Monthursday (Mursday?) musings
When I read that the article was going to be “chickens dressed as historical figures”, you can imagine my excitement.
But the reality of the piece … well, you can see for yourself.
Obama’s riding the Deathstar bus around Ohio and Pennsylvania. Must win, for Obama. Don’t believe the bullshit Obama’s peddling about big money unfairly being used against him by Romney, vastly outspending and thus “buying” the election. Detail:
The president’s campaign had spent nearly $16 million in television advertising in Ohio through late June, while the Democratic super PAC Priorities USA Action had spent about $2.7 million, according to officials who track ad buys. Romney’s campaign had spent about $5 million, but a series of GOP-leaning outside groups had spent another $8 million, helping the Republican blunt Obama’s message.
So, $18.7 million for Obama verus $13 million for Romney. I wasn’t a math major, so maybe someone can help me out here …
NRO’s Jim Geraghty on Obama’s, and the media’s, distortions regarding campaign spending.
“With every passing week, Democratic insiders are becoming more and more panicked that, by November, their Republican opponents will have buried them under a mountain of money,” reports The New Republic. “The GOP money machine — that is, American Crossroads, the super PAC co-founded by Karl Rove; Americans for Prosperity, the group backed by the billionaire Koch brothers; and the U.S. Chamber of Commerce — has vowed to spend $1 billion combined before Election Day.”
The only catch is that the actual spending by super PACs so far this year tells a quite different story. The truth is that the super PAC founded by top Obama staffers and its aligned “independent” groups are outspending groups that oppose the president by roughly two to one.
Anyway – here’s Obama heading off on his bus tour:
I missed this last week, but Paul Krugman and Richard Layard have come up with a manifesto for Europe and a global economic revival.
They do not see any problems in public spending – they (apparently) played no part in the global crises. It was excessive borrowing and lending in the private sector. The bubble collapsed and tax revenues fell. It’s all so simple.
The appropriate response. At a time when the private sector is engaged in a collective effort to spend less, public policy should act as a stabilizing force, attempting to sustain spending. At the very least we should not be making things worse by big cuts in government spending or big increases in tax rates on ordinary people. Unfortunately, that’s exactly what many governments are now doing.
Now, yes – of course the deficit is sorta bad …
In the face of a less severe shock, monetary policy could take up the slack. But with interest rates close to zero, monetary policy – while it should do all it can – cannot do the whole job. There must of course be a medium-term plan for reducing the government deficit. But if this is too front-loaded it can easily be self-defeating by aborting the recovery. A key priority now is to reduce unemployment, before it becomes endemic, making recovery and future deficit reduction even more difficult.
Well, that’s all I’ve got for now.
Enjoy your Mursday!