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The Incredible Shrinking Budget Deficit (NYT)
Annie Lowrey notes that Goldman Sachs economists predict the deficit will shrink dramatically due to lower spending and higher revenues. Pop the champagne and kiss your sweetheart; our long national nightmare is over. Now about that economic growth…
Getting Back to Full Employment (On the Economy)
Moving back to the list of things real people worry about, Jared Bernstein writes that jobs are still priority one, and if the private sector isn’t supplying enough of them on its own, we could try pulling the dropcloth off the federal government and firing it up again.
The Grad Student Who Took Down Reinhart and Rogoff Explains Why They’re Fundamentally Wrong (Business Insider)
Thomas Herndon, co-author of the paper that exposed the flaws in Reinhart-Rogoff, explains that he isn’t suggesting the economists intentionally skewed the data that screwed up their findings, but that doesn’t mean their findings aren’t seriously screwed up.
Who Is Defending Austerity Now? (The Atlantic)
Matthew O’Brien writes that while actual austerity policies have brought nothing but disaster in places like the U.K. and southern Europe, support for them has really begun to fade now that you can’t wave a paper in someone’s face to show they work In Theory.
Immigration Raises Incomes in America (Slate)
Matthew Yglesias notes that it’s so difficult to show that increased immigration would hurt the economy that even staunch opponents now claim the problem is that most of the benefits would go to immigrants. Which is a problem, if you don’t like immigrants.
Abenomics Will Boost Japan’s Economy By Helping Its Women Workers (Think Progress)
Bryce Covert writes that Japanese PM Shinzo Abe’s aggressive new approach to economic stimulus includes making use of one of the country’s untapped natural resources: namely, the half of its population that’s almost nowhere to be found in its executive suites.
A Day Without Care (Jacobin)
Sarah Jaffe writes that the kind of flexible work that was supposed to help women now requires them to be contortionists, and women in care work find it difficult to strike for higher wages. But shortening the work week may be an answer everyone can get behind.
Panel Blocks CFPB’s Chief (WSJ)
Alan Zibel reports that Jeb Hensarling, chair of the House Financial Services Committee, refuses to let Richard Cordray testify because of his recess appointment, which is slightly more mature than interrupting him with “What? Who’s there? Is someone speaking?”