The Embarrassment of Riches

9-9-9: The Most Massively Regressive Redistribution of Taxes Ever Seriously Considered Jared Bernstein (via Mark Thoma): Herman Cain’s 9-9-9 tax plan is Classic Republican agenda.

An Ugly Balance Sheet Indeed

Mark Thoma: This is What a Balance-Sheet Recession Looks Like, and It’s Not Pretty: Stephen Gordon says these graphs make him grateful that Canada is not the US: This is what a balance-sheet recession looks like, and it’s not pretty, Worthwhile Canadian Initiative: I had never heard the expression “balance-sheet recession” before this recent episode, …

Fareed Zakaria: How Conservatism Lost Touch with Reality

Party Politics: How Conservatism Lost Touch with Reality – TIME: “In fact, right now any discussion of government involvement in the economy — even to build vital infrastructure — is impossible because it is a cardinal tenet of the new conservatism that such involvement is always and forever bad. Meanwhile, across the globe, the world’s …

Kwak Ethers Paul Ryan

Health Care Rationing for Beginners: “The more relevant question is whether the Ryan Plan will promote the more efficient allocation of health care. You can dredge up a theoretical argument that it would. In free market fantasy land, remember, employers and individuals will shop around for the most efficient health care plans, so insurers have …

Capitalism I Believe In

Nancy Folbre: Shared Capitalism – NYTimes.com: Legend has it that Bob Montgomery, a left-leaning economist at the University of Texas at Austin in the 1950s, was once asked if he believed in private property. “I certainly do,” he said. “I believe in it so much I think everyone in the state of Texas should have …

Republican Bait-and-Switch on Taxes

Republican Bait-and-Switch on Taxes: “Thus we see that Republicans want their cake and eat it too. They want to use higher [CBO] revenue projections resulting almost entirely from expiration of the Bush tax cuts to prevent any discussion of tax increases to reduce the deficit, while implying that this revenue rise comes solely from faster …

Wall Street Is Already Reacting Negatively To Debt Ceiling Fight

Wall Street Is Already Reacting Negatively To Debt Ceiling Fight: [UPDATE: Forgot to add the previous paragraph that follows.] In other words, and completely contrary to what GOP leaders are saying, two major financial market participants are warning that there will be a Wall Street-related price to pay if the debt ceiling is not raised …

A Chicken in Every Pot

How Will the Debt Limit “Game of Chicken” End?: “The Republican strategy seems to be to ram their Medicare abolition plan into law within the next two months – Treasury says the ‘drop-dead’ date for raising the debt limit is August 2 – before people learn what they are really doing to Medicare.” (Via Capital …

The Republican Anti-Tax Position Is Rapidly Crumbling Under the Weight of Deficits

The Republican Anti-Tax Position Is Rapidly Crumbling Under the Weight of Deficits: “There is some evidence that House Republicans are starting to get the message that their tax position is crumbling. On May 11, a senior Republican staffer told Atlantic reporter Derek Thompson that his party’s position on taxes is intellectually dishonest. ‘There are two …

Is heavy taxation bad for the economy?

Lane Kenworthy demonstrates that anti-tax zealots’ predictions of economic apocalypse are about as credible as other doomsayers. Is heavy taxation bad for the economy?: Taxes reduce the payoff to entrepreneurship, investment, and work effort. If taxation is too heavy, these disincentives will weaken a nation’s economy. But at what point does the harmful impact kick …