Romney's secretly taped comments weren't just embarrassing for the 47% comment. They also revealed a faith-based economic strategy
Mitt Romney has a secret economic plan. It's magic.
As far as backhanded compliments come, the conceit that Romney has a secret economic plan is up there. The idea is that Romney is too smart and too ideologically flexible, and his stated plans too vague and too mathematically incoherent for there not to be another plan -- a real plan. Josh Barro of Bloomberg View has speculated that Romney might actually go big on mortgage refinancing and bigger deficits -- thanks to unfunded tax cuts -- to get the economy moving again. It's certainly plausible. Romney adviser Glenn Hubbard has endorsed refinancing, and, as a practical matter, it's almost impossible to close enough loopholes to pay for Romney's proposed tax cuts.
But is the secret economic plan real or is there really no secret economic plan? Let's go to the tape. Here's Romney talking about what he thinks will happen to the economy, courtesy of Mother Jones.
If it looks like I'm going to win, the markets will be happy. If it looks like the president's going to win, the markets should not be terribly happy. It depends of course which markets you're talking about, which types of commodities and so forth, but my own view is that if we win on November 6th, there will be a great deal of optimism about the future of this country. We'll see capital come back and we'll see -- without actually doing anything -- we'll actually get a boost in the economy.
In other words, Romney's secret economic plan to jumpstart the recovery is ... winning office. That's it. He thinks markets are scared of Obama, and an Obama loss would be enough to send markets racing up. This is aggressive nonsense. As Brad DeLong points out, the S&P 500 is up 10.9 percent since Romney said this, "despite" Nate Silver of the New York Times estimating Obama's odds of securing a second term jumping from 60 to 75 percent. There's just little reason to think that uncertainty, rather than lack of demand, is what's holding the economy back. Small businesses have consistently ranked "poor sales" -- i.e., poor demand -- as their biggest problem. Not so for uncertainty -- evidence of which is much harder to come by. The index conservatives like to tout as proof of uncertainty's insidious grip on the economy really only shows uncertainty's insidious grip on conservative thinking. As Mike Konczal of the Roosevelt Institute has pointed out, it's a fatally flawed measure that counts Republican talking points as proof of those talking points.
But let's play Devil's advocate. Maybe uncertainty is driving demand down. The economy is in the doldrums because investment is in the doldrums -- it's possible fear over potential tax increases and Obamacare regulations is keeping businesses from investing. How would we explain that real private fixed nonresidential investment has actually come back a bit, but real private fixed residential investment has not? The simplest explanation isn't the president, it's the housing market. The chart below takes a look at this latter measure since 1995. The collapse ended, but the recovery never began.
(Note: The yellow dot marks when Obama took office).
It's hard to tell a story about why uncertainty would hurt residential investment, but not nonresidential investment. It's not hard to tell a story about why a housing bust would hurt housing investment -- and drag down overall demand. Indeed, a paper by Michael Bordo and Joseph Haubrich of the Cleveland Fed found that housing recessions typically lead to slower recoveries for this very reason. Higher inflation, refinancings, or writedowns would speed up this deleveraging proces. A Romney -- or Obama -- victory alone would not.
Romney's magical thinking is the consequence of Republican obstruction. From the beginning, Republicans have been quite candid that their number one goal is making sure Obama is a one-term president. From the stimulus to Fed appointments to the abortive American Jobs Act, they have tried to block anything that might help the economy -- while decrying it all as dangerously outside the mainstream. There's a problem. It's not. The Obama administration has just followed textbook economics -- spending more and cutting interest rates amidst a slump -- much as a hypothetical McCain administration likely would have followed textbook economics. After denouncing these policies for years, the Republicans can't very well run on them. So they blame those policies for creating uncertainty, evidence be damned.
As for doing nothing, that's exactly what we've tried for the past two years. It hasn't worked. Now, eventually it will "work" -- in other words, housing will come back at some point, no matter what we do or do not do. It already might -- with the Fed giving it a kick as well. But believing that our problem is we have the wrong person doing nothing is strange.
A professor of cognitive science argues that the world is nothing like the one we experience through our senses.
