"It is easy to confuse what is with what ought to be, especially when what is has worked out in your favor."
- Tyrion Lannister

"Lannister. Baratheon. Stark. Tyrell. They're all just spokes on a wheel. This one's on top, then that's ones on top and on and on it spins, crushing those on the ground. I'm not going to stop the wheel. I'm going to break the wheel."

- Daenerys Targaryen

"The Lord of Light wants his enemies burned. The Drowned God wants them drowned. Why are all the gods such vicious cunts? Where's the God of Tits and Wine?"

- Tyrion Lannister

"The common people pray for rain, healthy children, and a summer that never ends. It is no matter to them if the high lords play their game of thrones, so long as they are left in peace. They never are."

- Jorah Mormont

"These bad people are what I'm good at. Out talking them. Out thinking them."

- Tyrion Lannister

"What happened? I think fundamentals were trumped by mechanics and, to a lesser extent, by demographics."

- Michael Barone

"If you want to know what God thinks of money, just look at the people he gave it to."
- Dorothy Parker

Saturday, July 15, 2017

It's the Debt Stupid by Steve Roth

It's the Debt Stupid by Steve Roth
If you go further and allow that wages and prices can inflate at different rates (which you must, given recent decades), you have extremely large and changing differentials between price inflation, wage inflation, and (especially) asset-price inflation.
Asset-price inflation?

"Asset price inflation" is not inflation by Noah Smith

DeLong on economic growth

Must-Read: As I say, repeatedly, calling it "populism" is not a good thing—it does not need to clear thinking. Hitherto "populism" has meant one to two things:

Sunday, July 09, 2017


- With savings low and debt high, households might respond to higher wages by saving more. If so, we’ll not get higher aggregate demand and hence incentives to invest. There’s a warning here from the 70s. One reason why the positive-sum game broke down then was that workers saved increasing proportions of their wages. 
These doubts don’t make me side with neoliberalism. They just make me think that wage-led growth is nothing like sufficient.

Medicare, Medicaid


In 2015, Medicare provided health insurance for over 55 million—46 million people age 65 and older and nine million younger people.[2] On average, Medicare covers about half of the health care charges for those enrolled.

payroll tax. universal, expensive, b/c government doesn't negotiate as in other countries.

"Many look to the Veterans Health Administration as a model of lower cost prescription drug coverage. Since the VHA provides healthcare directly, it maintains its own formulary and negotiates prices with manufacturers. Studies show that the VHA pays dramatically less for drugs than the PDP plans Medicare Part D subsidizes.[138][139] One analysis found that adopting a formulary similar to the VHA’s would save Medicare $14 billion a year (over 10 years the savings would be around $140 billion).[140]"

Medicaid cost, care