HOME



Digby's Hullabaloo
2801 Ocean Park Blvd.
Box 157
Santa Monica, Ca 90405














Infomania

Buzzflash
Cursor
Raw Story
Salon
Slate
Prospect
New Republic
Common Dreams
AmericanPoliticsJournal
Smirking Chimp
Crisis Papers



MediA-Go-Go

BagNewsNotes
Crooks and Liars
CJR Daily
consortium news
Scoobie Davis




Blog-o-rama

Eschaton
Demosthenes
Political Animal
Driftglass
Firedoglake
oilprice.com
Taylor Marsh
Spocko's Brain
Talk Left
Suburban Guerrilla
Paperweight's Fair Shot
corrente
Pacific Views
Echidne
TAPPED
Talking Points Memo
pandagon
Daily Kos
MyDD
Electrolite
Americablog
Tom Tomorrow
Left Coaster
Angry Bear
Rooks Rant
The Poorman
Seeing the Forest
Cathie From Canada
Frontier River Guides
Brad DeLong
The Sideshow
Liberal Oasis
BartCop
Juan Cole
Mark Kleiman
Rising Hegemon
alicublog
Unqualified Offerings
Mad Kane
Blah3.com
Alas, A Blog
Fanatical Apathy
RogerAiles
Lean Left
Oliver Willis
Ruminate This
skippy the bush kangaroo
Slacktivist
uggabugga
Crooked Timber
discourse.net
Amygdala
the talking dog
David E's Fablog
Nitpicker
The Agonist


email address:
digbysez at gmail dot com
isnospoon at gmail dot com

01/01/2003 - 02/01/2003 02/01/2003 - 03/01/2003 03/01/2003 - 04/01/2003 04/01/2003 - 05/01/2003 05/01/2003 - 06/01/2003 06/01/2003 - 07/01/2003 07/01/2003 - 08/01/2003 08/01/2003 - 09/01/2003 09/01/2003 - 10/01/2003 10/01/2003 - 11/01/2003 11/01/2003 - 12/01/2003 12/01/2003 - 01/01/2004 01/01/2004 - 02/01/2004 02/01/2004 - 03/01/2004 03/01/2004 - 04/01/2004 04/01/2004 - 05/01/2004 05/01/2004 - 06/01/2004 06/01/2004 - 07/01/2004 07/01/2004 - 08/01/2004 08/01/2004 - 09/01/2004 09/01/2004 - 10/01/2004 10/01/2004 - 11/01/2004 11/01/2004 - 12/01/2004 12/01/2004 - 01/01/2005 01/01/2005 - 02/01/2005 02/01/2005 - 03/01/2005 03/01/2005 - 04/01/2005 04/01/2005 - 05/01/2005 05/01/2005 - 06/01/2005 06/01/2005 - 07/01/2005 07/01/2005 - 08/01/2005 08/01/2005 - 09/01/2005 09/01/2005 - 10/01/2005 10/01/2005 - 11/01/2005 11/01/2005 - 12/01/2005 12/01/2005 - 01/01/2006 01/01/2006 - 02/01/2006 02/01/2006 - 03/01/2006 03/01/2006 - 04/01/2006 04/01/2006 - 05/01/2006 05/01/2006 - 06/01/2006 06/01/2006 - 07/01/2006 07/01/2006 - 08/01/2006 08/01/2006 - 09/01/2006 09/01/2006 - 10/01/2006 10/01/2006 - 11/01/2006 11/01/2006 - 12/01/2006 12/01/2006 - 01/01/2007 01/01/2007 - 02/01/2007 02/01/2007 - 03/01/2007 03/01/2007 - 04/01/2007 04/01/2007 - 05/01/2007 05/01/2007 - 06/01/2007 06/01/2007 - 07/01/2007 07/01/2007 - 08/01/2007 08/01/2007 - 09/01/2007 09/01/2007 - 10/01/2007 10/01/2007 - 11/01/2007 11/01/2007 - 12/01/2007 12/01/2007 - 01/01/2008 01/01/2008 - 02/01/2008 02/01/2008 - 03/01/2008 03/01/2008 - 04/01/2008 04/01/2008 - 05/01/2008 05/01/2008 - 06/01/2008 06/01/2008 - 07/01/2008 07/01/2008 - 08/01/2008 08/01/2008 - 09/01/2008 09/01/2008 - 10/01/2008 10/01/2008 - 11/01/2008 11/01/2008 - 12/01/2008 12/01/2008 - 01/01/2009 01/01/2009 - 02/01/2009 02/01/2009 - 03/01/2009 03/01/2009 - 04/01/2009 04/01/2009 - 05/01/2009 05/01/2009 - 06/01/2009 06/01/2009 - 07/01/2009 07/01/2009 - 08/01/2009 08/01/2009 - 09/01/2009 09/01/2009 - 10/01/2009 10/01/2009 - 11/01/2009 11/01/2009 - 12/01/2009 12/01/2009 - 01/01/2010 01/01/2010 - 02/01/2010 02/01/2010 - 03/01/2010 03/01/2010 - 04/01/2010 04/01/2010 - 05/01/2010 05/01/2010 - 06/01/2010 06/01/2010 - 07/01/2010 07/01/2010 - 08/01/2010 08/01/2010 - 09/01/2010 09/01/2010 - 10/01/2010 10/01/2010 - 11/01/2010 11/01/2010 - 12/01/2010 12/01/2010 - 01/01/2011 01/01/2011 - 02/01/2011 02/01/2011 - 03/01/2011 03/01/2011 - 04/01/2011 04/01/2011 - 05/01/2011 05/01/2011 - 06/01/2011 06/01/2011 - 07/01/2011 07/01/2011 - 08/01/2011 08/01/2011 - 09/01/2011 09/01/2011 - 10/01/2011 10/01/2011 - 11/01/2011 11/01/2011 - 12/01/2011 12/01/2011 - 01/01/2012 01/01/2012 - 02/01/2012 02/01/2012 - 03/01/2012 03/01/2012 - 04/01/2012 04/01/2012 - 05/01/2012 05/01/2012 - 06/01/2012 06/01/2012 - 07/01/2012 07/01/2012 - 08/01/2012 08/01/2012 - 09/01/2012 09/01/2012 - 10/01/2012 10/01/2012 - 11/01/2012 11/01/2012 - 12/01/2012 12/01/2012 - 01/01/2013 01/01/2013 - 02/01/2013 02/01/2013 - 03/01/2013 03/01/2013 - 04/01/2013 04/01/2013 - 05/01/2013 05/01/2013 - 06/01/2013 06/01/2013 - 07/01/2013 07/01/2013 - 08/01/2013 08/01/2013 - 09/01/2013 09/01/2013 - 10/01/2013 10/01/2013 - 11/01/2013 11/01/2013 - 12/01/2013 12/01/2013 - 01/01/2014 01/01/2014 - 02/01/2014 02/01/2014 - 03/01/2014 03/01/2014 - 04/01/2014 04/01/2014 - 05/01/2014


