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By Tim Price, originally published on Next New Deal

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Budget Cuts Seen as Risk to Growth of U.S. Economy (NYT)

Binyamin Appelbaum and Annie Lowrey report that forecasters predict the sequester will shave about half a percentage point off GDP, but policymakers intentionally designed the whole thing to have horrible consequences, so maybe it's best not to encourage them.

The GOP's Budget Denialism (TNR)

Jonathan Cohn argues that Republicans must accept that the government is going to keep growing and revenue must grow with it. Otherwise they can either print more money (nope) or simply maintain that we shouldn't pay for things, an ethos shared by shoplifters.

New study badly undermines GOP position on sequester (WaPo)

Greg Sargent highlights a study from a Congressional Research Service analyst who finds that the single greatest driver of inequality over a period of 15 years has been income from capital gains and dividends, or as the GOP's constituents refer to it, income.

Unemployed would lose benefits if federal budget cuts go through (CNNMoney)

Tami Luhby notes that the sequester will cut extended federal unemployment benefits by almost 10 percent, which some members of Congress no doubt view as an added incentive for recipients to go get a job before Congress is finished destroying them all.

Connecting Entitlement Reform to Immigration Reform (Robert Reich)

Reich writes that one of the biggest fiscal challenges for Social Security and Medicare is that there will be fewer young workers supporting more retirees in coming years. Luckily, we have tons of immigrant workers eager to lend a hand if we'd stop slapping it away.

A jump-start for American wages (WaPo)

Harold Meyerson notes that there are big deals going down in the corporate world, from Comcast buying NBC to Warren Buffett buying a liftetime supply of ketchup, but workers still aren't seeing a dime, and they won't unless the government sets wage standards.

Why Degree Inflation Hits Women Workers Hardest (Businessweek)

Sheelah Kolhatkar writes that as bachelor's degrees become a requirement for administrative jobs, women are having a harder time getting a foot in the door—though our research finds those jobs disappearing, so the entrance might be bricked over anyway.

Friends in Low Places: Where the Real Lobbying Happens (ProPublica)

Jesse Eisinger argues that despite the controversy over top-level regulatory nominations like Mary Jo White, the real action takes place in the back rooms, where a bunch of lobbyists-turned-staffers whom you've never heard of are deciding which master to serve.

Tim Price is Deputy Editor of Next New Deal. Follow him on Twitter @txprice.

Originally posted to Daily Kos Economics on Thu Feb 21, 2013 at 06:38 AM PST.

Also republished by Daily Kos.

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Comment Preferences

  •  The sequester is not new. It's just a new name (3+ / 0-)
    Recommended by:
    Pescadero Bill, corvo, side pocket

    for an old habit. Congress has been rationing dollars for decades. How else did it happen that a small percentage of the population ended up with most of them.
    Even when there was not strict rationing of the outflow of dollars, Congress prevented them being recycled back into Washington via a sufficient tax.
    The Modern Money Theory people talk about "leakage" in reference to dollars that flow out of Washington but never return. I'd suggest that "leakage" is misnomer because the dollars in hedge funds and speculative investments represent not a leak, but a clog.
    The sequester is rationing and rationing leads to hoarding. Which leads me to suggest that the over two trillion dollars in cash that private corporations are hoarding is a to be expected result.
    Monkey see, monkey do. Congress hides the money, and so does Wall Street.

    We organize governments to deliver services and prevent abuse.

    by hannah on Thu Feb 21, 2013 at 07:19:04 AM PST

  •  Degree requirements (0+ / 0-)

    I'm not sure I buy that "degree inflation" places a larger burden on women. Women are graduating with > 60% of college degrees, doesn't that suggest it's men who would be feeling more of that burden?

    •  Strictly speaking, it's an accurate statement. (0+ / 0-)

      The article makes the point that the growing demand for administrative workers with degrees primarily affects women, who traditionally occupy the vast majority of said positions.

      Having said this, the growing inequality between the number of women and men attending and graduating from college is a very real problem, and needs to be addressed.

    •  It's generational. (0+ / 0-)

      While women may make up a higher percentage of degree recipients today, that was not always the case. Many career paths traditionally more open to women, such as administrative assistants and bookkeepers, did not require a college degree. A high school diploma and some specialized training was all it required. Now, as the elite squeeze every job out of the economy they can, jobs are becoming more competitive, and experienced workers are losing out to people with less experience, but a liberal arts degree, and those workers are frequently women. In fact, when a woman with a college degree gets the job, over a woman without the degree, the woman who did not get the job is still part of the women being victimized by degree inflation.

      Workers of the world, unite! You have nothing to lose but your shackles. It is by the picket line and direct action that true freedom will be won, not by electing people who promise to screw us less than the other guy.

      by rhonan on Thu Feb 21, 2013 at 05:07:29 PM PST

      [ Parent ]

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