McCain: One of Us!

A mostly political Weblog.
Feb. 18 2008 5:23 AM

McCain: One of Us!

Liberals' secret feelings about the GOP leader.

(Continued from Page 32)

The catch, of course, would be that the PPA would have to make up the money by raising the tax rate above the normal level in economic good times. But that might have a salutary effect too--averting inflation by cooling down an overheated economy, much the way a Fed rate increase does.

Won't there be huge pressure on the PPA to keep priming the pump and never make up the shortfall? Sure--just as there's pressure on the Fed to keep cutting interest rates. But the Fed usually manages to resist those pressures, and you could design a PPA so it had a similar ability. (The usual technique involves appointing its members for fixed, overlapping terms, and bringing the weight of sober, prudent business opinion to bear on the President at appointment time.) Even elected officials--presidents, at least--would have an incentive to restrain irresponsible pro-stimulus impulses. They want to be seen as fighting unemployment, but they've also learned that inflation is electoral poison. And not only in the long run. Ask Jimmy Carter.

You could have the Fed itself be the PPA, though I assume there are arguments against giving too much power to one agency. Those are arguments we should maybe have, because what's "fast-moving" for Congress is too slow.

P.S.: I'm sure this is not a new idea. "Backfill" tk ... Backfill: Alert reader J.M. recommends this Alan Blinder paper. ... 1:31 P.M. link

___________________________

Advertisement

Ronald Reagan is praised by ... Bill Clinton (when he was in Obama's shoes). ... 3:26 A.M.

___________________________

Another country is complaining about an influx of Mexicans crossing its borders looking for work. That country is Mexico. From the Tucson Citizen:

Sonora - Arizona's southern neighbor, made up of mostly small towns - cannot handle the demand for housing, jobs and schools it will face as illegal Mexican workers here return to their hometowns without jobs or money.

12:39 A.M. link

____________________________

TODAY IN SLATE

Politics

Smash and Grab

Will competitive Senate contests in Kansas and South Dakota lead to more late-breaking races in future elections?

Stop Panicking. America Is Now in Very Good Shape to Respond to the Ebola Crisis.

The 2014 Kansas City Royals Show the Value of Building a Mediocre Baseball Team

The GOP Won’t Win Any Black Votes With Its New “Willie Horton” Ad

Sleater-Kinney Was Once America’s Best Rock Band

Can it be again?

Technocracy

Forget Oculus Rift

This $25 cardboard box turns your phone into an incredibly fun virtual reality experience.

One of Putin’s Favorite Oligarchs Wants to Start an Orthodox Christian Fox News

These Companies in Japan Are More Than 1,000 Years Old

Trending News Channel
Oct. 20 2014 6:17 PM Watch Flashes of Lightning Created in a Lab  
  News & Politics
Politics
Oct. 20 2014 8:14 PM You Should Be Optimistic About Ebola Don’t panic. Here are all the signs that the U.S. is containing the disease.
  Business
Moneybox
Oct. 20 2014 7:23 PM Chipotle’s Magical Burrito Empire Keeps Growing, Might Be Slowing
  Life
Outward
Oct. 20 2014 3:16 PM The Catholic Church Is Changing, and Celibate Gays Are Leading the Way
  Double X
The XX Factor
Oct. 20 2014 6:17 PM I Am 25. I Don't Work at Facebook. My Doctors Want Me to Freeze My Eggs.
  Slate Plus
Tv Club
Oct. 20 2014 7:15 AM The Slate Doctor Who Podcast: Episode 9 A spoiler-filled discussion of "Flatline."
  Arts
Brow Beat
Oct. 20 2014 9:13 PM The Smart, Talented, and Utterly Hilarious Leslie Jones Is SNL’s Newest Cast Member
  Technology
Technocracy
Oct. 20 2014 11:36 PM Forget Oculus Rift This $25 cardboard box turns your phone into an incredibly fun virtual-reality experience.
  Health & Science
Medical Examiner
Oct. 20 2014 11:46 AM Is Anybody Watching My Do-Gooding? The difference between being a hero and being an altruist.
  Sports
Sports Nut
Oct. 20 2014 5:09 PM Keepaway, on Three. Ready—Break! On his record-breaking touchdown pass, Peyton Manning couldn’t even leave the celebration to chance.