Great summary Prof Kotlikoff... Your last paragraph is really stunning and true in the magnitude of change in leadership globally. (glad you looped Bolsonaro in their too)
Lis Truss: I think it important to note that the thing that ended Trusses "shorter than a head of lettuce" reign was her decision to push a policy of an unfunded tax cut / regulation cut during an economic crises. The worlds bond markets clearly said that they see that policy makes economies weaker not stronger, bolstering in the real world the arguments of popular economists like Krugman, Adam Tooze and of course Stiglititz. Sure the US can do it because we are the currency of the world. But if your currency is not going to be purchased regardless of what policy a nation chooses the bond market made it crystal clear that "unfunded tax cuts and slashing government spending" during a recession is HORRIBLE for an economy. I think that was the biggest news in the Truss resignation...
Pelosi: Loved your spot-on targeting of why she ultimately failed as a leader. While she held power due to her prolific and questionable fund raising capability she never actually led. All she did was fund raise. I live in the Bay Area and campaigned against every primary season.
That said i would challenge you on the issues with the poor.
(1) Not everyone should work. Children need to be raised, elderly family members need to be taken care of and many simply have physical or mental issues that make work (in the competitive capitalist market) the less efficient investment of their time. That is where an improved welfare state is what Pelosi failed to advocate for. (Many European countries did not just give up on the poor they keep optimizing programs to the point where they produce the outcomes that serve citizens and the economy). Pelosi never even opened the house to debate on this important issue....
(2) Wages are biggest problem with the working poor, not government programs. Working poor simply need higher wages and more leverage with their employers for decent working conditions. And there again Pelosi failed to speak up.
Great summary Prof Kotlikoff... Your last paragraph is really stunning and true in the magnitude of change in leadership globally. (glad you looped Bolsonaro in their too)
Lis Truss: I think it important to note that the thing that ended Trusses "shorter than a head of lettuce" reign was her decision to push a policy of an unfunded tax cut / regulation cut during an economic crises. The worlds bond markets clearly said that they see that policy makes economies weaker not stronger, bolstering in the real world the arguments of popular economists like Krugman, Adam Tooze and of course Stiglititz. Sure the US can do it because we are the currency of the world. But if your currency is not going to be purchased regardless of what policy a nation chooses the bond market made it crystal clear that "unfunded tax cuts and slashing government spending" during a recession is HORRIBLE for an economy. I think that was the biggest news in the Truss resignation...
Pelosi: Loved your spot-on targeting of why she ultimately failed as a leader. While she held power due to her prolific and questionable fund raising capability she never actually led. All she did was fund raise. I live in the Bay Area and campaigned against every primary season.
That said i would challenge you on the issues with the poor.
(1) Not everyone should work. Children need to be raised, elderly family members need to be taken care of and many simply have physical or mental issues that make work (in the competitive capitalist market) the less efficient investment of their time. That is where an improved welfare state is what Pelosi failed to advocate for. (Many European countries did not just give up on the poor they keep optimizing programs to the point where they produce the outcomes that serve citizens and the economy). Pelosi never even opened the house to debate on this important issue....
(2) Wages are biggest problem with the working poor, not government programs. Working poor simply need higher wages and more leverage with their employers for decent working conditions. And there again Pelosi failed to speak up.
Great post.