Another D’oh From Simpson.


Told that the data came directly from the Social Security Administration, Simpson continued to insist it was inaccurate, while misstating the nature of a statistical average: “If you’re telling me that a guy who got to be 65 in 1940 — that all of them lived to be 77 — that is just not correct. Just because a guy gets to be 65, he’s gonna live to be 77? Hell, that’s my genre. That’s not true,’ said Simpson, who will turn 80 in September. Understanding life expectancy rates at age 65 in 1940 is central to understanding Social Security itself.

In keeping with his informative interview with Alex Lawson last fall, former Wyoming Senator and co-head of the president’s deficit commission Alan Simpson — while railing against AARP — proves once again knows as little about Social Security as he does about hip-hop. So, yeah, by all means let’s put him in charge of social insurance “reform.”

Simpson’s forceful gesture came after an extended diatribe against Social Security, which he said is a ‘Ponzi’ scheme, ‘not a retirement program.’ Simpson argued that Social Security was originally intended more as a welfare program.Um, no. But, in Simpson’s defense, the president who appointed him also harbors some misunderstandings about Social Security. And at least the Senator is right on public financing of elections. So, there’s that.

Too Big to Jail.


Lloyd Blankfein went to Washington and testified under oath that Goldman Sachs didn’t make a massive short bet and didn’t bet against its clients. The Levin report proves that Goldman spent the whole summer of 2007 riding a ‘big short’ and took a multibillion-dollar bet against its clients, a bet that incidentally made them enormous profits. Are we all missing something? Is there some different and higher standard of triple- and quadruple-lying that applies to bank CEOs but not to baseball players?

In Rolling Stone, a simile-happy Matt Taibbi reiterates the open-and-shut fraud and perjury case against Goldman Sachs that was laid out last month in the Levin report — a case that, thus far, nobody in a prosecutorial position seems to be taking up. Too busy going after Wikileaks, I guess.

To recap: Goldman, to get $1.2 billion in crap off its books, dumps a huge lot of deadly mortgages on its clients, lies about where that crap came from and claims it believes in the product even as it’s betting $2 billion against it. When its victims try to run out of the burning house, Goldman stands in the doorway, blasts them all with gasoline before they can escape, and then has the balls to send a bill overcharging its victims for the pleasure of getting fried.

The Lost Generation.

The outlook isn’t sunshine and roses: Rick Raymond, of the College Parents of America, notes, ‘Graduates are not the first to be hired when the job markets begins to improve. We’re seeing shocking numbers of people with undergraduates degrees who can’t get work.'”

According to a new poll conducted by Twentysomething, a whopping 85% of college grads are moving back in with their parents after graduation. They’re also facing the worst job market on record and holding a record amount of college debt.

In other words, it’s crisis time. Should we ramp up government spending and fashion 21st-century versions of jobs programs like the CCC, WPA, and NYA? Or should we cut public sector jobs and just concentrate on lowering corporate taxes? hey, Win the Future™ and all that.

Mission Accomplished.


For over two decades, bin Laden has been al Qaeda’s leader and symbol, and has continued to plot attacks against our country and our friends and allies. The death of bin Laden marks the most significant achievement to date in our nation’s effort to defeat al Qaeda. Yet his death does not mark the end of our effort. There’s no doubt that al Qaeda will continue to pursue attacks against us. We must — and we will — remain vigilant at home and abroad.

So, yes, as you may have heard, we finally found Osama Bin Laden, fulfilling a key promise President Obama made during the 2008 campaign. While I would have preferred to see the perpetrator of 9/11 captured alive and brought to trial — cause that’s how we do justice here in the US of A — congrats to the president’s team, the analysts who did the hard work, and the men and women who executed the operation, on finally getting their man.

All that being said, the second half of the president’s statement above is troubling. The death of Bin Laden should mark the beginning of the end of the 9/11 decade. With the splinter finally removed, it is time to take a long hard look not just at our continuing war in Afghanistan — after all, Osama was eventually found in Pakistan, mainly through what the Bunk would call good po-lice work — but at all the questionable and/or extra-constitutional actions we have taken in the name of fighting the terr’ists since September 11th. (Newsflash: Torture had nothing to do with capturing OBL.) If the death of Bin Laden doesn’t move us to this reconsideration, what then ever will?

Unfortunately (and of course), that doesn’t seem to be what’s happening. Instead, Congress is laying the foundation for a wider war: “Contained in the National Defense Authorization Act for 2012 is a new authorization to use military force that would grant the executive branch the power to ‘address the continuing and evolving threat posed by these groups.’ In practice, that means the president could use military force against any suspected terrorist across the globe — indefinitely.

Indefinite war? No thanks. There’s been an eerie touch of Emmanuel Goldstein in the way Bin Laden was used to justify all manner of extraconstitutional actions and civil liberties violations under Dubya — actions that have been ratified and continued under Obama. Now that the Bogeyman is dead, it’s time to stand down. It’s time to start acting like America again.

Enabling the Hucksters.

