Four gems from Dean Baker
Aqua Buddha and the Number 21
Monday 15 November 2010
by: Dean Baker, t r u t h o u t | News Analysis
At this point most of the country has heard the story of “Aqua Buddha.” According to an anonymous account, during his college days, Kentucky Sen.-elect Rand Paul dragged a woman down to a river and told her to bow down to the river, which he referred to as “Aqua Buddha.” His opponent in the campaign tried to make an issue out of this incident by implying that Paul worshiped the river as a god.
The Deficit Commission’s Parallel Universe
The country in which most people live is experiencing an economic disaster. More than 25 million people are unemployed, underemployed, or have given up looking for work altogether. Tens of millions are now underwater on their mortgages, with millions facing the imminent loss of their homes. Furthermore, there is little prospect that the situation will improve anytime soon.
G20: Seoul searching on trade and currency
G20 leaders want the US to cut its deficit, not the value of the dollar. But the very laws of economics are against them
It would be great if the leaders of the G20 countries knew a little economics. It might make their meetings more productive and less confrontational. The central area of dispute at the recently concluded meeting was the decision by the Federal Reserve Board to engage in another round of quantitative easing (QE2). This is intended to boost growth by pushing down long-term interest rates.
Deep-Six the Deficit Commission Report
Senator Alan Simpson, the chairman of the bipartisan deficit commission, spent much of his life scolding people for being dependent on Social Security and Medicare and complaining that they didn’t save enough. Now, based on the draft proposal released yesterday, it appears that he and his co-chairman Erskine Bowles never departed from this attitude in steering their thinking.