August 2008
10 posts
McCain, Palin, and the Important Difference...
At this perilous juncture, America needs boldness. But it does not need to take unnecessary risks. The distinction between boldness and riskiness is critical, as evidenced by the events of the last two days. Barack Obama has laid out a bold plan for reforming the economy and redirecting foreign policy — a plan whose boldness is directly proportional to the scale of the problems we face. On...
Today's Census Release on Incomes: Under the...
Pay careful attention to today’s release by the Census Bureau of its annual data on poverty, income and health. And don’t believe the headlines. Although the new data show that median household income increased slightly last year, a close reading shows that incomes for working families (as opposed to retirees) actually dropped. Put that drop into context and it’s even more...
Fannie and Freddie, and the Bailout Around the...
Any day now — perhaps any hour — the plug will be pulled on Fannie Mae and Freddie Mac, and a massive government bailout will ensue. Together, they’ll become the largest government-owned entities in American history, and, once again, taxpayers will pay the bill, which could come to $25 billion or more. One question is how did we ever get to this? The Savings and Loan Bailout of...
An Ode to Labor Day
Wedged in between the Olympics, and the Democratic and Republican conventions, is a holiday we still call Labor Day, along with Labor Day Weekend, although don’t expect much media attention to it or its meaning. In truth, as a young man I never thought much about unions, or even about labor protections — at least until my first job. I told my friends I’d landed a job in the...
The Real Reason Why Highway Deaths Are Down
The U.S. saw a 3.9 percent drop in traffic fatalities since 2006. That’s according to the latest report from the National Highway Traffic Safety Administration. So what are we doing right? Transportation Secretary Mary Peters credits the decline to safer vehicles. I doubt it. The cars on our roads last year weren’t all that much safer than they were the year before. Basically they...
McCain, Obama, and the Inherent Advantage of...
We’ve been here before: The Republican attack machine at full throttle, spewing lies in best-selling books, on Fox News, on talk radio. The mainstream media reporting on the controversy, thereby giving it more air time and squeezing out the Democrats’ affirmative message. Followed by accusations by Democrats that Republicans are playing unfairly. Responded to by smiling shrugs and winks from...
The Fed and Authoritarian Capitalism
Chinese authoritarian capitalism, on display this week in Beijing, has me thinking about America’s democratic capitalism and how we practice it. Start with the U.S. economy’s most powerful government agency: The Fed, of course. Its decision this week to hold short-term interest rates steady was wrong, in my view; it should have lowered them because recessionary forces continue to increase while...
McCain's Visit to Lima Ohio Today, and the...
After a town hall today in Lima, Ohio, John McCain is scheduled to meet with city officials about the clos ing of a DHL shipping site in nearby Wilmington, Ohio, which will put about 8,000 people out of work. These sorts closings are often terrible for small cities because when a major employer uproots an entire local economy can be endangered. For every job lost to a big company, two or...
Questions and Answers on What to Do About Oil and...
Answering questions posed by the media during an election campaign is like shouting down a well. Responses never seem to sink in. The same questions are asked over and over. Question: Won’t McCain’s plan to increase offshore drilling lower gas prices soon? Answer: No. The Energy Department’s own Energy Information Administration admits offshore drilling will affect gas prices...
The Real Competition Behind the Olympic Games
The real competition lurking behind the upcoming Olympic games is between democratic capitalism and authoritarian capitalism. For years American policy toward China assumed that trade and economic growth would generate a large Chinese middle class, and this middle class would demand democratic reforms. We were right on the first part. The games will showcase a Chinese middle class so big that...
