“Yes He Could”: Health Care And Climate, President Obama’s Big Deals
Several times in recent weeks I’ve found myself in conversations with liberals who shake their heads sadly and express their disappointment with President Obama. Why? I suspect that they’re being influenced, often without realizing it, by the prevailing media narrative.
The truth is that these days much of the commentary you see on the Obama administration — and a lot of the reporting too — emphasizes the negative: the contrast between the extravagant hopes of 2008 and the prosaic realities of political trench warfare, the troubles at the Department of Veterans Affairs, the mess in Iraq, and so on. The accepted thing, it seems, is to portray Mr. Obama as floundering, his presidency as troubled if not failed.
But this is all wrong. You should judge leaders by their achievements, not their press, and in terms of policy substance Mr. Obama is having a seriously good year. In fact, there’s a very good chance that 2014 will go down in the record books as one of those years when America took a major turn in the right direction.
First, health reform is now a reality — and despite a shambolic start, it’s looking like a big success story. Remember how nobody was going to sign up? First-year enrollments came in above projections. Remember how people who signed up weren’t actually going to pay their premiums? The vast majority have.
We don’t yet have a full picture of the impact of reform on the previously uninsured, but all the information we do have indicates major progress. Surveys, like the monthly survey by Gallup, show a sharp drop in the percentage of Americans reporting themselves as uninsured. States that expanded Medicaid and actively promoted the new exchanges have done especially well — for example, a new survey of Minnesota shows a 40 percent drop in the number of uninsured residents.
And there’s every reason to expect a lot of additional progress next year. Notably, additional insurance companies are entering the exchanges, which is both an indication that insurers believe things are going well and a reason to expect more competition and outreach next year.
Then there’s climate policy. The Obama administration’s new rules on power plants won’t be enough in themselves to save the planet, but they’re a real start — and are by far the most important environmental initiative since the Clean Air Act. I’d add that this is an issue on which Mr. Obama is showing some real passion.
Oh, and financial reform, although it’s much weaker than it should have been, is real — just ask all those Wall Street types who, enraged by the new limits on their wheeling and dealing, have turned their backs on the Democrats.
Put it all together, and Mr. Obama is looking like a very consequential president indeed. There were huge missed opportunities early in his administration — inadequate stimulus, the failure to offer significant relief to distressed homeowners. Also, he wasted years in pursuit of a Grand Bargain on the budget that, aside from turning out to be impossible, would have moved America in the wrong direction. But in his second term he is making good on the promise of real change for the better. So why all the bad press?
Part of the answer may be Mr. Obama’s relatively low approval rating. But this mainly reflects political polarization — strong approval from Democrats but universal opposition from Republicans — which is more a sign of the times than a problem with the president. Anyway, you’re supposed to judge presidents by what they do, not by fickle public opinion.
A larger answer, I’d guess, is Simpson-Bowles syndrome — the belief that good things must come in bipartisan packages, and that fiscal probity is the overriding issue of our times. This syndrome persists among many self-proclaimed centrists even though it’s overwhelmingly clear to anyone who has been paying attention that (a) today’s Republicans simply will not compromise with a Democratic president, and (b) the alleged fiscal crisis was vastly overblown.
The result of the syndrome’s continuing grip is that Mr. Obama’s big achievements don’t register with much of the Washington establishment: he was supposed to save the budget, not the planet, and somehow he was supposed to bring Republicans along.
But who cares what centrists think? Health reform is a very big deal; if you care about the future, action on climate is a lot more important than raising the retirement age. And if these achievements were made without Republican support, so what?
There are, I suppose, some people who are disappointed that Mr. Obama didn’t manage to make our politics less bitter and polarized. But that was never likely. The real question was whether he (with help from Nancy Pelosi and others) could make real progress on important issues. And the answer, I’m happy to say, is yes, he could.
