The Angry Bear

Two hundred years ago this February, Charles Wentworth Dilke anonymously published a pamphlet titled The Source and Remedy of the National Difficulties, deduced from principles of political economy. Four decades later, Karl Marx would describe the pamphlet in his notes as an “important advance on Ricardo.” In his preface to volume two of Capital, Friedrich Engels described the pamphlet as the “farthest outpost of an entire literature which in the...

Cases in which income taxation is preferable to lump sum taxation with the same ex post net transfers. The main reason for progressive taxation is that the welfare cost of taking money from wealthy people is lower, because they have a lower marginal utility of consumption. I would like to discuss other advantages of income taxation, that is cases in which it can cause an increase in money metric welfare, or, in other words cases in which a...

Me – Talk: Recent article on Health Affairs I tapped into and decided to present here at AB. The topic? As expressed in the title, return Medicaid to its former self and improved upon by the new Biden Administration. I also have been working on additional posts touching upon the history of the opioid epidemic by the numbers, single payer, and a comparison to the a European healthcare model. “In Its First 100 Days, The Biden Administration Must...

Jobless claims highest in three months – but seasonality still playing a huge role On a unadjusted basis, new jobless claims rose by 231,335 to 1,151,015. Seasonally adjusted claims also rose by 181,000 to 965,000. The 4 week moving average rose by 18,250 to 834,250. Here is the close up since the end of July (these numbers were in the range of 5 to 7 million at their worst in early April):  There is now a 2+ month trend of YoY%...

Tags: open thread

Scenes from the December jobs report Friday’s December jobs report saw the first decline in employment since the lockdowns of March and April. Let’s take a closer look.As I pointed out Friday, the losses were concentrated in the food and dining (restaurant) and amusement and recreation sectors, both of which are shown below normalized to 100 as of February: The two sectors are down 20% and 30% from their February peaks.By contrast, the leading...

The Centers for Disease Control and Prevention has a dire warning about what is to come for the COVID-19 pandemic, according to its latest ensemble projections. The agency believes that as many as 92,000 Americans will die from COVID-19 in the next three weeks despite the rollout of the vaccine. This represents a 25% increase in total COVID-related deaths, which have now topped over 384,000, according to data from Johns Hopkins University. The...

by Joseph Joyce FDI and the Pandemic The fluctuations in portfolio capital flows to emerging markets over the past year have been well documented. But foreign direct investment (FDI) has also plunged in those countries as well as in the advanced economies. Moreover, FDI faces more long-term challenges than other forms of capital flows. In October the Organization of Economic Cooperation and Development (OECD) reported FDI data for the first...

Having just had an operation at Mass General earlier this week, I was pleased to hear that the nurses I met had their first vaccination. But then I checked the Boston Globe and Med Page Today on our local progress in relation to my own turn. Worth a discussion and feedback on your own locality. https://www.medpagetoday.com/blogs/marty-makary/90649 Quote: This is a manufactured problem. The CDC, states, and hospitals should have...

by New Deal democrat Programming note   Four year ago I wrote a valedictory piece about the Obama Administration, and separately wrote of my fears of what the Trump Administration would wreak. Needless to say, especially in light of events of the past week, I intend to do the same retrospective as to Trump and the current state of the GOP and the Republic. Much of what I have to say is in agreement with disparate threads I have read on...