Well, there it is: the supercommittee has failed. Supposedly, this means that $1.2 trillion worth of automatic "sequesters" will kick in. But as PJ O'Rourke remarked about a similar budget-balancing attempt, the storied Gramm-Rudman-Hollings act, "this is like trying to quick smoking by hiding your cigarettes from yourself--and leaving a note in your pocket reminding you where you hid them." What Congress did, Congress can undo, any time it wants. And indeed, rumor has it that they're already looking for ways "around" the sequester.
We're obviously nowhere near Italian levels of debt. But the inability to make even quite small changes in our levels of taxes or spending should worry the hell out of everyone. Yes, yes, I know--the other side is evil and intransigent and you don't trust them anyway. The fact remains that we're married to those jerks in the other party, and there's no prospect of divorce. "Stick to your guns, dammit!" is not a workable policy agenda for either side . . . and no, I don't really care how much better things could be if we were more like Europe/19th century America. Given events in Europe, this doesn't really seem like a good time to be talking up the virtues of larger welfare states or a weak central bank.
In a modern democratic state, two things are true of any policy agenda:
1. You eventually have to pay for it, with actual money.
2. You have to get those bastards on the other side to agree to it.
We seem to have an electorate who believes neither of these things, and the political class has followed them. We passed a giant health care entitlement "paid for" with cuts to existing services that should have gone towards deficit reduction, if they can be done at all . . . and with a structure that risks failing spectacularly and making everything worse if the cost projections are wrong, or the necessary changes prove politically unsustainable. When I pointed this out, I was told "it's not our fault if the Republicans fuck it up," as if it were somehow reasonable policy analysis to assume away the existence of anyone who disagrees with you.
Stop snickering conservatives: you didn't pay for your tax cuts at all, and you tried to get through an equally enormous entitlement change (remember Social Security reform) without funding it in any way, even a stupid and likely-to-fail one.
At some level, I wonder if our legislators understand that this matters. Sure, our debt-to-GDP ratio is only in the mid-fifties--but it was in the mid-thirties just a couple of years ago. And the best forecasts I've seen have it heading into the mid-eighties in a very short time.
For several years, as our debt has swelled by nearly 10% of GDP per year, the deficit hawks have panicked and the doves have told them to chill the hell out because, hey, look at how low interest rates are!
In November 2009, Paul Krugman--who ridiculed those who worried about "invisible bond vigilantes"--posted this graph and comment:
Why, people ask, would I want to compare us to Belgium and Italy? Both countries are a mess!
Um, guys, that's the point. Belgium is politically weak because of the linguistic divide; Italy is politically weak because it's Italy. If these countries can run up debts of more than 100 percent of GDP without being destroyed by bond vigilantes, so can we.
Now it looks like Italy and Belgium maybe can't actually run up such debts without being, well, destroyed by bond vigilantes . . . so what does that imply for us?
Well, Krugman has attempted to walk this back a little, pointing out that the euro is precipitating this crisis. While this is, of course, entirely true, I believe that Italy's membership in the euro had been fairly well-publicized by 2009; it's not new information.
Every time a crisis happens you can pick out the reasons that you aren't anything like those yahoos over there, who don't even have their own currency, ferchrissakes, or maybe they aren't a democracy, or they caught a dose of crony capitalism, or they had this huge balance-of-payments problem . . .
Well, never mind about that last one.
It is absolutely true that the specifics of this crisis involve the special problems of borrowing in another currency. Inflation is in some ways a kinder means of default, because you can inflate just a little bit, and see how things go, while nations that default tend to err on the side of a nice, spectacularly large default, because they don't want to have to do it more than once. So theoretically, at least, inflation can be better for both government and creditors.
But it is not true that loads of debt is just fine as long as you're borrowing in your own currency, except in the trivial sense that a government which borrows in its own currency can always resort to hyperinflation. This is rather like saying, "Don't worry about that cancer--you can always shoot yourself!" If you take too much advantage of the benefits of borrowing in your own currency, pretty soon you have trouble borrowing in your own currency, which means that practically, the distinction is not necessarily as strong as some people pretend.