 

This page is powered by Blogger. Isn't yours?

Hullabaloo


Wednesday, November 30, 2011

 
Our annual holiday kabuki special

by digby

So we have some typically cynical kabuki going on in DC over the extension of the payroll tax cut.(I personally wish we would just send out government checks instead of enacting payroll tax cut because inevitably people are going to start complaining that SS is draining the treasury and has to be cut. But then, they're already doing that so I guess we've lost that battle.)

Anyway, here's the latest from dday. He says that for all the happy talk from McConnell about passing it, it appears the plan is to demand something odious in return to pay for it and then blame the Democrats for raising taxes when they refuse. (Sound familiar? It should, it worked beautifully last December. Look for them to hold up the Unemployment extension too, just for kicks. It's Christmas. They deserve a little fun.)

The big problem with this whole idea is that there should be no trade-off for this at all. Stimulus is supposed to put more money into the economy. Extending the payroll tax cut is just status quo, which at least won't be contractionary. But insisting that we cut something else in order to keep it going is.

Jared Bernstein has a good example of how a nation has screwed itself with misplaced austerity, the UK:

They’ve downgraded their forecast significantly for years to come, yet they remain committed to the spending cuts that are partially responsible for the downgrade.

The first figure shows the forecast for slower real GDP growth and higher unemployment as a result of the OBR’s update of their March report. Next year, for example, they expect real GDP to grow 1.8% more slowly—0.7% instead of 2.5%–a large decline and a rate that will give rise to growing unemployment, as you can see in the second figure. That one compares the forecasted unemployment rates from the March forecast with the new ones. The new ones are a lot higher and initially growing instead of declining.




























That worked out well. And considering what's happening the Eurozone, it's probably going to look a lot worse before it's over.

Now one can certainly argue for taxing some of the upper 1% to pay for the payroll tax cut extension --- they have so much money they can't spend it all so it's sitting in their accounts collecting interest. It could help the economy tremendously to redistribute it to those who will actually spend it. But cutting more spending to offset? Not a good idea.

But then, according to dday, the Republicans may not even allow that. And if they do, they will try to extract the maximum pain from the American people in the long run. The Democrats do have an argument --- and the election is coming up. But they will have to be aggressive in ways they haven't been up to now. We'll see how it plays out over the next couple of weeks.

.



Search Digby!