tag:blogger.com,1999:blog-172068392024-03-13T15:00:37.496-04:00Andrew Samwick's BlogA Blog About Economics, Politics, and Current EventsAndrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.comBlogger758125tag:blogger.com,1999:blog-17206839.post-84425081620062505992023-08-21T10:12:00.000-04:002023-08-21T10:12:10.670-04:00Social Security Reform, Back in the Spotlight<p>A recent <a href="https://thehill.com/opinion/finance/4155079-social-security-now-88-is-on-life-support-how-to-get-it-to-100-and-beyond/" target="_blank">op-ed</a> by Mark Duggan, an economist who directs the Stanford Institute for Economic Policy Research (SIEPR), and a <a href="https://www.concordcoalition.org/facing-the-future-archive/happy-88th-birthday-social-security-can-we-save-you/" target="_blank">podcast</a> by Charles Blahous, a former public trustee of Social Security, highlight the programs projected shortfalls on the occasion of its 88th birthday. Both give appropriate updates on the financial condition of the program.</p><p>Social Security was one of the topics featured regularly on my original blog, VoxBaby, from 2004 - 2008. A guide to those posts is available <a href="https://voxbaby.blogspot.com/2007/10/guide-to-posts-on-social-security.html" target="_blank">here</a>. Social Security, and its possible reform to include personal accounts that would build up assets outside of the trust fund, has been a topic of interest and <a href="https://sites.dartmouth.edu/asamwick/research/entitlement-programs/" target="_blank">research</a> since the mid-1990s. At the time, we had the Baby Boom generation in the workforce in some of its most productive years. Had we started reform then, we might have tapped the resources of this generation to help close the projected fiscal gap. With all Baby Boomers now "at or near retirement," the phrase that seems to trigger political immunity from having to contribute via benefit reductions or tax increases to provide more financing, that window has closed. There is now no longer an opportunity to meaningfully prefund future liabilities. Those future liabilities will soon be current liabilities. Failure to act sooner has increased the burden on all subsequent generations.</p><p>I would call your attention to this post, <a href="http://voxbaby.blogspot.com/2004/10/what-social-security-reform-should.html" target="_blank">What Social Security Reform Should Democrats Propose?</a>, written on the eve of the 2004 Presidential election in which President Bush's plans for reform were relevant. It refers to the book written originally in 2003, <a href="https://www.amazon.com/Saving-Social-Security-Balanced-Approach-dp-0815718373/dp/0815718373/ref=dp_ob_image_bk" target="_blank">Saving Social Security: A Balanced Approach</a>, by <a href="https://economics.mit.edu/people/faculty/peter-diamond" target="_blank">Peter Diamond</a> and <a href="https://www.lazard.com/our-people/peter-r-orszag/" target="_blank">Peter Orszag</a>. My expectation is that as the date of trust fund insolvency approaches, policy makers will eventually implement most of the changes described in their approach. Those immediate tax increases and phased-in benefit reductions will have to be updated to the present -- larger in all cases -- since we wasted two decades not acting to solve a crisis whose arrival was completely predictable.</p>Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-75027255668919670272021-03-22T10:21:00.000-04:002021-03-22T10:21:40.440-04:00Economic Policy Conservatives<p>In yesterday's Dallas Morning News, my former DC colleague Charles Blahous concludes his thoughtful op-ed on, <a href="https://www.dallasnews.com/opinion/commentary/2021/03/21/who-will-stop-americas-plunge-into-debt/" target="_blank">Who will stop America's plunge into debt?</a>, with the following:</p><p style="margin-left: 40px; text-align: left;">One thing is for certain: Unless and until economic policy conservatives
finally put the Trump years behind them, there will be no serious
challenge to the left’s economic agenda, and the only debate will be
over how rapidly to expand government. The contest over America’s
economic future can only truly be joined if moderates and conservatives
reunite to advocate for fiscal prudence and free economic activity,
wielding the same energy and commitment that the left uses to pursue
government’s expansion.</p><p>The first statement is true but it does not go far enough. It is a necessary but not sufficient condition.</p><p>Economic policy conservatives were on this road to ruin when Chuck and I both served on the Bush economic policy team. Not at our suggestion, the Bush administration passed a new Medicare Part D benefit that, at the time of its passing, had a larger projected unfunded liability than Social Security's projected unfunded liability, which was the fiscal threat that I went to Washington to help solve. My very first week on the job, I wrote a memo to try to get more means-testing onto that new entitlement. (Some of those ideas were later published <a href="https://www.journals.uchicago.edu/doi/pdf/10.1086/697141" target="_blank">here</a>, alongside a similar analysis of the marketplace subsidies in Obamacare.) Prior to my arrival in DC, the Bush administration passed a series of so-called temporary tax cuts, almost all of which were eventually made permanent by the Bush and Obama administrations. When the latter did so in the face of the so-called "fiscal cliff" in early 2013, I referred to it as creating a <a href="https://www.nydailynews.com/opinion/fiscal-grand-canyon-article-1.1233477" target="_blank">fiscal grand canyon</a>.</p><p>All of this happened before the Trump administration.What economic policy conservatives need to do to challenge the left's economic agenda is to acknowledge that:</p><ol style="text-align: left;"><li>Republicans have expanded our fiscal imbalances through entitlement spending when it suited their political interests.<br /></li><li>Republicans have squandered resources in ill-conceived military operations in Iraq during the early part of this century.</li><li>Republicans have ignored fiscal balance over the last 20 years when passing tax cuts for the sake of passing tax cuts.</li><li>There are some valid reasons for the federal government to engage in deficit spending if needed, primarily when it benefits children who are born into challenging social and economic circumstances. (See this <a href="https://www.nber.org/digest/sep19/high-returns-government-programs-low-income-children" target="_blank">paper</a> for an introduction.)<br /></li></ol><p>Economic policy conservatives, when they can acknowledge these things that implicate much more of the Republican Party's recent history than the Trump administration, might then be able to play a constructive role in countering the left's economic agenda. They are not credible elements of the economic policy process if they don't.<br /></p><p> <br /></p>Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-88317188928558701462020-10-12T18:10:00.002-04:002020-10-12T18:10:46.053-04:00Looking Ahead to 2024<p>David Brooks pins our current social and political problems on <a href="https://www.theatlantic.com/ideas/archive/2020/10/collapsing-levels-trust-are-devastating-america/616581/?fbclid=IwAR2_Ao_ITYehDxwJTsYOz_Zj8qWsh2WRdBUvWmdSvz2pw-TUZqbhR0MJyUg" rel="nofollow" target="_blank">Collapsing Levels of Trust</a> in his recent column in <i>The Atlantic.</i> I think he gets most of his arguments right. Without evidence that people are in general trustworthy, individuals will tend to congregate with others in their tribes. The way this is playing out today is polarization toward the far left and the far right.</p><p>As Rabbi Jonathan Sacks puts it in his recent book, <a href="https://www.amazon.com/Morality-Restoring-Common-Divided-Times/dp/1541675312" rel="nofollow" target="_blank">Morality: Restoring the Common Good in Divided Times</a>: <br /></p><p><span data-offset-key="adnr8-0-0"></span></p><p><span data-offset-key="adnr8-0-0"></span></p><p><span data-offset-key="adnr8-0-0"></span></p><p><span data-offset-key="adnr8-0-0"></span></p><p><span data-offset-key="adnr8-0-0"></span></p><p><span data-offset-key="adnr8-0-0"></span></p><p><span data-offset-key="adnr8-0-0"></span></p><p><span data-offset-key="adnr8-0-0"><span data-text="true"></span></span></p><div data-contents="true"><div data-block="true" data-editor="a1657" data-offset-key="adnr8-0-0"><div class="_1mf _1mj" data-offset-key="adnr8-0-0"><span data-offset-key="adnr8-0-0"><span data-text="true"></span></span></div><div class="_1mf _1mj" data-offset-key="adnr8-0-0"><span data-offset-key="adnr8-0-0"><span data-text="true"><blockquote>The far right dreams of a Golden Age that never was, and the far left dreams of a utopia that will never be. </blockquote></span></span></div><div class="_1mf _1mj" data-offset-key="adnr8-0-0"><span data-offset-key="adnr8-0-0"><span data-text="true"></span></span></div><div class="_1mf _1mj" data-offset-key="adnr8-0-0"><span data-offset-key="adnr8-0-0"><span data-text="true">It is not an unreasonable reading of 20th century history to say that when the extremes are emboldened in pursuit of these dreams, the result is violent and horrific. What are reasonable people supposed to do?<br /></span></span></div><div class="_1mf _1mj" data-offset-key="adnr8-0-0"><span data-offset-key="adnr8-0-0"><span data-text="true"><br /></span></span></div><div class="_1mf _1mj" data-offset-key="adnr8-0-0"><span data-offset-key="adnr8-0-0"><span data-text="true"><span data-offset-key="adnr8-0-0"><span data-text="true"> In brief, form a new tribe in the center. </span></span>I am politically
to the right of the center, but probably no more so than most of the people
whom I call friends are to the left of center. </span></span><span data-offset-key="adnr8-2-0"><span data-text="true">If we chose to,
we could waste a lot of time on Facebook, Twitter, or other anti-social media arguing
about whether the lunatics well to their left are worse than the lunatics
well to my right. We would be making the problem worse, by acting like partisans and letting the extremists set the agenda for public discussion and civic life. And yet this is the pattern into which we have fallen. Instead, we could disavow them both. <br /></span></span></div><span data-offset-key="adnr8-0-0"><span data-text="true"> </span></span></div><div data-block="true" data-editor="a1657" data-offset-key="adnr8-0-0"><span data-offset-key="adnr8-0-0"><span data-text="true"><span data-offset-key="adnr8-2-0"><span data-text="true">I
would wager that a coalition that included them on its left flank and
me on the right flank would constitute a majority and would enact
sensible policies. Centrist parties are thought not to be possible in our Presidential system in part because </span></span></span></span><span data-offset-key="adnr8-2-0"><span data-text="true">the parties that start on the far left or far right will find it easy to encroach on the center without losing the support of their flanks. I understand this as an equilibrium result. Are we in or moving toward such an equilibrium? I see no evidence that the two major political parties are courting the political center by moving toward the center. So perhaps there is a window of opportunity during which this coalition could govern. In
other countries, they would call this a unity government, and such
governments typically get formed when the alternatives are pretty awful.
