“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.
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Paul Krugman: Springtime for Bankers
By any normal standard, economic policy since the onset of the financial crisis has been a dismal failure. It’s true that we avoided a full replay of the Great Depression. But employment has taken more than six years to claw its way back to pre-crisis levels – years when we should have been adding millions of jobs just to keep up with a rising population. Long-term unemployment is still almost three times as high as it was in 2007; young people, often burdened by college debt, face a highly uncertain future.
Now Timothy Geithner, who was Treasury secretary for four of those six years, has published a book, “Stress Test,” about his experiences. And basically, he thinks he did a heckuva job.
He’s not unique in his self-approbation. Policy makers in Europe, where employment has barely recovered at all and a number of countries are in fact experiencing Depression-level distress, have even less to boast about. Yet they too are patting themselves on the back.
Charles M. Blow: Poverty Is Not a State of Mind
Paul Ryan and Jeb Bush, the didactic-meets-dynastic duo, spoke last week at a Manhattan Institute gathering, providing a Mayberry-like prescription for combating poverty in this country: all it takes is more friendship and traditional marriage. [..]
My qualm with the statement is the insistence on a “traditional marriage.” Loving families, of any formation, can suffice. While it is true that two adults in a home can provide twice the time, attention and income for a family, those adults needn’t necessarily be in a traditional marriage. Yes, marriage can have a sustaining and fortifying effect on a union and a family, but following that argument, we should be rushing headlong to extend it to all who desire it. In some cases, even parents living apart can offer a nurturing environment for children if they prioritize parenting when it comes to their time and money. Not all parents have to reside together to provide together.
There are many ways to be a loving family and to provide what children need. All forms of marriage are valid and valuable, as well as other ways of constructing a family.
Midterm elections are like fancy software: Experts love them, end-users couldn’t care less. But if the 2010 elections are any indication, we might not want to doze off as we head into the summer months before November. Midterm elections at the state level can have tremendous consequences, especially for low-wage workers. What you don’t know can hurt you – or them.
In 2010, the Republicans won control of the executive and legislative branches in 11 states (there are now more than 20 such states). Inspired by business groups like the American Legislative Exchange Council (ALEC), the U.S. Chamber of Commerce and the National Association of Manufacturers, they proceeded to rewrite the rules of work, passing legislation designed to enhance the position of employers at the expense of employees.
The University of Oregon political scientist Gordon Lafer, who wrote an eye-opening report on this topic last October for the Economic Policy Institute, a liberal think tank in Washington, looked at dozens of bills affecting workers. The legislation involved unemployment insurance, the minimum wage, child labor, collective bargaining, sick days, even meal breaks. Despite frequent Republican claims to be defending local customs and individual liberty, Mr. Lafer found a “cookie-cutter” pattern to their legislation. Not only did it consistently favor employers over workers, it also tilted toward big government over local government. And it often abridged the economic rights of individuals.
Ton Engel hardt: Drones, Trains, and China: How America’s Budget Is Fighting the Wrong Battle
Consider this: our advanced robotic creatures, those drone aircraft grimly named Predators and Reapers, are still blowing away human beings from Yemen to Pakistan. Meanwhile, the Pentagon is now testing out a 14,000-pound drone advanced enough to take off and land on its own on the deck of an aircraft carrier — no human pilot involved. (As it happens, it’s only a “demonstrator” and, at a cost of $1.4 billion, can’t do much else.) While we’re talking about the skies, who could forget that the U.S. military is committed to buying 2,400 F-35 Joint Strike Fighters, already dubbed, amid cost overruns of every sort, “the most expensive weapons system in history.” The bill for them: nearly $400 billion or twice what it cost to put a man on the moon. [..]
On the other hand, if we’re talking about purely civilian infrastructure, just consider that, at this very moment, Congress is dilly-dallying while the crucial Highway Trust Fund that keeps American roads and interstates in shape is “heading for a cliff” and projected to go bankrupt in August. This from the country that once turned the car into a poetic symbol of freedom. Meanwhile, the nation’s overall infrastructure, from levees and dams to wastewater and aviation, now regularly gets a grade of D+ from the American Society of Civil Engineers.
As a rising power in the nineteenth century, the U.S. moved toward global status on the basis of an ambitious program of canal building and then of government-sponsored transcontinental railroads. Jump a century and a half and the country that, until recently, was being called the planet’s “sole superpower” has yet to build a single mile of high-speed rail. Not one. Even a prospective line between Los Angeles and San Francisco, which looked like it might be constructed, is now blocked coming and going.
Robert Kuttner: The Road to Euro-Fascism
As Europe’s depression continues six years after the financial collapse of 2007-2008, watch for far-right parties to make big gains in this week’s elections to the EU’s European Parliament. And why not? The establishment parties of Europe’s center-right and center-left have put austerity policies and the interests of banks ahead of a real economic recovery for regular people.
More than 20 years ago, when the European Union created its constitution in the form of the Treaty of Maastricht, the hope was that Europe stood for a social compact that put citizens first. Europe, especially northern Europe, was a model of decent earnings, universal social benefits and regulation that prevented wealth from swamping citizenship.
Today, however, centrist or center-right governments, which either sponsor austerity or approve of it, govern in every major European capital but France, and France is too weak to go its own way. The economic crisis with its high unemployment only stimulates more migration, which puts pressure on local labor markets and pushes the local working class further into the arms of the nationalist far-right.
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