George Conway: I thought, President Trump was boorish, dim-witted, inarticulate, incoherent, narcissistic and insensitive....Sunday left no doubt. Naivete, resentment and outright racism, roiled in a toxic mix, have given us a racist president
Peggy Noonan: Mike Pence crowed at the daily White House briefing: “We have conducted and completed 3,324,000 tests across the nation.” That’s barely 1% of the population three months into a crisis. That’s not an achievement, it’s a scandal. via
@WSJ
At age 13, my mother was separated from her parents in 1939 when they put her on the Kindertransport from Germany to England. She was reunited with them — in the United States in 1941. That is my America.
Amazon’s plans for its new Virginia headquarters feature a 350-foot structure dubbed the Helix with two spiraling outdoor walkways with trees and plants from Virginia that twist to the building’s top. via
@WSJ
Steve Moore: “I’m kind of new to this game, frankly, so I’m going to be on a steep learning curve myself about how the Fed operates, how the Federal Reserve makes its decisions.” via
@bpolitics
From
@Cutler_econ
Dear economist friends. I am very sad to report that Alberto Alesina passed away today. Apparently, he was hiking with his beloved wife Susan and had a heart attack. He was a great treasure whom we shall all miss.
NYTimes asks if $600/wk in UI discourages folks from going back to work. Starts with a biz’man saying yes. 8 paragraphs of that before citing reams of evidence that says no (and that’s after the jump.) Ends with wife of biz’man in lede going back to work despite $600/wk in UI.
What I learned today: “In the 87 years between the end of Reconstruction and 1964, the only bills that were stopped by filibusters were civil rights bills.” --
@AJentleson
One can't really appreciate how Donald Trump thinks and talks in an interview with a newspaper reporter unless you read the transcript. Kudos to
@WSJ
for posting this one. Worth reading w/a glass of wine for comfort. via
@WSJ
Percentage of world pop in extreme poverty (<$1.90/day)
1990: 36%
2015: 10%
East Asia incl China
1990: 62%
2015: 2%
Sub-Saharan Africa
1990: 54%
2015: 41%
source: World Bank
via
@WSJ
Justice Department lawyer: "The tweet this morning was the first I had heard of the
President's position on this issue... But, obviously, as you can imagine, I am doing my
absolute best to figure out what's going on."
Pfizer, unlike competitors, did not join Operation Warp Speed, the Trump initiative to erase the financial risk of vaccine. and helping coordinate the trials. Instead, Pfizer plowed $2 billion of its own money into the project
After this terrific
@NYTimes
reporting -- and the photos! -- it is really hard for MBS to say convincingly that he had nothing to do with the Khashoggi murder.
Reagan (1988): "We should be wary of the demagogues who are ready to declare a trade war against our friends weakening our economy,, our national security, and the entire free world, all while cynically waving the American flag."
Biden stimulus will add 1 pct pt to global economic growth in 2021, OECD chief economist says. OECD sees 5.6% global growth in 2021 now, 1.4 pts higher than it saw in November. Forecast for US GDP now 6.5% in 2021 vs 3.2% in November. via
@financialtimes
Big revisions. The change in total nonfarm payrolls for August was revised up by 117,000, from +366,000 to +483,000; Sept was revised up by 118,000, from +194,000 to +312,000. Augand Septr combined=+235,000 higher than previously reported
In 114 competitive House races, Trump-endorsed candidates underperformed by 5 percentage points while those who weren't Trump-endorsed overperformed by 2.2 points, calculates
@PhilipWallach
of
@AEI
“I have seen dictatorships around the world, where blind obedience is the norm and truth-tellers are threatened with punishment or death. We must not allow the United States to become a country where standing up to our government is a dangerous act.”
