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It seems that Bernie Sanders’ has solid econ numbers

bernie sanders

I have heard it over and over again. Bernie Sanders is promising too much. Where is he going to get the money? His numbers just don’t add up. Well, maybe his numbers do add up. I have been following Bernie Sanders for over a decade. He is a serious politician. He isn’t the type of politician that will just throw out stuff.

From Robert Reich:

Not day goes by, it seems, without the mainstream media bashing Bernie Sanders’s economic plan – quoting certain economists as saying his numbers don’t add up. (The New York Times did it again just yesterday.) They’re wrong. You need to know the truth, and spread it.

1. “Well, do the numbers add up?”

Yes, if you assume a 3.8 percent rate of unemployment and a 5.3 percent rate of growth.

2. “But aren’t these assumptions unrealistic?”

They’re not out of the range of what’s possible. After all, we achieved close to 3.8 percent unemployment in the late 1990s, and we had a rate of 5.3 percent growth in the early 1980s.

3. “What is it about Bernie’s economic plan that will generate this kind of economic performance?”

His proposal for a single-payer healthcare system.

4. “But yesterday’s New York Times reported that two of your colleagues at Berkeley found an error in the calculations underlying these estimates. They claim Professor Gerald Friedman mistakenly assumes that a one-time boost in growth will continue onward. They say he confuses levels of output with rates of change.”

My esteemed colleagues see only a temporary effect from moving to a single-payer plan. But that view isn’t shared by economists who find that a major policy change like this can permanently improve economic performance. After all, World War II got America out of the Great Depression – permanently.

5. “So you think Bernie’s plan will generate a permanent improvement in the nation’s economic performance?”

Yes. Given that healthcare expenditures constitute almost 18 percent of the U.S. economy – and that ours is the most expensive healthcare system in the world, based on private for-profit insurance companies and pharmaceutical companies that spend fortunes on advertising, marketing, administrative costs, high executive salaries, and payouts to shareholders – it’s not far-fetched to assume that adoption of a single-payer plan will permanently improve U.S. economic performance.

By |2016-03-07T01:06:49-04:00March 3rd, 2016|Economy, Elections, Party Politics|Comments Off on It seems that Bernie Sanders’ has solid econ numbers

China, China, China

China is clearly the cause of Monday’s market chaos. Clearly.

Paul Krugman:

So a stock crash in China triggered a big decline around the world, while I was trying to have a personal life (and succeeding, actually). Leaving aside whether this really made sense, why should events in China matter for the rest of us?

Well, you and I might think that it’s because China is a pretty big economy — a huge buyer of commodities and a significant importer of manufactured inputs too. So when China slumps, you can and should expect knock-on effects elsewhere.

But trust the Republican field to declare that it’s all Obama’s fault. Scott Walker wants Obama to cancel a state dinner with Xi; Donald Trump says that it’s because Obama has let China “dictate the agenda” (no, I have no idea what he thinks he means). And Chris Christie says that it’s because Obama has gotten us deep into China’s debt.

Actually, let’s play a bit with that last one, OK? You could, conceivably, tell a story in which America becomes dependent on Chinese loans; then, when China gets in trouble, it demands repayment, pushing us into crisis too. But any story along those lines has a corollary: we should be seeing a spike in US interest rates as our credit line gets pulled. What you actually see is falling rates:

Oh, why am I even bothering?

But remember: all the experts said that the GOP had an unusually strong field, a very deep bench, a lot of talent running for president.

By |2015-08-25T16:07:42-04:00August 25th, 2015|Economy|Comments Off on China, China, China

News Roundup – Galaxy Note 5, PGA Championship, Trump

Galaxy Note 5 by Samsung. I love the Note 4. It is the best phone that I have ever owned. Great camera. Great battery life.

One of the truly funny and amazing things about golf is that the supposedly “smart guys” will set up a scenario. For the PGA championship the scenario was Jordan Spieth versus Rory McElroy. They want this rivalry to develop so badly but it just hasn’t. At the beginning of round three, Matt Jones, somebody most of us had never heard of, is leading the tournament by two strokes. Jason Day is in second. Should be some good golf this afternoon.

It’s kind of funny how Donald Trump is driving the Republican field mad. Oh, did Roger Ailes declare an unconditional surrender to Donald Trump? Looks like he has.

July unemployment numbers continue to slowly improve. The unemployment rate remained unchanged at 5.3%. The economy added 215,000 new jobs.

Melissa Harris-Perry along with her husband James Perry have written a great article on Black Lives Matter and tying it to New Orleans and Hurricane Katrina. She argues that the movement really started back in New Orleans in the aftermath of Hurricane Katrina. I think she’s right. This article is worth a read (here are a couple paragraphs) –

Hurricane Katrina did not hit New Orleans directly, and the city would have recovered swiftly from the extensive but manageable damage caused by winds and rain alone. But in the hours after the storm hit, several critical levees failed as powerful storm surges swept against decades of inadequate infrastructure. This part of the Katrina story is old and simple: By refusing to invest adequately in the public infrastructure needed to protect the most economically vulnerable and racially marginalized communities, the federal, state, and local governments left New Orleans open to massive devastation and long-term economic losses that affected every single neighborhood.

A decade later, we remain locked in maddening partisan battles as our public infrastructure crumbles beneath us—as if the consequences are irrelevant, or distant, or easily contained. ­Katrina already taught us that the fate of black lives cannot be separated from that of whole communities. Black lives matter.

The federal deficit continues to shrink as thoughtful economists said it would.

AT&T helped the US by on Internet traffic. Are you surprised?

I am completely confused by the young couple in Mississippi that are linked to ISIS.

By |2015-08-16T18:19:23-04:00August 15th, 2015|Economy, Sports, Terrorism, War on Terror|Comments Off on News Roundup – Galaxy Note 5, PGA Championship, Trump
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