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October 30, 2011

Latest Posts from Economist's View

Latest Posts from Economist's View

links for 2011-10-30

Posted: 29 Oct 2011 10:16 PM PDT

"Dear Ben: It’s Time for Your Volcker Moment"

Posted: 29 Oct 2011 12:24 PM PDT

Christina Romer tells Ben Bernanke that we need "aggressive actions," including adopting a nominal GDP target, to "help to heal the economy"

Dear Ben: It's Time for Your Volcker Moment

No disagreement here about the need for more forceful monetary policy actions. We could use more help from fiscal policy too.

When It Reigns, It Poors

Posted: 29 Oct 2011 10:35 AM PDT

A correspondent wonders if Senator Orrin Hatch thinks he's king. He wants to "reign" in unions, perhaps by decree?:

10. Reform America's Labor Laws and Reign in the National Labor Relations Board (NLRB)
  • Pass legislation to give more oversight, accountability, and judicial review of the NLRB's decisions.
  • Pass the Employee Rights Act (S. 1507) to protect the rights of workers.
  • Repeal the prevailing-wage requirements in the Davis-Bacon Act.

The 10 point plan is to strip wage negotiation power from workers, cut benefits to working class households ("fiscal sanity"), repeal health care reform, repeal Dodd-Frank, repeal regulations on energy companies so they can drill pretty much anywhere, and cut taxes on businesses and the wealthy (never mind that this "fiscal insanity" will make the deficit worse and require bigger cuts to benefits). In other words, it's a mainstream Republican plan.

Somehow, it is claimed, after workers have lost power in wage negotiations, lost social insurance and other protections, live in more polluted environments, have fewer health care options, and are more likely to be asked to bail out deregulated banks yet again while getting no help themselves, they will be better off.

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