Skip to main content

Economics Daily Digest by the Roosevelt Institute banner
By Tim Price, originally published on Next New Deal

Click here to receive the Daily Digest via e-mail.

No, Marco Rubio, government did not cause the housing crisis (WaPo)

Roosevelt Institute Fellow Mike Konczal argues that Marco Rubio's State of the Union response had problems that even a bigger bottle of Poland Spring couldn't have fixed, like how it blamed the housing bubble on the government extending credit to poor people.

Yes, President Obama: Working Families Desperately Need Access to Preschool -- And Childcare (Forbes)

NND Editor Bryce Covert notes that while the president's surprising call for universal pre-K is great news for children who will benefit from early education, it would also help working parents whose office culture frowns on carrying their kids around in a papoose.

Details Emerge on Obama's Call to Extend Preschool (NYT)

Motoko Rich reports that the president's plan would expand the Head Start program and provide federal matching dollars to states to create more public preschool slots, though critics argue the money could be wasted. Hmm, better give it to a rich adult instead.

The Economics Behind Obama's Unapologetically Liberal Second-Term Agenda (The Atlantic)

Heather Boushey writes that President Obama's proposals for investing in the middle class might sound like blatant pandering to progressives, but the upside is that the research shows that the things progressives want are also just smart things to do.

Obama embraces the audacity of freedom (WaPo)

E.J. Dionne writes that the Obama who spoke on Tuesday night seems more confident in challenging conservative ideology now that he's been reelected, but he's obviously still interested in building a majority consensus, not seizing the means of production.

Raise the Minimum Wage! (TNR)

Timothy Noah is pleased to hear the words "minimum wage" escape President Obama's lips for the first time since 2008, but less enthused about the "$9 an hour" part. As long as we're raising the floor on wages, why not do the same for our ambitions?

Growth isn't enough to help the middle class (WaPo)

Jim Tankersley writes that proposals from both parties are grounded in the idea that economic growth will lead to broadly shared prosperity, but the last few recoveries haven't brought many good jobs with them. Maybe it's time for us to get that growth checked.

Small Businesses Still Struggle, and That's Impeding a Recovery (NYT)

Catherine Rampell writes that small businesses continue to struggle with weak sales and limited access to credit, although they're increasingly likely to complain about new taxes and regulations the White House would be surprised to learn it has passed.

Bushonomics Is Back (Slate)

Matthew Yglesias argues that Rubio, like Bobby Jindal, is trying to reposition the GOP to deemphasize Paul Ryan's relentless austerity and embrace the legacy of their prodigal president, George W. Bush, who just wanted to cut taxes and paint his feelings.

Valentine's Day and the Economics of Love (Bloomberg)

Betsey Stevenson and Justin Wolfers write that survey data shows that money does seem to buy a little more love for those who have it, but there's plenty to go around even in relatively impoverished parts of the world. And lucky for us, it's a renewable resource.

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

Originally posted to Daily Kos Economics on Thu Feb 14, 2013 at 07:22 AM PST.

Also republished by Daily Kos.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  Money is tangible evidence of value, an icon, (2+ / 0-)
    Recommended by:
    judyms9, Icicle68

    much as the heart is an icon of love, an expression of value.

    That said, I'd like to note that the Bible is really full of good economic advice. When Jesus said, "give unto Caesar the things that are Caesar's" He was responding to a question about the fairness of taxes.
    What is often overlooked, perhaps because of the advice to focus on giving God what He wants, is that now, as then, money is made/produced/distributed by the government, as one of its main functions.  In a democracy, the government is, of course, us and the officials or functionaries are our agents. The work for us and manage our public assets, including the public purse.
    Management, of course, implies an in and out, back and forth, process, not a stagnant situation. Management is dynamic. And that may be where the Cons' difficulty originates. Cons do not appreciate dynamism. They want things to stay the same and, to that end, all they can do is stand firm -- i.e. obstruct. Obstruction is, after all, the safe alternative.
    What that tells us is that, since resources are to be managed and processed and money is to be changed, the Cons are really psychologically ill-equipped to hold a position of stewardship. They cannot distribute and share and then, as happened with the loaves and fishes, collect the surplus, because they have to stand pat and obstruct.

