Notwithstanding the [late] reckoning with our very own special coup, the one we think we dodged and the very one over which Our Media is fascinated by exactly all the wrong details; the battle between Chicago and lake Michigan; and the new Gilded Age space flights for plutocrat tourists, the economy seems to have magically withstood a pandemic (Narrator: It’s not magic):
Initial unemployment claims came in at 360,000 for the week ending July 10, below the previous week’s revised read of 386,000. That reading matched the consensus forecast among economists, according to Bloomberg.
The decline in the seasonally adjusted number resumes the overall downward trend of the volatile data series after an unexpected rise in initial claims last week. The Labor Department noted that this marks a new pandemic-era low.
While the number of Americans newly filing for unemployment benefits tends to bounce around from week to week, it’s been on a general downward trend after spiking to record-shattering numbers amid the early days of the pandemic last spring. The return to that downward trend matches other data suggesting a steadily recovering labor market.
360K is still a very many lot of people, and yet you ask: after years of making sure our billionaires had enough nest eggs to color-coordinate their space suits, how was it possible to get through a year of very limited economic activity and still be able browse and sniff at the want ads and generally avoid most of the fascist tendencies on offer? Give. People. Money.
CARES and PPP run themselves out by design, which is helping people stay afloat. This is why we’re longing for vacations instead of standing in breadlines. And the infrastructure bill will bring more of this – not gifts and not luxuries – but investments in people and how we live, with recommendations for new arrangements for different needs that WE have made absolutely necessary (see Chicago example above and read the history). Move the monuments. Buy the trains. Pay the carpenters, or become one. As legend has it, the profession has a storied past.
If you read Paul Krugman, and you really should read Paul Krugman, this will come as exactly no news at all to you. But it’s a good thing Republicans have found some fake scandals to spike their poutrage, becuase the thing they’ve been screaming about for the last three years is going away:
according to the Congressional Budget Office, the debt disaster that has obsessed the political class for the last three years is pretty much solved, at least for the next 10 years or so.
The last time the CBO estimated our future deficits was February– just four short months ago. Back then, the CBO thought deficits were falling and health-care costs were slowing. Today, the CBO thinks deficits are falling even faster and health-care costs are slowing by even more.
Here’s the short version: Washington’s most powerful budget nerds have cut their prediction for 2013 deficits by more than $200 billion. They’ve cut their projections for our deficits over the next decade by more than $600 billion. Add it all up and our 10-year deficits are looking downright manageable. Following are the highlights.
Charts and graphs at the link, but you get the picture. Jees, these people.
Have we written about this before? Are we reading about anything else? Chait at NY Mag sets the context for the healthcare debate – you know, the one we’re going to have, again.
Opponents of the law have endlessly invoked “socialism.” Nothing in the Affordable Care Act or any part of President Obama’s challenges the basic dynamics of market capitalism. All sides accept that some of us should continue to enjoy vastly greater comforts and pleasures than others. If you don’t work as hard as Mitt Romney has, or were born less smart, or to worse parents, or enjoyed worse schools, or invested your skills in an industry that collapsed, or suffered any other misfortune, then you will be punished for this. Your television may be low-definition, or you might not be able to heat or cool your home as comfortably as you would like; you may clothe your children in discarded garments from the Salvation Army.
This is not in dispute. What is being disputed is whether the punishments to the losers in the market system should include, in addition to these other things, a denial of access to non-emergency medical treatment. The Republican position is that it should. They may not want a woman to have to suffer an untreated broken ankle for lack of affordable treatment. Likewise, I don’t want people to be denied nice televisions or other luxuries. I just don’t think high-definition television or nice clothing are goods that society owes to one and all. That is how Republicans think about health care.
This is why it’s vital to bring yourself face-to face with the implications of mass uninsurance — not as emotional manipulation, but to force you to decide what forms of material deprivation ought to be morally acceptable.
Can this Supreme Court case be about anything else? No, it can’t. These are the terms. This is the reason there was an Affordable Care Act, and an individual mandate. And the reason there will have to be another debate and another law if this one is indeed struck down. Republicans will try to elide this debate, but there isn’t any other debate. The other aspects of the situation are beyond question. This is what they’re holding out on. Damn, green makes some people really mean.