I am surprised that 2019 was not awful enough to spark such an <a href="https://www.youtube.com/watch?v=GlSsnl8bglc" target="_blank">insurgency of the rational</a>. I suspect 2020 is that awful but the timing relative the Presidential election is unfavorable.</span></span><div class="_1mf _1mj" data-offset-key="adnr8-0-0"><span data-offset-key="adnr8-2-0"><span data-text="true"> </span></span></div><div class="_1mf _1mj" data-offset-key="adnr8-0-0"><span data-offset-key="adnr8-2-0"><span data-text="true">The last link and the phrase it highlights are to a TEDx talk by my colleague <a href="https://faculty-directory.dartmouth.edu/charles-j-wheelan" rel="nofollow" target="_blank">Charlie Wheelan</a>, who put forth a sensible platform in the <a href="https://www.amazon.com/Centrist-Manifesto-Charles-Wheelan/dp/0393346870" rel="nofollow" target="_blank">Centrist Manifesto</a> in 2013 and founded <a href="https://www.uniteamerica.org/" rel="nofollow" target="_blank">Unite America</a> to try to get a pivotal centrist bloc in the Senate. The Achilles heel in that strategy turned out to be that it presumes a</span></span><span data-offset-key="adnr8-2-0"><span data-text="true"><span data-offset-key="adnr8-0-0"><span data-text="true"> Congress that
seeks to perform even its most basic Constitutional
responsibilities. So, looking ahead to 2024, we should be thinking about a centrist ticket for the Presidency, composed initially of a bipartisan duo with a prudent and responsible platform that begins to address the many crises we have built for ourselves. If the ticket wins, then the party can immediately recruit Senators and Representatives from the political center for a majority in each House, leaving the two existing parties in the extremes. Addressing those crises, even if incrementally, is what will help rebuild trust in our public life.<br /></span></span></span></span></div></div></div>Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-39828769328150140912020-09-12T20:21:00.000-04:002020-09-12T20:21:13.966-04:009/11 for Our New Arrivals<p>This fall marks the arrival of the Class of 2024 on college campuses. This is the first cohort in which most members were born after the attacks of 9/11. A strange milestone. To honor the memory of those who died, and to help inform young adults of the events of that day, <a href="https://www.gsb.stanford.edu/faculty-research/faculty/keith-hennessey" rel="nofollow" target="_blank">Keith Hennessey</a> has crafted a study guide, available <a href="https://www.notion.so/9-11-Study-Pack-3b075724dddc4616898360814f83654f" rel="nofollow" target="_blank">here</a>. Keith was working on the Hill at that time and acknowledges that the passengers of Flight 93 may have saved his life. I had the good fortune of meeting Keith a few years later when my time at the Council of Economic Advisers overlapped with his time at the National Economic Council. <br /></p>Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-5656414846515339932020-06-30T10:33:00.001-04:002020-06-30T10:33:25.701-04:00DC StatehoodLast week, the House passed a <a href="https://www.usatoday.com/story/news/politics/2020/06/26/washington-dc-statehood-house-vote-making-district-51st-state/3198707001/" target="_blank">bill</a> to allow for statehood for Washington, DC. I am in favor of representation in national legislature for the residents of the District, but I am not in favor of statehood. The Founders intended for the District to not be a part of any state. Here is a proposal formed from ideas I've picked up over the years from various sources, so I don't claim originality here.<br />
<br />
We could think <span dir="ltr"><span class="_3l3x _1n4g"><span><span>of the
District as part of Maryland, which gave the land for it. Allow the
District to be its own Congressional district. This is only fair, as the
House allocates representation based on population. The District gets a minimum o</span></span><span><span><span>f
1 Representative (and is protected from gerrymandering that might occur if it were
formally part of Maryland). For the Senate, allow residents of the District to vote for the Senators that represent Maryland. Then its residents have two Senators to represent them. </span></span></span></span></span><br />
<br />
<span dir="ltr"><span class="_3l3x _1n4g"><span><span><span>This solves the problem that there are no voting members of the national legislature who are responsive to the residents of the District. It does so with minimal disruption. I acknowledge that Maryland has to take one for the team and needs to consent. But this is where I would start the conversation.</span></span></span></span></span>Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com1tag:blogger.com,1999:blog-17206839.post-76192003019697878112020-03-20T17:11:00.001-04:002020-03-20T17:11:12.439-04:00Corona Blogging<span data-offset-key="7hd6a-0-0"><span data-text="true">There are debates about what the policy response should be to the COVID-19 threat to the United States. I think there are three important steps that need to be taken, beyond what the Federal Reserve is already doing to support the banking system.</span></span><br />
<br />
One, rather than spraying $1000 checks around like confetti, the Federal government needs to re-insure and augment state unemployment insurance programs. Yesterday's <a href="https://www.dol.gov/ui/data.pdf" target="_blank">report</a> showed that we had a jump in initial UI claims, from 211,000 in the week ending March 7 to 281,000 in the week ending March 14. Expect that to go much higher for this week (released next Thursday) and next. In my view, Federal support for state unemployment insurance programs is the best way to inject cash into the economy. Top off replacement rates at higher levels, since these claims are due to factors beyond the control of workers and their employers, and extend them for longer than the current claiming period. Make the funds available to states in proportion to their working-age population, to avoid explicitly bailing out states that were not properly funding their systems. What's important here is the Federal government's announcement. It is the announcement that sets people's expectations about their resources and these expectations that drive consumer behavior.<br />
<br />
<span data-offset-key="7hd6a-0-0"><span data-text="true">Two, we need to recognize the manpower cost of successfully addressing the COVID-19 threat and mobilize accordingly. I encountered two useful accounts that shaped my thinking about this. The first was a <a href="https://www.ted.com/talks/bill_gates_the_next_outbreak_we_re_not_ready" target="_blank">Ted Talk</a> by Bill Gates from 2015 that resurfaced recently. We should have taken his advice then (in the wake of the Ebola outbreak). We should start the mobilization now. If the government is going to spend, it should use this occasion to buy what it needs. In bulk. (Sound <a href="https://www.washingtonpost.com/wp-dyn/content/article/2008/01/25/AR2008012502593.html" target="_blank">familiar</a>?) The second was a first-person <a href="https://threadreaderapp.com/thread/1240494951177302016.html?fbclid=IwAR22PLf2dha-Rrx1EafmsDSEg0TyFOrDt5KsUnKbRyDaskvkCw01tcv5Cak" target="_blank">account</a> from an economics colleague who flew from London to Beijing, posted to Twitter. What struck me about his account was how labor-intensive the testing and quarantining process is <i>in the places where that process is being applied rigorously</i> enough to actually contain the virus. And now we have a whole bunch of service-sector employees looking for temporary work. State and particularly local governments should be hiring and training, with funding provided by the Federal government, legions of people to facilitate this process. When the immediate threat has been contained, that corps of people can be shifted to address long-term preparedness along the lines that Gates was describing.</span></span><br />
<span data-offset-key="7hd6a-0-0"><span data-text="true"><br /></span></span>
<span data-offset-key="7hd6a-0-0"><span data-text="true">Three, for any publicly traded company that needs short-term funding to remain liquid and solvent, like airlines and hotels, the Federal government can provide it. However, it needs to take <a href="https://www.investopedia.com/terms/w/warrant.asp" target="_blank">warrants</a> as part of the deal, similar to the arrangements for banks in TARP, so that it more fully shares in the eventual recovery (and signals its belief that there will be a recovery). This is not an appropriate time to advance <a href="https://www.msn.com/en-us/finance/markets/elizabeth-warren-just-laid-out-8-conditions-that-companies-should-accept-for-government-bailout-money-during-the-coronavirus-crisis/ar-BB11kCBR" target="_blank">clearly partisan objectives</a> when the business disruption is due to an external factor like the virus.</span></span>Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-56155141416629488682019-12-14T14:18:00.000-05:002019-12-14T14:18:33.435-05:00The Management Consulting BusinessChristopher Ingraham, writing in <i>The Washington Post</i>, links to an old <a href="https://pdfs.semanticscholar.org/6f7e/4df08a201765372943d743bacbfe03801845.pdf" target="_blank">working paper</a> of mine in his article, <a href="https://www.washingtonpost.com/business/2019/12/13/how-consulting-companies-like-mckinsey-optimized-american-inequality/" target="_blank">How consulting companies like McKinsey optimized American inequality</a>. The paper began as my co-author, Ajay Prakash's senior thesis, which I advised and then helped revise. This topic is in the news of late due to Pete Buttigieg's experience working at McKinsey and the perceived need by the chattering class to demonize just about everything on everyone's resume. I currently have no intention of casting a vote for Mayor Pete in 2020, but I don't hold his McKinsey experience against him. <br />
<br />
The subtitle of the article is, "Two things tend to happen when businesses hire a management consultant: Stock performance rises and payroll falls." To be clear, the announcement effect is negative but the long-term effect is positive risk-adjusted returns on a scale that more than offsets the bad news at the announcement. That shows that whatever happens after the consultants are brought on board, it tends to turn the company around. The article should suspend its focus on distributional issues between shareholders and workers long enough to acknowledge that this is consistent with the consultants adding value to the economy.<br />
<br />
<br />