Regardless of the folly of currency pegs, fundamentally, debt adds risk. It does so even if you borrow in your own currency (Greece has been in default for roughly half its life as a modern independent nation). It does so even if the stuff you spent the money on is really, really great--tax cuts, stimulus, shiny new infrastructure. Unless those things are self funding (the former two are not, and infrastructure only sometimes), then they make your government more financially fragile than it was before you borrowed the money. Every time debt grows faster than GDP, the risk of financial crisis inches up.
Conservatives can make fun of Italy all they want, but they're not the ones running deficits that flirt with double digits--and loudly proclaiming that it's better to run those deficits than to raise a dollar in new tax revenue.
In fact, debt adds risk even if you don't call it debt. Any unfunded obligation that is very, very hard to get out of without a great deal of political and economic pain is a debt, whether you call it a "long term lease" or "social security". Every time we add to these obligations we give future citizens less flexibility to deal with future economic conditions.
That doesn't mean that we need aim for zero debt, or zero long-term obligations. But we should understand that every additional dollar we promise in the future is not simply one less dollar that future taxpayers get to spend on themselves--but also one more dollar of risk added to a rapidly growing mountain.
More and more Americans found this out about their own personal finances the hard way. Unfortunately, this painfully acquired knowledge does not seem to have filtered through to our legislators.
A new anatomical understanding of how movement controls the body’s stress response system
Elite tennis players have an uncanny ability to clear their heads after making errors. They constantly move on and start fresh for the next point. They can’t afford to dwell on mistakes.
Peter Strick is not a professional tennis player. He’s a distinguished professor and chair of the department of neurobiology at the University of Pittsburgh Brain Institute. He’s the sort of person to dwell on mistakes, however small.
“My kids would tell me, dad, you ought to take up pilates. Do some yoga,” he said. “But I’d say, as far as I’m concerned, there's no scientific evidence that this is going to help me.”
Still, the meticulous skeptic espoused more of a tennis approach to dealing with stressful situations: Just teach yourself to move on. Of course there is evidence that ties practicing yoga to good health, but not the sort that convinced Strick. Studies show correlations between the two, but he needed a physiological mechanism to explain the relationship. Vague conjecture that yoga “decreases stress” wasn’t sufficient. How? Simply by distracting the mind?
How men and women digest differently, diet changes our skin, and gluten remains mysterious: A forward-thinking gastroenterologist on eating one's way to "gutbliss"
Robynne Chutkan, MD, is an integrative gastroenterologist and founder of the Digestive Center for Women, just outside of Washington, D.C. She trained at Columbia University and is on faculty at Georgetown, but her approach to practicing medicine and understanding disease is more holistic than many specialists with academic backgrounds. She has also appeared on The Dr. Oz Show (of which I’ve been openly skeptical in the past, because of Oz’s tendency to divorce his recommendations from evidence).
In the name of emotional well-being, college students are increasingly demanding protection from words and ideas they don’t like. Here’s why that’s disastrous for education—and mental health.
Something strange is happening at America’s colleges and universities. A movement is arising, undirected and driven largely by students, to scrub campuses clean of words, ideas, and subjects that might cause discomfort or give offense. Last December, Jeannie Suk wrote in an online article for The New Yorker about law students asking her fellow professors at Harvard not to teach rape law—or, in one case, even use the word violate (as in “that violates the law”) lest it cause students distress. In February, Laura Kipnis, a professor at Northwestern University, wrote an essay in The Chronicle of Higher Education describing a new campus politics of sexual paranoia—and was then subjected to a long investigation after students who were offended by the article and by a tweet she’d sent filed Title IX complaints against her. In June, a professor protecting himself with a pseudonym wrote an essay for Vox describing how gingerly he now has to teach. “I’m a Liberal Professor, and My Liberal Students Terrify Me,” the headline said. A number of popular comedians, including Chris Rock, have stopped performing on college campuses (see Caitlin Flanagan’s article in this month’s issue). Jerry Seinfeld and Bill Maher have publicly condemned the oversensitivity of college students, saying too many of them can’t take a joke.
