Showing posts with label The New New Deal. Show all posts
Showing posts with label The New New Deal. Show all posts

Tuesday, December 17, 2013

If only Obama would say what he's never stopped saying. If only he would do what he's done.

Perhaps inevitably, at every political stress point liberals knock themselves out urging Obama to say precisely the things he's been saying nonstop since he first appeared on our horizon. The latest to succumb to the temptation is Michael Tomasky:
...politically I don’t think fairness is enough. Average Americans care about fairness, but not really all that much. People who have incomes comfortably above the median but who still aren’t rich are going to suspect that fairness means something is coming out of their hide. What they do care about, though, is growth. Everybody from Bill Gates to his janitor wants the economy to grow. So the case for these programs that Obama needs to make consistently going forward is not the case for their fairness, but the case that these policies, and not tax cuts for the wealthy or more draconian domestic budget cuts or less regulation, will promote growth.
Yup, if only Obama would say something like "in America, our prosperity has always risen from the bottom-up" and make the case that prosperity is not sustainable when inequality is rising. As he did in Raleigh, NH in June 2008:
We've done this because in America, our prosperity has always risen from the bottom-up. From the earliest days of our founding, it has been the hard work and ingenuity of our people that's served as the wellspring of our economic strength. That's why we built a system of free public high schools when we transitioned from a nation of farms to a nation of factories. That's why we sent my grandfather's generation to college, and declared a minimum wage for our workers, and promised to live in dignity after they retire through the creation of Social Security. That's why we've invested in the science and research that have led to new discoveries and entire new industries. And that's what this country will do again when I am President of the United States.
 And in Georgetown in April 2009:

Wednesday, March 27, 2013

A hat-tip to ARRA for the freight rail boom

The Wall Street Journal's Betsy Morris reports on an investment boom in freight rail and freight rail infrastructure that's aiding the nascent comeback of U.S. manufacturing.
Welcome to the revival of the Railroad Age. North America's major freight railroads are in the midst of a building boom unlike anything since the industry's Gilded Age heyday in the 19th century—this year pouring $14 billion into rail yards, refueling stations, additional track. With enhanced speed and efficiency, rail is fast becoming a dominant player in the nation's commercial transport system and a vital cog in its economic recovery.

This time around, though, the expansion isn't so much geographic—it is about a race to make existing rail lines more efficient and able to haul more and different types of freight. Some of the railroads are building massive new terminals that resemble inland ports. They are turning their networks into double-lane steel freeways to capture as much as they can get of U.S. freight demand that is projected to grow by half, to $27.5 billion by 2040, according to the U.S. Department of Transportation. In some cases, rail lines are increasing the heights of mountain tunnels and raising bridges to accommodate stacked containers. All told, 2013 stands to be the industry's third year in a row of record capital spending—more than double the yearly outlays of $5.9 billion a decade ago.
As the examples of infrastructure upgrades in Morris's article suggest, freight infrastructure is financed mostly by private capital.  The 2009 American Recovery and Reinvestment Act's  $8 billion in high speed rail grants, while focused mainly on passenger service, do include projects that improve infrastructure for freight rail, however. Describing rail upgrades in his book on the stimulus, The New New Deal, Michael Grunwald illustrates how passenger and freight rail infrastructure are often intertwined:  

Sunday, October 28, 2012

Paul Krugman closes his own private enthusiasm gap

No one on the more or less mainstream left has been harder on Obama than Paul Krugman, who began tearing out his hair at the proposed size of the stimulus before Obama took office and did not let up for almost three years thereafter. The nadir came as details of the debt ceiling deal emerged last summer: Krugman's July 31, 2011 column was originally titled "Capitulation" and lives on online as The President Surrenders.  His bitterness reached this crescendo:
In fact, Republicans will surely be emboldened by the way Mr. Obama keeps folding in the face of their threats. He surrendered last December, extending all the Bush tax cuts; he surrendered in the spring when they threatened to shut down the government; and he has now surrendered on a grand scale to raw extortion over the debt ceiling. Maybe it’s just me, but I see a pattern here.

Yes, the debt ceiling deal was disillusioning, and droves of Democrats followed Krugman into the slough of despond.  Nine days later, the disgust peaked with Drew Westen's What Happened to Obama, a 3000-word screed on the front page of the New York Times Sunday Review that portrayed Obama as a craven conflict-averse surrender monkey while belittling his legislative accomplishments.  As I pointed out at the time, this rhetorical nuke dropped on ground zero in the liberal heartland relied almost entirely on Krugman's critique of the stimulus for its substantive attack on Obama's record.

Yet Krugman has had a change of heart over the past year. His esteem for the president has grown more swiftly than the economy -- to the point where, if Obama's base followed Krugman's lead, there would be no enthusiasm gap. Perhaps it's an accelerating case of 'you don't know what you've got till it's [almost] gone.