What I found frustrating about the article is that it doesn't seriously engage with the counterfactual. Our paper also found that "announcing companies earn negative risk adjusted returns prior to their announcements." This means that the company was underperforming, and that underperformance was going to have be addressed, whether through the consultant's advice and actions or some other way. Imagine the firm failed instead. The workers who lost their jobs would be in the same position, but every other worker is better off due to the consultants. To give some sense of the scale of the two groups, we found that the median employment growth (relative to the industry) was -5% for firms that announce they've hired a management consultant. Is it really unacceptable to lower employment by 5% if it means shoring up the other 95%?<br />
<br />
I would say 'no.' What I would say as well is that I would like to know that the workers who are displaced are treated fairly, whether through unemployment insurance or some other mechanism. For example, publicly traded companies that lay off workers under such circumstances might be required to offer severance in the form of warrants (stock options issued by the company to those workers). If the company does well as a result of the layoffs, then those who were laid off share in that improvement. Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-87676977431833387442019-11-16T09:20:00.000-05:002019-11-16T09:20:05.723-05:00Sorting Out Discipline in the NFLLike everyone else, I was shocked at the <a href="https://www.espn.com/video/clip/_/id/28083528" target="_blank">video</a> of the altercation at the end of the Browns-Steelers game on Thursday night. As bad as it was, it could have been much worse. When Myles Garrett swung Mason Rudolph's helmet at the latter's unprotected head, he didn't hit him squarely or with the hardest part of the helmet. So Rudolph has no sign of a head injury that could have been catastrophic. (This by itself should eliminate discussion of the punishment extending into criminal or civil lawsuits.) The melee also didn't extend beyond the players on the field. Kudos to stadium security for keeping order in what must have been a very challenging environment. Garrett has been suspended indefinitely, which is appropriate, as are the lesser suspensions for the Steelers players.<br />
<br />
There are two aspects of this unfortunate turn of events that have not received much discussion, and they both pertain to the coaching in this game. These remarks are not intended to lessen the blame on the players involved but to point out that player behavior is shaped by coaching decisions and the environment coaches create and the culture they promote for a team. If the NFL, and the ecosystem of commentators that follow it, want to send a message that this sort of player behavior is unacceptable, then they need to assign blame and discipline as broadly as is appropriate.<br />
<br />
First, Mike Tomlin and the rest of the Steelers' offensive <a href="https://www.steelers.com/team/coaches-roster/" target="_blank">coaching</a> staff should be embarrassed at the play call in question. Look at the video. Garrett is unblocked on the play, to free up the lineman to block for the running back who catches the short pass in the backfield. There are under 20 seconds left in the game, victory is beyond reach (and brought no closer by this play call), and your team has had a rough night. Hand off the ball to the running back, let the game clock expire, and get ready for the next one. What on Earth were they thinking to leave their quarterback unprotected like that? Even if the play is successful in terms of yardage, the quarterback is going to take a punishing hit. That's a stupid tradeoff to make, and one that shows little regard for Rudolph's safety.<br />
<br />
Second, others have <a href="https://www.si.com/nfl/2019/11/15/myles-garrett-suspension-browns-culture" target="_blank">commented</a> that the Browns are a bit of a train wreck this season. This altercation is just the latest and worst manifestation. What is the NFL to do? They have to assign blame, and through that assignment, discourage future behavior of this sort. That means holding coaches accountable for their players' on-field behavior. Were it up to me, I would also suspend Browns head coach Freddie Kitchens, perhaps along with his defensive coordinator and defensive line coach, for several games. The coaches set the tone. They determine which behavior is rewarded and which is not. They failed to do that properly here. Going forward, a policy of suspending coaches for their players' behavior could have the effect of changing the culture and environment, or even personnel decisions, in the interest of avoiding the most egregious behavior on the field.Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-65646240678700430892019-05-06T16:56:00.000-04:002019-05-06T16:56:02.580-04:00In Praise of Stan CollenderI learned today that my friend and former co-blogger <a href="https://thebudgetguy.blog/" target="_blank">Stan Collender</a> passed away on Friday. James Hagerty has a thoughtful obituary in <a href="https://www.wsj.com/articles/stanley-collender-explained-the-u-s-budget-to-contractors-and-even-federal-employees-11557171017?mod=hp_major_pos2" target="_blank">The Wall Street Journal</a> today.<br />
<br />
It was very early on in my blogging that I discovered Stan's writing on the budget. There are many writers who are deficit hawks at heart and know about the budget in fairly general terms. Some of us can even write coherently for an audience on budget matters. Stan was a fellow traveler, but he brought so much more to the discussion -- an impressive command of the details, a keen sense of the political strategy underlying "Budget Battles," and a wit as sharp and quick as any you will find. He will be missed.Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-49836161263058944562018-09-30T12:39:00.001-04:002018-09-30T12:42:20.472-04:00Fiscal Recklessness, 2018 EditionI was invited to present a <a href="http://www.addisonindependent.com/201809expert-offer-insights-income-tax-policy-equality" target="_blank">lecture</a> at Middlebury this past week on "Income Tax Policy and Economic Growth." I wanted to present a picture of just how bad the projected federal deficit is for the next decade. The following graph, which shows the last 50 years of data on the unemployment rate and the federal deficit, is what emerged:<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiI7Xh-UdL2Bdepk45Xt0umX3ZuhgArBipgRAEIe4cv03HFd2bYbJzxcmgZp7mXJRCuhscNoztwBaemdPmRp6Tw-LHuJfX0YRyZXJ4GUaeRRpD5TB_MaspXTWI3RA_d5Ol5Wa9Dog/s1600/Fiscal+Recklessness+2018.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1031" data-original-width="1423" height="289" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiI7Xh-UdL2Bdepk45Xt0umX3ZuhgArBipgRAEIe4cv03HFd2bYbJzxcmgZp7mXJRCuhscNoztwBaemdPmRp6Tw-LHuJfX0YRyZXJ4GUaeRRpD5TB_MaspXTWI3RA_d5Ol5Wa9Dog/s400/Fiscal+Recklessness+2018.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: x-small;">Sources: <a href="https://www.cbo.gov/about/products/budget-economic-data">CBO</a><span style="font-family: "century schoolbook";">,
</span><span style="font-family: "century schoolbook";"><a href="https://data.bls.gov/timeseries/LNU04000000?years_option=all_years&periods_option=specific_periods&periods=Annual+Data">BLS</a></span></span></td></tr>
</tbody></table>
The horizontal axis is the unemployment rate, as a percentage of the labor force, and the vertical axis is the federal deficit, as a percentage of GDP. Other things equal, we would expect the line to be downward sloping -- the higher is the unemployment rate, the worse will be the deficit, as both automatic stabilizers and additional stimulus efforts kick in. Each blue dot represents the year indicated over the last 50 years, 1968 - 2018. The best-fit linear relationship indicated by the blue dots is about -1.2: for every additional percentage point of the labor force that is unemployed, the federal deficit widens by about 1.2 percentage points of GDP.<br />
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Departures from that general tendency indicate budget policy that was unusually strict (toward the Northeast direction) or unusually loose (toward the Southwest direction). The orange dots are the next 10 years of projections, based on CBO data. Note that there is no recession projected in these data -- the unemployment rate is projected to remain below 5 percent over this decade. Despite this rosy economic projection, the deficit is always about 4 percent of GDP or larger. We will have never had deficits that large as a share of GDP with unemployment that low. Relative to where we were 20 years ago with similar unemployment rates, we are running deficits 5-6 percentage points of GDP larger. That's President Trump's fiscal record.<br />
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That is the mess we are in. My main concern is intergenerational equity -- there is no ethical reason to pass along the burden of financing structural deficits to future generations. And then, eventually, there will be further concern if and when the rest of the world decides it is no longer content to allow us to roll over our debt at such favorable interest rates.</div>
Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com2tag:blogger.com,1999:blog-17206839.post-91610523844453356992018-09-21T22:24:00.000-04:002018-09-21T22:28:35.071-04:00Bad Journalism, Bloomberg StyleSome days, you just have to wonder. What could be the motivation for an <a href="https://www.bloomberg.com/news/articles/2018-09-20/u-s-students-spend-more-time-working-paid-jobs-than-going-to-class" target="_blank">article</a> in Bloomberg news that starts out like this?<br />
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U.S. Students Spend More Time Working Paid Jobs Than Going to Class</h1>
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Facing mounting debt, U.S. college students spend double the time working paid jobs than in the library. </blockquote>
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The rest of the article goes on to explain how awful it is for students, what with all the work and borrowing. But the proof of this assertion is a <a href="https://www.us.hsbc.com/content/dam/hsbc/us/value-of-education/HSBC_VOE5_USA_FactSheet_508r2.pdf" target="_blank">survey</a> by HSBC in which students were prompted with the question, "On average, how long do you spend doing the following each day?" Here are the answers:<br />
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Going to lectures/tutorials/seminars: 2.3 hours<br />
Visiting the library: 1.5 hours<br />
Studying at home: 2.8 hours<br />
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That's a total of 6.6 hours on school work.<br />
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Working (paid employment): 4.2 hours<br />
Volunteering (unpaid): 0.9 hours<br />
