The Stock Market Is Not the Economy
The stock market is not even in principle supposed to be a measure of economic activity. It is supposed to represent the present value of future profits.
Dean Baker
Loss of Manufacturing Jobs Isn’t ‘Tectonic’—It’s a Policy Choice
Wall Street executive Steve Rattner had a column (8/14/15) in the New York Times in which he derided Donald Trump’s economics by minimizing the impact of trade on the labor market.
Explaining Donald Trump’s Rise With Economic Misinformation
Many have also heard the explanation that Trump appeals to those who feel left behind by the economy. Unfortunately, the way the media often tell this story has little to do with reality.
For NYT, US Labor Abuses Abroad Are a Thing of Decades Past
A New York Times piece bizarrely implies that labor abuses by US companies or their contractors are a thing of the past.
At Wall Street Journal, Government-Enforced Monopolies = ‘Free Market’
It would be great to have an honest debate about the best way to finance drug research. The first step is to stop conflating government-granted patent monopolies with the free market.
The Minimum Wage—and Other Left Ideas Washington Post Might Find ‘Lame’
Wisconsin Gov. Scott Walker denounced the left for not having any real ideas for workers. In his Washington Post column The Fix, Philip Bump largely endorsed this perspective.
Chinese Stocks Return to February’s Values; WaPo Sees Threat to Regime
The media seem to think it’s a really huge deal that investors in China’s stock market have not made any money since February. The Washington Post told readers that it could even threaten the regime’s legitimacy.
NPR Uses Deficits to Distract From Serious Economic Issues
NPR warns listeners that “the federal government is still adding to its overall debt”–even though the economy could actually benefit from increased deficit spending.
Confusing Lending and Spending at the New York Times
A New York Times headline refers to “trillions” of dollars being spent by central banks. In fact, central banks have not spent this money, they have lent this money, mostly by buying government bonds.
NYT Warns Greece to Accept Endless Depression—Because Default Might Be Painful
While the process of switching currencies will never be painless, it must be compared to the pain associated with an indefinite period of unemployment in excess of 20.0 percent, which is almost certainly the path associated with remaining in the euro on the Troika’s terms.
David Brooks Declares War on ‘Democratic Tea Party’—Unarmed With Facts
The New York Times pundit pulled out all the stops, using his column to yell at “Tea Party” Democrats for not supporting the fast-track authority that would facilitate passage of the TPP.
‘Say Anything’ Time to Pass Fast Track
TPP supporters claim that over 10 years, the trade pact could increase US GDP by as much as half as much as it was decreased by last winter’s snowy weather. That’s probably overly optimistic.
Poor People Can’t Afford Homes–so NYT Calls for Making Them More Expensive
It is bizarre to note that low-income people spend a disproportionate share of their money on housing and then complain about low house prices.
To Washington Post, Downsides of TPP Are Someone Else’s Problem
A Washington Post piece about the TPP is another round of the Barbie Doll “currency values are hard” story. As with every issue in the trade deal, there can be complications, but the basic story is pretty damn simple.
Look, a Deficit!: How NPR Distracts You From Issues That Will Actually Affect Your Life
Billionaire Pete Peterson is spending lots of money to get people to worry about the debt and deficits, and National Public Radio is doing its part to try to promote Peterson’s cause.
Jeff Bezos’ Paper Assures Us System Isn’t Rigged for Amazon
A Washington Post op-ed says that Borders bookstores didn’t close “because the economic system was rigged against ordinary Americans. They closed because technology brought us Amazon and the Kindle.”
Some of David Brooks’ Best Friends Are Progressives—So Long as They Don’t Scare the Wealthy
For political purposes, it is undoubtedly advantageous to imply that the “opportunity” progressives favored the market more than the “redistributionist progressives,” but it is not true.
Calling TPP Foes ‘Simplistic,’ USA Today Simply Gets the Numbers Wrong
USA Today told readers that unions “who blame trade, and trade agreements, for the decline in manufacturing jobs” have a “simplistic view.” But it’s USA Today, not the unions, who are being simplistic here.
NYT Warns Greece Away From Argentina’s Seven-Year Boom
The notion of short-term pain for long-term gain can be made to look appalling in a case where it was almost certainly necessary, whereas a similar choice is widely applauded in the United States in a case where it almost certainly was not.
The Washington Post’s Longstanding Contempt for People Who Work for a Living
The Washington Post has established itself over many decades as a major mouthpiece of elite opinion. Its editorial pages argue strongly for the interests of the wealthy, with scarcely concealed contempt for people who have to work for a living.
