My neck still hurts — in fact, it seems worse the last couple days — but I perservered and managed three miles on the treadmill, listening the a Fresh Air interview with Robert Kuttner.
Author: hankkalet
Hank Kalet is a poet and freelance journalist. He is the economic needs reporter for NJ Spotlight, teaches journalism at Rutgers University and writing at Middlesex County College and Brookdale Community College. He writes a semi-monthly column for the Progressive Populist. He is a lifelong fan of the New York Mets and New York Knicks, drinks too much coffee and attends as many Bruce Springsteen concerts as his meager finances will allow. He lives in South Brunswick with his wife Annie.
Last roses
The temperatures have fluctuating a bit lately but, for the most part, they are moving downward away from spring-like warmth to a blustery autumn chill. The trees are shedding leaves, yellow and brown blanketing the lawn, the patio and streets.
And yet, a last reminder of spring hung in defiance, red petals shocking against the flat brown of our flower bed. A red rose and two or three buds, and one pink rose on a second bush.
Evidence, perhaps, of something greater at work.
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The early bird gets burned out
Am I the only one who thinks it's still too early to think about Christmas, who wonders if eight weeks of trees. TV ads and the inevitable Christmas carols robs the season of its joy and good cheer? Bah humbug,or some such.
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Bail out the workers
The auto companies are coming to the feds hat in hand as the economy tanks and their own bad decisions over time come back to haunt them. As Matthew Ysglesias says, GM, Ford and Chrysler’s failure “would cause a lot of hardship for a lot of people.”
And arguably the federal government should do something to help those people. But whatever volume of help you think would be appropriate should be targeted to people in need not handed out to firms as a favor to shareholders and managers who brought the companies to this place.
I’m afraid, however, we’re looking at a repeat of the Wall Street rescue. I know Barack Obama is talking about a stimulus package featuring public works projects, extended unemployment benefits and aid to state and local governments, but I am left to wonder how he plans to deal with Detroit.
According to The New York Times, Obama “pledged to find ways to help the struggling automobile industry.”
Still, there are positive signs that Obama plans to do what he says and focus on aiding the middle and working classes.
First, he called extended unemployment insurance benefits an “urgent priority” and, as part of his economic advisory team, he appointed two of the strongest populist voices out there.
Standing to one side of the President-elect was David Bonior, the former congressman from Michigan who clashed frequently and unapologetically with both Bill Clinton and George Bush on trade policy. Bonior, one of the truest allies of organized labor ever to gain a leadership role in Congress, has continued to work closely with unions — especially those in the manufacturing sector — since leaving the House. Going into the 2008 election season, he aligned himself with the campaign of John Edwards. While it is true that Edwards turned out to be something of a disappointment as a candidate — and as an individual — he was more right on economic issues than any of the other contenders. And it is reassuring, indeed, to see that he is in the room as discussions about an Obama administration’s approach to questions of whether and how to stabilize the domestic auto industry, in particular, and manufacturing in general. Notably, the President-elect signaled his support at the press conference for federal investment in the renewal of the auto industry.
Also appearing with Obama was Robert Reich, the economist who served with some frustration as Secretary of Labor during the early years of Clinton’s presidency. Since leaving the last Democratic administration, Reich has renewed his progressive commitments, steering toward a far sounder position on the issues than many of his former colleagues. During the Wall Street bailout debate of late September, he was a voice of reason who gave meaning to the often vague discussion about how to respond to the needs of Main Street. During his 2002 campaign for governor of Massachusetts, Reich scoped out a distinctly progressive vision for economic development — emphasizing investment in the renewal of urban areas and the development of new uses for old factories. Long before others were speaking seriously about a green economy — and the industrial policies that might make it work — Reich was talking these ideas up.
We have two months before he takes office and, as I’ve said repeatedly, it is important that the people who voted for Obama keep hammering at these points, that we are interested in a populist agenda, that we believe it is the job of the incoming administration to protect Americans as the economy continues its brutally steep fall.
Memo to the next president: Think big
Paul Krugman makes the case for a new progressive era — and should be on teh short list for treasury secretary. The guy’s got a Nobel Prize in economics, you know.
Anyway, here are the basics of his argument:
Right now, many commentators are urging Mr. Obama to think small. Some make the case on political grounds: America, they say, is still a conservative country, and voters will punish Democrats if they move to the left. Others say that the financial and economic crisis leaves no room for action on, say, health care reform.
Let’s hope that Mr. Obama has the good sense to ignore this advice.
About the political argument: Anyone who doubts that we’ve had a major political realignment should look at what’s happened to Congress. After the 2004 election, there were many declarations that we’d entered a long-term, perhaps permanent era of Republican dominance. Since then, Democrats have won back-to-back victories, picking up at least 12 Senate seats and more than 50 House seats. They now have bigger majorities in both houses than the G.O.P. ever achieved in its 12-year reign.
Bear in mind, also, that this year’s presidential election was a clear referendum on political philosophies — and the progressive philosophy won.
That’s something Obama and his minions need to remember.
Mr. Obama ran on a platform of guaranteed health care and tax breaks for the middle class, paid for with higher taxes on the affluent. John McCain denounced his opponent as a socialist and a “redistributor,” but America voted for him anyway. That’s a real mandate.
As for backtracking in the face of deficits, Krugman reminds us that “standard textbook economics says that it’s O.K., in fact appropriate, to run temporary deficits in the face of a depressed economy.” Responding to the crisis offers “a chance to advance the progressive agenda,” a chance to remind America that “conservative ideology, the belief that greed is always good, helped create this crisis” and “”good morals are good economics.”
Helping the neediest in a time of crisis, through expanded health and unemployment benefits, is the morally right thing to do; it’s also a far more effective form of economic stimulus than cutting the capital gains tax. Providing aid to beleaguered state and local governments, so that they can sustain essential public services, is important for those who depend on those services; it’s also a way to avoid job losses and limit the depth of the economy’s slump.
So a serious progressive agenda — call it a new New Deal — isn’t just economically possible, it’s exactly what the economy needs.
The bottom line, then, is that Barack Obama shouldn’t listen to the people trying to scare him into being a do-nothing president. He has the political mandate; he has good economics on his side. You might say that the only thing he has to fear is fear itself.