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That's a total of 5.1 hours on work unrelated to school. So yes, based on these categories, 4.2 > 1.5 and 4.2 > 2.3, so the facts asserted in the headline and the statement that follows it are true. But 5.1 < 6.6, so what's the big deal? <br />
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But wait, there's more. The same survey reports the following responses for the rest of the day:<br />
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Texting/messaging/emailing: 2.3 hours<br />
Watching streaming devices: 2.2 hours<br />
On social media: 2.5 hours<br />
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So that's 7 hours on screens, more than both school work and paid work. (Also listed are 4 hours of socializing.) I guess if I were going to write a news article in Bloomberg and be objective about it, I would include that. But then how could I make the case that life is somehow unfair to students because, what, between school work and other work, they only get to spend 11 hours socializing or looking at screens?<br />
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When I <a href="http://samwick.blogspot.com/2018/09/how-shall-we-be-judged-old-media-edition.html" target="_blank">blogged</a> about the media earlier this month, noting that with the increase in quantity we have seen some bad examples of quality, this is the sort of media I had in mind. A survey has been cited selectively and incorrectly to push a point of view. Further, I first came across this in my local paper, which had no link to the survey. This is bad journalism. It is unprofessional. And it erodes the trust we'd like to have in those who bring us the news.<br />
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<br />Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com4tag:blogger.com,1999:blog-17206839.post-74960048201776755602018-09-11T12:35:00.002-04:002018-09-11T12:35:43.736-04:00Ratf**ked, Now From the LeftAbout a year ago, I read the book <a href="https://www.amazon.com/Ratf-ked-Your-Doesnt-Count-ebook/dp/B016APOCRU/" target="_blank">Ratf**ked: Why Your Vote Doesn't Count</a>, by David Daley. It is an eye-opening account of how some Republican strategists figured out that by flipping a few state legislatures from blue to red, the Republicans would get to control the redistricting process after the 2010 Census and draw the maps for those states to favor their party. The book has chapters on Pennsylvania, North Carolina, Michigan, Ohio, Florida, Wisconsin, and Arizona -- the states where we have seen increased attention since. The strategy was quite successful. The books is worth your time, as a means of better understanding what happened in 2010 and sorting through the challenging issues associated with the Constitutionality of gerrymandering.<br />
<br />
In today's <a href="https://www.washingtonpost.com/news/powerpost/paloma/daily-202/2018/09/11/daily-202-playing-catch-up-progressive-groups-to-spend-10-million-on-digital-ads-for-state-legislative-races/5b970b121b326b47ec959539/?utm_term=.c3dfff5a4bd3" target="_blank">Washington Post</a>, James Hohmann describes (without reference to Daley's book, strangely) what some left-leaning groups are doing between now and the midterm elections to try to run that strategy on behalf of Democratic candidates. Midterm elections tend to favor the party that does not hold the Presidency, and the Tea Party was ascendant while the Democrats were snoozing in 2010. But in 2018, the midterm effect favors the Democrats, and in 2020, they will be driving high turnout due to their dissatisfaction with President Trump. So they are poised to make gains. What they won't have is an opposing party that is not paying attention. There is nothing magical in the way Democrats would figure out which races to target, so I expect the Republicans to contest them vigorously. If you are in one of those districts, I don't envy the political ads and robocalls you will be experiencing over the next two months.<br />
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<br />Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-64156962119887035652018-09-06T21:41:00.002-04:002018-09-06T21:41:48.436-04:00How Shall We Be Judged? Old Media EditionChuck Todd has written over 2300 words in his manifesto, <a href="https://www.theatlantic.com/ideas/archive/2018/09/its-time-for-the-press-to-stop-complainingand-to-start-fighting-back/569224/" target="_blank">It's Time for the Press to Stop Complaining -- And Start Fighting Back</a>, and omitted the most important one: CNN. While there is no disputing the unique role that Fox News has played, the precipitating event came earlier, when CNN introduced the 24-hour news format.<br />
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Prior to that innovation, television news was not much of a profit center and so the amount of time devoted to it was limited. That quantity restriction promoted quality. If news would take up only a couple of hours a day, there was only room for the best programming. And the best people. I got my news from ABC -- Frank Reynolds, Ted Koppel, Max Robinson, and Peter Jennings. Prior to the 24-hour news format, if I was watching news on TV, I was watching professionals at their best. I was also watching reporters report on news, often in real-time.<br />
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Yes, CNN offered something new. I remember the early days of <a href="https://en.wikipedia.org/wiki/Crossfire_(U.S._TV_program)" target="_blank"><i>Crossfire</i></a> with Braden and Buchanan as particularly good. But let's face it. There aren't 24 hours of news, and with the quantity restriction gone, the quality of the programming suffered. And the quality of the people fell as well. <i>Crossfire's</i> demise shortly after Jon Stewart's 2004 <a href="https://www.youtube.com/watch?v=GooQwKDMqcI" target="_blank">appearance</a> captures this decline well. And if I am watching cable news, I am not watching only professionals at their best. I am also generally not watching reporters report on news. Most of what I am watching is a cacophony of multiple people, many but not all of them obvious partisans, commenting on events, many of which would not have made it on the air in the quantity-restricted era.<br />
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So when Todd writes, "The American press corps finds itself on the ropes because it allowed a
nearly 50-year campaign of attacks inspired by the chair of Fox News to
go unanswered," he's missing an important part of the story. The American news industry started peddling opinion and commentary as news, and now the press corps is dealing with the fallout. It is being judged according to its worst elements. There is no shortcut out of this mess, and the road to redemption certainly isn't to "Fight Back." The way forward is to return to basics -- in this case, reporting facts and events as they happen and airing only the most exemplary of its efforts. Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-12649512501001626732018-03-10T21:35:00.001-05:002018-03-10T21:35:14.991-05:00Le Premier AmendementIf you need a reminder of why the First Amendment is so important, look no further than this recent <a href="https://www.washingtonpost.com/news/morning-mix/wp/2018/03/02/french-far-right-leader-marine-le-pen-charged-for-tweeting-gruesome-isis-images/?utm_term=.604502cbc246" target="_blank">story</a> in <i>The Washington Post</i> about the crimes with which Marine Le Pen has been charged. The event in question is reported as follows:<br />
<blockquote class="tr_bq">
Le Pen, well known and often criticized for <a href="https://www.nytimes.com/2015/11/18/world/europe/marine-le-pens-anti-islam-message-gains-influence-in-france.html">inveighing against Islam</a>, posted the tweets at issue in December 2015, not long after the Islamic State claimed credit for a <a href="https://www.washingtonpost.com/world/string-of-paris-terrorist-attacks-leaves-over-120-dead/2015/11/14/066df55c-8a73-11e5-bd91-d385b244482f_story.html?utm_term=.b76924ba8083">string of coordinated terrorist attacks</a>, including explosions, suicide bombings and shootings that left 130 people dead in the French capital. </blockquote>
<blockquote class="tr_bq">
At the time, a French expert on Islam compared the National Front’s growing popularity among French conservatives to “jihadism,” as <a href="http://www.lemonde.fr/politique/article/2015/12/16/pourquoi-marine-le-pen-a-publie-des-images-de-propagande-de-l-ei_4833263_823448.html">Le Monde reported</a>. </blockquote>
<blockquote class="tr_bq">
In response, an outraged Le Pen tweeted three grisly photographs with the text “That is Daesh!” using a nickname for the Islamic State.</blockquote>
Much as I disapprove of what Le Pen represents as a politician, the onus would now be on the so-called expert on Islam to provide evidence that the National Front engages in behavior comparable to the gruesome actions of the jihadists depicted in the photos Le Pen posted or to disavow the comparison (which is a bit more nuanced in the original source than reported above).<br />
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But why let grownups engage in such debate. Here is how the incident has recently played out:<br />
<blockquote class="tr_bq">
Marine Le Pen, the leader of France’s far-right nationalist party, was charged in criminal court on Thursday for posting images to Twitter showing brutal killings by Islamic State fighters.</blockquote>
<blockquote class="tr_bq">
Prosecutors in the Paris suburb Nanterre accuse Le Pen, president of the National Front party and a member of parliament, of distributing “violent messages that incite terrorism or pornography or seriously harm human dignity,”<a href="https://www.theguardian.com/world/2018/mar/01/marine-le-pen-charged-for-posting-violent-isis-images-on-twitter"> as reported</a> in the Guardian.</blockquote>
<blockquote class="tr_bq">
The crime under French law barring extreme speech carries up to three years in prison and a roughly $90,000 fine, though Le Pen’s status as a political figure would probably shield her from a stiff sentence were she convicted.</blockquote>
<blockquote class="tr_bq">
[...]</blockquote>
<blockquote class="tr_bq">
The charges came about four months after France’s National Assembly voted to strip Le Pen of immunity from prosecution, triggering an investigation into the 2015 tweets.</blockquote>
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That's a fascinating take on civil rights. As I have noted <a href="http://samwick.blogspot.com/2017/04/i-am-calling-bullshit-on-washington-post.html" target="_blank">before</a> with regard to Le Pen, it is an unforced error to make her a sympathetic figure by reporting on her with bias or, in this case, prosecuting her for engaging in political speech.<br /><span style="color: #111111; font-family: Georgia; font-size: 18px;"><br /></span>
