Today, who we are gives way to who we would like to be. That violent scene on Jan.6, that’s us in every way – armed, ignorant and preferring to follow rather than think. There’s no back in the bottle for the white supremacist urge. It must be watched, left out in the sun, allowed to finally wither and die.
The new administration gives voice and presence to wisdom, empathy, courage and humility. We pitched in to make it happen, and we’ll have to continue to do a little bit of that everyday even though we aren’t obliged by new atrocities to pay attention every second. Get used to that, remember it’s a luxury, and use the time better than we quite know how, better than we have. The constitution is not magic, and the bald eagle has no special powers. Those are yours.
Get back in the game. Push back. Don’t put up with nonsense, and reserve the benefit of the doubt for only when it’s absolutely warranted. Make, share, give, help, and mask up until we can plant big kisses everywhere.
EK: You think the danger posed by the long-term deficit is overstated by most economists and economic commentators.
JG: No, I think the danger is zero. It’s not overstated. It’s completely misstated.
JG: What is the nature of the danger? The only possible answer is that this larger deficit would cause a rise in the interest rate. Well, if the markets thought that was a serious risk, the rate on 20-year treasury bonds wouldn’t be 4 percent and change now. If the markets thought that the interest rate would be forced up by funding difficulties 10 year from now, it would show up in the 20-year rate. That rate has actually been coming down in the wake of the European crisis.
So there are two possibilities here. One is the theory is wrong. The other is that the market isn’t rational. And if the market isn’t rational, there’s no point in designing policy to accommodate the markets because you can’t accommodate an irrational entity.
You should read it. So much of the conversation about deficits, recessions, taxes and stimulus that goes on is just wrong. It’s a way to punch a hippie, push an agenda, empower corporations, screw the poor or some combination of all of these. You’d have to understand, very deeply, a lot of this stuff to be able to call bullshit on the faux-populist balderdash that gets most of the play most of the time (for instance, the business page in any newspaper taking a sour attitude toward statistics or policy measures that benefit workers). This guy does. Check it.