‘Trump’s presidential run is no longer being treated as serious by the easily distracted and resolutely frivolous political press that covered it so thoroughly just a few short weeks ago. While it was always an unamusing joke…we had what felt like a lifetime of New Hampshire trip coverage and Piers Morgan interviews and ‘President Trump? It might be more likely than you think!’

With last month’s embarrassing Trump boomlet seemingly run its course in the Village, Salon‘s Alex Pareene comes to bury, not praise, the Donald. “[T]ransparent idiocy didn’t cause the press to take Trump less seriously, but it did lead people to gradually grow to hate Trump, which made his ratings suffer, and the exposure of the artifice of the Trump persona was decidedly damaging to his ‘brand.’ Once your ‘brand’ has been damaged, say goodbye to credulous political press coverage!

To be honest, I couldn’t care less about Trump, and mostly avoided all of his Birther shenanigans as they were unfolding two weeks ago for the same reason I try to avoid any political coverage — from right or left — of the “You won’t believe what Sarah Palin just posted on Facebook!” variety. It’s lazy, it’s boring, and it’s actively pernicious given all the real problems we face right now. (But at the very least, both Trump and Palin are noteworthy indicators of how far the GOP done fell.)

I’m only posting on this now to point out that the Trump boomlet was by no means a one-time-thing. When the President of the United States actually had to come on TV two weeks ago to prove he was an American citizen, there was much pearl-clutching by the Village press about what a travesty this had all become. “What a sad day in American political history,” lamented MSNBC’s Chuck Todd. Meanwhile, the Washington Post opined that the release “says something embarrassing — actually, make that disturbing — about the state of American politics” — soon after that newspaper of record invited Trump to the White House Correspondent’s Dinner. (An evening, by the way, that’s as good as reflection as any of how desiccated and domesticated today’s establishment press has become.)

For his part, ABC’s Jake Tapper — a fellow who, let’s remember, got his big break as a hard-hitting journalist by kissing-and-telling on Monica Lewinsky back in the day — tried to defend the press by pointing to a Pew study which found that the deficit debate was actually the most-covered news story of the week. The problem with this line of argument is that conducting lousy journalism in one arena does not absolve you of conducting lousy journalism in another. And in fact, Village criers have been just as incompetent and/or duplicitous on the deficit.

For months, as you all know, the Serious People in the media have been banging the drum of the deficit witchhunt even though, from an economic perspective, austerity at this hour makes about as much sense as Birtherism. And, in the past few weeks, they have doubled down on this idiocy by trying to elevate the most recent flavor of the month, Wisconsin Congressman Paul Ryan, as a Serious Man, come to tell us hard truths about the need for sacrifice.

In fact, Congressman Ryan is scarcely any less of a huckster than the Donald. This is a guy who laments the intrusions of the welfare state at every turn, but only made it to college thanks to Social Security benefits received upon the passing of his father. (To be fair: Ryan is only emulating his hero with this sort of hypocrisy.) This is also a guy who, when confronted with the Clinton budget surpluses of a decade ago, then lamented that the debt was too small.

And this is a guy whose budget proposal — which he was quick to deem not a budget, but a cause — is basically the same vile, stale concoction of malice and magical thinking that the right has been peddling for decades. It uses made-up numbers to argue that privatizing Medicare (and leaving seniors with the bills), slashing the social safety net, and lowering taxes on the rich will somehow end deficits and save America. (Short answer: It won’t.)

By any reasonable standard, the Ryan budget should have been laughed out of the room as soon as it dropped. But, no, the press needed A Serious Man™ on the right for its lazy he-said, she-said approach to any political story. And, so Ryan got the Trump treatment and the rest is history. Ostensibly liberal pundits fell over themselves praising Ryan’s budget. In response, the president eventually drew progressive kudos for pitching his own deficit reduction plan. (More on that in a sec.) With both sides established, the press can now continue to happily indulge in the usual medley of content-free, he-said, she-said inanities that, to them, constitutes political journalism. And everyone in Washington can continue to ignore the fact that, actually, more spending, not cutting the deficit, is what is needed to fix the economy right now. Win-win!

Regarding President Obama’s deficit proposals, he delivered an eloquent speech on the subject last month, to be sure — one of his best as president. But, even if we hadn’t already been burned far too many times by his rhetoric not matching up to his policies, it’s hard for me to take his remarks as some great moment of the left just because he finally articulated what should be pretty basic principles of American government. Particularly when you consider that the Obama plan is, of course, center-right-leaning, and yet it has nevertheless become the left pole in an exceedingly narrow economic debate.

(By the way, if you’re really worried about the long-term deficit, the answer isn’t rocket science. Try raising taxes on the rich. Or passing real health care cost controls. Or going where the money’s at. Or growing the economy and putting people back to work. Or, y’know, doing nothing — that would work too.)

In sum, the Trump boomlet of last month was not the exception. It was a clear and distilled expression of the rule, a sideshow to a sideshow. And because the Village press is so terrible, our entire politics is distorted — We are living out the consequences of this disaster yet again in the deficit debate. Only the sheer amount of money flooding the system right now is a bigger political problem than the broken state of the newsmedia.