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Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-82867078337472503592017-11-06T14:17:00.000-05:002017-11-06T14:17:36.796-05:00Stumbling Blocks Between Tax Cuts and Economic GrowthA few years ago, Bill Gale and I wrote a <a href="http://www.dartmouth.edu/~samwick/Gale_Samwick.pdf" target="_blank">paper</a> about the relationship between tax reform -- defined generally as lowering marginal tax rates and broadening the base on which those taxes are levied -- and economic growth, anticipating that there were likely to be claims in the near future that such tax changes would lead to economic growth. That future has arrived with the long-anticipated Republican tax plan unveiled last week.<br />
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The following quote from that paper <a href="https://www.csmonitor.com/Business/2017/1102/Republicans-pitch-broad-tax-cuts.-Is-that-what-economy-needs" target="_blank">appeared</a> in the <i>Christian Science Monitor</i> last week:<br />
<blockquote class="tr_bq">
Well-designed tax policies have the potential to raise economic growth. But there are many stumbling blocks along the way and certainly no guarantee that all tax changes will improve economic performance.</blockquote>
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What are those stumbling blocks? The remainder of the paragraph from the paper gives some indication:</div>
<blockquote class="tr_bq">
Given the various channels
through which tax policy affects growth, a tax change will be more growth-inducing to the extent
that it involves (i) large positive incentive (substitution) effects that encourage work, saving, and
investment; (ii) small or negative income effects, including a careful targeting of tax cuts toward
new economic activity, rather than providing windfall gains for previous activities; (iii)
reductions in distortions across economic sectors and across different types of income and
consumption; and (iv) minimal increases in, or reductions in, the budget deficit. </blockquote>
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The rationale for why there could be a link between tax reform and economic growth starts with the <a href="https://en.wikipedia.org/wiki/Substitution_effect" target="_blank">substitution effect</a>, which in this case promotes economic activity because households get to keep more of the income they generate through that activity. Against this boost in economic activity are three countervailing forces:</div>
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<br /></div>
1) The income effect, whereby the lower tax rate generates more after-tax income for a given amount of economic activity, encouraging higher consumption of all goods, including leisure. That reduces work. There is no guarantee that the substitution effect is greater than the income effect. As we note in the paper, this is more likely to happen when only the marginal tax rate changes. But if the whole schedule of tax rates is lower, then inframarginal tax rates are changing as well, and income effects are thus likely to be much larger.<br />
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2) The need to pay for the revenue loss associated with the tax cuts. This is the base broadening aspect of tax reform. In the Republican proposal, for example, the cap for the value of a mortgage on which interest can be deducted is lowered from $1 million to $500,000. This means lower deductions and thus some gain in tax revenues. Fine. But it also means less economic activity in housing, since we can expect fewer large homes or homes in pricey areas to be built. If lower marginal tax rates on work are thought to encourage work, then why would higher tax costs of housing not discourage housing? While discouraging further housing investment might be fine as public policy, the loss of economic activity in the housing sector is a drag on economic growth.</div>
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3) Alternatively, if the revenue loss is not made up contemporaneously through higher taxes elsewhere, then the horizon over which the economic growth is measured needs to include all of the time over which the higher debt due to the widening of the budget deficit is serviced. Servicing that incremental debt reduces economic activity elsewhere in the economy. If the tax revenue is not made up elsewhere, then what we have is not economic growth, but a shifting of economic activity to the present from the future.</div>
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So those are the stumbling blocks -- income effects, higher taxes due to base-broadening, and the costs of servicing incremental debt.</div>
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I expect to blog again soon about some other aspects of tax reform, focusing on income transfers.<br />
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Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-17133818592521246132017-10-14T11:48:00.001-04:002017-10-14T11:48:51.038-04:00Another Example of the Washington Post's DeclineIf this is journalism, <i>The Washington Post</i> should just pack it in. Here is the opening sentence in an <a href="https://www.washingtonpost.com/national/health-science/trump-to-sign-executive-order-to-gut-aca-insurance-rules-and-undermine-marketplaces/2017/10/11/40abf774-ae97-11e7-9e58-e6288544af98_story.html?utm_term=.713521621d67" target="_blank">article</a> from yesterday's paper on recent Trump Administration policy, by Amy Goldstein and Juliet Halperin:<br />
<br />
<blockquote class="tr_bq">
President Trump is throwing a bomb into the insurance marketplaces
created under the Affordable Care Act, choosing to end critical payments
to health insurers that help millions of lower-income Americans afford
coverage.</blockquote>
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Note the incendiary language, "throwing a bomb." Paragraph nine of the same article reads as follows:<br />
<br />
<blockquote class="tr_bq">
The cost-sharing reductions — or CSRs, as they are known — have long
been the subject of a political and legal seesaw. Congressional
Republicans argued that the sprawling 2010 health-care law that
established them does not include specific language providing
appropriations to cover the government’s cost. House Republicans sued
HHS over the payments during President Barack Obama’s second term. A
federal court agreed that they were illegal, and the case has been
pending before the U.S. Court of Appeals for the D.C. Circuit.</blockquote>
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I presume that the reporters knew the information they wrote in paragraph nine before writing the first sentence. Yet they characterize ending payments that a federal court has deemed illegal as "throwing a bomb." I expect more from professionals, so why, other than the fact that my local paper reprinted this, would I seek out <i>The Washington Post</i>?<br />
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I wouldn't. By contrast, read this <a href="http://www.powerlineblog.com/archives/2017/10/on-obamacare-trump-restores-the-rule-of-law.php" target="_blank">post</a> at Powerline by John Hinderaker. It provides a legal background, it quotes from the judge's decision, and links to another source about the likely effect of the policy change. If the amateurs can do a better job than the professionals, then it is no surprise that traditional news outlets are in decline.Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-65316686403714985312017-08-18T12:51:00.000-04:002017-08-18T12:51:58.666-04:00Charlottesville: The Criminal, the Moral, and the ConstitutionalA lot of ink has been spilled over the tragic events in Charlottesville last weekend. I spent the early part of the week trying to find good summaries and timelines of the events. I found two that were particularly helpful. The first was in the <a href="http://www.chronicle.com/article/Beyond-a-President-s-Worst/240914" target="_blank">Chronicle of Higher Education</a>, from University of Virginia President Terry Sullivan's perspective. She continues to be on the front lines of many challenges confronting higher education, and I think she's holding up pretty well. The second was in <a href="https://www.buzzfeed.com/blakemontgomery/heres-what-really-happened-in-charlottesville?utm_term=.ureb9JEkB#.dtOJ6k1or" target="_blank">Buzzfeed</a>, in which reporter Blake Montgomery gave his first-person account. <br />
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I spent the last few days thinking about my own response and the various responses of others to the events. I think that one problem in the way the nation is articulating its response is that there are (at least) three elements of the events in Charlottesville that need to be distinguished.<br />
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The easiest element to identify is the Criminal. The horrific <a href="https://www.nytimes.com/2017/08/13/us/james-alex-fields-charlottesville-driver-.html?mcubz=0" target="_blank">incident</a>, in which a car being driven by James Alex Fields Jr. plowed through a crowd and crashed into other cars, left 1 person dead and 19 others wounded. This incident happened after the rally was declared an unlawful assembly. Fields will be prosecuted as a criminal, for offenses including second-degree murder.<br />
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The Moral element is also pretty easy to identify. Many, probably almost all, of the participants in the "Unite the Right" rally draped themselves in the imagery of the Confederacy or the Nazis. I can only imagine how pathetic life would have to be to hide behind symbols of genocide and the regimes that inflicted them. (Kevin Williamson has some ideas at <a href="http://www.nationalreview.com/article/450501/white-nationalists-alt-right-vague-grievances-what-do-they-want" target="_blank">NRO</a>.) To do so in proximity to those who have suffered or lost loved ones to those regimes is a heinous act, for which there is no moral justification.<br />
