Author Archives: Doug Badger

Bubble? What Bubble?

Posted on by

Mat­teo Ren­zi is the 39-year-old John Edwards look-alike who serves as Italy’s third con­sec­u­tive unelect­ed prime min­is­ter. He pre­sides over a frac­tious gov­ern­ment whose cred­it rat­ing is, well, sub­prime. Read more.

The Fed On The Road To Nowhere

Posted on by

Economic policymakers may have us, as the Talking Heads put it in their 1985 hit, on the road to nowhere. [Credit: qednet.biz]

Eco­nom­ic pol­i­cy­mak­ers may have us, as the Talk­ing Heads put it in their 1985 hit, on the road to nowhere. [Cred­it: qednet.biz]

For­mer Fed­er­al Reserve Chair­man Ben Bernanke has been called the man who saved the world.  His extra­or­di­nary inter­ven­tions in the fall of 2008 have almost uni­ver­sal­ly been rec­og­nized as hav­ing pre­vent­ed a sec­ond Great Depression.

But a new study by the Swiss-based Bank for Inter­na­tion­al Set­tle­ments (BIS) sug­gests that Bernanke saved the world from a cri­sis that was at least part­ly of his own mak­ing.  Worse, it argues that the course he set and that his suc­ces­sor Janet Yellen and oth­er cen­tral banks are fol­low­ing will pro­duce anoth­er and per­haps graver crisis.

Gov­ern­ment mon­e­tary and fis­cal pol­i­cy­mak­ers have lost their way, the BIS argues.  So bad­ly that they don’t just need a new direc­tion.  They need a new compass.

Con­tin­ue read­ing →

Tolerance, The Amish And Hobby Lobby

Posted on by

Pamela Harris, shown here with her disabled son, prevailed at the Supreme Court this week in her challenge to an Illinois law requiring her to pay union dues. [Credit: Heartland Institute]

Pamela Har­ris, shown here with her dis­abled son, pre­vailed at the Supreme Court this week in her chal­lenge to an Illi­nois law requir­ing her to pay union dues. [Cred­it: Heart­land Institute]

For a brief time dur­ing the 1980s, I was Direc­tor of Pol­i­cy Devel­op­ment for the Social Secu­ri­ty Admin­is­tra­tion.  The title is more glo­ri­fied than the real­i­ty.  Social Secu­ri­ty is a big and ossi­fied pro­gram that resists “pol­i­cy devel­op­ment.”  Con­gress, ever cog­nizant of the polit­i­cal risks of tam­per­ing with the pro­gram, had been forced by its loom­ing insol­ven­cy to pass a mas­sive law hik­ing pay­roll tax­es and rais­ing the retire­ment age just a few years before.  They were in no mood to enter­tain addi­tion­al legislation.

But my job was to pre­pare options for the Commissioner’s con­sid­er­a­tion, so I met with career staff who had an idea: why not advo­cate for a bill requir­ing self-employed Amish farm­ers to pay social secu­ri­ty tax­es? Con­tin­ue read­ing →

Inequality: What We Earn vs. What We Consume

Posted on by

Is inequality better measured by what we earn or what we spend? The difference is surprising. [Credit: Politic.org]

Is inequal­i­ty bet­ter mea­sured by what we earn or what we spend? The dif­fer­ence is sur­pris­ing. [Cred­it: Politic.org]

Is your stan­dard of liv­ing bet­ter mea­sured by what you earn or by what you buy?

The ques­tion may seem an odd one, but it is crit­i­cal to under­stand­ing the prob­lem of ris­ing inequal­i­ty. Con­tin­ue read­ing →

President Bush Not To Blame For This Iraq Crisis

Posted on by

 

Iraq appears on the verge of civil war and some blame former President George W. Bush. Here's why they're wrong. [Credit: al Jazeera America]

Iraq appears on the verge of civ­il war and some blame for­mer Pres­i­dent George W. Bush. Here’s why they’re wrong. [Cred­it: al Jazeera America]

The Iraq civ­il war did not start under Oba­ma, it start­ed when Bush, Cheney and the neo­cons pulled the trig­ger to invade Iraq … . It was [the] sta­tus of force agree­ment, signed by Bush, that pledged to with­draw all US forces … Giv­en the stag­ger­ing cost of expense and lives we could not stay there “maybe a hun­dred years” as McCain said. Nor could we bleed hun­dreds of bil­lions of dol­lars there every year. Oba­ma promised to get us out of there, and he right­ly did so … To attempt to blame any­one but Bush, Cheney and the neo­cons for the Iraq dis­as­ter is sim­ply revi­sion­ism at its finest. —  Excerpt­ed from a comment on my recent post on Iraq.

The Oba­ma presidency’s lead­ing malfea­sance lies in its belief that find­ing some­one to blame for a prob­lem is as good as solv­ing it.  So it is lit­tle sur­prise that my recent post on Iraq, in which I argued against US mil­i­tary inter­ven­tion, would spur com­ments that for­mer Pres­i­dent George W. Bush is to blame for the renewed fight­ing. Con­tin­ue read­ing →

Have We Bungled Our Way To Success In Iraq?