As we go about our daily lives, we tend to assume that our perceptions—sights, sounds, textures, tastes—are an accurate portrayal of the real world. Sure, when we stop and think about it—or when we find ourselves fooled by a perceptual illusion—we realize with a jolt that what we perceive is never the world directly, but rather our brain’s best guess at what that world is like, a kind of internal simulation of an external reality. Still, we bank on the fact that our simulation is a reasonably decent one. If it wasn’t, wouldn’t evolution have weeded us out by now? The true reality might be forever beyond our reach, but surely our senses give us at least an inkling of what it’s really like.
President-elect Donald Trump has committed a sharp breach of protocol—one that underscores just how weird some important protocols are.
Updated on December 2 at 7:49 p.m.
It’s hardly remembered now, having been overshadowed a few months later on September 11, but the George W. Bush administration’s first foreign-policy crisis came in the South China Sea. On April 1, 2001, a U.S. Navy surveillance plane collided with a Chinese jet near Hainan Island. The pilot of the Chinese jet was killed, and the American plane was forced to land and its crew was held hostage for 11 days, until a diplomatic agreement was worked out. Sino-American relations remained tense for some time.
Unlike Bush, Donald Trump didn’t need to wait to be inaugurated to set off a crisis in the relationship. He managed that on Friday, with a phone call to the president of Taiwan, Tsai Ing-wen. It’s a sharp breach with protocol, but it’s also just the sort that underscores how weird and incomprehensible some important protocols are.
How much do you really need to say to put a sentence together?
Just as fish presumably don’t know they’re wet, many English speakers don’t know that the way their language works is just one of endless ways it could have come out. It’s easy to think that what one’s native language puts words to, and how, reflects the fundamentals of reality.
But languages are strikingly different in the level of detail they require a speaker to provide in order to put a sentence together. In English, for example, here’s a simple sentence that comes to my mind for rather specific reasons related to having small children: “The father said ‘Come here!’” This statement specifies that there is a father, that he conducted the action of speaking in the past, and that he indicated the child should approach him at the location “here.” What else would a language need to do?
A hotly contested, supposedly ancient manuscript suggests Christ was married. But believing its origin story—a real-life Da Vinci Code, involving a Harvard professor, a onetime Florida pornographer, and an escape from East Germany—requires a big leap of faith.
On a humid afternoon this past November, I pulled off Interstate 75 into a stretch of Florida pine forest tangled with runaway vines. My GPS was homing in on the house of a man I thought might hold the master key to one of the strangest scholarly mysteries in recent decades: a 1,300-year-old scrap of papyrus that bore the phrase “Jesus said to them, My wife.” The fragment, written in the ancient language of Coptic, had set off shock waves when an eminent Harvard historian of early Christianity, Karen L. King, presented it in September 2012 at a conference in Rome.
Never before had an ancient manuscript alluded to Jesus’s being married. The papyrus’s lines were incomplete, but they seemed to describe a dialogue between Jesus and the apostles over whether his “wife”—possibly Mary Magdalene—was “worthy” of discipleship. Its main point, King argued, was that “women who are wives and mothers can be Jesus’s disciples.” She thought the passage likely figured into ancient debates over whether “marriage or celibacy [was] the ideal mode of Christian life” and, ultimately, whether a person could be both sexual and holy.
The Daily Show host was measured, respectful, and challenging in his 26-minute conversation with TheBlaze pundit Tomi Lahren.
Tomi Lahren, the 24-year-old host of Tomi on the conservative cable network TheBlaze, feels like a pundit created by a computer algorithm, someone who primarily exists to say something provocative enough to jump to the top of a Facebook feed. She’s called the Black Lives Matter movement “the new KKK,” partly blamed the 2015 Chattanooga shootings on President Obama’s “Muslim sensitivity,” and declared Colin Kaepernick a “whiny, indulgent, attention-seeking cry-baby.” At a time when such charged political rhetoric feels increasingly like the norm, Lahren stands at one end of a widening gulf—which made her appearance on The Daily Show with Trevor Noah Wednesday night all the more fascinating.
In his first year at The Daily Show, Noah has struggled to distinguish himself in an outrage-driven late-night universe. He has sometimes seemed too flip about the failures of the country’s news media, something his predecessor Jon Stewart made a perennial target. Noah’s 26-minute conversation with Lahren, though, posted in its entirety online, set the kind of tone that Stewart frequently called for throughout his tenure. The segment never turned into a screaming match, but it also avoided platitudes and small-talk. Lahren was unapologetic about her online bombast and leaned into arguments that drew gasps and boos from Noah’s audience, but the host remained steadfastly evenhanded throughout. If Noah was looking for a specific episodethat would help him break out in his crowded field, he may have finally found it.
