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By Tim Price, originally published on Next New Deal

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Looking for Mister Goodpain (NYT)

Paul Krugman writes that austerians continue to scour the globe for evidence that austerity has actually worked somewhere, only to encounter disappointment and heartbreak at every turn. But for now, heaven is a place on earth, and that place is Latvia, apparently.

Americans shocked to learn that there isn't actually a Social Security crisis (Salon)

Alex Pareene notes that despite the elite consensus that Social Security cuts must be a good idea because they're so unpopular, a new opinion survey shows that the key to resolving the "crisis" in most people's minds is telling them what's really going on.

Report: Nearly Half of Americans Have No Safety Net to Keep Them Out of Poverty (AlterNet)

Lauren Kelley highlights a study that finds almost 44 percent of Americans lack adequate savings to keep them afloat for more than three months and a third have no savings at all. Have they double-checked their offshore tax havens? Sometimes it just slips your mind.

The Idiocy of Sequestration (Slate)

Matthew Yglesias provides an explainer on the sequester, a $1.2 trillion package of painful, unnecessary, and ultimately pointless spending cuts that exists because the two parties could only work together on something when neither of them wanted it to happen.

The Wrong Kind of Immigration Spending (Prospect)

Paul Waldman notes that while immigration tapered off in the wake of the Great Recession, the Obama administration ramped up deportations and sank $18 billion into enforcement in 2012. All we're missing is a sphinx to pose riddles to travelers at the border.

Jacob Lew, Mary Jo White and Dunbar's Number (NYT)

Simon Johnson writes that what worries reformers about Obama's picks for Treasury and the SEC isn't their policy record but their Wall Street-heavy circle of friends, like when you start dating someone and then notice that they follow Nickelback on Twitter.

Libor Lies Revealed in Rigging of $300 Trillion Benchmark (Bloomberg)

Liam Vaughan and Gavin Finch explore how derivatives traders orchestrated the biggest financial fraud of all time while regulators somehow managed to convince themselves that the honor system was more than adequate with 15-figure sums on the line.

Doubt Is Cast on Firms Hired to Help Banks (NYT)

Jessica Silver-Greenberg and Ben Protess report that critics are asking whether regulators have leaned too heavily on consulting firms who are being paid by the banks they're supposed to review. But "Good job with all those crimes!" is still technically a review.

Could New Orleans Be the Labor Movement's Next Frontier? (The Nation)

Roosevelt Institute | Pipeline Fellow Nona Willis Aronowitz argues that the influx of young people into New Orleans' hospitality industry could create a critical mass for unionization, but it depends on whether they identify as current bartender or future novelist.

Labor of Love: The enforced happiness of Pret A Manger (TNR)

Timothy Noah looks at the growing trend toward "emotional labor," which demands that employees not only show up on time and do their jobs well but convince you that their greatest dream in life is to be behind that counter making you a $10 sandwich.

Tim Price is Deputy Editor of Next New Deal. Follow him on Twitter @txprice.

Originally posted to Daily Kos Economics on Fri Feb 01, 2013 at 06:52 AM PST.

Also republished by Daily Kos.

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Comment Preferences

  •  You give an overall picture... (2+ / 0-)
    Recommended by:
    aliasalias, ratcityreprobate

    of the economy & how it's reported in a wonderfully concise manner.

  •  OK, how weasely do YOU want to get... (0+ / 0-)
    until they learned that minor tax increases would make it totally sustainable for 75 years
    Oh yeah, there's no problem -- we've just got to raise your taxes and everything will be fine.

    That's just the flip side of saying we want to cut your benefits: Pay me now or pay me later.

    How would people feel if they understood the REAL reason the system isn't in a crisis: Social Security doesn't actually have to pay out any specific level of benefits.  If money gets short, there is nothing to prevent cutting benefits by 10 or 20 or 50 percent to make ends meet.

    LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

    by dinotrac on Fri Feb 01, 2013 at 02:53:37 PM PST

  •  Ok, I'm too old to know about this stuff (1+ / 0-)
    Recommended by:

    Which bands is it uncool to like or follow these days, aside from Nickelback? I.e. the Air Supplies and REO Speedwagons  of our times?

    "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

    by kovie on Fri Feb 01, 2013 at 02:54:50 PM PST

  •  With current interest rates offered at Banks or CU (0+ / 0-)

    for savings accounts, actually having money in savings is just throwing money away.  With the average money market account paying just .46% in interest, and inflation around 2%, you are better off spending it.

    I actually wonder what percentage of people who have no savings have some kind of retirement vehicle that they would go to (taking the penalty) if they lost their jobs or had something come up.  This is a terrible alternative, but I think there are plenty of people who wouldn't even save if they could do to the lack of any kind of financial incentive to do so.

  •  DOW closes over 14,000 first time since 2007 (1+ / 0-)
    Recommended by:
    yella dawg

    (MoneyWatch) The Dow Jones industrial average closed Friday at 14,009.79, the first time the stock index has ended trading above that threshold since 2007, before the epic housing crash the following year shook the global economy.

    Propelled by reports on U.S. jobs and auto sales, the Dow crossed the line, gaining 149 points on the day, and kept its ground through the early afternoon, after flitting back and forth throughout the morning. It has gained 6.9 percent this year.



    Suck on that, obstructionist teabaggers.

    "Work for something because it is good, not just because it stands a chance to succeed." -- Vaclav Havel

    by greendem on Fri Feb 01, 2013 at 03:18:43 PM PST

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