I watched past the clip and they do briefly address deflation being bad for farmers globally, but say that people “accepted” lower wages? Not sure where the first national US strike, the rise of the Knights of Labor, and the 8 hour movement fit into that estimation.
“Not that bad” Unless you were a farmer. Or railroad worker. Or a Black American Southern facing the fallout of the end of Reconstruction, which the Long Depression accelerated.
Liaquat Ahamed, Pulitzer Prize-winning economic historian and author of critically acclaimed works including “Lords of Finance” and his new book “1873,” likes to write about crashes.
1873 was the first truly global crisis.
And it really wasn't that bad. He explains:
Ultimately I am more concerned about what happens to people bad off enough to behave that way publicly in the first place than I am for the people who, most of the time anyway, are at worst grossed out or otherwise annoyed for a few minutes of their day.
Maybe not always “summarily executed” but in practice “enforcing order” usually leads to worse outcomes for the homeless, mentally ill, etc than passengers who experience the temporary discomfort of being around, say, bodily fluids.
Would I want to be in an enclosed space with someone yelling, relieving themself, or otherwise acting erratically? No. But I especially don’t want someone jailed or involuntarily committed for doing that, because I know it won’t actually get them the help they need.
“just compensate the losers” is great in theory but we rarely actually do it
the Luddites broke machines because their livelihoods were being destroyed
Can we actually rise to the challenge this time- harness AI productivity gains while also fully compensating those displaced?
The fact that this person appears not to have understood this title to be a deliberate reference to Bloom is, uh, doing some great advertising for the article, I’ll say that.
Even with a hypothetical 50 Bernie clones, adding 10 Joe Manchin-style Dems would not constitute a filibuster-proof supermajority for them. They’d be lucky to get to 51 on anything — and forget getting rid of the filibuster in any case.
What is an acceptable amount of bucking the Party for these people? Anything less than 100% of the time? I don’t think it’s worth abandoning core principles for what at best amounts to a coin flip. Is a coin flip really the best possible outcome?
Moderate in what way(s) exactly, and to what extent? The dead horse I keep beating is that at some point, if you “moderate” far enough your stated policy positions become indistinguishable from your ostensible political opponents’.
If “winning” involves throwing so many people under the bus, then how is it any different from losing? This mindset puts way too much faith in conservative Democrats’ willingness to vote the party line. I mean Fetterman is voting to open the government *right now*.
And then not get any actually good legislation passed since the winning “Democrats” in these districts would vote like Republicans just enough of the time to tank important bills
tl:dr Dems trying to appeal to more conservative voters not only doesn’t work most of the time, but it wouldn’t improve the country’s situation even if it did.
@Econ_Marshall Funny for a publication called “The Argument” that they aren’t making a very good one about how they’re Definitely-Not-Associated-with-Abundance when one of the authors of the the literal book is a contributor
The actions the administration has taken today are many times worse than PATCO, affecting over 1 million federal employees across at least 18 agencies.