    It makes sense that if people have no practical talents and can't manage to make anything to sustain themselves that they have to rely on their gift of gab. And, we should not begrudge them a share of our surplus. However, we should also not let them dictate how much we make or how much we share. Putting the Cons in charge of distribution is a big mistake, because their inclination is to hoard.

    After all, that's how the rich get rich. Right? They hoard. So, if the economy depends on a regular in and out, hoarders is not whom you want in charge.  And, indeed, since they are not inclined to "give unto Caesar," somebody (the tax man) has to tell them, just as Jesus did.

    We organize governments to deliver services and prevent abuse.

    by hannah on Thu Feb 14, 2013 at 08:24:17 AM PST

    •  Well said, hannah. I would add that our tax (0+ / 0-)

      system needs to stop rewarding hoarding with a lower tax rate on unearned income such as capital gains than on earned income that has brought the virtue of labor to the field of dynamism.
      I have a hunch that the best tippers on the Hill are Dems.  It would be interesting to know.

      Building a better America with activism, cooperation, ingenuity and snacks.

      by judyms9 on Thu Feb 14, 2013 at 02:58:27 PM PST

      [ Parent ]

  •  We don't communicate very well! (1+ / 0-)
    Recommended by:
    judyms9

    Three very simple points hit me in the last two days. I'm trying to pass them along to those friends who are persuadable:

    First, a person who works 40 hours a week all year long and who has one child can't make the "poverty level" wage if they have one child.  So much for Ryan's "takers" meme.

    Second, if the single mom above accidentally gets pregnant, it will cost her a year's wages to deliver; $300 to get an abortion at a Florida Planned Parenthood facility. What does she choose, Governor Skeletor?

    THird, father repeated something about the "government" supporting social security recipients. I have been paying into the system since I wwas 15. When I told him how unlikely it was that I'd ever get my money back, he got "little Orphan ANnie eyes."

    •  Not only do the 1% have most of the money, (0+ / 0-)

      they are the only ones allowed to have sexual activity that might result in a woman's pregnancy.  Their message is clear: Minimum wage means minimum family for you, sister.  If the contraceptive fails, it's minimum life for you and your child.

      Building a better America with activism, cooperation, ingenuity and snacks.

      by judyms9 on Thu Feb 14, 2013 at 03:03:18 PM PST

      [ Parent ]

  •  well you know you have... (0+ / 0-)

    ...screwed up when my browser always shows ads for bottled water on any page Rubio is mentioned.

    Co-incedence I don't think so.

    We Glory in war, in the shedding of human blood. What fools we are.

    by delver rootnose on Thu Feb 14, 2013 at 02:54:33 PM PST

  •  the whole line about the housing crisis (1+ / 0-)
    Recommended by:
    judyms9

    being caused by lending to poor people is an enormous dog whistle.

    I generally just interpret it to mean "it's all black people's fault" rather than wade through any of their silly details.

    •  That said… (1+ / 0-)
      Recommended by:
      decembersue

      …I will agree that generically speaking that the housing crisis was caused by government: A complete and utter failure on the part of the Bush Administration and assholes like Alan Greenspan to enforce the laws on the books, the repeal of Glass-Steagal, and the failure to regulate prohibition on regulating derivatives.

      Teh stoopidTM, it hurts. Buy smart, union-printed, USA-made, signs, stickers, swag for everyone: DemSign.com. Get your We are the 99% Yard Sign.

      by DemSign on Thu Feb 14, 2013 at 03:17:04 PM PST

      [ Parent ]

  •  Economy (0+ / 0-)

    The economy is not going to go anywhere but in the shitter. The policies set forth by potus Bush have continued full speed ahead by potus Obama. Fraud has run rampant and the bail outs aided those at the top. From Goldman, JP, CITI, Buffet et al. They are not your friends and you are not in the club. They are hell bent on breaking the system and making you pay for it. Your hard labor and your hard earned money is paying them to hurt you. That is the beauty of the system. Enjoy these couple of articles. Meanwhile read Naomi Klein's book and John Perkins. They go into great detail of how it all works.http://www.zerohedge.com/...                 http://solari.com/...

  •  econ (0+ / 0-)

    https://www.youtube.com/...     Dylan Ratigan talks about the extraction of the US. interesting thought in my view. Unfortunately he is correct.        

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site