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But here the Constitutional element is relevant. That heinous act of spewing white nationalism, whether through conventional media for speech or in an otherwise peaceful assembly, is protected by the First Amendment. Those who organized the "Unite the Right" rally had the right to do so, and they should not be threatened with or subjected to violence for doing so. This is true despite the fact that their ideology, if they could implement it, would impose violence on others. And those on the Left who seek to deny that right to speak and assemble -- an extreme form of the heckler's veto that is so evident on college campuses today -- should be criticized severely. The same is true of those who, during last year's Presidential campaign, are <a href="https://www.washingtonpost.com/news/morning-mix/wp/2016/06/03/ugly-bloody-scenes-in-san-jose-as-protesters-attack-trump-supporters-outside-rally/?utm_term=.30b6d4fb2f49" target="_blank">reported</a> to have perpetrated violence against people attending a political event for the then-candidate Trump. The ACLU was right to file the lawsuit on behalf of the "Unite the Right" organizers who wanted the event at the site of the Robert E. Lee statue. They are also on solid ground to, going forward, <a href="http://thehill.com/homenews/347053-aclu-revises-policy-to-avoid-supporting-hate-groups-protesting-with-firearms?rnd=1503027620" target="_blank">refuse</a> to represent such groups if they insist on carrying firearms to such events.<br />
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Prosecute the Criminal, Condemn the (IM)Moral, and Uphold the Constitutional.<br />
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<br />Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-55933245467748857742017-08-09T23:21:00.000-04:002017-08-09T23:21:35.869-04:00Leadership in Real Time and for the Long Term<div class="separator" style="clear: both; text-align: center;">
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I define leadership as the mobilization of people and their resources toward a common goal. At Google, I presume that an example of that goal is to deliver the best user experience in Internet search and a growing area of online activities (like this blog's platform), so that the company can sell the users' attention to advertisers and generate profits. Google has, for the last two decades, outperformed its competitors, in my view because it has had a business model and culture that attracts talented people and encourages them to innovate on behalf of the company. (Great colleges and universities excel in the same way.)<br />
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I value the services Google provides and so it is unfortunate to see how poorly its leadership, specifically CEO Sundar Pichai, has responded to the circulation of a memo written by employee James Damore, <a href="https://diversitymemo-static.s3-us-west-2.amazonaws.com/Googles-Ideological-Echo-Chamber.pdf" target="_blank">Google's Ideological Echo Chamber: How bias clouds our thinking about diversity and inclusion</a>. Pichai's response was twofold: first, circulating this <a href="https://www.blog.google/topics/diversity/note-employees-ceo-sundar-pichai/" target="_blank">e-mail</a> to all employees, and second, firing Damore within days of the memo going viral. <br />
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Pichai's response is, in my view, a failure of leadership. The leader has to distinguish what is a short term problem that must be addressed immediately and what is a longer term challenge or opportunity that can be taken up with more patience and deliberation. He didn't do this very well. Here's what I would have recommended that he do in his communication with employees:<br />
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1. Immediately, clarify what was presented (and what wasn't) in the memo<br />
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In his e-mail, Pichai had the opportunity to identify the central argument in the memo and distinguish it from the more salacious claims about it that arose as it went viral. Instead, he does the opposite, stating that the memo crosses the line "by advancing harmful gender stereotypes in our workplace." Damore explicitly does not do this. He provides this figure to illustrate his point:<br />
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<img alt="" src="data:image/png;base64,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" /><br />
<br />
The relevance of the figure is that Damore states in the bottom panel that he doesn't endorse stereotyping people. If that's not obvious from the figure, then it should be obvious from the paragraph in the memo immediately preceding it:<br />
<br /><blockquote class="tr_bq">
Note, I’m not saying that all men differ from all women in the following ways or that these differences are “just.” I’m simply stating that the distribution of preferences and abilities of men and women differ in part due to biological causes and that these differences may explain why we don’t see equal representation of women in tech and leadership. Many of these differences are small and there’s significant overlap between men and women, so you can’t say anything about an individual given these population level distributions.</blockquote>
<br />
Damore is not saying that the tech industry is structured to be equally accessible to men and women. He is saying that even if it were, equal representation would not necessarily obtain and should therefore be reconsidered as the standard. Contrary to what Pichai writes in his e-mail, Damore does not "suggest a group of our colleagues have traits that make them less biologically suited to that work." That would require that Google have different hiring standards for men and women. If the standards are the same, then everyone working at Google has enough of the relevant traits to be suited for that work.<br />
<br />
In my view, Pichai compounded the widespread misunderstandings of what was presented in the memo at the precise moment when he should have been clarifying them.<br />
<br />
<br />
2. Immediately, set grownup expectations for how to behave as a co-worker when you find something offensive. <br />
<br />
On two occasions in the memo, Pichai uses the phrase, that something is "not OK." His language is reminiscent of what day care workers say to toddlers who have gone a bit past their scheduled nap time and are acting out. Could we please stop infantilizing young adults? The simple rule for engaging with colleagues in a forum like the one to which Damore posted his ideas should be that if you are offended by something, give the author the benefit of the doubt that the offense was unintended. Ask for clarification of the offending statements to see if there is a less offensive way of presenting them. Challenge the offensive claim with evidence to the contrary. Do not mischaracterize or oversimplify the author's claims and then get outraged over your own errors of understanding. (For some absurd examples, see several of the quotes in this <i>Washington Post</i> <a href="https://www.washingtonpost.com/news/on-leadership/wp/2017/08/07/a-googlers-manifesto-is-the-hr-departments-worst-nightmare/?utm_term=.e1b5621c4593" target="_blank">column</a>.)<br />
<br />
I work in an industry and a profession that operates like such a forum, and I have seldom regretted following this simple rule. Think of how much better our workplaces would be if it were more widely followed. As CEO of one of the most important companies in the world, Pichai should be encouraging its adoption rather than accommodating its opposite.<br />
<br />
3. Set an aspirational goal for the longer term<br />
<br />
Pichai does acknowledge that "many points raised in the memo ... are important topics," but he gives no indication of any changes that will occur at Google in light of them. That's a mistake. The memo makes assertions of fact and assertions of causality. It provides some evidence to support those assertions, but it doesn't presume to be comprehensive in doing so. Google should rectify that. Commission a panel of distinguished outside experts to report on the best evidence possible on whether the assertions are true or not. Set a deadline of a few months and then promise a webinar or similar venue for the panel to present its findings. Allow time for employees to formulate and act on their best response to the memo, rather than their first response to the memo.<br />
<br />
Failure to do this undermines Pichai's claim that "People must feel free to express dissent." He compounds this problem by firing Damore. Termination is the harshest sanction that could be imposed. A lesser sanction, like a period of probation, would not preclude a termination at a later time if warranted.<br />
<br />
The irony here is that since Google owns YouTube, it already has the benefit of much of that expertise. See, for example, this <a href="https://www.youtube.com/watch?v=9bTKRkmwtGY" target="_blank">video</a>, in which Steven Pinker and Elizabeth Spelke debate some of the evidence on gender differences in the wake of the <a href="http://www.harvard.edu/president/speeches/summers_2005/nber.php" target="_blank">remarks</a> that Larry Summers made at an NBER conference in 2005. The response to those remarks, which bears some similarity to the response to the Google memo, ultimately led to him resigning the presidency of Harvard about a year later. (I blogged about that episode <a href="http://voxbaby.blogspot.com/2005/02/summers-transcript.html" target="_blank">here</a> and <a href="http://samwick.blogspot.com/2015/01/diversifying-workforce-then-and-now.html" target="_blank">here</a>.) Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-8969765383821208652017-05-21T08:39:00.002-04:002017-05-21T08:39:41.283-04:00Thank you, Mayor Mitch LandrieuSimply the best <a href="http://pulsegulfcoast.com/2017/05/transcript-of-new-orleans-mayor-landrieus-address-on-confederate-monuments" target="_blank">statement</a> on healing a racial divide in many years, on the occasion of New Orleans removing four statues to Confederate leaders. This is what leadership in public office sounds like.<br />
<br />
<blockquote>
So I am not judging anybody, I am not judging people. We all take our own journey on race. I just hope people listen like I did when my dear friend Wynton Marsalis helped me see the truth. He asked me to think about all the people who have left New Orleans because of our exclusionary attitudes.<br /><br />Another friend asked me to consider these four monuments from the perspective of an African American mother or father trying to explain to their fifth grade daughter who Robert E. Lee is and why he stands atop of our beautiful city. Can you do it?<br /><br />Can you look into that young girl’s eyes and convince her that Robert E. Lee is there to encourage her? Do you think she will feel inspired and hopeful by that story? Do these monuments help her see a future with limitless potential? Have you ever thought that if her potential is limited, yours and mine are too?</blockquote>
<br />
Read the whole thing. Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-91983812631653960382017-04-26T10:14:00.000-04:002017-04-26T10:14:18.128-04:00I Am Calling Bullshit on The Washington PostMy local <a href="http://www.vnews.com/" target="_blank">paper</a> stays in business in part by importing its national and international news from sources like <i>The Washington Post</i>. The latter's coverage of the recent French elections leaves a lot to be desired. Here are two examples.<br />
