During a hearing today on the latest CBO report, Rep. Paul Ryan declared the health care law to be “a poverty trap.” He’s way off base. In fact, he’s got it backwards. Rep. Ryan was riffing off of the estimates in the new CBO study predicting that some people—the equivalent of 2.5 million full-timers by… Read more
Over at the NYT Economix blog. I also gotta give it up to Jon Chait who employs the parallel universe technique to make some excellent points about this latest dust up.
I’m working my way through the new CBO budget update and here’s my main takeaway so far: The absence of full employment and the persistence of large output gaps is projected to take a toll on our fiscal health. If we want to improve that health, we need to grow faster. The Affordable Care Act… Read more
Brad DeLong and Paul Krugman go after former Clintonista Bob Rubin based on a Rubin oped in today’s FT wherein he invokes the Krugman confidence fairy by claiming things like: “Business leaders frequently cite our fiscal outlook as a deterrent to hiring and investment.” Though I thought Rubin’s piece had some redeeming qualities–he calls for a… Read more
If you’re looking for a few minutes of deeply nerdy fun and insight, you can’t do better than to browse through Wonkblog’s graphs of the year. This year’s graphs are particularly diverse and interesting (I’ve got one in there too, on–you guessed it–full employment and the lack thereof), but there’s a meta-level of analysis here… Read more