The political commentator may be more committed to the Republican nominee’s platform than he is.
Donald Trump has just betrayed Ann Coulter. Which is a dangerous thing to do.
This week, Coulter released her new book, In Trump We Trust. As the title suggests, it’s a defense of Trump. But more than that, it’s a defense of Trumpism. Most Trump surrogates contort themselves to defend whatever The Donald says, no matter its ideological content. They’re like communist party functionaries. They get word from the ideologists on high, and regurgitate it as best they can.
Coulter is different. She’s an ideologist herself. She realized the potency of the immigration issue among conservatives before Trump did. On June 1 of last year, she released Adios America, which devotes six chapters to the subject of immigrants and rape. Two weeks later, Trump—having received an advanced copy—famously picked up the thread in his announcement speech.
Donald Trump’s new campaign CEO, who is registered to vote at an empty house in Florida, may be as scandal-plagued as his predecessors.
Barely a week into the job, Donald Trump’s new campaign CEO is already facing harsh scrutiny over a 20-year-old domestic-violence charge and an allegation of voter-registration fraud.
On Thursday night, the New York Postand other outlets reported that Stephen Bannon was charged with misdemeanor domestic violence, battery, and dissuading a witness in 1996, after an altercation with his then-wife in Santa Monica, California. According to a police report, Bannon’s spouse said he pulled at her neck and wrist. A spokesman told Politico that Bannon was never questioned by police and pleaded not guilty. The charges were dropped around the time that the couple divorced later that year. In divorce proceedings, she outlined several vulgarities Bannon allegedly used.
Last night, in Time Capsule #88, I noted the deafening silence of Republican officialdom, after Hillary Clinton delivered her calmly devastating indictment of Donald Trump’s racist themes.
After this frontal attack on their own party’s chosen nominee, the rest of the GOP leadership said ... nothing. The cable-news Trump advocates were out in force, but senators? Governors? Previous candidates? Wise men and women of the party? Crickets.
A reader who is not a Trump supporter says there’s a logic to the plan:
I think you might be missing the GOP strategy here regarding Sec. Clinton’s bigotry speech, and the fact that no Republican came forward to defend Donald Trump. Republicans know that she spoke the truth—the indefensible truth about Donald Trump—and they want to squelch any discussion about it. That’s what they are doing.
Because they don’t want this speech on the airwaves, debated on panels, over several news cycles, with more and more of the dirty laundry getting debated in the mainstream news cycles, leading the Nightly News with dramatic music. Screaming headlines. Any any—ANY—statement by a Republican will trigger that discussion that no GOPer wants.
The mainstream news guys are sitting there at their email boxes, waiting, waiting, for statements, so they can write a piece on it. Benjy Sarlin mentioned it on Twitter, which you probably saw. [JF: I have now] And a couple of other journos, agreed.
But without some outraged statement from Ryan, Cruz, anybody, the mainstream journos have nothing to write about, there is no news cycle, no panels, no screaming headlines, no multi-news cycle. Just a Wow! Clinton gave a rough speech!” End of story. And that’s the strategy. Bury this story. And it’s working.
That’s how the GOP handles this kind of story. And it works just fine, every time. The mainstream journos can't find a both-sides hook, and they are nervous about this alt-right stuff anyway, so the story dies. Journos fear the brutality of GOP pushback. So it goes. Every. Time.
Contrast that with the non-story about the Clinton Foundation. Every GOPer was sending out a truckload of statements to keep that story going. Chuck Todd has stated in the past that he—they—have no choice but to write about whatever the GOP is upset about because they all put their shoulder to the wheel. And the GOP always has something for journos to write about. Controversy! And no fear of brutality from the Democrats. That’s how that goes.
