Article: Will next week’s crisis be in Argentina?

Will next week’s crisis be in Argentina?

http://qz.com/69074/will-next-weeks-crisis-be-in-argentina

Advertisements

A View on how the Largest Economy in Europe views Debt

Germany agrees to ‘historic’ balanced budget – The Local.

Japan urged not to escalate tensions over Diaoyu |Latest News |chinadaily.com.cn

Japan urged not to escalate tensions over Diaoyu |Latest News |chinadaily.com.cn.

 

This is an example of why our debt is important.

Fitch Downgrades Italy’s Credit Ratings – WSJ.com

Fitch Downgrades Italy's Credit Ratings – WSJ.com.

Keep in mind, as the post https://voxlogicae.wordpress.com/2013/03/06/credit-ratings-and-debt-to-gdp-ration/ pointed out, Italy’s Debt to GDP ratio is about 126%. The U.S. is not far behind at 107%.

Credit Ratings and Debt to GDP Ratio

Credit ratings: The numbers behind the ratings | The Economist.

With all the attention that the PIGS countries (Portugal, Italy, Greece and Spain) in Europe receive for their debt problems and supposed austerity measures, it is interesting to see how the U.S. compares to their debt to GDP ratio.  Only Greece has a considerably higher ratio than the U.S.

 

Rightwingers Pouring Big Money into Tennessee Voucher Campaign

Rightwingers Pouring Big Money into Tennessee Voucher Campaign.

Illogical argument on gun control

The gun-control flash mob is not going to go away — MSNBC.

 

Another article with illogical premises.  

 

“guns in the home increase the likelihood of death for the people who live there”

  • This fact from an old study has been debunked several times.

“For more than 200 years the federal courts have unanimously determined the second amendment concerns only the arming of people in service to an organized state militia.  It does not guarantee immediate access to guns for private purposes.”

  • Cites several older cases but completely ignores the 2008 SCOTUS case Columbia vs Heller http://en.wikipedia.org/wiki/District_of_Columbia_v._Heller

 

A highly illogical argument.

Robert Reich (Sequestration Nation, and Remembering Robert Kennedy).

The article above, which you can view at the link is a prime example of an argument that does not hold up to logic.  Regardless of whether you agree with the principles, the arguments are just not sound.  The following are quotes from the article, followed by commentary:

“The austerity economics on which we’ve embarked is a cruel hoax”

  • How is reducing the growth rate of spending by a small amount considered ‘austerity’?

“The trickle-down-economics, on which Republicans base their refusal even discuss closing tax loopholes for the wealthy, is a proven failure — proven because it’s been tried before, by Ronald Reagan and George W. Bush”

 

  • Both parties have discussed closing tax loopholes.  The Republicans have not refused to cut them completely, they just feel that they should be closed in addition to spending cuts, not in lieu of.  Also, to compare what happened to the economy under President Reagan is not a valid argument.  That was three decades ago and things change.  A better comparison would be to look at economies now.  How are economies with high debt to GDP ratios doing now in Europe?  How are states in the US with high or low taxes doing?  Which states have lower unemployment?

“Lower-income Americans are already suffering disproportionately from high unemployment.”

 

  • Not to make light of anyone’s unemployment, but this is a circular argument.  Lower income Americans have lower income because they are more unemployed.  This is the equivalent of saying “Better singers are disproportionately winning music awards”.

“Meanwhile, America has become far more unequal than it was in 1967. Then, the richest 1 percent got 9 percent of the nation’s total income and paid a top marginal tax of 78 percent (and an effective rate, after deductions and credits, of 54 percent).”

 

  • Income inequality is also a function of the changing economy.  Fifty or more years ago, income was much more limited in scope by physics.  You could only produce so many things and ship them to so many people.  Now a singer can write one hit and make millions.  Internet entrepreneurs like the founder of Facebook can make billions from an idea.  We are no longer limited as much by physical constraints.  See some of Malcolm Gladwell’s concepts on this idea.

“If Robert Kennedy were alive today he’d condemn the Tea Party Republicans (and the Koch Brother billionaires who fund them) for violating the basic ideal of social justice that’s the moral foundation of this nation.”

 

  • Where in the founding documents of this nation is social justice a principle?  It is about Life, Liberty and the PURSUIT of Happiness, not the guarantee of happiness..  

 

Good article that serves as a reminder of how sequestration got its start

Here’s Who Is Really to Blame for Sequestration – Molly Ball – The Atlantic.

Afghanistan

What Went Right? – By Peter Bergen | Foreign Policy.

 

Interesting article about the positive aspects of the situation in Afghanistan.  What the article does not address is whether the benefits are worth the costs.

%d bloggers like this: