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.
The show, this season, with exploitative plotlines that treat racism as entertainment, is becoming harder and harder to defend.
This post reveals minor plot points for The Bachelorette Season 13 Episode 6.
A few years ago, in response to a combination of scientific studies, legal cases, and human tragedies, commentators began to question the morality of watching American football. We’d always known the sport was an especially dangerous one to play—that, indeed, is part of its brute appeal—but now there was undeniable evidence of that brutality, rendered in statistic and awful anecdote. To watch the violence play out, it became increasingly clear, was to be in some way complicit in it—to cast asilent vote, not with one’s pocketbook but with one’s attention, in favor of all that violence continuing.
The Bachelorette, of course, depicts a sport only in the loosest sense; the show is very rarely violent in the literal sense of the term. And yet it has recently adopted the same rough outlines that football acquired a few years before: The show, always questionable, has become in its latest season more troubling than it has even been before. Recent episodes of the long-running ABC show have laid bare just how craven and exploitative its producers have become. Problems that have long been simmering in its world have come to a boil. Watching it has become harder and harder to enjoy—and, like that other blood sport, harder and harder to defend.
Early drafts of a canonical work show how Muslims' understanding of their faith has evolved.
“What does the Koran say about…?” is perhaps the most common question my students ask me in the Islamic history courses I teach. It’s an understandable question, but they will be disappointed with the answer if they hope it will explain how Islam has been interpreted and practiced for all of history.
In the post-enlightenment West, a society historically influenced by Protestantism’s “back-to-the-Bible” appeal, many of my students have grown up imbibing a public discourse obsessed with a religious or civil tradition’s origins and founding documents—the Hebrew Bible, the New Testament, the Constitution—and by extension often assume that the only book of consequence for Muslims is the Koran. After 9/11, sales of the Koran skyrocketed. More recently, in the wake of the Orlando nightclub shooting, news outlets from Haaretz to Newsweek ran pieces asking “What Does the Koran Say about Being Gay?” And over the past month, as ISIS called for increased attacksduring Ramadan, the Koran was again scrutinized as the source of the violence.
Gerard Baker thinks the president lies all the time, but insists that applying that appellation puts too high a burden on news organizations.
Last January, Gerard Baker, editor-in-chief of the Wall Street Journal, urged caution in using the word “lie” to label untruths spoken by Donald Trump. Last week, The New York Times published an opinion article titled “Trump’s Lies” that purported to be a definitive list of the president’s falsehoods, invoking the word “lie” repeatedly.
What did Gerard Baker think about that?
Katie Couric asked him at the Aspen Ideas Festival, co-hosted by The Aspen Institute and The Atlantic, eliciting an extended defense of his reticence in using the l-word that began with an admission that he personally thinks that Trump lies a lot.
“What I think is not really important,” he began. “I think the president probably lies a lot, right? I think the president makes things up at times. I think I've got a fair amount of reasons for believing that.”
Pell is the highest-ranking Vatican official to ever incur the charges in the church’s longstanding history of abuse.
Australia’s most senior member of the Catholic Church, Cardinal George Pell, was charged with multiple counts of sexual assault on Wednesday, making him the highest-ranking Vatican official to ever incur the charges. Pell is also the chief financial adviser to Pope Francis, whose “zero tolerance” policy toward sexual assault has been accused of lacking follow-through and failing to curb the church’s longstanding legacy of abuse.
On Wednesday, Australia’s Victoria Police said multiple complainants had come forward against Pell, but did not provide any further detail regarding the nature of the alleged assaults. The charges are considered “historic sexual offenses,” indicating that they occurred many years ago. According to the Associated Press, two men have previously accused Pell, then a senior priest in Melbourne, of touching them inappropriately at a swimming pool in the late 1970s. Pell, whose religious career spans more than 50 years, has consistently denied the allegations.
A California company makes weed vaporizers to suit every mood—here’s what happened when I tried them.
I’d been traveling for work—to Europe then to Asia then to Europe again while pinging back and forth from L.A. to New York. For months my carryon contained the sneakers that I didn’t use in the hotel gyms I never visited. I was exhausted to the brink of tears since previous to this spate of travel. I had a schedule so rote I could give myself jetlag by sliding lunch up half an hour.