Before Bush 41 picked Quayle as his running mate, Trump sent word via Lee Atwater that he’d be willing to run as VP. Bush’s response: “Strange and unbelievable” (From the Baker/Glasser Baker biography)
Very pleased to be welcoming Janet Yellen to the Hutchins Center at Brookings. She's taking the weekend off, and will show up for work here on Monday. via
@BrookingsInst
The
@nytimes
on Cy Vance's challenge in bringing charges against Trump after he leaves office: "Tax cases can be boring for jurors" Calling
@RichardRubinDC
to serve
ICYMI. Yellen: “We cannot solve the climate crisis without effective carbon pricing. The president supports an enforcement mechanism that requires polluters to bear the full cost of the carbon pollution they are emitting” (From written answers to senators’ questions)
Democrats won language that would bar any business owned by Trump or his family from getting loans from Treasury. Businesses owned by members of Congress, heads of executive departments and Vice President Mike Pence also would be blocked via
@bpolitics
Alan Krueger (who was only 58) was one of those economists who cared about making the world a better place and who always was ready to help a journalist understand economics. He will be missed.
Trump’s promise to bring back steel jobs hasn’t happened. In Nov, Labor Dept says there were 83,400 people employed by American iron and steel mills, down 100 from last Feb, month before Trump tariff announcement. Via
@WSJopinion
via
@WSJOpinion
In the three weeks before Election Day, Trump visited 48 counties. Turnout rose in more than half. But in 38 of the 48 counties, Trump’s 2020 share of the vote declined compared with 2016. via
@WSJ
Trump is in the 1%. His net operating losses reached $418 million in 1991. That was fully 1% of all the losses that the I.R.S. reported had been declared by individual taxpayers that year says
@nytimes
Memo to economic and business reporters: Do not ever write about local “labor shortages” or “tight labor markets” without mentioning what’s happening to wages.
GOP tax bill logic: A plumber who make $60,000 in wages as an employee will pay 60% more in income taxes than a plumber who is a sole proprietor or self-employed. via Adam Looney
Sign of times: Two Pulitzers for (un)covering Trump misdeeds, one for Marjorie Stoneman Douglas High School shooting, one for Tree of Life shooting, one for USC doc who abused women, one for injustice in Louisiana, one for genocide in Myanmar.....
#Pulitzer
Stephen Moore, whom Trump said he’ll nominate to a Fed seat, owes more than $75,000 in taxes and other penalties, according to the U.S. government via
@bpolitics
Greg Mankiw: Moore "does not have the intellectual gravitas for this important job... It is time for senators to do their job. Mr. Moore should not be confirmed.” (Mankiw blog at )
Paul Volcker's last (written) words: Increasingly, by design or not, there appears to be a movement to undermine Americans’ faith in our government and its policies and institutions.
Former Boston Globe intern — NPR news chief Nancy Barnes — named editor of the newspaper. Be nice to your interns. One of them may be your boss someday.
To sidestep the sandwich tax in New York, a bagel company teamed up with Philadelphia cream cheese to make a bagel injected with cream cheese (think jelly donut) — since tax authorities say it only counts as a sandwich if it's sliced open. via
@NPR
DeSantis - governor of a state rich with immigrants from Cuba and elsewhere - charters two planes to send 48 Latin American migrants to Martha’s Vineyard. Sad and cynical.
You really can't make this stuff up: Talks between Tokyo and London over a new trade deal have hit a snag after Liz Truss, UK trade secretary, insisted on bringing Stilton cheese into the negotiations. via
@financialtimes
Biden on debt limit:A meteor is is headed to crash into our economy.Democrats are willing to do all the work stopping it. Republicans just have to let us do our job; just get out of the way. If you don’t want to help save the country, get out of the way so you don’t destroy it.
Also: From 2009 to 2013, Obama faced 86 filibusters of his nominees. All other presidents combined faced 82.
--
@AJentleson
in "Kill Switch: The Rise of the Modern Senate"
Goldman Sachs: We now expect real GDP growth of 0% in Q1 (from +0.7%), -5% in Q2 (from 0%), +3% in Q3 (from +1%), and +4% in Q4 (from +2¼%), with further strong gains in early 2021. This takes 2020 GDP forecast down to +0.4% (from 1.2%). Uncertainty is much greater than normal.
Kudos to the Pulitzers for citing staff of Capital Gazette in Annapolis for courageous response to largest killing of journalists in US history for demonstrating unflagging commitment to covering the news and serving their community at a time of unspeakable grief. Plus $100,000.
CBO says Trump trade policies doing more harm to US economy than it projected in January. Now expects those changes to reduce real U.S. GDP by 0.3% by 2020 ($580/household on average) That's 0.1 pct point more than previously projected. Revisions to long-run effects more modest.