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America’s Global Election (Project Syndicate)
Roosevelt Institute Chief Economist Joseph Stiglitz argues that the rest of the world has good reason to hope Barack Obama wins reelection: America serves as a model for other nations, but Mitt Romney’s version is likely to be more of a cautionary tale.
A Slow but Steady Climb to Prosperity (WSJ)
Alan S. Blinder writes that there are two basic facts shaping the election: After four years, the economy still stinks, but it’s also getting better, slowly but surely. Republicans deny that the second part is true, and if they control the levers of policy, it won’t be.
Being Nice to Business Has Nothing to Do With Economic Growth (Slate)
Matthew Yglesias notes that critics who argue that Obama can’t effectively guide the economy without buttering up business leaders should remember that said leaders hated FDR’s guts throughout his presidency, and he did pretty okay without them.
Little Federal Help for the Long-Term Unemployed (NYT)
Annie Lowrey and Catherine Rampell write that addressing long-term joblessness remains one of our biggest economic challenges, and while many policymakers agree in principle, they seem to have forgotten that it’s their job to do something about it.
Why Should Government Respond Differently to Natural vs. Economic Disasters? (Prospect)
David Callahan notes that after Hurricane Sandy, nearly everyone agrees that it’s the government’s duty to deliver aid to those in need. But unlike the victims of economic disasters, we don’t blame the survivors for growing too dependent on the rescue boats.
Get ready for the phony debt fight (Salon)
Dean Baker writes that no matter who wins the election, we’re about to see a push for deficit reduction led by the CEOs behind the Campaign to Fix the Debt, who coincidentally don’t think it’s a good idea to do that by raising more tax revenue from themselves.
Nonpartisan Tax Report Withdrawn After G.O.P. Protest (NYT)
Jonathan Weisman reports that the GOP pressured the Congressional Research Service into withdrawing a report that showed no link between top tax rates and economic growth. The naked emperor probably had that annoying kid thrown in a dungeon, too.
#TalkPoverty: The Obama Campaign Responds (The Nation)
Greg Kaufmann has asked the presidential candidates to explain how they plan to address child poverty, and the Obama campaign has taken him up on the challenge. Meanwhile, the Romney campaign says it won’t be participating. Points for honesty!
How will the election change the Fed? (MoneyWatch)
Mark Thoma thinks we can expect a more hawkish replacement for the Bernank if Mitt Romney is elected, but there won’t be much change in policy due to a) resistance from other Fed members b) not wanting to be the guy who destroyed the economy.
‘Too Big to Fail’ Remains Very Real (NYT)
Simon Johnson notes that while financial sector insiders insist that recent regulation has ended the problem of “too big to fail” (even though they hate it), as far as the markets are concerned, their financial institutions remain both very big and full of fail.