I’d gone straight to the weed store from LAX—ragged—trundling my suitcase past the spangly Turkish restaurant with the outline of a hookah on the sign, ducking into the alleyway with the Thai massage parlor on one end and my dispensary on the other. On the inside the shop looks like a cross between an Apple flagship and a Danish lighting boutique except there’s a security guard with a gun and a brown-haired girl who checks your ID and card and buzzes you through.
A look at the varied and even contradictory changes that GOP senators are seeking in exchange for their votes
After abandoning a quick vote on his original proposal, Senate Majority Leader Mitch McConnell wants to come up with a revised health-care bill by Friday so it can be ready for debate and a vote when lawmakers return to Washington the week of July 10.
His challenge is stark: At least 10 Republican senators have declared their opposition to the plan McConnell originally unveiled, and he can afford only two defections and still get the 50 votes he needs to pass the bill. If he does, Vice President Pence would cast the tie-breaking vote.
McConnell’s central hurdle is that the 10 critics are split nearly down the middle between conservatives like Senators Rand Paul and Mike Lee who want the bill to spend less money and repeal more of the Affordable Care Act, and more moderate senators like Senators Susan Collins and Lisa Murkowski pushing to restore cuts to Medicaid and provide more funding to states. At the majority leader’s disposal is a pot of nearly $200 billion resulting from the fact that the original draft reduced the deficit by more than the Senate was required to do. Short of simple persuasion, McConnell’s narrow path to passage likely involves a combination of more money sought by moderates and a loosening of existing regulations that conservatives want—if the various factions will agree to a trade.
The ways some “healthy voice hearers” cope might be able to help people with psychotic disorders.
Jessica Dorner was lying in bed at her cousin’s house when her grandmother, a “pushy lady” in an apron who had been dead for several years, appeared in front of her. “I know you can see me,” Jessica heard her say, “and you need to do something about it.”
It was a lonely time in Jessica’s life. She was living away from home for the first time, and she thinks her grandmother was drawn by some sense of that. She eventually told her parents what happened, and according to her they were concerned, but not overly panicked. “My parents are probably the least judgmental people I know,” she said.
As Jessica tells it, over the next two years, spirits visited her every now and again. Her brother-in-law’s deceased father began forming before her, ghostlike, just as her grandmother did. And while the experiences were intense and at times made her feel “crazy,” she said, they were infrequent, and insists that they were never a real source of suffering.
She lived with us for 56 years. She raised me and my siblings without pay. I was 11, a typical American kid, before I realized who she was.
The ashes filled a black plastic box about the size of a toaster. It weighed three and a half pounds. I put it in a canvas tote bag and packed it in my suitcase this past July for the transpacific flight to Manila. From there I would travel by car to a rural village. When I arrived, I would hand over all that was left of the woman who had spent 56 years as a slave in my family’s household.
The House and Senate proposals benefit those at the top explicitly at the expense of the lower middle class—and voters are beginning to notice.
One key reason Senate Republicans have been forced to retract and retool their plan to repeal the Affordable Care Act is that the legislation favors one pole of the party’s modern coalition so emphatically over the other.
The teetering Senate repeal bill, like its predecessor the House passed in May, would shower a large tax cut almost exclusively on the very high earners who compose the party’s fundraising base. Simultaneously, the bill would impose deep benefit cuts—both in the private insurance market and Medicaid—on the older and blue-collar whites who now provide the largest share of the party’s votes.
To the frustration of liberal operatives and analysts (see: the best-seller What’s the Matter with Kansas?), Republicans have been able to surmount similar tensions for decades—in large part by appealing to blue-collar and older whites on cultural and racial grounds. With his brusque agenda of racially tinged nationalism, President Trump last November pushed that support to new heights.
An eminent historian explains why taking down Civil War statues doesn’t erase history—and why statues to slaveholding Founding Fathers aren’t next.
Perhaps not since the collapse of the Soviet Union has there been such a vogue for tearing down statues. And just as the removal of images of Lenin and Stalin rubbed nerves across the former Soviet Socialist Republics, the effacing of statutes in the United States has become an acrimonious debate.
The most recent flashpoint came in New Orleans, where Mayor Mitch Landrieu ordered the removal of statutes of several Confederate generals. In the face of massive protests, Landrieu was forced to resort to both heavy police presence and unannounced nighttime removal to get the statues down. But there are plenty of other examples, beginning with South Carolina’s decision to quit flying the Confederate battle flag at the state capitol and running through more recent skirmishes from St. Louis to Charlottesville, Virginia.