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New York Times on the Republican Tax Plan

2/26/2014

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From today's New York Times editorial on the Republican Tax Plan:
The politically driven aim of keeping the amount of overall revenue unchanged undermines virtually every useful idea in the plan. It reduces many of the loopholes and special breaks for corporations, but then uses that revenue to lower the corporate rate from 35 percent to 25 percent.
Hmm... So keeping the amount of overall tax revenue unchanged is "politically driven." Clearly, the apolitical thing to do in any tax reform bill would be to increase tax revenues, right?
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Bullying Jonathan Martin

2/14/2014

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Jonathan Martin is the NFL football player who quit his team a few months ago because of unrelenting bullying by some of his teammates. The official report is out, and it's a hard read. Can't understand where all this cruelty comes from.

Emily Bazelon's response in Slate.
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John Cochrane on MOOCs

2/13/2014

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John Cochrane, of the Univ of Chicago Booth School of Business, taught a Ph.D. level finance MOOC through Coursera. His thoughts on MOOCs:

Mooconomics
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How Bad Policy Gets Made

2/5/2014

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New York Times article: Senate Passes Long-Stalled Farm Bill, With Clear Winners and Losers
The long-stalled farm bill, which represents nearly $1 trillion in spending over the next 10 years and passed on a rare bipartisan vote, 68 to 32, produced clear winners and losers. Over all, farmers fared far better than the poor.

The nearly 1,000-page bill, which President Obama is to sign at Michigan State University on Friday, among other things expanded crop insurance for farmers by $7 billion over a decade and created new subsidies for rice and peanut growers that would kick in when prices drop. But anti-hunger advocates said the bill would harm 850,000 American households, about 1.7 million people spread across 15 states, which would lose an average of $90 per month in benefits because of the cuts in the food stamp program.
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How Not To Run a Country

2/1/2014

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Washington Post reports on the economic breakdown of oil-rich Venezuela: At markets, Chavez successor falls short.
ARACAS, Venezuela — On aisle seven, among the diapers and fabric softener, the socialist dreams of the late Venezuelan president Hugo Chávez looked as ragged as the toilet paper display. Employees at the Excelsior Gama supermarket had set out a load of extra-soft six-roll packs so large that it nearly blocked the aisle. To stock the shelves with it would have been pointless. Soon word spread that the long-awaited rolls had arrived, and despite a government-imposed limit of one package per person, the checkout lines stretched all the way to the decimated dairy case in the back of the store.
...
Each day the arrival of a new item at Excelsior Gama brought Venezuelans flooding into the store: for flour, beef, sugar. Store employees and security guards helped themselves to the goods first, clogging the checkout lines, and then had to barricade the doors to hold back the surge at the entrance.

Good diagnosis:
Venezuela’s real problem, economists say, is that a shortage of U.S. dollars is squeezing the ability of the government and the private sector to import. Even in upscale Caracas shopping malls, international chain stores such as Zara and Gucci are gutted, their employees standing around with nothing to sell and the mannequins left naked.

While the government has fixed the exchange rate of the country’s currency, the “strong bolivar,” at 6.3 to the dollar, the widely used street rate is more than 10 times higher. Inflation was 56 percent last year — officially — and in an oil-warped economy that depends heavily on imported goods, businesses can’t get the dollars they need to restock their shelves. Even Venezuelan-made items go scarce as factories struggle to obtain replacement parts and raw materials.
Bad diagnosis:
“The store owners are doing this on purpose, to increase sales,” said Marjorie Urdaneta, a government supporter who said she believes Maduro when he accuses businesses of colluding with foreign powers to wage “economic war” against him.

“He should tell the stores: Make these items available — or else,” she said.
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    Ben Mathew

    Author of Economics: The Remarkable Story of How the Economy Works

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