A man who served the regime recounts his efforts to bring it down.
The theory of Jung Gwang Il’s work is essentially this: Tiny packets of information just might bring an end to decades of tyranny in his homeland. From his base in South Korea, he sends USB drives, SD cards, and other devices—loaded with Hollywood movies, South Korean television shows, and testimonials from North Korean defectors—across North Korea’s borders. His weapons against North Korea’s repressive, nuclear-armed regime are Skyfalland South Korean soaps. His battlefield is a country with no free press, virtually no internet (there’s an intranet), and minimal relations with much of the planet. Jung’s mission, in other words, is to funnel fragments of the outside world into the most information-starved nation on earth—and to thereby undermine a government for which he was once willing to sacrifice his life.
If Hillary Clinton beats Donald Trump, her party will have set a record in American politics.
If Donald Trump can’t erase Hillary Clinton’s lead in the presidential race, the Republican Party will cross an ominous milestone—and confront some agonizing choices. Democrats have won the popular vote in five of the six presidential elections since 1992. (In 2000, Al Gore won the popular vote but lost the Electoral College and the White House to George W. Bush.) If Clinton maintains her consistent advantage in national and swing-state polls through Election Day, that means Democrats will have won the popular vote in six of the past seven presidential campaigns.
Since the 1828 election of Andrew Jackson that historians consider the birth of the modern two-party system, no party has ever won the presidential popular vote six times over seven elections. Even the nation’s most successful political figures have fallen short of that standard.
The global education pioneer eases students into the classroom.
Heading into my first year of teaching in Helsinki I felt pretty nervous. One of my graduate-school professors—a former Massachusetts Teacher of the Year—had warned me that Finnish students were academically advanced, especially in math. Indeed, Finland’s students had excelled on international standardized tests like the PISA for more than a decade. But it wasn’t just those high-performing Finnish students that intimidated me. Their teachers did, too.
If I had chosen to pursue master’s-level training as an elementary-school teacher in Finland (instead of the United States), I would have applied to the small handful of teacher-training universities, where annual acceptance rates hover around 10 percent. These programs are so selective, claimed The Atlantic journalist Amanda Ripley in her book, The Smartest Kids in the World, they’re “on the order of MIT.” Furthermore, Finland’s classroom teacher-training programs require five years of coursework, practicum, and thesis writing. The Finnish version made my two-year master’s degree in elementary education, through a non-selective college in the Boston area, look quite humble.
What happens when a father, alarmed by his 13-year-old daughter's nightly workload, tries to do her homework for a week
Memorization, not rationalization. That is the advice of my 13-year-old daughter, Esmee, as I struggle to make sense of a paragraph of notes for an upcoming Earth Science test on minerals. “Minerals have crystal systems which are defined by the # of axis and the length of the axis that intersect the crystal faces.” That’s how the notes start, and they only get murkier after that. When I ask Esmee what this actually means, she gives me her homework credo.
Esmee is in the eighth grade at the NYC Lab Middle School for Collaborative Studies, a selective public school in the Chelsea neighborhood of Manhattan. My wife and I have noticed since she started there in February of last year that she has a lot of homework. We moved from Pacific Palisades, California, where Esmee also had a great deal of homework at Paul Revere Charter Middle School in Brentwood. I have found, at both schools, that whenever I bring up the homework issue with teachers or administrators, their response is that they are required by the state to cover a certain amount of material. There are standardized tests, and everyone—students, teachers, schools—is being evaluated on those tests. I’m not interested in the debates over teaching to the test or No Child Left Behind. What I am interested in is what my daughter is doing during those nightly hours between 8 o’clock and midnight, when she finally gets to bed. During the school week, she averages three to four hours of homework a night and six and a half hours of sleep.