The Biggest What-If Hovering Over Obama’s Presidency
November 17, 2011
Senior officials don’t define administrations; presidents do, by making the strategic decisions that reshape events. For the latest confirmation of this age-old truth, we need look no farther than Jackie Calmes’s excellent article on Tim Geithner, the one economic advisor Obama “fought to keep.” Toward the end of her piece, she reports the following, which occurred on a conference call shortly after the 2008 election: Mr. Obama spoke of the transformative domestic policies he had promised and now would pursue. Mr. Geithner, say people familiar with the exchange, cautioned that the crisis Mr.
The Taylor Rule
August 12, 2011
Jackie Calmes has a good story in today's New York Times describing the near-consensus among economists that we should be increasing short-term deficits in order to stimulate (or at least not deflate) consumer demand, while reducing long-term deficits.
Why Tax Reform Has To Wait Until The Second Term
December 10, 2010
The New York Times' Jackie Calmes reports that the Obama administration is thinking about some kind of bipartisan tax reform: President Obama is considering whether to push early next year for an overhaul of the income tax code to lower rates and raise revenues in what would be his first major effort to begin addressing the long-term growth of the national debt. While administration officials cautioned on Thursday that no decisions have been made and that any debate in Congress could take years, Mr.
Republicans Boldly Slay Imaginary Program
November 11, 2010
Hilarious catch in the New York Times by Jackie Calmes: Note to the incoming Republican majority in the House: Eliminating government programs that do not exist does not save money. Of the few specific cuts that Congressional Republicans have proposed in their promised assault on annual budget deficits, one of the biggest by far would save $25 billion over 10 years, they claim, by ending an emergency welfare fund. The Republican Study Committee, which includes more than 100 of the most conservative House Republicans, promoted the idea in a statement this week, saying, “With the national
I Hope They Didn't Actually Plan That Pose With the Halo for Obama
February 02, 2010
Still, I've long understood that in extremis I am a "tax and spend" Democrat--unhappily so, but still so. But I would not have cut NASA or the C-17 air transport, Joint Strike Fight components or the Army Corps of Engineers. An article by Jonathan Weisman in the Wall Street Journal and another by Jackie Calmes in the New York Times explain both the economics and politics of the budget.
Why A Deficit Commission Can't Work
January 19, 2010
Judd Gregg and Kent Conrad hope to reduce the deficit by establishing a bipartisan commission. Their favorite example of success is the 1982 commission that helped save Social Security. Jackie Calmes of the New York Times gets Robert Ball's unpublished memoir, which shows it really didn't: In a sprightly account promoted by former staff members from both parties, Mr. Ball calls the Greenspan Commission a failure. As he tells it, only a willingness to compromise by the two principal antagonists of the time — Ronald Reagan, the Republican president, and Representative Thomas P.