August 29th, 2013
in Op Ed
Opposition to ObamaCare Considered Rational on Grounds of Equity
by Lambert Strether
Cross posted from Naked Capitalism.
From his latest presser, Obama’s partisan perspective on ObamaCare:
OBAMA: Now, I think the really interesting question is why it is that my friends in the other party have made the idea of preventing these people from getting health care their holy grail, their number-one priority.
However, from the public purpose perspective, the really interesting question is why our “friends” in both parties refuse to put truly universal coverage — for example, single payer Medicare for All — on the table at all. Remember, ObamaCare is, pathetically, projected to enroll only 7 million people in its first year, and when fully implemented will leave about as many uninsured as newly insured — 25 or 30 million, but with “these people,” who’s counting?
Written by Frank Li
Yesterday (August 28, 2013) was a big day in America. It was the 50th anniversary of Dr. Martin Luther King Jr.'s famous "I have a dream" speech, and President Obama spoke from the same spot in front of Lincoln Memorial where Dr. King stood and delivered that speech exactly 50 years ago.
Detroit, China, America and the Asian Century
by John West, Asian Century Institute
Detroit has filed for bankruptcy. Chinese investors are swooping in on Motown. Is this a symbol of the great power transition of the Asian Century?
Detroit has filed for bankruptcy. Chinese investors are swooping in on Motown. Is this humiliation of the once proud city a symbol of the great power transition of the Asian Century?
Some 60 years ago, Detroit was the richest city in America and perhaps the richest in the world. Motor City was the beacon of America's industrial might and genius. But since 1950, Detroit's population has fallen 63%, and its median household income is now the lowest of America's 30 largest cities.
Detroit's Big Three - GM, Ford and Chrysler - suffered at the hands of competition from Japanese companies like Toyota and Honda. And the city has suffered from mismanagement, corruption and labor issues. Its long term debts are $18 billion, of which $9 billion are unfunded retirement benefits.
by Dirk Ehnts, Econoblog101
The German economist’s association, "Verein für Socialpolitik" (VfS), has replied to an open letter from the pluralist economics network, "Netzwerk Pluralistische Ökonomie". The letters – both in German – can be found on their website. Michael Burda of "Humboldt-Universität zu Berlin" (The Humboldt University of Berlin) and president of the "VfS" has taken his time. The original open letter was dated Sep. 11, 2012. The reply is dated from Aug. 9, 2013. So, eleven month to answer to an open letter. The "VfS" has taken this issue seriously, it seems. Here is Burda’s summary of the crucial issues of the original letter:
Written by John Lounsbury
Paul Krugman took another shot at creating some mayhem in the economic and political blogosphere Monday. In a short column entitled "The Taper Versus the Crazy" the Princeton professor, Nobel Prize winner and widely read blogger discussed the upcoming debt ceiling fight. He seconded a recent opinion by Joe Weisenthal that Wall Street was overly focused on the prospective slowing of the Fed asset purchase program known as QE3 (or QE4 or QE∞, although infinity has fallen into less and less usage of late) and not paying enough attention to the looming debt ceiling struggle.
Click on cartoon to see larger view and read article at the University of Sydney.