Blodget, but this is a pretty lucid summary of what Krugman’s been trying to say.
"The GDP of the United States is $15 trillion. So 5.5% of GDP would be $820 billion. This means that Spain’s two-year target would be the equivalent of the United States cutting its annual budget by $410 billion. No one — literally no one, not even Paul Ryan — has suggested budget cuts anywhere remotely near those levels. Even though the U.S. economy is in much better shape than Spain’s, everyone believes that budget cuts of that magnitude would wreck our fragile recovery."