By: Paul Krugman, Op-Ed Columnist, The New York Times, June 16, 2014
“Hedge Funds Versus Kindergarten”: There’s Nothing Natural Or Moral Going On Here
The inequality issue is one in which economic and moral considerations can quickly become tangled. That’s particularly true at a time when defenders of free-market economics are increasingly prone to advance the argument that the “natural” distribution of resources via unregulated markets is a measure of the actual value of each person’s contributions to society, with any redistribution representing virtual theft.
Consider this data point from Ezra Klein today at Vox:
Alpha magazine is out with its annual “rich list” detailing the successes of the highest earning hedge fund managers in America. The news once again is that it’s good to be a successful hedge fund manager: the top 25 earned a collective $21.1 billion this year.
Even within that group there’s considerable inequality. The top earner, David Tepper, took home $3.5 billion which is about five times as much as either of the two men tied for the tenth slot.
How does that look in context? Well, it’s about 0.13 percent of total national income for 2013 being earned by something like 0.00000008 percent of the American population. Another way of looking at it is that this is about 2.5 times the income of every kindergarten teacher in the country combined.
Now I am open to the argument that hedge funds are at least a marginally useful lubricant to the efficiency of the U.S. and global economies. But you cannot tell me a handful of hedge fund managers add more to the wealth and productivity of America than all the kindergarten teachers combined. There is nothing “natural,” much less “moral,” about a system that distributes the fruits of the economy in that manner.
By: Ed Kilgore, Contributing Wroter, Washington Monthly Political Animal, May 6, 2014
“Time For Some Happy Talk From Democrats”: Ban The Word “But” Until After The Election
Democrats, if you want to win in the fall, take some advice from Pharrell Williams: “Clap along if you feel like happiness is the truth.”
The Mountie-hat-wearing pop singer’s infectious “Happy” should be the Democratic Party’s theme song for the midterm election. Despite Republican claims to the contrary, things are definitely looking up. Democrats ought to be clicking their heels and spreading the good news.
Friday’s announcement that unemployment fell to 6.3 percent was huge. The fact that the economy added 288,000 jobs in April — despite continued bad weather early in the month in parts of the country — suggests that the recovery has greater momentum than pessimists had feared. Economists were expecting decent numbers. These are great.
The stock market, meanwhile, is flirting with an all-time high. The Dow has risen about 10 percent over the past year; the S&P 500, more than 16 percent; the Nasdaq, about 22 percent . During President Obama’s term in office, the Dow has more than doubled. If he were a socialist, as his harshest critics claim, he’d be a truly lousy one.
The numbers prove that Obama is, in fact, a skillful capitalist who guided the economy out of its worst slump since the Great Depression. He accomplished this feat despite being saddled with a Republican opposition in Congress that reflexively opposes his every initiative — even those based on policies the GOP supported in the past.
Speaking of which, the Affordable Care Act — which is based, you’ll recall, on a framework developed in Republican think tanks — is clearly a success and may soon be seen as a triumph. More than 8 million people have signed up for insurance through the federal and state exchanges; Obama’s benchmark had been 7 million. Enough of these enrollees are young and healthy to ensure the program’s continued viability.
The disasters predicted by the Republican Party have not come true. Critics have stopped talking about a hypothetical “death spiral” in which the health insurance reforms collapse of their own weight, since it is now clear that nothing of the sort will happen. Early indications are that any increase in premiums for next year will be modest. Republicans will keep attacking Obamacare because it fires up the base, but the program is here to stay.
Democrats now have a positive story they can tell in their campaign ads and speeches: “We promised you that these were the right policies to get the economy on track and reform health care. We said it would take time to see results and asked for patience. You gave us your trust, and now we’re seeing the benefits. This is just the beginning. Give us a mandate to keep moving forward on an agenda that is working.”
This is what Democrats are saying, more or less. But would it hurt to show a little enthusiasm?
Obama can be excused for his brief and relatively low-key reaction to the jobs numbers Friday. He spoke in the White House Rose Garden alongside German Chancellor Angela Merkel, with whom he had just met, and the situation in Ukraine was clearly weighing on both leaders’ minds.