<br />
On the editorial <a href="https://www.washingtonpost.com/news/global-opinions/wp/2017/04/23/frances-election-reveals-a-new-political-divide/?utm_term=.ec65c67721ad" target="_blank">page</a>, we find Anne Applebaum writing as follows:<br />
<br />
<blockquote class="tr_bq">
Le Pen, best described as a national socialist, would like to take
France out of international institutions, including both the European
Union and NATO; block borders; curtail trade; and impose quasi-Marxist
state-dominated economics.</blockquote>
<br />
I wonder if Ms. Applebaum realizes that national socialist means Nazi. Just Google the <a href="https://www.searchincognito.com/search?eq=SRpnZ77AN8Nvl1%2Fu8khdSyPy4VGUd%2Bo3e9tGVCLV9EM%3D" target="_blank">term</a> and look at the first few entries. Now re-read the sentence without the offending phrase, "best described as a national socialist," and ask yourself whether any of the substance is lost. None, as far as I can tell, except the name calling.<br />
<br />
On the news <a href="https://www.washingtonpost.com/world/french-voters-face-choose-between-hope-and-fear-in-runoff-for-presidency/2017/04/24/d7b17654-28d1-11e7-86b7-5d31b5fdc114_story.html?utm_term=.2e7c50be56ab" target="_blank">page</a>, we find Michael Birnbaum and James McAuley writing under a headline, "French voters face choice between hope and fear in runoff for presidency." Since the word "hope" has exclusively positive <a href="http://www.dictionary.com/browse/hope" target="_blank">connotations</a> and the word "fear" has exclusively negative <a href="http://www.dictionary.com/browse/fear" target="_blank">connotations</a>, this is a bias that doesn't belong in a news story. The names of the candidates, Macron and Le Pen, would have served just fine. We get more of this in the second paragraph:<br />
<br />
<blockquote class="tr_bq">
In a flat-out rejection of the center-left and center-right parties that
have run the country for decades, voters opted for Emmanuel Macron, 39,
a fresh-faced independent who argues for France’s place in Europe and a
globalized economy, and Marine Le Pen, 48, an ardent right-winger who
wants to return to a nation-state model, leave the European Union and
curb immigration.</blockquote>
<br />
Why does Mr. Macron get to be referred to as a "fresh-faced independent," while Ms. Le Pen gets to be referred to as an "ardent right-winger?" Would anyone read this and think that "fresh-faced" is less appealing than "ardent" or that "independent" is less appealing than "right-winger?" As in the first example, read the sentence again without these characterizations and ask if any of the substance is lost. Again, none.<br />
<br />
In the Age of Trump, which is not an age I voted for or one that I celebrate, we all have to be much better at our jobs. For a newspaper, particularly one like <i>The Post</i> that aspires to be a paper of record, that means choosing words carefully so that news is reported accurately and without embellishment. (For an academic economist, it means appealing to the authority of my credentials and positions only when writing in my areas of expertise for which those credentials and positions were earned.) To do otherwise, as in these examples, is to invite readers to ignore and discount what is written.<br />
<br />
<br />Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-24399350255655296102017-04-11T21:10:00.003-04:002017-04-26T10:14:33.554-04:00Auctioning Off the Friendly SkiesThis is the smartest <a href="http://thefederalist.com/2017/04/11/did-united-airlines-violate-its-own-contract-by-forcing-that-passenger-off-the-plane/" target="_blank">commentary</a> I have seen yet on the mishap of United Flight 3411. Regulated companies have to produce policies and then abide by them. Failure to abide by their own policies is what gets these companies into an extra layer of trouble. This could get mighty expensive for United. Frankly, it should. This is a completely unforced error.<br />
<br />
I have another suggestion -- that airlines augment their policies for how to deal with flights where passengers have to be asked to give up their seats. Instead of running the auction to get volunteers right on the spot, when emotions and other factors come into play, run it at the time the tickets are purchased, when people are more dispassionate. Give people a few different options, like:<br />
<ul>
<li>re-booking on the next flight, even if the next day (an option only for those originating rather than connecting in the city), plus some token compensation</li>
<li>re-booking on the next flight, but only if the same day, plus some token compensation</li>
<li>... all kinds of progressively juicier compensation ...</li>
<li>two vouchers for first class travel anywhere a partner airline flies</li>
</ul>
You get the idea. Then the gate agents can call names and give people what they signed up for. For many travelers, this would become part of their stored profile with the airline. For others, it might change for each flight depending on whether it is a business or leisure trip. In any case, it will save tears (and worse) later on.<br />
<br />
<b>Update:</b> More good commentary <a href="http://viewfromthewing.boardingarea.com/2017/04/11/real-reason-man-dragged-off-united-flight-stop-happening/" target="_blank">here</a>, highlighting some of United's constraints due to federal regulations and union rules. Quoting:<br />
<br />
<blockquote class="tr_bq">
Department of Transportation regulations set maximum required
compensation for involuntary denied boarding (in this case 4 times the
passenger’s fare paid up to a maximum of $1350). So they’re not going
to offer more than that for voluntary denied boardings, especially since
the violent outcome here wasn’t <i>expected</i> and the United Express gate agent had no authority to do more.</blockquote>
<br />
So my (somewhat facetiously) proposed options should be simpler -- 1x, 2x, 3x, 4x ticketed price up to the cap, possibly subject to how the transportation will be completed. The limited room to negotiate when the shortage is at hand makes it even more important to resolve these potential conflicts ahead of time.<br />
<br />
<b>Update:</b> And another <a href="https://www.facebook.com/keith.hennessey/posts/10212772639369508" target="_blank">one</a>, describing both Delta's check-in questions and an alternative that gamifies the shortage.Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com1tag:blogger.com,1999:blog-17206839.post-88930234653636674142017-04-06T21:26:00.001-04:002017-04-06T21:26:21.855-04:00Tax Cuts and Growth, or NotIn yesterday's <i>New York Times</i>, Neil Irwin<a href="https://www.nytimes.com/2017/04/05/business/dealbook/tax-cuts-job-growth-trump.html" target="_blank"> asks</a>, "Do Tax Cuts Really Spur Growth?" I am quoted as follows:<br />
<blockquote class="tr_bq">
“The basic finding in the literature is that it’s very hard to detect a
robust impact from changing taxes to growth,” said Andrew Samwick, a
Dartmouth economist who co-wrote a review of the evidence. “If you look
across countries, unless they’re actually out there confiscating assets
through their tax system, you don’t find a strong relationship.”<br />
<br />
In other words, there are countries with high or rising taxes that have
strong growth, and countries with low or falling rates that don’t. </blockquote>
The review in question is this <a href="http://www.dartmouth.edu/~samwick/Gale_Samwick.pdf" target="_blank">paper</a> with Bill Gale of the Brookings Institution, which has recently been published in a conference volume on <a href="https://global.oup.com/academic/product/the-economics-of-tax-policy-9780190619725?cc=us&lang=en&" target="_blank">The Economics of Tax Policy</a>, edited by Alan Auerbach and Kent Smetters.<br />
<br />
What I had in mind in the quote is this recent article by Nir Jaimovich and Sergio Rebelo, "Nonlinear Effects of Taxation on Growth," from the February <a href="http://www.journals.uchicago.edu/doi/abs/10.1086/689607" target="_blank">issue</a> of the <i>Journal of Political Economy</i>. Consider their abstract: <br />
<blockquote class="tr_bq">
We propose a model consistent with two observations. First, the tax
rates adopted by different countries are generally uncorrelated with
their growth performance. Second, countries that drastically reduce
private incentives to invest severely hurt their growth performance. In
our model, the effects of taxation on growth are highly nonlinear. Low
tax rates have a very small impact on long-run growth rates. But as tax
rates rise, their negative impact on growth rises dramatically. The
median voter chooses tax rates that have a small impact on growth
prospects, making the relation between tax rates and economic growth
difficult to measure empirically.</blockquote>
The notion that it is very hard to find a systematic effect of tax rates on long-term economic growth is common knowledge in academic circles. My favorite quote on the matter is a 20-year-old remark that Bill Easterly made in discussing this <a href="http://www.jstor.org/stable/2534615" target="_blank">paper</a> by Joel Slemrod, "... the data mock attempts to discern the growth effects of taxes ..."<br />
<br />
Note that this is a different question than whether a cut in tax rates can spur economic activity in the short run. Reducing tax rates, without reducing current spending, can shift economic activity from the future to the present, and this will be measured as growth in the economy financed by an increase in debt. But this is not long-term economic growth. Economic activity will be lower in the future when either tax rates are increased to retire the debt or the interest payments to service the debt crowd out other spending. Shifting economic activity forward within a multi-year period is not economic growth when measured over the whole period.Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-159051917917547952017-03-28T16:45:00.000-04:002017-03-28T16:45:17.024-04:00How Successful Was the Tea Party Movement?Over Dartmouth's recent spring break, I made some lunchtime remarks at a meeting of the Dartmouth Club of Dallas. The theme of my remarks was that we have recently seen, or will soon see, the poor outcomes of trends that have been a long time in the making. I used some examples that have been the subject of blog posts -- the depopulation of urban areas in the Midwest that put Wisconsin, Michigan, Pennsylvania, and even Ohio in play for the Republicans in 2016; the chronic underfunding of state and local pension plans; and the impending financial consequences of the Baby Boom generation shifting from being a large, productive cohort of contributors to old-age entitlement programs to being a large cohort of program beneficiaries.<br />
