Read This Now - Too Good To Be True

I have just stumbled across and am really enjoying the Gaurdian's All The President's Emails series.

I bet you will too. It will spoil the fun if I give you a preview so just head on over there already...

It's A Bird, It's A Plane...

It's a cloud?

The photo is up on The Telegraph's site, apparently that's a lenticular cloud.

(via MR)

Explaining The Deficit

The words are the President's...

ROBERT KUTTNER: You know, most of the things that have been proposed today cost money, and there is this concern about the federal deficit. I hope that your administration will recognize, as I know you will, that it's possible, first of all, to reduce the deficit over time and sometimes in the short run realize that you need to increase the deficit. And I hope the concern about the deficit in the long run doesn't crowd out the need for additional spending in the short run. And I also think that some of these programs that increase jobs and increase GDP are probably the fastest way to get the economy back on a track that will reduce the deficit over time. It's certainly a better way to reduce the deficit than putting ourselves into a -- into a debtor's prison and assume we can deflate our way to recovery.

BARACK OBAMA: Well, I think this is an important point. You know, we've been talking a lot about specific initiatives. There is a macroeconomic element to this whole thing. And so let me just amplify what was just said.

We have a structural deficit that is real and growing, apart from the financial crisis. We inherited it. We're spending about 23 percent of GDP and we take in 18 percent of GDP and that gap is growing because health care costs, Medicare and Medicaid in particular, are growing. And we've got to do something about that.

You then layer on top of that the huge loss of tax revenue as a consequence of the financial crisis and the greater demands for unemployment insurance and so forth. That's another layer. Probably the smallest layer is actually what we did in terms of the Recovery Act. I mean, I think there's a misperception out there that somehow the Recovery Act caused these deficits.

No, I mean, we had -- we've got a 9-point-something trillion- dollar deficit, maybe a trillion dollars of it can be attributed to both the Recovery Act as well as the cleanup work that we had to do in terms of the banks. In turns out actually TARP, as wildly unpopular as it has been, has been much cheaper than any of us anticipated.

So that's not what's contributing to the deficit. We've got a long- term structural deficit that is primarily being driven by health care costs, and our long-term entitlement programs. All right? So that's the baseline.

Now, if we can't grow our economy, then it is going to be that much harder for us to reduce the deficit. The single most important thing we could do right now for deficit reduction is to spark strong economic growth, which means that people who've got jobs are paying taxes and businesses that are making profits have taxes -- are paying taxes. That's the most important thing we can do.

We understand that in this administration. That's not always the dialogue that's going on out there in public and we're going to have to do a better job of educating the public on that.

The last thing we would want to do in the midst of what is a weak recovery is us to essentially take more money out of the system either by raising taxes or by drastically slashing spending. And frankly, because state and local governments generally don't have the capacity to engage in deficit spending, some of that obligation falls on the federal government.

Having said that, what is also true is that unless businesses and global capital markets have some sense that we've got a plan, medium and long term, to get the deficit down, it's hard for us to be credible, and that also could be counterproductive. So we've got about as difficult a economic play as is possible, which is to press the accelerator in terms of job growth, but then know when to apply the brakes in the out-years and do that credibly. And you know, we are trying to strike that balance, but we're going to need help from all of you who oftentimes are more credible than politicians in delivering that message.

Because we want to leverage whatever public dollars are spent, and we are under no illusion that somehow the federal government can spend its way out of this recession. But it is absolutely true that any of the ideas that have been -- been mentioned here are still going to require some public dollars, and those are actually good investments to make right now.

This comes from a Brad DeLong post, Paul Krugman got into the same territory in his column the other day, looking particularly at health care spending issues.

Bottom line, I'm really, really glad that this guy is our President right now. I might not always agree with everything he does, but the man is smart and well informed and I find that very reassuring.

Read This Now - An Ezra Klein Reader

Your assignment is to go catch up on what Ezra Klein had to say today. I'm going to go out on a limb and say that he had one of the best blogging days I've ever seen. I was incredibly impressed with several of his posts.

This one, on the state of the Senate and legislating in today's climate and conditions and how that affects propositions such as health care reform, in particular...

The U.S. Congress is hostile not only to liberal power, but also to conservative power, and for that matter, to majority governance. The rules trump the election, trump the organizing, trump the 50-plus senators in support of the public option, trump all of it. Liberals will never have 70 votes in the Senate, and, in a useful symmetry for the purposes of coalition building, nor will conservatives, and nor, it seems, will people who want to make hard decisions to solve pressing problems. The story of the public option -- and of the preservation of employer-based health care, and the insufficient cost controls, and the protection of providers, and all the rest -- isn't just a story for liberals. It's a story about our system of governance and its inability to respond to problems even when you stack the deck in change's favor.

Klein has also touch on the filibuster, decision making, and inaction in the Senate today.

These three recent posts (but not from today) on the filibuster, the shaping of the modern filibuster, and negotiating in the Senate are well worth your time as well.

Read This Now - Media Maddness

How the World Works' take on the pending Comcast acquisition of NBC is well worth reading...

But there's the rub. Cable and the Internet have expanded options. The immediate downside: the flagship networks have been reduced to such dire gambles as running Jay Leno every night for an hour in primetime or turning themselves into ongoing lingerie ads. Still, that's OK, because we have somewhere else to go. But when a Comcast buys an NBC Universal, acting in defense against the proliferation of consumer choice, the clear signal is that somehow, some way, the new masters of the universe will be looking for a way to make us pay.

The parts on the negative effects of the proliferation of choices are particularly interesting; while I would mention TGIF instead of The Brady Bunch the dynamic is similar for my generation but probably completely different for folks just a few years younger than I.

That's Ms. Julia Child...

Luckily Julia brought her flame thrower along...



If you watched any of Food Networks next star chef or whatever they called that show compare the contestants reactions to on air failures and ribbing to just how smooth the master is.

(via EMD who informs us that the clip is from 1987)

Quotes of the Day

I hate war, as only a soldier who has lived it can, as one who has seen its brutality, its futility, its stupidity...

Every gun that is made, every warship launched, every rocket fired signifies, in the final sense a theft from those who hunger and are not fed, those who are cold and are not clothed.

Both quotes are from the same person, care to take a guess? How about a hint the speaker was President of the US and a famous General as well...

Dwight D. Eisenhower said that (not sure if the quotes came at the same time or at different occasions) Bob Hebert opens his column in the NYT today with them. He goes on to argue against ramping up US troop presence in Afghanistan calling it a tragic mistake but also the easier road politically.

It's especially frustrating to try and figure out what the right thing for the US to be doing in Afghanistan is now in light of the new Senate report revealing that in the very opening days of the US invasion Osama bin Laden was within the grasp of US soldiers who were denied the necessary reinforcements to capture him by then Secretary of Defense Donald Rumsfeld.

You did a heck of a job Rummy!