Adam Eran: The bottom line here is that State spending disproportionately goes to lower-income people, while recent tax cuts have disproportionately favored the wealthiest taxpayers.
Robert Reich: The Fed’s decision Tuesday to keep short-term interest rates near zero is no surprise. What’s odd is its apparent decision not to boost the economy by buying hundreds of billions of bonds — despite its acknowledgment that ”the pace of recovery in output and employment has slowed in recent months,” and that prices are rising too slowly for comfort (i.e., we might be facing deflation).
Robert Reich: As long as the big banks are allowed to remain big, their political leverage over Washington will remain big. And as long as their political leverage remains big, the taxpayer and economic tab for the next mess they create will be big. By all means, give regulators resolution authority and also impose the tightest regulations possible. But Congress and the White House shouldn’t stop there. Limits should be placed on how big big banks can become.
Andrea Nill: A new study by University of California at Los Angeles professor Raúl Hinojosa-Ojeda suggests that comprehensive immigration reform, which includes an earned path to legalization for undocumented immigrants, could generate at least $1.5 trillion in added U.S. gross domestic product over 10 years.
Any crumb that could have been thrown: Medicare buy-in for 55-64, state’s right to establish single payer or reimportation of prescription drugs was swept off the table. (Notice I intentionally left the weak feckless public option off that list).
I don’t understand. As Juan Cole notes this morning, Republicans came to Washington in 2000 with a solid majority in both houses of Congress and on the Supreme Court, allowing them to steal the presidency. If you ever wanted to know what a pure Republican Party government unhindered by Democrats or anyone else might look [...]