From an anonymous defense lobbyist on Donald Trump's choice of Fox News talker Pete Hegseth to be Secretary of Defense: “Who the fuck is this guy?” I guess this lobbyist doesn't watch Fox & Friends on weekends? More to the point, I wonder if Sen. Roger Wicker watches Fox & Friends on weekends? He's in ...continue reading "Quote of the day: Who’s Pete Hegseth?"
Donald Trump's administration hasn't even started and he's already suffered his first loss: Senate Republicans chose Sen. John Thune of South Dakota to be their new leader, rejecting an outside pressure campaign from Donald Trump’s allies to break with the establishment in the secret-ballot election, according to two people familiar with the vote. Thune, a ...continue reading "John Thune elected new Republican leader in the Senate"
Ramesh Ponnuru says Elizabeth Warren might be responsible for high inflation: In 2021, Senator Elizabeth Warren (D., Mass.) led the fight to keep President Biden from reappointing Jerome Powell as chairman of the Federal Reserve.... Former Fed official Randal Quarles has said that uncertainty about the Fed’s leadership delayed the central bank’s response to rising ...continue reading "Once more on the Fed and inflation"
Average weekly earnings beat inflation for the sixth month in a row in October: Adjusted for inflation, wages rose at an annualized rate of 1.5% in October.
CPI inflation ticked up in October and core CPI ticked down: Used car prices surged in October after cooling off over the past year. Food inflation remained around 1% and clothing prices dropped. On a conventional year-over-year basis, headline CPI clocked in at 2.6% and core CPI at 3.3%.
Annie Lowrey comments on the economic problems of the working class: The COVID-era boosts to SNAP, UI, CTC, and child care went away. Medicaid unwound. Food costs spiraled. Interest rates doubled. Measures of material hardship worsened. And Democrats pointed to headline figures showing a boom. I know I'm beating a dead horse, but I continue ...continue reading "The working class has done fine during the Biden era"
Is this a joke? President-elect Donald Trump chose Pete Hegseth, who is a combat veteran and co-host on the weekend edition of “Fox & Friends,” to be his defense secretary. Hegseth has no defense experience—aside from having lots of opinions. He has no government experience and no experience dealing with the Pentagon bureaucracy. He's never ...continue reading "Fox talking head is our new Secretary of Defense"
This picture was taken on the U6 metro line in Vienna near Thaliastrasse. I don't really know why it appeals to me since there's nothing all that special about it. But maybe that's it. Just an ordinary slice of life on an ordinary day.
Since we seem to be relitigating Joe Biden's ARP stimulus and whether it caused inflation, I want to show you my theory of the case. It will be familiar to most of you. Apologies for the complicated chart. What it shows is that the first phase of inflation started shortly after the pandemic and was ...continue reading "The impact of ARP on inflation"
I keep reading that Donald Trump might try to fire Fed chair Jerome Powell, whose term runs through 2026. But what is this based on? Trump himself hasn't said anything, and Powell is steadily lowering interest rates, which is what Trump wants. Nor has Powell put himself on Trump's enemies list by saying something critical ...continue reading "Jerome Powell should be safe for now"
A friend asked me yesterday if turnout was really down this year. The answer is yes, but it's a bit trickier than it seems. Turnout was 158 million in 2020 and looks like it will end up around 154 million this year. But 2020 was a big spike year and might not be a fair ...continue reading "Was turnout really down in 2024?"
I see that Donald Trump has reaffirmed his plan to abolish the Department of Education, so I'll remind everyone yet again that this meaningless. The question is what programs you're going to abolish, and on that score the Department of Education is pretty simple:¹ You've got Pell Grants for working and middle-class college students. You've ...continue reading "How many times can we kill the Department of Education?"
If you voted against Kamala Harris—or just stayed home—because you were pissed off about Gaza, I have bad news for you: Israel’s Finance Minister Bezalel Smotrich welcomed President Donald Trump’s electoral victory Monday, saying that “the time has come” to extend full Israeli sovereignty over the occupied West Bank. ....During Trump’s first term, he said, ...continue reading "Israeli lunatic thinks Trump will make all his wishes come true"
I ate a bag of potato chips with lunch and they were.......not bad! My salt taste is definitely coming back. Sweet never went completely away, but sour is still nowhere. I tried a pickle and tasted nothing. I'm not sure how to test bitter since I don't really eat any bitter foods. Anyway, progress.
Jack Herrera has a piece in Politico today about why Democrats lost the Latino vote this year. This is already a tedious genre, but if it's Jack Herrera it's worth a read First off, it's worth acknowledging that the blowout wasn't as bad as it seems. The biggest losses were in places like Florida and ...continue reading "Jack Herrera on Latinos and the Democratic Party"
The Energy Information Administration dropped its latest monthly estimate of solar module shipments a few days ago, so this seems like a good time take to take stock. Here's an extrapolation of where we'll be by 2030 if solar keeps rising at its current rate: At the current rate of growth, solar capacity will reach ...continue reading "Raw data: The cost of solar power through 2030"
A single Bitcoin is now worth an astonishing $85,000: In case you're curious, yes, the recent surge started on Election Day. Why? Since it's Bitcoin I suppose there not much point in asking. But there are two competing explanations. First, Donald Trump is going to be very crypto friendly, building a Strategic Bitcoin Reserve and ...continue reading "Bitcoin is skyrocketing"
"The economic consequences of major tax cuts for the rich" is a research study that came out a few years ago. But I missed it then and it's never too late to catch up. The authors set out to examine all instances of major tax reductions on the rich in 18 OECD countries between 1965 ...continue reading "What do tax cuts on the rich accomplish? Can you guess?"
Israel's starvation campaign against northern Gaza—intended to enforce its declaration that everyone leave—is continuing apace: The amount of aid reaching Gaza has dropped to the lowest level since December, official Israeli figures show, despite the US having issued a 30-day ultimatum last month threatening sanctions if there was no increase in humanitarian supplies reaching the ...continue reading "My fantasy Gaza speech"
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