Have you been following the news about Obamacare? The Affordable Care Act has receded from the front page, but information about how it’s going keeps coming in — and almost all the news is good. Indeed, health reform has been on a roll ever since March, when it became clear that enrollment would surpass expectations despite the teething problems of the federal website.
What’s interesting about this success story is that it has been accompanied at every step by cries of impending disaster. At this point, by my reckoning, the enemies of health reform are 0 for 6. That is, they made at least six distinct predictions about how Obamacare would fail — every one of which turned out to be wrong. Continue reading So Much for Obamacare Not Working – NYTimes→
Yes, you read those headlines right: real GDP contracted at a 2.9% rate according to revised data released this AM. That’s contracted, as in went down.
Nope. That was a truly lousy quarter but it’s highly unlikely to be repeated any time soon. The particularly bad winter weather played a role; both residential and commercial building were negative. Heavy inventory buildups in earlier quarters were reversed, which usually implies a positive bounce-back in coming quarters. Exports were revised down and imports up, so the trade deficit subtracted a large 1.5 points from the bottom line; that drag will likely diminish in coming quarters. Continue reading Jared Bernstein: Whoa! Whassup With That Big Negative Q1 GDP Revision?→
Mark, 22 and unemployed, sleeps late in the morning.
His roommate has to get up for work, but Mark has nowhere to be. He rolls out of bed at 11 a.m. He checks his email — still no response to his last round of resumes — and heads out for a run. When he gets home, he spends 45 minutes filling out job applications, then plops down in front of the television for a couple hours before cleaning up the house — he’s taken on more chores since his roommate is cutting him a break on the rent. In the evening, his buddies are catching a game at the local bar, but Mark has class at the local community college, where he’s working toward a certificate in HVAC repair.
That deep divide between those with jobs and those without them reveals itself not just in well-known statistics on hiring and income but in the day-to-day details of how people live their lives. The unemployed have higher rates of depression, obesity and suicide. In interviews, they frequently report that the social and emotional impacts of joblessness — isolation from friends, the loss of a daily routine, feelings of uselessness — can be as hard as the financial toll. Many say it’s hard just to get out of bed in the morning. Continue reading @FiveThirtyEight: It’s Hard to Get Off the Couch When You’re #Unemployed→
Home sales have fizzled in part because Americans in their 20s and 30s are choosing not to buy. Only 16 percent of new home sales are to first-time homebuyers.
A year ago, the housing market looked like it was finally recovering. Sales and prices were picking up. But then home sales fizzled. Currently, they are down about 7 percent from last spring.
It is way too common in this town to run into people who think that poor people are poor because they don’t work. Influential Congressman Paul Ryan has referred to safety net benefits as “a hammock” that create “poverty trap” and a culture of non-work, a rap as old as poverty itself. Various critics of poverty programs argue that their benefit structure dis-incentivizes work and are increasingly calling for more work requirements.
MIAMI—Beginning in 2016, All Aboard Florida will run 32 departures a day between Miami, Fort Lauderdale, and West Palm Beach, with service extending to Orlando soon afterwards. With a maximum speed of 125 miles per hour, the trains will complete the 240-mile journey in less than three hours. In South Florida, around the three initial stations, the company will develop 4.2 million square feet of real estate. In Orlando, the terminus will be located at the airport and connect to a new commuter rail line at a sparkling, state-funded $215 million transportation hub.
It’s a big project by any standard, but it looms even larger in historical context. No private intercity passenger rail line has operated in the United States in 30 years — and it has been longer still since a new service was introduced. “You’d have to go back over 100 years to find a significant investment in private intercity rail in the U.S.,” says David Levinson, a transportation analyst at the University of Minnesota. Continue reading The Triumphant Return of Private U.S. Passenger Rail | The Atlantic: CityLab→
The first government examination of a radical new tuition model called “Pay It Forward” was presented to lawmakers in Oregon last week, explaining for the first time how much a state would pay to implement the new system.
Joseph E. Stiglitz, a Nobel laureate in economics and University Professor at Columbia University, was Chairman of President Bill Clinton’s Council of Economic Advisers and served as Senior Vice President and Chief Economist of the World Bank.
NEW YORK – Citizens in the world’s richest countries have come to think of their economies as being based on innovation. But innovation has been part of the developed world’s economy for more than two centuries. Indeed, for thousands of years, until the Industrial Revolution, incomes stagnated. Then per capita income soared, increasing year after year, interrupted only by the occasional effects of cyclical fluctuations.
The Nobel laureate economist Robert Solow noted some 60 years ago that rising incomes should largely be attributed not to capital accumulation, but to technological progress – to learning how to do things better. While some of the productivity increase reflects the impact of dramatic discoveries, much of it has been due to small, incremental changes. And, if that is the case, it makes sense to focus attention on how societies learn, and what can be done to promote learning – including learning how to learn. Continue reading @JosephEStiglitz: Creating a Learning Society – Project Syndicate→
Several times in recent weeks I’ve found myself in conversations with liberals who shake their heads sadly and express their disappointment with President Obama. Why? I suspect that they’re being influenced, often without realizing it, by the prevailing media narrative.
The truth is that these days much of the commentary you see on the Obama administration — and a lot of the reporting too — emphasizes the negative: the contrast between the extravagant hopes of 2008 and the prosaic realities of political trench warfare, the troubles at the Department of Veterans Affairs, the mess in Iraq, and so on. The accepted thing, it seems, is to portray Mr. Obama as floundering, his presidency as troubled if not failed. Continue reading Paul Krugman: Health Care and Climate: President Obama’s Big Deals – NYTimes.com→
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