“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”.
Paul Krugman Block Those Metaphors
Like it or not – and I don’t – the Obama-McConnell tax-cut deal, with its mixture of very bad stuff and sort-of-kind-of good stuff, is likely to pass Congress. Then what?
The deal will, without question, give the economy a short-term boost. The prevailing view, as far as I can tell – and that includes within the Obama administration – is that this short-term boost is all we need. The deal, we’re told, will jump-start the economy; it will give a fragile recovery time to strengthen.
I say, block those metaphors. America’s economy isn’t a stalled car, nor is it an invalid who will soon return to health if he gets a bit more rest. Our problems are longer-term than either metaphor implies.
And bad metaphors make for bad policy. The idea that the economic engine is going to catch or the patient rise from his sickbed any day now encourages policy makers to settle for sloppy, short-term measures when the economy really needs well-designed, sustained support.
E.J. Dionne Jr.: The Specter Haunting Obama
American decline is the specter haunting our politics. This could be President Obama’s undoing – or it could provide him with the opportunity to revive his presidency.
Fear of decline is an old American story. Declinism ran rampant in the late 1970s and early ’80s. Stagflation, the Iranian hostage crisis, anxiety over Japan’s bid for economic dominance and the Soviet invasion of Afghanistan all seemed to be symbols of a United States no longer in control of its destiny. . . . . .
For Obama, political renewal requires a bold and persistent campaign for national renewal. This would challenge his political opponents. But more important, it would challenge all of us.
Robert Kuttner: Social Security: The Coming Cave-in
If you think the Democratic base is mad at Obama now for making a craven deal with Republicans that continues tax breaks for the richest Americans and adds new ones for their heirs through a big cut in the estate tax, just wait a few weeks until Obama caves on Social Security.
How will this occur? The deficit commission appointed by the President has called for an increase in the retirement age, as well as other cuts in benefits over time. And the deal that Obama made with the Republicans just gave deficit hawks new ammunition by increasing the projected deficit by nearly $900 billion over a decade. Social Security will be in the cross-hairs.
The deficit commission has tried to camouflage these cuts by emphasizing that Social Security benefits for the very poor would not be reduced, and might even be increased. But in the commission’s proposal, the cuts would affect middle-class retirees. Larry Summers, who is stepping down as Obama’s economic chief, has refused to rule out cuts.
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