“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.
Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.
Follow us on Twitter @StarsHollowGzt
Joseph E. Stiglitz: Inequality Is Not Inevitable
AN insidious trend has developed over this past third of a century. A country that experienced shared growth after World War II began to tear apart, so much so that when the Great Recession hit in late 2007, one could no longer ignore the fissures that had come to define the American economic landscape. How did this “shining city on a hill” become the advanced country with the greatest level of inequality?
One stream of the extraordinary discussion set in motion by Thomas Piketty’s timely, important book, “Capital in the Twenty-First Century,” has settled on the idea that violent extremes of wealth and income are inherent to capitalism. In this scheme, we should view the decades after World War II – a period of rapidly falling inequality – as an aberration.
This is actually a superficial reading of Mr. Piketty’s work, which provides an institutional context for understanding the deepening of inequality over time. Unfortunately, that part of his analysis received somewhat less attention than the more fatalistic-seeming aspects.
Trevor Timm: Is this the start of the end of the age of warrantless government spying?
From phone tracking to NSA snooping and beyond, here’s a look at the domino effect.
The US supreme court’s unanimous 9-0 opinion this week requiring police to get a warrant before searching your cellphone is arguably the most important legal privacy decision of the digital age. Its immediate impact will be felt by the more than 12m people who are arrested in America each year (many for minor, innocuous crimes), but the surprisingly tech-savvy opinion from Chief Justice John Roberts may also lead to far more protection than that.
Roberts’s analysis of the current state of the digital world in his Riley v Wurie opinion is was so thorough, and so sweeping, that I’d be willing to bet you won’t find many privacy and technology cases going forward that don’t cite this one.
From phone tracking to NSA snooping and beyond, here’s a look at the domino effect.
Two years ago Kansas embarked on a remarkable fiscal experiment: It sharply slashed income taxes without any clear idea of what would replace the lost revenue. Sam Brownback, the governor, proposed the legislation – in percentage terms, the largest tax cut in one year any state has ever enacted – in close consultation with the economist Arthur Laffer. And Mr. Brownback predicted that the cuts would jump-start an economic boom – “Look out, Texas,” he proclaimed.
But Kansas isn’t booming – in fact, its economy is lagging both neighboring states and America as a whole. Meanwhile, the state’s budget has plunged deep into deficit, provoking a Moody’s downgrade of its debt.
There’s an important lesson here – but it’s not what you think. Yes, the Kansas debacle shows that tax cuts don’t have magical powers, but we already knew that. The real lesson from Kansas is the enduring power of bad ideas, as long as those ideas serve the interests of the right people.
Richard (RJ) Eskow: On the Economy, It’s Been One Snafu After Another
A lot of people know the old quote which says “predicting is hard, especially about the future.” Granted, everybody gets it wrong sometimes, but this time our economists were really wrong. We were told the economy grew slightly in the first quarter of this year. Now, two revisions later, the latest GDP estimate concluded that the economy actually shrank.
A crisis of confidence is in order.
This was the worst quarter for the GDP since the peak of the Great Recession five years ago. At this point American people might be forgiven for doubting the experts and leaders who should be counted on to make responsible decisions.
And by that, we don’t mean Republicans. Nowadays the GOP’s approach to economic policy amounts to little more than a reckless determination to repeat the errors which created the crisis in the first place. But the rest of our economic leadership should be questioning its assumptions today too.
Ralph Nader: Rep. Issa: Shielding $300 Billion in Tax Evasion
The IRS has been under loud scrutiny as of late by House Republicans regarding the agency’s role in targeting conservative-leaning political nonprofit groups applying for tax exempt status. Representative Darrell Issa (R-CA) has led the charge in these fiery hearings, earlier this week accusing IRS Commissioner John Koskinen of “game playing” by failing to produce key emails from a senior IRS official. Ranking minority Committee member Rep. Elijah Cummings (D-MD) provided a very different account of the entire episode, apologizing to Koskinen for having to “go through this hell.”
All of this political gamesmanship is, however, a distraction, from the real issue facing the Internal Revenue Service — funding. Many Americans dislike the IRS and will paint you a vivid picture of the tax man knocking down your door for a slice of your hard earnings. Those Americans might be surprised to learn that the current IRS annual enforcement budget has been cut to about $11.3 billion. As a comparison, that’s less than the $14 billion Apple Inc. used to buyback its own stock in one month this past February, a move that only serves to provide meager benefits to its shareholders. The IRS simply does not have the budget to do its lawful job effectively, which is to collect revenue for the U.S. government.
What does that mean for taxpayers?
Juan Cole: The Arab Millennials Will Be Back
Three Ways the Youth Rebellions Are Still Shaping the Middle East
Three and a half years ago, the world was riveted by the massive crowds of youths mobilizing in Cairo’s Tahrir Square to demand an end to Egypt’s dreary police state. We stared in horror as, at one point, the Interior Ministry mobilized camel drivers to attack the demonstrators. We watched transfixed as the protests spread from one part of Egypt to another and then from country to country across the region. Before it was over, four presidents-for-life would be toppled and others besieged in their palaces.
Some 42 months later, in most of the Middle East and North Africa, the bright hopes for more personal liberties and an end to political and economic stagnation championed by those young people have been dashed. Instead, a number of Arab countries have seen counter-revolutions, while others are engulfed in internecine conflicts and civil wars, creating Mad Max-like scenes of post-apocalyptic horror. But keep one thing in mind: the rebellions of the past three years were led by Arab millennials, twentysomethings who have decades left to come into their own. Don’t count them out yet. They have only begun the work of transforming the region.
Recent Comments