There’s certainly a lot being discussed about this – four pieces I’ve found illuminating for a variety reasons:
- Nonprofit Social Media Perspective – Kivi Leroux Miller (Kivi’s Nonprofit Communications Blog)
- Lea Goldman on “The Big Business of Breast Cancer”
- A classic piece of investigative journalism on Komen by Mary Ann Swissler “Running from the Truth”
- Another classic piece both big picture and personal by Barbara Ehrenreich “Welcome to Cancerland”
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via Ed Kilgore at the Washington Monthly, Ezra Klein looks at statistics showing that if the same number of people were looking for work as in 2007, the unemployment rate would be 10.3% – a number that’s improved only slightly (0.7%) over two years, and has remained above 10% since September 2009. This “real” rate of unemployment doesn’t take out the “discouraged workers” no longer looking for work (in many cases because they can’t find it).
The numbers don’t surprise me – if anything they seem low. And therein lies the problem – we need jobs because things aren’t getting much better.
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Via Atrios – Charlie Pierce’s sharp commentary on David Brook’s dog Moral Hazard. In this economy even the dogs of the relatively well-off live well under their potential.
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Paraphrasing Jared Bernstein. When we’re talking about our economic system that’s pretty scary – and it has been pretty scary.
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I’ve often used a similar appeal to David Atkins’ post about “Rhetoric Matters” – but I have to say never have I believed it less effective. Rhetoric does matter – but when you’re in a burning building it matters more if you will get out. To state the obvious, we haven’t been getting out…and it’s been years…and talking about it hasn’t gotten us out yet, and may not until too many of us are burned.
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Subject says it all.
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Read the “Low-Wage Lessons” report from John Schmitt at the Center for Economic and Policy Research (CEPR) – it shows why higher wage jobs (“high road” jobs) are so important for a large middle class.
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This article on $4 million awarded to Spectrum Brands by the Wisconsin Economic Development Corporation reminds me of the basic wisdom in investing in infrastructure that helps business in order to attract it, instead of giving public money directly to businesses to locate in the state. While I don’t know more than the information the article presents – if the state offered mass transit funding (for bus routes going to the location), renewable energy development (e.g. solar or wind) to reduce utility costs and/or cutting edge ultra high-speed internet connections for the area then the business would benefit greatly from reduced costs at the same time that the local area would benefit from investment reducing business/resident costs and/or improving the business environment/residents’ quality of life. It’s about making public investments that leverage tax dollars to benefit businesses and citizens to create a greater public-private win-win.
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The bottom line for me with Summers memo is that when it came to bailing out the American people – who were facing a massive financial crisis often through no fault of their own – there were all sorts of reasons not to go full-bore, and ultimately those reasons prevailed.
Barack Obama was elected president with a huge and uniquely mobilized base of support – one that was quietly demobilized soon after his election. Other potential power bases of the left were earlier demobilized and defunded at the Obama campaign’s insistence as well. In short it was Obama’s game. President George W. Bush had bailed out the banks, protected financial firms like Goldman and Morgan Stanley by giving them bank status, and protected AIG creditors (including financial firms) on about as favorable terms as imaginable (100 cents on the dollar – arguably more than was imaginable given the circumstances). The risks of the financial sector were socialized. For Obama it was now time to bail out the great mass of American people who, through no fault of their own, faced massive job losses – and massive home foreclosures due to among other things fraud and the failing housing market.
Suddenly there were concerns about limiting the stimulus because of deficit spending, of not having enough “ready to build” projects that could be implemented without fraud (Vice President Joe Biden would be put on the case) and various other objections. In short, suddenly when it came to the majority of Americans there were all sorts of reasons not to go full-bore saving them like the banks and financial firms. Would Obama’s supporters be mobilized to save themselves and other Americans with an aggressive stimulus? No – an aggressive stimulus would not be sought, much less Obama supporters mobilized to push it through. Individual and small business risks would be borne alone.
I learned a lot about President Bill Clinton when he “ended welfare as we know it” – eliminating the guaranteed social safety net with insufficient thought about Americans who were using it or, in future downturns, would need it. To me the stimulus was President Barack Obama’s telling moment. Notably those Americans who did need or would need the help the most, through no fault of their own, were those again who seemed most forgotten. Today we call them the “99%” – and they’re still waiting for a stimulus that will return the economy and their lives to “normal”.
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I’m not a lawyer, but from what I can tell there’s next to no substance in Newt Gingrich’s contract with Freddie Mac once you get past various legal disclaimers, protections and, of course, his consulting fees. To a layperson like me it boils down to ‘we’ll pay you $25K/month (up to $300K total) for whatever – until such time as we reach $300K (unless we extend it), or until we stop paying you for some reason to be determined’. Far from transparent, but good pay if you can get it.
So, how does Gingrich’s position as Freddie Mac “Historian” stack up against other historians? According to the Bureau of Labor Statistics the median historian takes almost a year to make what Gingrich made in two months – and in four months Gingrich surpassed the annual wage of historians in the 90th percentile of earnings. Again, not bad work if you can get it.
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Formerly of Naperville, IL, Hiram volunteered with the Howard Dean campaign in 2003, becoming the Chair of Fundraising and Outreach in the all-volunteer DuPage for Dean Group. He led the DuPage section of Democracy for Illinois, a state group that embraced socially progressive and fiscally responsible policies and was inspired by, and worked with, Democracy for America, a group dedicated to similar ideals. Hiram also served as Secretary of the Naperville Township Democratic Organization. In 2004 Hiram ran as the Democratic candidate for the DuPage County Board, and earned the Chicago Tribune's endorsement in the general election.
Hiram works in the non-profit field and does development, marketing and communications consulting. You can Contact Hiram By Email - hiramwurf[at]gmail.com