A single dose of magic mushrooms can make people with severe anxiety and depression better for months, according to a landmark pair of new studies.
The doom hung like an anvil over her head. In 2012, a few years after Carol Vincent was diagnosed with non-Hodgkin lymphoma, she was waiting to see whether her cancer would progress enough to require chemotherapy or radiation. The disease had already done a number on her, inflating lymph nodes on her chin, collar bones, and groin. She battled her symptoms while running her own marketing business. To top it all off, she was going through menopause.
“Life is just pointless stress, and then you die,” she thought. “All I’m doing is sitting here waiting for all this shit to happen.”
When one day at an intersection she mulled whether it would be so bad to get hit by a car, she realized her mental health was almost as depleted as her physical state.
A few weeks ago, I was trying to call Cuba. I got an error message—which, okay, international telephone codes are long and my fingers are clumsy—but the phone oddly started dialing again before I could hang up. A voice answered. It had a British accent and it was reading: “...the moon was shining brightly. The Martians had taken away the excavating-machine…”
Apparently, I had somehow called into an audiobook of The War of the Worlds. Suspicious of my clumsy fingers, I double-checked the number. It was correct (weird), but I tried the number again, figuring that at worst, I’d learn what happened after the Martians took away the excavating machine. This time, I got the initial error message and the call disconnected. No Martians.
“A typical person is more than five times as likely to die in an extinction event as in a car crash,” says a new report.
Editor’s note: An earlier version of this story presented an economic modeling assumption—the .01 chance of human extinction per year—as a vetted scholarly estimate. Following a correction from the Global Priorities Project, the text below has been updated.
Nuclear war. Climate change. Pandemics that kill tens of millions.
These are the most viable threats to globally organized civilization. They’re the stuff of nightmares and blockbusters—but unlike sea monsters or zombie viruses, they’re real, part of the calculus that political leaders consider everyday. A new report from the U.K.-based Global Challenges Foundation urges us to take them seriously.
The nonprofit began its annual report on “global catastrophic risk” with a startling provocation: If figures often used to compute human extinction risk are correct, the average American is more than five times likelier to die during a human-extinction event than in a car crash.
There are more restrictions to professional freedom in the United States, and the educators find the school day overly rigid.
“I have been very tired—more tired and confused than I have ever been in my life,” Kristiina Chartouni, a veteran Finnish educator who began teaching American high-school students this autumn, said in an email. “I am supposedly doing what I love, but I don't recognize this profession as the one that I fell in love with in Finland.”
Chartouni, who is a Canadian citizen through marriage, moved from Finland to Florida with her family in 2014, due in part to her husband’s employment situation. After struggling to maintain an income and ultimately dropping out of an ESL teacher-training program, a school in Tennessee contacted her this past spring about a job opening. Shortly thereafter, Chartouni had the equivalent of a full-time teaching load as a foreign-language teacher at two public high schools in the Volunteer State, and her Finnish-Canadian family moved again. (Chartouni holds a master’s degree in foreign-language teaching from Finland’s University of Jyväskylä.)
Until the 19th century, hardly anyone recognized the vital role everyday buyers play in the world economy.
“Consumption is the sole end and purpose of all production,” Adam Smith confidently announced in The Wealth of Nations in 1776. Smith’s quote is famous, but in reality this was one of the few times he explicitly addressed the topic. Consumption is conspicuous by its absence in The Wealth of Nations, and neither Smith nor his immediate pupils treated it as a separate branch of political economy.
It was in an earlier work, 1759’s The Theory of Moral Sentiments, that Smith put his finger on the social and psychological impulses that push people to accumulate objects and gadgets. People, he observed, were stuffing their pockets with “little conveniences,” and then buying coats with more pockets to carry even more. By themselves, tweezer cases, elaborate snuff boxes, and other “baubles” might not have much use. But, Smith pointed out, what mattered was that people looked at them as “means of happiness." It was in people’s imagination that these objects became part of a harmonious system and made the pleasures of wealth “grand and beautiful and noble."