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from The Great Debate:

Rebuilding America’s high-wage economy

Good for President Barack Obama for emphasizing the need to restore America’s middle class. However, the actual proposals in his new summer offensive would not go very far toward that worthy goal.

America is moving, at an accelerating pace, toward an economy with tens of millions of poorly paid service jobs at one end, and a relatively small number of astronomically compensated financial jobs at the other. In between the fast food workers, who demonstrated this week for a living wage, and the hedge fund billionaires is a new creative class heavily based on the Internet. But the web entrepreneurs are too narrow a segment on which to rebuild a broad middle class.

For a quarter-century after World War Two, America was a far more equal society -- with jobs that paid a “family wage” on a single paycheck. One question dividing economists now is whether the more equal, high-wage economy of the postwar era is irrevocably gone with the steel mills of Pittsburgh. Or whether a service economy can become an egalitarian one with a different set of policies.

I am among those who think America can still be a high-wage economy -- but first we need to restore a lot of regulation.

from The Great Debate:

Time for Senate compromise on judicial nominees

All eyes were on the Senate last week as Democrats and Republicans reached an agreement to move forward on confirming certain stalled executive branch nominees. This new spirit of compromise was heralded, but before we begin celebrating, it is worth noting that judges were not part of the deal.

Federal trial and appellate courts have alarmingly high vacancy rates, each hovering at 10 percent. In the D.C. Circuit, which is often the final word on everything from environmental regulations to consumer protection rules, three of 11 seats remain vacant. In the trial courts, which resolve the vast majority of federal cases, the average number of vacancies has stayed above 60 for five straight years -- the only time that this has happened in more than two decades. Nationwide, there are currently 85 federal judgeships that need to be filled.

from The Great Debate:

Clinton: The newest New Democrat

Democrats have a history of plucking presidential candidates out of obscurity: Jimmy Carter, Michael Dukakis, Bill Clinton, Barack Obama. Republicans are supposed to go for whomever is next in line, particularly if they have run before: Richard M. Nixon, George H.W. Bush, Bob Dole, John McCain, Mitt Romney.

It looks like just the opposite for 2016.

In the latest Iowa poll, Hillary Clinton completely dominates the Democratic field with 56 percent of the likely caucus vote (she came in third in the 2008 Iowa caucuses, behind Barack Obama and John Edwards). No other potential Democratic candidate gets more than single digit support. It's Clinton's turn.

from Ian Bremmer:

The countries not letting a crisis go to waste

In 2008, before the financial crisis had even reached its nadir, Rahm Emanuel famously said: “You never want a serious crisis to go to waste.” Emanuel’s quote became the conventional wisdom for crisis management, even if the idea is age-old: John F. Kennedy Jr. famously pointed out that the Chinese word for “crisis” is composed of two characters, one for “danger” and one for “opportunity. 

Nearly five years after the global economic meltdown, we can now look at the world’s major powers and assess how well they’ve responded to their various crises. Three categories emerge. Who took advantage of crisis? Who never really had a true crisis? And who is letting crisis go to waste?

from The Great Debate:

Obama’s Plan: One Nation, Under Government

You’ve probably read that the series of speeches President Barack Obama started giving Wednesday are a “pivot” to the economy designed to rev things up. Well, they’re not. Obama’s speeches will be no less than the manifesto of a leftist president who plans to spend his remaining time in office installing as much of his big government “project” as possible by whatever means he can get away with.

If you got the wrong message, it’s because Washington reporters too often have a poor understanding of people who have a systematic philosophy and truly believe in what they are doing. Reporters,  focused on who is up this day and who’s down the next, have difficulty discerning the intent of someone like Obama -- who is thinking much more long term.

from The Great Debate:

Obama takes on the presumption of thuggery that permeates Martin case

Everyone looks to their president for protection against calamity, and black voters are no different. One little discussed fact of the Obama presidency is how it has been a singularly disastrous economic period for the first black president’s most loyal constituency: black people.

This has led to a running joke in families like mine where, nonetheless, black people cannot utter a word of criticism about him. They love him unconditionally.

from MacroScope:

Curse of the front-runner a bad omen for Fed contender Yellen?

The buzz on who will replace Ben Bernanke as Federal Reserve chairman has grown this year and amplified recently with talk of Lawrence Summers as a real possibility. There is also lingering speculation over Timothy Geithner, another previous U.S. Treasury Secretary, and former Fed Vice Chair Roger Ferguson among others as possible successors. Bernanke has provided no hint he wants to stay for a third term.

But above the din the central bank's current vice chair, Janet Yellen, has remained the front-runner. Her deep experience and implicit policy continuity has crowned her the heir apparent until proven otherwise. A Reuters poll of economists showed Yellen was seen as far and away the most likely candidate.

from The Great Debate:

Obama’s key nuclear deal with Russia

President Barack Obama recently unveiled in Berlin a new proposal to have the United States and Russia reduce their long-range deployed nuclear weapons by roughly one-third, relative to levels under the 2010 New Strategic Arms Reduction Treaty (New START).

Arms control skeptics swiftly attacked his plan. They asserted that reducing deployed U.S and Russian strategic warheads to about 1,000 each would risk U.S. and allied security -- especially when other countries are now modernizing their nuclear forces. They also claim that Russia will not take up the offer.

from The Great Debate:

D.C. scandals: They had Nixon ‘to kick around’

President Richard Nixon at a White House press conference during the Watergate scandal. REUTERS/Courtesy Nixon Library

The profusion of scandals bedeviling the Obama administration has evoked many comparisons with other presidencies -- particularly Richard M. Nixon. There is no evidence, however, of serious skulduggery by White House officials or members of the re-election campaign, as in the Nixon administration. More important, America’s over-excited and enticed puritanical conscience has not been mobilized to impute what Kafka called “nameless crimes” to the president as there was with Nixon.

from The Great Debate:

Student loans: Exploiting America’s young

President Barack Obama talks about the rising costs of student loans while at the University of Iowa in Iowa City, April 25, 2012. REUTERS/Larry Downing

Obamacare was paid for on the backs of students.

You may remember that Obamacare staggered over the legislative finish line in 2010 with $19 billion in profits from changes to the student loan program. The changes included nationalizing federal student lending and setting loan interest rates high enough to generate profits to cover the healthcare costs.

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