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Paul Krugman: The Worst and the Dumbest

"Republicans in Congress are increasingly determined to participate in obstruction of justice":
The Worst and the Dumbest, by Paul Krugman, NY Times: Like millions of people around the world, I was reassured to learn that Donald Trump is a “Very Stable Genius.” You see, if he weren’t — if he were instead an erratic, vindictive, uninformed, lazy, would-be tyrant — we might be in real trouble.
Let’s be honest: This great nation has often been led by mediocre men, some of whom had unpleasant personalities. But they generally haven’t done too much damage, for two reasons.
First, second-rate presidents have often been surrounded by first-rate public servants. ...
Second, our system of checks and balances has restrained presidents who might otherwise have been tempted to ignore the rule of law or abuse their position. ...
But that was then. Under the Very Stable Genius in Chief, the old rules no
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Links for 01-08-18

Data Lining Up For The Fed’s Rate Hike Forecast

Tim Duy:
Data Lining Up For The Fed’s Rate Hike Forecast, by Tim Duy: Last Friday the Bureau of Labor Statistics released a fairly lackluster employment report. In most ways, the story remains the same – steady improvement in the labor market but no signs of overheating in the form of wage growth. The mix will keep the Fed on track for three rate hikes this year, as the consensus policymaker will view this kind of report as a reason to neither accelerate nor slow the pace of tightening. ...Continued here...

Job Growth Slows Modestly, But Black Unemployment Falls to Record Low

Dean Baker:
Job Growth Slows Modestly, But Black Unemployment Falls to Record Low: The Bureau of Labor Statistics reported slightly weaker than expected job growth in December, with the economy adding 148,000 jobs. There was a modest downward revision to the data for the prior two months, which brought the three-month average to 204,000. The unemployment rate remained unchanged at 4.1 percent for the third consecutive month.
The best news in this report was the drop in the unemployment rate for blacks to 6.8 percent, the lowest since these data were first collected in 1972. The previous low was 7.0 percent in April of 2000. This is consistent with the view that a low unemployment rate disproportionately benefits the most disadvantaged groups. The black unemployment rate averages close to twice the white unemployment rate. This ratio has been reduced somewhat as the labor market tightened. The
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Links for 12-31-17

In French Polynesia with spotty connectivity. For now:

Paul Krugman: America Is Not Yet Lost

"it’s going to be up to the American people":
America Is Not Yet Lost, by Paul Krugman, NY Times: Many of us came into 2017 expecting the worst. And in many ways, the worst is what we got.
Donald Trump has been every bit as horrible as one might have expected; he continues, day after day, to prove himself utterly unfit for office, morally and intellectually. And the Republican Party ... turns out, if anything, to be even worse than one might have expected. At this point it’s evidently composed entirely of cynical apparatchiks, willing to sell out every principle — and every shred of their own dignity — as long as their donors get big tax cuts.
Meanwhile, conservative media have given up even the pretense of doing real reporting, and become blatant organs of ruling-party propaganda. ...
Yet I’m ending this year with a feeling of hope, because tens
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Links for 12-24-17

Paul Krugman: Republicans Despise the Working Class

"Their disdain for ordinary working Americans as opposed to investors, heirs, and business owners runs so deep that they can’t contain it":
Republicans Despise the Working Class, by Paul Krugman, NY Times: You can always count on Republicans to do two things: try to cut taxes for the rich and try to weaken the safety net for the poor and the middle class. ...
But ... something has been added to the mix. ...Republicans ... don’t treat all Americans with a given income the same. Instead, their bill ... hugely privileges owners, whether of businesses or of financial assets, over those who simply work for a living. ...
The nonpartisan Tax Policy Center has evaluated the Senate bill, which the final bill is expected to resemble. It finds that the bill would reduce taxes on business owners, on average, about three times as much as it would reduce taxes on those whose primary
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Links for 12-15-17

Links for 12-13-17

Trump, Macron: Same Fight

Thomas Piketty:
Trump, Macron: same fight. LeMonde: It is customary to contrast Trump and Macron: on one hand the vulgar American businessman with his zenophobic tweets and global warming scepticism; and on the other, the well-educated, enlightened European with his concern for dialogue between different cultures and sustainable development. All this is not entirely false and rather pleasing to French ears. But if we take a closer look at the policies being implemented, one is struck by the similarities. ...