The most fanatical Keynesians are losing their composure. Brad DeLong, a prominent Berkeley economist and Keynesian, is virtually yelling that “We Need Bigger Deficits Now!”, emphasis his. Paul Krugman does DeLong one better, calling proponents of fiscal responsibility madmen. read more »
Obama may be spanking BP’s brass today. But the other crisis—Europe’s economic mess—reminds us why it’s important that the U.S. and U.K. stick together.
The controversy over the BP spill threatens to drive US-UK relations to a historic low point. When recently in London, several people worried that the President may be engaging in “Brit-bashing” at the expense of our historically close ties. This theme has been widely picked up in the UK press. read more »
"This is the city," ran the famous introduction to the popular crime drama Dragnet. "Los Angeles, Calif. I work here." Of course, unlike Det. Sgt. Joe Friday, who spoke those words every episode, I am not a cop, but Los Angeles has been my home for over 35 years.
To Sgt. Friday, L.A. was a place full of opportunities to solve crimes, but for me Los Angeles has been an ideal barometer for the city of the future. For the better part of the last century, Los Angeles has been, as one architect once put it, "the original in the Xerox machine." It largely invented the blueprint of the modern American city: the car-oriented suburban way of life, the multi-polar metropolis around a largely unremarkable downtown, the sprawling jumble of ethnic and cultural enclaves of a Latin- and Asian-flavored mestizo society. read more »
by Richard Reep
Like a heroin addict going cold turkey, Florida appears poised to get off the growth drug this coming fall. If massive overbuilding, unemployment, depopulation, and a tourist-chasing oil slick weren’t enough, Florida’s voters are in the mood to vote yes on a referendum called Amendment 4, which would make every future change to the state’s comprehensive plan subject to voter approval, rather than be reviewed through a representative public process. The referendum capitalizes on short-term voter outrage over everything. But in the long term, Florida will likely languish in the twilight of missed opportunities as businesses relocate elsewhere to avoid risky, lengthy public campaigns to build their presence in this state. read more »
The federal debt climbed above $13 trillion this month. An easier way to define the national debt is to comprehend that we each owe more than $39,000 to the Chinese, Japanese, and Arabs of the Persian Gulf. The budget deficit will exceed $1.5 trillion this year and forty-seven states are running deficits. California has a $19 billion deficit and its legislature’s landmark response was to pass a law banning plastic bags. Our cities are in worse shape. The former mayor of Los Angeles, Richard Riordan, says that a bankruptcy by that city is inevitable. read more »
When the California polls closed on Tuesday, the most costly primary race in the state's history—thus far—came to an end. Like many high profile races for Senator and Governor nationwide, the spending attracted national attention.
Of course, this isn't the first time that California politics and political trends have captured the national imagination and spread like a virus. Given the particularly brutal economic meltdown in California, one would not expect the state's notoriously dysfunctional governance system to be a role model for others to follow. Alas, it unfortunately seems that it is. Three examples below from the Midwest show that California-style governance definitely has its fans. read more »
Ever since the ill fated 1999 WTO meeting in Seattle, there has been some debate over the merits of hosting meetings of international organizations in major cities. Some argue that there are economic spin offs from the tourism generated by these conferences, but others argue that the security costs far outweigh the benefits. In the lead up to the G-20 meeting in Toronto, scheduled for June 26-27, there has been a flurry of controversy over the price tag for conference security. read more »
It is springtime in Kentucky – think foals and mares in the pristine meticulously fenced pastures. But, in another part of the state – the Appalachia region of eastern Kentucky – it is time to plant on those rocky hillsides. As my 90 year old father puts it, you plant your corn when tree buds are the size of squirrel ears. I confess to not having given a thought to whether squirrels even have ears or not ... but my father knows. He was born and raised in a part of the world where they know things like that, typical of the mostly Scots-Irish who settled there. read more »
Watford, England, sits at the end of a spur on the London tube's Metropolitan line, a somewhat dreary city of some 80,000 rising amid the pleasant green Hertfordshire countryside. Although not utterly destitute like parts of south or east London, its shabby High Street reflects a now-diminished British dream of class mobility. It also stands as a potential warning to the U.S., where working-class, blue-collar white Americans have been among the biggest losers in the country's deep, persistent recession. read more »
There is a great battle brewing – the proverbial paradox of the immovable object versus an irresistible force. The battle lines are drawn. On one side is the Greatest Generation, Americans over 60, middle class and mostly white. Mainstream media calls them The Tea Party and worse.
On the other side is President Barack Obama and a younger generation of progressive Democrats who see the need for an ever more expansive government. The battlefield is spending and debt. read more »