Posted on by

A radical Islamist group called ISIS made major advances this week in Iraq. President Obama is reviewing his options. Is the best bet to let Sunni and Shiite radicals fight it out? [Credit: AP]

A rad­i­cal Islamist group called ISIS made major advances this week in Iraq. Pres­i­dent Oba­ma is review­ing his options. Is the best bet to let Sun­ni and Shi­ite rad­i­cals fight it out? [Cred­it: AP]

“We’re leav­ing behind a sov­er­eign, sta­ble and self-reliant Iraq, with a rep­re­sen­ta­tive gov­ern­ment that was elect­ed by its peo­ple.” – Pres­i­dent Oba­ma, Decem­ber 15, 2011

The Pres­i­den­t’s illu­sion that we accom­plished our mis­sion in Iraq evap­o­rat­ed this past week, when Sun­ni mil­i­tants call­ing them­selves the Islam­ic State of Iraq and Syr­ia (ISIS) and fly­ing the black flag of Islamism over­ran Mosul and Tikrit. The embat­tled Iraqi gov­ern­ment still holds Bagh­dad, but its sov­er­eign­ty, sta­bil­i­ty and self-reliance have been exposed for the arti­fice they long have been.

The truth is that things began to unrav­el in Iraq two and a half years ago, when we declared vic­to­ry and with­drew our troops. “This is the start of the Iraqi civ­il war that was so obvi­ous­ly going to break out after we washed our hands of it,” Ken­neth M. Pol­lack of the Brook­ings Insti­tu­tion told the Wash­ing­ton Post.

Yet this lat­est in a series of for­eign pol­i­cy fail­ures may actu­al­ly work to our advan­tage.  Hav­ing Sun­ni and Shi­ite mil­i­tants and the Iran­ian Army cross­ing swords in Iraq may not be the worst thing from the per­spec­tive of US interests.

Con­tin­ue read­ing →

Student Loans: Punishing People Who Play By The Rules

Posted on by

President Obama believes that requiring student loans to be repaid is punishing good behavior. [Credit: NPR]

Pres­i­dent Oba­ma believes that requir­ing stu­dent loans to be repaid is pun­ish­ing good behav­ior. [Cred­it: NPR]

“If some­body plays by the rules, they shouldn’t be pun­ished for it.” — Pres­i­dent Obama

The Pres­i­dent made this inar­guable state­ment in the course of pro­claim­ing a change in the law gov­ern­ing stu­dent loans.  Hence­forth, mil­lions of peo­ple who bor­rowed for col­lege will have their month­ly pay­ments restruc­tured and, in some cas­es, be entire­ly relieved of the oblig­a­tion to repay their debt.

In the President’s mind, bor­row­ing mon­ey is play­ing by the rules; pay­ing it back is pun­ish­ment. Con­tin­ue read­ing →

Phillies Have Returned To Form … Unfortunately

Posted on by
The Phillies dropped a close game yesterday in Cincinnati, an all-too-common event for a team that has lost an unprecedented 10,502 times. (Credit: CSN Bay Area)

The Phillies dropped a close game yes­ter­day in Cincin­nati, leav­ing Gen­er­al Man­ag­er Ruben Amaro at a loss for answers. (Cred­it: CSN Bay Area)

The famil­iar anguish of being a Phillies fan is back.

I felt it again this past week when I attend­ed two games between the Phillies and Nation­als in Wash­ing­ton.  Just three years ago, this ball­park tucked between the Ana­cos­tia Riv­er and the US Capi­tol was known as “Cit­i­zens Bank Park South,” as bus­es dis­gorged Philadel­phia fans by the thou­sands who had drunk their way down I‑95 to watch their beloved Phillies beat up on the hap­less Nats.  They seemed to out­num­ber the home­town faith­ful and always made their unwel­come pres­ence felt.  They were rau­cous, some­times coarse, and usu­al­ly left hap­py, if obnox­ious­ly so.

Con­tin­ue read­ing →

Paul Krugman and the Inequality Deniers

Posted on by

Recent criticism of Thomas Piketty's Capital in the 21st Centruy has drawn the ire of the splenetic Paul Krugman. [Credit: National Review]

Recent crit­i­cism of Thomas Piket­ty’s Cap­i­tal in the 21st Cen­tu­ry has drawn the ire of the sple­net­ic Paul Krug­man. [Cred­it: Nation­al Review]

There is grow­ing con­cern among peo­ple on the Right and Left about income inequal­i­ty. But you wouldn’t know that from read­ing Paul Krugman’s lat­est screed.

What stirred Krugman’s bile this week was crit­i­cism of econ­o­mist Thomas Piketty’s book, Cap­i­tal in the 21st Cen­tu­ry, a work that has attained canon­i­cal sta­tus among the Left on both sides of the Atlantic. Con­tin­ue read­ing →