<br />
On this occasion, I added a new outcome that we should have expected based on recent events. The election of Donald Trump represents the culmination of the Tea Party movement. Here's what I said:<br />
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<br />
<blockquote class="tr_bq">
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As much as the media fomented stories about discord between
the Trump campaign and the Republican establishment, Steve Bannon and Reince Priebus
– reflecting the insurgent and the traditional elements of the Republican Party
– were working together on Trump’s campaign since at least August 15<sup>th</sup>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In light of this, I think we have to acknowledge that the
Tea Party is one of the most <i style="mso-bidi-font-style: normal;">electorally</i>
successful political movements in our lifetimes. I say electoral success – this
does not necessarily imply ideological or policy success. And it has achieved
its success without much formal, top-down mobilization. Recall that this
movement began in February 2009 in opposition to Obama’s early policies, particularly
his announced plans to give financial aid to <a href="https://en.wikipedia.org/wiki/Homeowners_Affordability_and_Stability_Plan" title="Homeowners Affordability and Stability Plan">bankrupt homeowners</a> but
also including the stimulus bill and eventually Obamacare. Some elements appear
to be for a smaller public sector and lowering the public debt, but others have
shown up to town hall meetings with, shall we say puzzling, <a href="http://message.snopes.com/showthread.php?t=49279">slogans</a> like, “Keep
your government hands off my Medicare.” (In fairness, though, we do refer to
Medicare as an “entitlement program,” so eventually people might start
believing that.)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As an aside, lest you think it matters as much to Trump
supporters as it does to his critics, you may have been reading in newspapers
this week articles with sensational headlines that contend that Trumpcare or
Trump’s budget will disadvantage areas that voted for him. This is more
misunderstanding of the phenomenon. Recall the origin of the movement – in
opposition to a government handout that would have sent money to some of these
same areas. I would argue that “nothing is the matter with Kansas” – it just
doesn’t always vote its pocketbook. (We might even note that there are some
positive social aspects of that approach.)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The Tea Party’s first victory was to strongly influence the
outcomes in the 2010 midterm elections, flipping the House back to Republicans,
which the Republicans have held since. The House turns over every two years,
the Senate every six. In the first three Senate elections following the Tea
Party’s formation, the Republicans picked up 13 seats: +6 in 2010, -2 in 2012,
and +9 in 2014 to regain control before giving 2 back while retaining the
Senate in 2016.<span style="mso-spacerun: yes;"> </span>Given how many seats the
Democrats will have to defend in 2018,
the Democrats are unlikely to retake the Senate, despite what we are observing
in Washington these days. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And in 2016, the Tea Party elected a president. Much of what
Trump considers to be his agenda – national security and sovereignty, economic
nationalism, and (using Steve Bannon’s <a href="http://www.cnn.com/2017/02/23/politics/reince-priebus-steve-bannon-cpac-unity/" target="_blank">language</a>) the deconstruction of the
administrative state – appeals to the Tea Party movement. I don’t see how the other
elements of the Reagan coalition – pro-business, libertarian, evangelical – can
find their way back to power until, first, the Trump coalition organized around
these nationalist themes surrenders its narrow Electoral College majority to a
Democratic administration and, second, the population is ready to move on from
that administration.</div>
</blockquote>
<br />
<div class="MsoNormal">
I made these remarks on March 17, before the debacle of the failure to move the AHCA the following week. What I take from that episode is that 2016 is this culmination of the Tea Party movement is also the peak of its electoral success. The rhetoric of criticism of the Obama administration was ill preparation for the realities of governing. Conor Friedersdorf describes the unraveling in riveting detail in the <a href="https://www.theatlantic.com/politics/archive/2017/03/the-right-wing-media-helped-obamacare-in-spite-of-itself/520851/" target="_blank">Atlantic</a> yesterday. Save for appointments to the Supreme Court, President Trump is unlikely to accomplish anything fundamental that requires the Congress to participate. That includes the budget, walls on the border, and many other planks in his campaign platform. And the reason isn't that the Democrats refuse to cooperate -- it is that the Republicans will be unwilling or unable to move these initiatives along.</div>
<div class="MsoNormal">
</div>
Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0tag:blogger.com,1999:blog-17206839.post-11157537887153472582017-01-19T21:21:00.001-05:002017-01-19T21:21:40.886-05:00Republican Budget Policy, A New LookAt the <a href="http://samwick.blogspot.com/2017/01/inauguration-week-panels-at-dartmouth.html" target="_blank">Inauguration Panel</a> on Tuesday, I noted that Mick Mulvaney, President-elect Trump's nominee for Director of the Office of Management and Budget, was considerably more of a deficit hawk while a Representative than was the Republican leadership in the House. This AP <a href="http://www.pbs.org/newshour/rundown/trump-budget-director-spending-cuts/" target="_blank">article</a> from last month describes his time in the House well:<br />
<blockquote class="tr_bq">
Mulvaney quickly came to oppose Boehner’s leadership before Boehner was pushed out in 2015. In 2013, Mulvaney declined to support Boehner’s re-election to the post. That year, Mulvaney unsuccessfully pushed for amendments to reduce Pentagon funding and proposed broad across-the-board federal cuts, including for the military.<br />
<br />
He was an early backer of Trump during the presidential campaign, noting that the Republican billionaire had tapped into a populist sentiment dissatisfied with Washington.<br />
<br />
“If you want to know, members of Congress, why you have Donald Trump, go look in the mirror, because we’ve over-promised and under-delivered for so long,” Mulvaney said in February.</blockquote>
<br />
The problem with the Republican Party on the budget in recent years is that it likes to portray itself as fiscally responsible, but when it actually comes time to impose budget discipline, its leaders lose their nerve. They either don't <a href="https://en.wikipedia.org/wiki/National_Commission_on_Fiscal_Responsibility_and_Reform#Final_vote" target="_blank">vote</a> for grand compromises like Simpson-Bowles that balance expenditure reductions with revenue increases, don't run a budget process that offers a disciplined budget even when they control both houses of Congress, or confuse tax cuts with budget cuts.<br />
<br />
In a <a href="http://thehill.com/policy/finance/314991-trump-team-prepares-dramatic-cuts" target="_blank">report</a> today, <i>The Hill</i> describes the budget being contemplated by the incoming administration. It specifies reductions of $10.5 trillion over a decade in federal spending:<br />
<blockquote class="tr_bq">
The proposed cuts hew closely to a blueprint published last year by the conservative Heritage Foundation, a think tank that has helped staff the Trump transition.<br />
<br />
Similar proposals have in the past won support from Republicans in the House and Senate, who believe they have an opportunity to truly tackle spending after years of warnings about the rising debt.<br />
<br />
Many of the specific cuts were included in the 2017 budget adopted by the conservative Republican Study Committee (RSC), a caucus that represents a majority of House Republicans. The RSC budget plan would reduce federal spending by $8.6 trillion over the next
decade.<br />
<br />
[...]</blockquote>
<blockquote>
“Mick Mulvaney and his colleagues at the Republican Study Committee when
they crafted budgets over the years, they were serious,” said a former
congressional aide. “Mulvaney didn’t take this OMB position to just mind
the store.”<br />
<br />
“He wants to make significant, fundamental changes
to the structure of the president’s budget, and I expect him to do that
with Vought and Gray putting the meat on the bones,” the source added.</blockquote>
That would be a genuine change in Republican policy, as implemented. It also suggests how the Trump administration would make good on promises to leave entitlement programs largely intact while restoring some balance to the budget without significant tax increases. It remains to be seen whether Congressional Republicans will go along.Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com1tag:blogger.com,1999:blog-17206839.post-41476257563705599022017-01-18T21:42:00.000-05:002017-01-18T21:43:52.803-05:00Inauguration Week Panels at DartmouthThis week, we are hosting four panels on opportunities and risks facing the new Presidential administration. My contribution was to yesterday's panel on domestic issues, focusing on budget policy. Here is how I opened my remarks:<br />
<blockquote class="tr_bq">
Stated
plainly, our federal budget policy has been a mess since our first modern
experiments with tax cuts in the 1980s. A favorable combination of factors restored some sanity to it in the late 1990s. Our second
modern experiment with tax cuts in the 2000s messed it up again.<br />
<br />
All the
while, the aging of the Baby Boom generation through its peak earnings years
made our old-age entitlement programs temporarily less expensive to fund. Its
continued aging into retirement and thus beneficiary years will cause Social
Security and Medicare to switch to large and growing annual deficits.<br />
<br />
So there is
serious work to be done, and we haven’t been close to being up for the
challenge in at least 6 years. </blockquote>
The video is available <a href="http://www.tuck.dartmouth.edu/events/panels/video#domestic" target="_blank">here</a>:<br /><iframe width="560" height="315" src="https://www.youtube.com/embed/shvPV2pdkYI" frameborder="0" allowfullscreen></iframe>
<br />
<br />
<br />
And the other three panels, focusing on global issues, health care, and energy and the environment, can be livestreamed or viewed <a href="http://www.tuck.dartmouth.edu/events/panels" target="_blank">here</a>.<br />
<br />
Enjoy! Andrewhttp://www.blogger.com/profile/13514024573333057559noreply@blogger.com0