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Wed, 06/12/2023 - 13:10
Today (December 6, 2023), the Australian Bureau of Statistics released the latest – Australian National Accounts: National Income, Expenditure and Product, September 2023 – which shows that the Australian economy grew by just 0.2 per cent in the September-quarter 2023 and by 2.1 per cent over the 12 months. If we extend the September result…
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Wed, 06/12/2023 - 11:00
Krugman is on the case Let’s deal in reality for a moment shall we? Over the past six months, the personal consumption expenditure deflator excluding food and energy — I know that’s a mouthful, but it’s the Federal Reserve’s preferred measure of underlying inflation — has risen at an annual rate of only 2.5 percent, down from 5.7 percent in March 2022. The Fed’s inflation target is 2 percent, so we’re not quite there yet. And you shouldn’t expect the Fed to declare victory any time soon. As I can tell you from personal experience, anyone suggesting that inflation is more or less under control can expect an avalanche of hate mail and hostile commentary on social media. In fact, I believe that the vehemence with which some Americans insist that inflation is still running wild distorts coverage in conventional media, too, because journalists are deterred from saying anything positive. And the Fed has to be especially careful, because it would lose credibility if inflation went back up after sounding too optimistic. The truth, however, is that inflation is looking very much like yesterday’s problem.
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Wed, 06/12/2023 - 09:00
Though I have been interested in ecological economics ever since I read The Limits to Growth (Meadows, Randers, and Meadows 1972), E.F. Schumacher (Schumacher 1973, 1979) and Hermann Daly (Daly 1974) in the early 1970s, and I have been a critic of Neoclassical economics for just as long, I didn’t start critiquing the Neoclassical approach … Continue reading "Capitalism, with friends like these, you don’t need enemies"
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Wed, 06/12/2023 - 08:30
It’s way more likely than we think David Frum is one Never Trumper from whom I still recoil even though I’m a big believer in a popular front against Trump. He’s still a wingnut in some very important ways. Nonetheless, this big Atlantic issue about what will happen if Trump wins has a number of good articles and I thought his was was especially thought provoking: A second Trump term would instantly plunge the country into a constitutional crisis more terrible than anything seen since the Civil War. Even in the turmoil of the 1960s, even during the Great Depression, the country had a functional government with the president as its head. But the government cannot function with an indicted or convicted criminal as its head. The president would be an outlaw, or on his way to becoming an outlaw. For his own survival, he would have to destroy the rule of law. From Trump himself and the people around him, we have a fair idea of a second Trump administration’s immediate priorities: (1) Stop all federal and state cases against Trump, criminal and civil. (2) Pardon and protect those who tried to overturn the 2020 election on Trump’s behalf.
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Wed, 06/12/2023 - 07:00
I’m sure he’ll be right back in the Senate GOP fold now. No biggie. He’s still on their team. FFS: Senator Tommy Tuberville, Republican of Alabama, announced on Tuesday that he would lift his blockade of nearly all the military promotions he had delayed for almost a year in protest of a Pentagon policy ensuring abortion access for service members, continuing to hold up only the most senior generals. Mr. Tuberville said he had lifted his holds on about 440 military promotions. “Everybody but the 10 or 11 four-stars,” he said. “Those will continue.” The announcement represented a stark reversal from Mr. Tuberville, who for 10 months had steadfastly defended his move to stall senior military promotions over a new Pentagon policy that offers time off and travel reimbursement to service members seeking abortions or fertility care. His blockade had single-handedly disrupted the Pentagon’s ability to fill its top ranks, leaving hundreds of promotions in limbo.
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Wed, 06/12/2023 - 05:30
With “friends” like these … This story about the head of the Florida GOP and his wife, the founder of LGBTQ-hating Moms for Liberty, is stunning: The head of Florida’s Republican Party indicated Saturday he will not step down while facing an investigation into sexual assault, rejecting calls by Florida Gov. Ron DeSantis to give up his role as the party’s top operative. In a letter to the state GOP, chairman Christian Ziegler did not address the allegation – which continued to send shockwaves through the state on Saturday as troubling new details about the investigation emerged – but suggested a conspiracy was afoot to leak details from the Sarasota Police Department probe. “We have a country to save and I am not going to let false allegations of a crime put that mission on the bench as I wait for this process to wrap up,” he wrote.
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Wed, 06/12/2023 - 05:30
A look at the 18-24 year old cohort a year out I’m taking all polls with a grain of salt, including this one. But it’s interesting to get a sense of what this particular group is thinking because this is the first presidential election for most of them and like every sub-group of any generation, they have their own experiences and live in a unique world of conventional wisdom that has no other context. Just 49% of voters aged 18-29 say they “definitely” plan on voting for president next year, according to the new canvass by the Institute of Politics at Harvard’s Kennedy School. That’s “From a lack of trust in leaders on a variety of critical issues such as climate change, gun violence, and the war in the Middle East, to worries about the economy and AI, young people’s concerns come through loud and clear in our new poll,” Setti Warren, the institute’s director, said in a statement.
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Wed, 06/12/2023 - 05:00

Age 25: Sure, I’ll try rock climbing. No harness? No worries. My life is carefree because I’ve never seen or paid for a medical bill. I watched Free Solo and thought, “Alex Honnold is definitely on his parents’ health insurance.”

Age 26: I will never try rock climbing. In fact, I don’t climb at all—no hills, ladders, or stairs of any kind. My house has a second floor that I’ve never seen because tripping on a carpet, spraining my ankle, and getting an X-ray would cost five hundred dollars.

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Age 25: I take my bike out for leisurely rides on I-95, and I don’t wear a helmet because my parents’ health insurance comes with free MRIs.

Age 26: Is riding a bike still fun if my body is covered from head to toe in bubble wrap? If I wear elbow pads, will my broken arm heal without medical intervention? Can I use duct tape and a bottle of ibuprofen to fix my bones?

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Wed, 06/12/2023 - 04:58
As COP28 flounders, the Paris Agreement is dead, and the imperative for emergency action has never been greater. This demands a fundamental change to Australia’s strategic priorities. Second in a two-part series: Whither climate change? – The World and Australia The first article in this series highlighted the risks of accelerating climate change, and the Continue reading »