“The grit and determination of the American people are moving us forward,” Obama said, “but we have to keep a relentless focus on job creation and creating more opportunities for working families.”
I propose that Democrats ban the word “but” until after the election.
Republicans are giving “but” a workout. Unemployment may be down to 6.3 percent, they say, but too many people are leaving the workforce. The jobs numbers for April may look good, but we don’t know if this rate of growth can be sustained. Enrollment numbers for the Affordable Care Act may be impressive, but have all those people actually paid their premiums?
These are not honest caveats. Republican claims about enrollees not paying their insurance premiums, for example, are based on a survey taken before many of those premiums were even due. The GOP wants to foster the notion that nothing is going well with Democrats in charge of the White House and the Senate — and that it’s time for a change.
When Democrats sound like the old “Saturday Night Live” character Debbie Downer — emphasizing what’s still ailing about the economy, promising to “fix what’s broken” in Obamacare — they reinforce the Republicans’ message rather than refute it.
Listen up, Democrats. You fixed the economy. You expanded access to health care. Oh, and you ended two wars.
Show a little happiness. It’s contagious.
By: Eugene Robinson, Opinion Writer, The Washington Post, May 5, 2014
“The Return To The Roaring 20’s”: The Typical Member Of The 1 Percent Is An Old White Man
The rich are not like you and I.
It’s no secret that income inequality has been growing rapidly, with most the gains in earnings accruing to just the top one percent of Americans. But who are they? A new paper from Lisa A. Keister at Duke University looks at this question and finds that “members of the one percent are disproportionately male, white, and married.” The typical one percenter is 55, compared to about 50 for the bottom 90 percent. The one percent is about 91 percent white — just 1.8 percent of these households are Hispanic and merely 0.2 percent are black. More than half are married, versus about 30 percent for the bottom 90 percent. They are also much more likely to have a graduate degree: about 62 percent have one, compared to less than 10 percent of the bottom 90 percent.
Gender is a little harder to tease out, because the data looks at heads of households and classifies a family with a husband and wife where the husband is the head as male, so the fact that the one percent show up as about 98 percent male doesn’t mean that some rich women aren’t included. But it’s clear that few single mothers or female breadwinners are making it into this group. And we can also look at the job characteristics of the top earners to get a better sense of gender. As Mike Konczal has pointed out, the top one percent is mostly made up of executives, people who work on Wall Street, and managers. Women make up less than 15 percent of executives, while they represent 35 percent of investment banking employees and 40 percent of employees in the broader “Securities, Commodity Contracts and Other Financial Investments” category.
The 1 percent are also different in how they get their money. For the bottom 90 percent, 70 percent of our incomes from wages or salaries. But for the top 1 percent, salary accounts for just half. On the other hand, more than 30 percent of their money comes from businesses, while just 6.1 percent of the money for the bottom 90 percent is from the same source. While the 1 percent holds most of its assets in businesses, for the rest of us our houses are the most commonly held asset. The 1 percent also dominates financial assets, owning nearly 44 percent of the total financial pie, while the bottom 90 percent gets 20 percent.
And while we know that the wealthiest have been gobbling up most of the country’s income — the top 5 percent got the biggest share of income ever recorded in 2012, and the top 1 percent saw a 278 percent increase in their incomes over the last three decades while the middle saw less than a 40 percent bump — wealth concentration may be even worse. Keister’s paper finds that the 1 percent in wealth has held more than one-third of total net worth since 2001 and by 2010 had 34 percent. The bottom 90 percent, on the other hand, is left with just over a quarter of wealth. Wealth inequality is now as bad as it was during the roaring 1920s.
