The Angry Bear

“September 17, 2022,” Letters from an American, Heather Cox Richardson, (substack.com) In 1761, 55-year-old Benjamin Franklin attended the coronation of King George III and later wrote that he expected the young monarch’s reign would “be happy and truly glorious.” Then, in 1776, he helped to draft and then signed the Declaration of Independence. An 81-year-old man in 1787, he urged his colleagues at the Constitutional Convention in Philadelphia to...

“Banking for the People: Lessons from California on the Failures of the Banking Status Quo,” Roosevelt Institute, Emily DeVito Introduction The current banking system in the United States and its fine and fee-heavy profit model is a barrier to economic entry and financial security for millions of individuals and families. Especially a barrier for those who are Black, brown, and/or low-income. In addition to being grossly unfair, our status quo...

Real aggregate payrolls and recessions  – by New Deal democrat One of my favorite indicators for the overall economic health of the American working and middle classes is real aggregate payrolls for non-supervisory workers. This is kind of self-explanatory. Rather than measure hourly wages, this is the *total* amount of wages paid to non-supervisory workers, adjusted for inflation. It tends not to be noisy, i.e., there is a lot of signal...

On April 1 2022 I wrote “I score Robert 4 Pentagon 0. I currently oppose the F-35 procurement program. No score yet.” I didn’t know that 4 days earlier on March 28 2022 Valerie Insinna had published “F-35 cuts, F-15 boost, and E-3 replacement: Air Force’s $170B budget makes big moves in FY23“ “the biggest and most controversial moves are found in the department’s $29.3 billion procurement account — including $1.7 billion to buy an...

First the US poverty gap is on the order of $180 billion per year. That is the sum over all households with income under the poverty line of the amount that household’s income is below the poverty line. That is a small amount of money compared to US GDP or even US Federal Government spending. This uses the official poverty line which is very low (and the official pretax cash income which leaves out the earned income tax credit and SNAP (the...

DeSantis’ decision to send migrants to Martha’s Vineyard on false pretenses was clearly repugnant.  In fact, it seems to have been even worse than it appears:  the organizers apparently tried to trick the migrants into reporting their whereabouts to the wrong authorities, which would have jeopardized their status. But over on twitter, Ross Douthat tries to put a bit of lipstick on the pig: This was always the obvious point of the stunt, not to...

I am going to give a hostage to fortune. I am going to guess that the preferred policy supported by a majority of US respondents on questions about redistribution of income is that which would directly serve the narrow short term economic interests of a (probably different but overlapping) majority of US respondents. I am guessing that the majority view is that view which would be the majority view if everyone were selfish (and out and proud...

This is one of Alan Collinge’s associates who comment on many of his posts. This also reflects a point I bought up a while back on student loan debt. The size of the loan was large and probably could have been handled. The issue is not so much the loan as it is the interest fees, interest upon interest, paying back the interest first, etc. A $10,000 forgiveness will go to the interest first on the student loan debt and never touch the principal....

August industrial production declines; overall decelerating trend consistent with recession in 2023  – by New Deal democrat Finishing today’s data dump, industrial production, the King of Coincident Indicators, declined -0.2% in August, while manufacturing production increased 0.1%. July’s sharp gains in both were revised slightly (-0.1%) downward:  While July remains the high water mark for overall production, manufacturing has not made a...

Guest Post by Infidel as posted from his Blog of the same name. Intro . . . In the real world, which contains many individuals interacting within a society, overall freedom is maximized when the total ability of all individuals to do whatever they want is maximized.  In practice, achieving this involves a vast number of compromises and trade-offs, because there are so many cases where the wants of one person clash with the wants of another...