Wednesday, August 15, 2012
Wait, I thought it was "the economy stupid"? It is, and the GOP's plans are worse--so lets not talk about it...
**updated--never try to rush out a blog post at 3am before going to work**
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Tuesday, August 14, 2012
Doubling the out of pocket costs of the average 65 year old so that Paris Hilton can get a larger tax cut than some will see in their lifetime of earnings is going to go over great with voters.
Monday, August 13, 2012
1% having been getting massive handouts for decades. This election they want to kick it into overdrive...
It is not about satisfying the conservative base, which was motivated anyway by Obama-hatred; it is not about refocusing on the issues, because R&R are both determined to avoid providing any of the crucial specifics about their plans. It is — as Jonathan Chait also seems to understand — about exploiting the gullibility and vanity of the news media, in much the same way that George W. Bush did in 2000.
Like Bush in 2000, Ryan has a completely undeserved reputation in the media as a bluff, honest guy, in Ryan’s case supplemented by a reputation as a serious policy wonk. None of this has any basis in reality; Ryan’s much-touted plan, far from being a real solution, relies crucially on stuff that is just pulled out of thin air — huge revenue increases from closing unspecified loopholes, huge spending cuts achieved in ways not mentioned. See Matt Miller for more.
So whence comes the Ryan reputation? As I said in my last post, it’s because many commentators want to tell a story about US politics that makes them feel and look good — a story in which both parties are equally at fault in our national stalemate, and in which said commentators stand above the fray. This story requires that there be good, honest, technically savvy conservative politicians, so that you can point to these politicians and say how much you admire them, even if you disagree with some of their ideas; after all, unless you lavish praise on some conservatives, you don’t come across as nobly even-handed.
The trouble, of course, is that it’s really really hard to find any actual conservative politicians who deserve that praise. Ryan, with his flaky numbers (and actually very hard-line stance on social issues), certainly doesn’t. But a large part of the commentariat decided early on that they were going to cast Ryan in the role of Serious Honest Conservative, and have been very unwilling to reconsider that casting call in the light of evidence.
So that’s the constituency Romney is targeting: not a large segment of the electorate, but a few hundred at most editors, reporters, programmers, and pundits. His hope is that Ryan’s unjustified reputation for honest wonkery will transfer to the ticket as a whole.
Eduardo Porter seriously misrepresents the issues in the trade debate in his column today. First of all, he misrepresents recent trade deals by referring them as "free trade" agreements.While advocates of these trade pacts like to call them "free trade" agreements in the same way that President Reagan wanted to call the MX missile the "Peacekeeper", that doesn't make the assertion accurate. A major part of all the trade deals the United States has negotiated over the last two decades has been provisions that require stronger patent and copyright protection in our trading partners.Patent and copyright protection is a form of protectionism; it is not free trade. In fact, patent and copyright protection are extremely inefficient forms of protectionism that lead to far higher prices and much greater economic distortions that the types of trade protection that typically concern policymakers.While tariffs or quotas rarely raise the price of a protected product by more 20 or 30 percent, patent and copyright protection raise the price of the protected items by many thousand percent. In the case of prescription drugs, patent protection raises the price of drugs that would sell for $5-$10 a prescription in a free market to hundreds or even thousands of dollars per prescription. The total gap between patent protected drug prices that we pay and their free market price is in the neighborhood of $270 billion a year.As economic theory predicts, this sort of interference in the market leads to rent-seeking behavior by drug companies that make the economic distortions even larger. In fact, the NYT has run numerous articles on efforts by drug companies to market drugs for inappropriate uses or to conceal evidence their drugs are ineffective or even harmful. (Here 's the NYT's latest installment in its series on abuses caused by patent monopolies in prescription drugs. And yes, there are other ways to finance prescription drug research.) These are exactly the sort of abuses that economic theory predicts would result from this sort of government granted monopoly.