By: Bryce Covert, Think Progress, May 2, 2014
“Cliven Bundy And The Entitlement Of The Privileged”: What He Learned From The Koch Brothers
Nevada rancher Cliven Bundy’s 15 minutes of fame are up. He was a Fox News poster boy when he refused to pay fees for grazing his cows on federal land and greeted federal rangers with the threat of armed resistance. But when he voiced his views on the joys of slavery for “the Negro,” his conservative champions fled from his side.
What is interesting about Bundy, however, is not his tired racism but rather his remarkable sense of entitlement. His cattle have fed off public lands for two decades while he refused to pay grazing fees that are much lower than those he would have to pay for private land (and lower even than the government’s costs). “I’ll be damned if this is the property of the United States,” he says, claiming he won’t do business with the federal government because the Constitution doesn’t prohibit Americans from using federal lands.
As we’ve seen in recent years, this sense of entitlement pervades the privileged. Billionaire hedge fund operator Stephen Schwarzman feels so entitled to his obscene hedge fund tax dodge – the “carried interest” exemption – that he viewed Obama’s call to close the loophole as “a war. It’s like when Hitler invaded Poland in 1939.” Tom Perkins, co-founder of venture capital fund Kleiner Perkins Caufield & Byers, considers mere criticism of the wealthiest Americans akin to the persecution of the Jews in Nazi Germany.
When Republican Dave Camp, the chairman of the House Ways and Means Committee, had the temerity to propose a surcharge on the biggest financial houses (those with $500 billion in assets or more), to correct for the subsidy and competitive advantage provided by being “too big to fail,” Wall Street went ballistic. Republicans were told the spigot of political fundraisers would be closed until they recanted their heresy. “We’re going to beat this like a rented mule,” boasted Cam Fine, head of the Independent Community Bankers of America.
Big Oil feels so entitled to its multibillion-dollar annual subsidies, that Jack Gerard, president of the American Petroleum Institute, even denies their existence: “The oil and gas industry gets no subsidies, zero, nothing.” The more than $4 billion that the most profitable companies in the history of the world receive annually from U.S. taxpayers are apparently entitlements, not subsidies.
No one exemplifies this sense of entitlement more than the billionaire Koch brothers, self-proclaimed libertarians who pour hundreds of millions of dollars into supporting think tanks, lobbies and candidates who will protect their right to pollute our air and water while leaving taxpayers to pay billions of dollars to repair damage done. Owners of companies that have serially violated environmental, health and safety laws, the Koch brothers have played a major role in propogating the views adopted by rancher Bundy.
Mitt Romney, the Republican candidate for president, infamously denounced the 47 percent as “takers,” even while revealing that he paid a low 14.1 percent income tax rate. As Bundy dramatized, the real “takers” aren’t the poor and the vulnerable. Indeed, worse-off Americans are so disabused of any sense of entitlement that millions don’t jump the hurdles needed to receive the benefits for which they are eligible.
No, the real “takers” with a stunning sense of entitlement are the biggest corporations and banks, the richest Americans. They view their tax dodges as an inherent right, their inherited estates as a birthright. They treat the public commons as a resource that they should be free to plunder and regard any regulations that would protect those resources as an infringement on their liberty. Corporations are now arguing in court that that the First Amendment gives them the right to evade the law.
But, as Sen. Elizabeth Warren (D-Mass.) noted in her speech to the Democratic National Convention in 2012, the entitlements of the elite are increasingly under question:
“People feel like the system is rigged against them. And here’s the painful part: They’re right. The system is rigged. Look around. Oil companies guzzle down billions in subsidies. Billionaires pay lower tax rates than their secretaries. Wall Street CEOs — the same ones who wrecked our economy and destroyed millions of jobs — still strut around Congress, no shame, demanding favors and acting like we should thank them. Anyone here have a problem with that? Well, I do.”
And, as polls show, so do the vast majority of Americans. Just as Bundy discovered his casual racism was unacceptable, he will learn that his privileged sense of entitlement earns similar scorn.
By: Katrina vanden Heuvel, Opinion Writer, The Washington Post, April 29, 2014
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