“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: Nobody Understands Debt
Many economists, including Janet Yellen, view global economic troubles since 2008 largely as a story about “deleveraging” – a simultaneous attempt by debtors almost everywhere to reduce their liabilities. Why is deleveraging a problem? Because my spending is your income, and your spending is my income, so if everyone slashes spending at the same time, incomes go down around the world.
Or as Ms. Yellen put it in 2009, “Precautions that may be smart for individuals and firms – and indeed essential to return the economy to a normal state – nevertheless magnify the distress of the economy as a whole.”
So how much progress have we made in returning the economy to that “normal state”? None at all. You see, policy makers have been basing their actions on a false view of what debt is all about, and their attempts to reduce the problem have actually made it worse.
Charles M. Blow: Beyond ‘Black Lives Matter’
The Black Lives Matter protesters took some criticism for what others viewed as a lack of clear focus and detailed agenda. But in truth, raising an issue to the point where it can no longer be ignored is the grist for the policy mill. Visibility and vocalization have value.
In the same way that Occupy Wall Street forever elevated that concept of income inequality, the Black Lives Matter protesters have elevated the idea of inequity in policing as it relates to minority communities. [..]
But, as is often the case, there was no full resolution or reconciliation. The issue of police-community relations was raised but not solved. The memory of mistrust still wafts through the air like the smell of rot being carried by the breeze.
What was it all for? What came of it? Where do we go from here?
We have become a profoundly unequal society. That reality is explored in new detail in a recent study from the Institute for New Economic Thinking (INET). Even more importantly, the INET study shows that it will take a dramatic shift in policy to restore the equilibrium. Unless we can build momentum for a new political agenda, we’ll be divided into a small minority with fabulous wealth and a permanent underclass with few hopes or prospects.
Unfortunately, our mainstream political dialogue shows no sign of adapting to these realities. As the INET study confirms, mainstream Democratic ideas won’t protect us from this dismal future.
Republican policies? Don’t ask.
Robert Kuttner: Will the Recovery Finally Translate into Better Wages?
The good news about the economy’s improved job creation dominated the weekend’s headlines. Many commentators concluded that the economy is finally shaking off the effects of the financial collapse of 2008 and the long period of stagnation that followed. [..]
In this recovery, the economy has been creating more low-wage jobs than high-wage ones. The shift from standard payroll jobs to temp and contract work continues.
The uptick in the measured unemployment rate, from 5.6 percent to 5.7 percent, suggests that discouraged workers are only just coming back into the labor force and we are a long way from full employment. Even at the present rate of improved job creation, it will be 2017 before we get back to the pre-recession level of unemployment.
The beginning of a process where job creation actually translates into improved living standards is long overdue, but there are several dangers ahead.
Gary Younge: Deluded and dysfunctional, the Republicans have lost the plot
Recently, in an effort to embarrass Republicans pandering to their scientifically challenged base, Senate Democrats proposed a series of votes on climate change. While most Americans and the overwhelming majority of scientists believe climate change is real and people are the primary cause of it, Republican voters are evenly divided on whether it exists at all, and reject the idea that we are responsible. [..]
As a means, bipartisanship is, of course, an admirable goal: the more politicians are able to work together, put the interests of their constituents first and get things done, the better. The grandstanding, bickering and procedural one-upmanship that characterises so much of what passes for politics is one of the things that makes electorates cynical and drives down voter turnout.
But as an end in itself, bipartisanship is at best shallow and at worst corrosive. For it entirely depends what parties are joining together to do. This is particularly true in America, where constituencies are openly gerrymandered, both parties are funded by big money, and legislation is often written by corporate lobbyists.
Michael Smerconish: Mr. President, Release the 28 Pages
Zacarias Moussaoui has just upped the ante on the White House to release 28 top-secret pages from a congressional report pertinent to a possible Saudi role in the events of 9/11. [..]
Moussaoui’s account of being a liaison between Osama bin Laden and members of the Saudi royal family was told to Philadelphia lawyer Sean Carter over the course of two days of questioning in October at the federal supermax prison in Florence, Colo., and has only now been cleared for public release by the U.S. government.
Carter has been defending against a Saudi motion to dismiss his case, facing the unenviable burden of producing evidence of a Saudi link to al-Qaeda without the benefit of taking discovery. Moussaoui’s testimony was unforeseen. The man who once took flight lessons in Oklahoma and Minnesota in preparation for a terror strike contacted the federal judge presiding over the case and offered to provide information.
On this day in 1950,
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