The Last Debt Fight.

After the Civil War, political leaders in the defeated South announced their intention of resuming their seats in Congress and of using their power…to compel the federal government either to pay off all debts of the Confederacy or to default on the national debt which had been borrowed to finance the Union war effort…For this reason, [Reconstruction Republicans] wrote into our fundamental law an absolute prohibition against defaulting on the national debt. Its language establishes a complete firewall against the misuse of governmental power by one political faction to get its way by wrecking the public credit.

As congressional Republicans try to bluff their way through another round of hostage-taking with the American economy, this time vis a vis the debt limit, Garrett Epps reminds us that the debt limit idea is actually unconstitutional, by way of the 14th Amendment (already not the GOP’s favorite accomplishment.) “This requirement is absolute. It is contained in Section Four of the Fourteenth Amendment, which directs, in no uncertain terms, that “the validity of the public debt of the United States, authorized by law…shall not be questioned.

Same as It Ever Was.


Treasury’s mismanagement of TARP and its disregard for TARP’s Main Street goals — whether born of incompetence, timidity in the face of a crisis or a mindset too closely aligned with the banks it was supposed to rein in — may have so damaged the credibility of the government as a whole that future policy makers may be politically unable to take the necessary steps to save the system the next time a crisis arises. This avoidable political reality might just be TARP’s most lasting, and unfortunate, legacy.” On his last day on the job, outgoing special inspector general for TARP Neil Barofsky laments the failures of the program he oversaw.

In very related news, see also NYT columnist William Cohan on the same subject yesterday: “Not only did the government’s theory fail in practice — unemployment remains relentlessly and historically high and American businesses seem intent on hoarding, rather than spending, the $2 trillion in cash on their collective balance sheets — but it also lost a once-in-a-century opportunity to change the mores of a momentarily chastened Wall Street, which remains badly in need of substantive reform. This is more than a shame; it is prima facie evidence of how deep Wall Street’s hooks have been — and continue to be — into the powers that be in Washington (and vice versa).

To the Shores of Tripoli.


Gaddafi is crazy and evil; obviously, he wasn’t going to listen to our advice about democracy. The world would be fortunate to be rid of him. But war in Libya is justifiable only if we are going to hold compliant dictators to the same standard we set for defiant ones. If not, then please spare us all the homilies about universal rights and freedoms. We’ll know this isn’t about justice, it’s about power.” With an eye toward the crackdowns in Yemen and Bahrain, the WP’s Eugene Robinson wonders, why, exactly, we’re getting involved in Libya. (Pic via Boston’s Big Picture.)

For a counterpoint, Juan Cole argues why the Left should back the current military action: “If we just don’t care if the people of Benghazi are subjected to murder and repression on a vast scale, we aren’t people of the Left. We should avoid making ‘foreign intervention’ an absolute taboo the way the Right makes abortion an absolute taboo if doing so makes us heartless (inflexible a priori positions often lead to heartlessness).

And, to complete the trifecta, here’s the president explaining his reasoning for intervention: “Left unchecked, we have every reason to believe that Qaddafi would commit atrocities against his people. Many thousands could die. A humanitarian crisis would ensue. The entire region could be destabilized, endangering many of our allies and partners. The calls of the Libyan people for help would go unanswered. The democratic values that we stand for would be overrun. Moreover, the words of the international community would be rendered hollow.

I get the arguments in favor of military action (and, in terms of diplomacy, I get that we also seem to be following the lead of France and England this time — After all, they’ve backed our sketchy plays in the past.) But, since we’re already well-engaged at this point, I’ll just say that (1) my own view of this Libya action leans toward Robinson’s, (2) the Congress-skipping precedent here is yet another extremely dubious call by our purported constitutional-scholar-in-chief, (3) I’m not seeing how getting involved in yet another war in the Middle East/North Africa, while rather obviously ignoring other festering situations in the region, wins Arab hearts and minds, and (4) it’s funny how 99.44% of the Deficit Peacocks in this town completely clam up when it’s time to rain down some million-dollar-a-head Freedom Bombs.

But the die is cast now, so let’s hope we get in and out of this as quickly as the president intimated we would. Oh, hey, look…mission creep. Now, who could’ve expected that?

The Priorities of the Serious People™.

This chart puts the class war in simple, visual terms. On the left you have the ‘shared sacrifices’ and ‘painful cuts’ that the Republicans claim we must make to get our fiscal house in order. On the right, you can plainly see WHY these cuts are ‘necessary.’” Via JackDean and several other sites, This is What Class War Looks Like.

But, hey, Win the Future and all that.

An Apple a Day Isn’t Enough.

In 1970, in New York City, a newly minted teacher at a public school earned about $2,000 less in salary than a starting lawyer at a prominent law firm. These days the lawyer takes home, including bonus, $115,000 more than the teacher, the McKinsey study found.

In related news, Nick Kristof offers a modest proposal for fixing education in America: pay teachers more. “When governors mock teachers as lazy, avaricious incompetents, they demean the profession and make it harder to attract the best and brightest. We should be elevating teachers, not throwing darts at them.