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.
When President Obama left, I stayed on at the National Security Council in order to serve my country. I lasted eight days.
In 2011, I was hired, straight out of college, to work at the White House and eventually the National Security Council. My job there was to promote and protect the best of what my country stands for. I am a hijab-wearing Muslim woman––I was the only hijabi in the West Wing––and the Obama administration always made me feel welcome and included.
Like most of my fellow American Muslims, I spent much of 2016 watching with consternation as Donald Trump vilified our community. Despite this––or because of it––I thought I should try to stay on the NSC staff during the Trump Administration, in order to give the new president and his aides a more nuanced view of Islam, and of America's Muslim citizens.
Passengers on a domestic flight deplaning in New York were asked to present ID by Customs and Border Protection agents—a likely unenforceable demand that nevertheless diminishes freedom.
American citizens had their introduction to the Trump-era immigration machine Wednesday, when Customs and Border Protection agents met an airliner that had just landed at New York’s JFK airport after a flight from San Francisco. According to passenger accounts, a flight attendant announced that all passengers would have to show their “documents” as they deplaned, and they did. The reason for the search, Homeland Security officials said, was to assist Immigration and Customs Enforcement in a search for a specific immigrant who had received a deportation order after multiple criminal convictions. The target was not on the flight.
After days of research, I can find no legal authority for ICE or CBP to require passengers to show identification on an entirely domestic fight. The ICE authorizing statute, 8 U.S.C. § 1357, provides that agents can conduct warrantless searches of “any person seeking admission to the United States”—if, that is, the officer has “reasonable cause to suspect” that the individual searched may be deportable. CBP’s statute, 19 U.S.C. § 1467, grants search authority “whenever a vessel from a foreign port or place or from a port or place in any Territory or possession of the United States arrives at a port or place in the United States.” CBP regulations, set out at 19 C.F.R. § 162.6, allow agents to search “persons, baggage, and merchandise arriving in the Customs territory of the United States from places outside thereof.”
The president has long toyed with the media, but the stakes are much higher now.
American presidents have often clashed with the press. But for a long time, the chief executive had little choice but to interact with journalists anyway.
This was as much a logistical matter as it was a begrudging commitment to the underpinnings of Democracy: News organizations were the nation’s watchdogs, yes, but also stewards of the complex editorial and technological infrastructure necessary to reach the rest of the people. They had the printing presses, then the steel-latticed radio towers, and, eventually, the satellite TV trucks. The internet changed everything. Now, when Donald Trump wants to say something to the masses, he types a few lines onto his pocket-sized computer-phone and broadcasts it to an audience of 26 million people (and bots) with the tap of a button.
John Krakaeur, a neuroscientist at Johns Hopkins Hospital, has been asked to BRAIN Initiative meetings before, and describes it like “Maleficent being invited to Sleeping Beauty’s birthday.” That’s because he and four like-minded friends have become increasingly disenchanted by their colleagues’ obsession with their toys. And in a new paper that’s part philosophical treatise and part shot across the bow, they argue that this technological fetish is leading the field astray. “People think technology + big data + machine learning = science,” says Krakauer. “And it’s not.”
Long after research contradicts common medical practices, patients continue to demand them and physicians continue to deliver. The result is an epidemic of unnecessary and unhelpful treatments.
First, listen to the story with the happy ending: At 61, the executive was in excellent health. His blood pressure was a bit high, but everything else looked good, and he exercised regularly. Then he had a scare. He went for a brisk post-lunch walk on a cool winter day, and his chest began to hurt. Back inside his office, he sat down, and the pain disappeared as quickly as it had come.
That night, he thought more about it: middle-aged man, high blood pressure, stressful job, chest discomfort. The next day, he went to a local emergency department. Doctors determined that the man had not suffered a heart attack and that the electrical activity of his heart was completely normal. All signs suggested that the executive had stable angina—chest pain that occurs when the heart muscle is getting less blood-borne oxygen than it needs, often because an artery is partially blocked.
Is the brash new president bending Washington to his will—or being tamed by the status quo?
Just over a month ago, Donald Trump thundered into the White House with a bold declaration. “We will no longer accept politicians who are all talk and no action, constantly complaining, but never doing anything about it,” he said. Instead, he contended, “Now arrives the hour of action.”
Trump promised to steamroll the Washington status quo, disrupting both Republicans and Democrats. He would replace the elite consensus of both parties with a new, populist-nationalist philosophy, and bully Congress into submission.
One month in, Trump has certainly succeeded in kicking up a frenzy of news and controversy. It surrounds him at all times, like the cloud of dust around Pig-Pen in Peanuts. But when it comes to taming Washington, the results are decidedly mixed. Instead, it is the Republican Party—in the form of Congress and conservative institutions—that seems mostly to be in charge, and Trump who is being tamed.
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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Leaked draft legislation of a Republican Obamacare replacement shows a policy that might leave many Americans even farther behind.
The devil’s always in the details, but if the details of a new 100-page leaked draft of a House Republican plan to repeal Obamacare are too dense to parse, here’s a brief snapshot: Millions of people in rural areas where it’s already hardest to find doctors might no longer be able to afford health insurance in a few years.
The basics of that plan, which was unveiled by House Speaker Paul Ryan two weeks ago, and the rough shape of which has the support of new health secretary Tom Price and the Trump administration, are known. The plan removes the individual and employer mandates to purchase and provide insurance, respectively, and it would also repeal most of the taxes that fund Obamacare. It would roll back funding for the Affordable Care Act’s Medicaid expansion and dramatically restructure the Medicaid program’s funding. Further, the plan would replace the Affordable Care Act’s cost-sharing subsidies and premium tax credits with an age-rated tax credit, all while keeping Obamacare’s popular pre-existing conditions ban.
You can tell a lot about a person from how they react to something.
That’s why Facebook’s various “Like” buttons are so powerful. Clicking a reaction icon isn’t just a way to register an emotional response, it’s also a way for Facebook to refine its sense of who you are. So when you “Love” a photo of a friend’s baby, and click “Angry” on an article about the New England Patriots winning the Super Bowl, you’re training Facebook to see you a certain way: You are a person who seems to love babies and hate Tom Brady.
The more you click, the more sophisticated Facebook’s idea of who you are becomes. (Remember: Although the reaction choices seem limited now—Like, Love, Haha, Wow, Sad, or Angry—up until around this time last year, there was only a “Like” button.)