Do Republicans think Milton Friedman was a big government liberal?
How much can you get wrong in just three sentences? A whole lot, it turns out.
Consider Mitt Romney's most recent fundraising email titled "Another Bailout?!?" -- not exactly a policy document, but still -- about the Fed's latest round of quantitative easing. See if you can spot anything that might correctly be called "correct".
Barack Obama is at it again -- spending your tax dollars to bail out his failed economic plan. It's more of the same from an out-of-touch president with no plan to fix our economy and put Americans back to work.
This past week, the Federal Reserve announced it would print $40 billion every month to prop up this administration's jobless recovery -- that's money we can't afford for jobs we will never see.
Okay, the Fed did announce that it would buy $40 billion of mortgage bonds a month until unemployment starts coming down -- which is, more or less, "printing" money -- but the rest is nonsense.
First, Barack Obama had nothing to do with the Fed's decision to do QE3. Only the Fed had anything to do with the Fed's decision to do QE3. It's independent.
Second, the Fed isn't spending tax dollars. As Team Romney acknowledges two sentences later, the Fed is printing money to buy bonds.
Third, this isn't a bailout. It's not even clear who is supposedly getting "bailed out". Is it the government? We can already borrow for basically nothing for 20 years. Is it the banks? The Fed is just swapping one interest-bearing asset for another when it buys long-term bonds and gives the banks more reserves.
Fourth, QE3 isn't more of the same, because it's a new kind of open-ended commitment from the Fed. That's why markets are excited.
Fifth, President Obama actually does have a plan to get the economy moving again. It was called the American Jobs Act -- remember it, from last year? -- and it died where all good ideas go to die: Congress. More specifically, Republicans on Capitol Hill killed it, and then they turned around and blamed Obama for the weak economy. It was a neat political trick, but it meant we didn't get the 2.1 million additional jobs that Macroeconomic Advisers estimated the bill would create.
Sixth, there's no way we can't afford printing money, because ... we're printing it. Taxes aren't going up. Neither are deficits -- the opposite, actually. As Ben Bernanke pointed out in his press conference, the Fed expects to make money from its bond-buying, which it is then legally required to remit to the Treasury. In other words, Fed policy is reducing the deficit -- by $76.9 billion in 2012 and $78.4 billion in 2011.
That's a lot of errors crammed into 73 words. But there's a bigger error here. That's Romney's approach to monetary policy. He's repudiating a generation of conservative economic thought. It used to be that conservatives championed monetary demand management as the superior alternative to fiscal demand management. It was an intellectual battle between Milton Friedman and John Maynard Keynes -- and Friedman very much seemed to carry the day. Economists from both sides of the aisle agreed that the Fed rather than Congress should manage the business cycle, unless short-term interest rates were stuck at zero, like they are now. As Paul Krugman has pointed out, this was the mainstream Republican position as recently as 2004 -- current Romney adviser and former Bush adviser Greg Mankiw wrote then that "aggressive monetary policy can reduce the depth of a recession". (To his credit, Mankiw has been a voice of reason on the right about the Fed in recent years). But that is an idea non grata among conservatives nowadays. Paul Ryan's hard money views have won the day instead. Inflation is always just around the corner -- never mind that it isn't -- jobs be damned.
Don't believe me? Here's something to remember: Bernanke himself is a Republican. He's become such a political punching bag for the right that it's easy to forget, but he hasn't done anything that Milton Friedman wouldn't have approved of.
The question is if Mitt Romney does too, or if he means what he says. A magic eight-ball might be a better guide there than an Etch A Sketch.
Joe Moran’s book Shrinking Violets is a sweeping history that doubles as a (quiet) defense of timidity.
The Heimlich maneuver, in the nearly 50 years since Dr. Henry Heimlich established its protocol, has been credited with saving many lives. But not, perhaps, as many as it might have. The maneuver, otherwise so wonderfully simple to execute, has a marked flaw: It requires that choking victims, before anything can be done to help them, first alert other people to the fact that they are choking. And some people, it turns out, are extremely reluctant to do so. “Sometimes,” Dr. Heimlich noted, bemoaning how easily human nature can become a threat to human life, “a victim of choking becomes embarrassed by his predicament and succeeds in getting up and leaving the area unnoticed.” If no one happens upon him, “he will die or suffer permanent brain damage within seconds.”
Experts on Turkish politics say the use of that term misunderstands what it means in Turkey—and the ways that such allegations can be used to enable political repression.
Over the last week, the idea of a “deep state” in the United States has become a hot concept in American politics. The idea is not new, but a combination of leaks about President Trump and speculation that bureaucrats might try to slow-walk or undermine his agenda have given it fresh currency. A story in Friday’s New York Times, for example, reports, “As Leaks Multiply, Fears of a ‘Deep State’ in America.”
It’s an idea that I touched on in discussing the leaks. While there are various examples of activity that has been labeled as originating from a “deep state,” from Latin America to Egypt, the most prominent example is Turkey, where state institutions contain a core of diehard adherents to the secular nationalism of Mustafa Kemal Ataturk, which is increasingly being eroded by the government of Recep Tayyip Erdogan. Turkey has seen a series of coups, stretching back to 1960, as well as other activity attributed to a deep state.
“I’ve never seen anything quite like” Trump’s approach to national security, says a former counterterrorism adviser to three presidents.
Monday marks one week since the resignation of National-Security Adviser Michael Flynn—a full week in which the National Security Council has not had a permanent head. Meanwhile, President Donald Trump has made national security a centerpiece of his agenda, justifying policies ranging from a travel ban to close relations with Russia. But the United States is now more vulnerable to attack than it was before Trump took office, according to the man who served as George W. Bush’s crisis manager on 9/11.
“In terms of a major terrorist attack in the United States or on U.S. facilities, I think we’re significantly less ready than we were on January 19,” said Richard Clarke, who served on the National Security Council in the George H.W. Bush, Bill Clinton, and George W. Bush administrations. “I think our readiness is extremely low and dangerously low. Certainly [government] agencies at a professional level will respond [to an attack], but having a coordinated interagency response is unlikely given the current cast of characters [in the administration] and their experience.”
Trump’s branding of the press as an "enemy" seems less an attempt to influence coverage than an invitation to repression and even violence.
At the dawn of a turbulent era in American history, an inexperienced but media-savvy President, early in his first term, was obsessing about negative press.
John F. Kennedy, who had grown accustomed to compliant coverage, was running up against the limits of his power to control the public narrative when neither the world nor the press would read from his script. Halfway around the globe, a small band of foreign correspondents were undercutting the White House with stories that showed the United States becoming more deeply involved (and less successfully) than the government acknowledged in what would become the Vietnam War.
Relations between the Saigon press corps and the United States Embassy had deteriorated into "a mutual standoff of cold fury and hot shouts––Liar! Traitor! Scoundrel! Fool!––with an American foreign policy teetering precariously in the void between," wrote William Prochnau in Once Upon a Distant War, an under-appreciated account of fraught relations between the government and the press.
Lip service to the crucial function of the Fourth Estate is not enough to sustain it.
It’s not that Mark Zuckerberg set out to dismantle the news business when he founded Facebook 13 years ago. Yet news organizations are perhaps the biggest casualty of the world Zuckerberg built.
There’s reason to believe things are going to get worse.
A sprawling new manifesto by Zuckerberg, published to Facebook on Thursday, should set off new alarm bells for journalists, and heighten news organizations’ sense of urgency about how they—and their industry—can survive in a Facebook-dominated world.
Facebook’s existing threat to journalism is well established. It is, at its core, about the flow of the advertising dollars that news organizations once counted on. In this way, Facebook’s role is a continuation of what began in 1995, when Craigslist was founded. Its founder, Craig Newmark, didn’t actively aim to decimate newspapers, but Craigslist still eviscerated a crucial revenue stream for print when people stopped buying newspaper classifieds ads.
The preconditions are present in the U.S. today. Here’s the playbook Donald Trump could use to set the country down a path toward illiberalism.
It’s 2021, and President Donald Trump will shortly be sworn in for his second term. The 45th president has visibly aged over the past four years. He rests heavily on his daughter Ivanka’s arm during his infrequent public appearances.
Fortunately for him, he did not need to campaign hard for reelection. His has been a popular presidency: Big tax cuts, big spending, and big deficits have worked their familiar expansive magic. Wages have grown strongly in the Trump years, especially for men without a college degree, even if rising inflation is beginning to bite into the gains. The president’s supporters credit his restrictive immigration policies and his TrumpWorks infrastructure program.
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People working in ministry, music, and nonprofit advocacy are facing pressure for their political beliefs.
Earlier this month, Jonathan Martin jotted off a sad tweet. “I’ve lost count of the number of people who say they’ve had ministry jobs threatened/been fired for speaking out in some way in this season,” the Christian author and speaker wrote. Confirmation rolled in: one story from a church planter in California, another from a former worship leader in Indiana. These are “not people who would historically self-identify as progressives, at all,” Martin told me later. They’re “people who see themselves as being very faithful evangelicals.”
Donald Trump has divided conservative Christian communities. Most white Christians support Trump, or at least voted for him. Some who have spoken out against his presidency or his policies, though, have encountered backlash. For a small group of people working in Christian ministry, music, and nonprofit advocacy, the consequences have been tangible: They’ve faced pressure from their employers, seen funds withdrawn from their mission work, or lost performing gigs because of their political beliefs.
When my wife was struck by mysterious, debilitating symptoms, our trip to the ER revealed the sexism inherent in emergency treatment.
Early on a Wednesday morning, I heard an anguished cry—then silence.
I rushed into the bedroom and watched my wife, Rachel, stumble from the bathroom, doubled over, hugging herself in pain.
“Something’s wrong,” she gasped.
This scared me. Rachel’s not the type to sound the alarm over every pinch or twinge. She cut her finger badly once, when we lived in Iowa City, and joked all the way to Mercy Hospital as the rag wrapped around the wound reddened with her blood. Once, hobbled by a training injury in the days before a marathon, she limped across the finish line anyway.
So when I saw Rachel collapse on our bed, her hands grasping and ungrasping like an infant’s, I called the ambulance. I gave the dispatcher our address, then helped my wife to the bathroom to vomit.
In 1800, a newspaper report incensed supporters of President John Adams—and sparked the nation’s first major leak investigation.
An administration in turmoil. A president sometimes “absolutely out of his senses.” Panic over foreign terror; a lurch toward war; rumors of immigrant roundups; foreign meddling in American politics. Fear and despair over the American Republic, once seemingly favored of Heaven, now teetering on the verge of dictatorship or chaos.
The year: 1800.
The case: America’s first great leak investigation.
President Donald Trump claims public concern about possible Russian intervention in the U.S. presidential election is a “ruse” concocted by Democrats smarting over their defeat in the election last year. “The real scandal here is that classified information is illegally given out by ‘intelligence’ like candy,” he tweeted February 15. “Very un-American!”