paulkrugman
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You are viewing stuff tagged with paulkrugman.
Sheelah Kolhatkar writing in the New Yorker; The Ultra-Wealthy Who Argue That They Should Be Paying Higher Taxes:
In the U.S., executive compensation has increased, on average, by nine hundred and forty per cent since 1978, according to one estimate; during the same period, worker pay has risen twelve per cent. Income inequality hasn’t been this extreme since the nineteen-twenties. Emmanuel Saez and Gabriel Zucman found that, as a result of cuts to estate and corporate taxes, as well as the 2017 G.O.P. tax bill, the four hundred richest Americans pay a lower over-all tax rate than any other group in the country. In a Times Op-Ed, Saez and Zucman wrote, “This is the tax system of a plutocracy.”
John Cassidy’s “What Good is Wall Street? from The New Yorker is full of great parts. Here’s one:
During the credit boom of 2005 to 2007, profits and pay reached unprecedented highs. It is now evident that the bankers were being rewarded largely for taking on unacknowledged risks: after the subprime market collapsed, bank shareholders and taxpayers were left to pick up the losses. From an economy-wide perspective, this experience suggests that at least some of the profits that Wall Street bankers claim to generate, and that they use to justify their big pay packages, are illusory.
Paul Krugman is right about health care. Please allow me the liberty of bolding portions of his piece, HELP Is on the Way, with which I strongly agree:
Now, about those specifics: The HELP plan achieves near-universal coverage through a combination of regulation and subsidies. Insurance companies would be required to offer the same coverage to everyone, regardless of medical history; on the other side, everyone except the poor and near-poor would be obliged to buy insurance, with the aid of subsidies that would limit premiums as a share of income.
Employers would also have to chip in, with all firms employing more than 25 people required to offer their workers insurance or pay a penalty. By the way, the absence of such an “employer mandate” was the big problem with the earlier, incomplete version of the plan.
And those who prefer not to buy insurance from the private sector would be able to choose a public plan instead. This would, among other things, bring some real competition to the health insurance market, which is currently a collection of local monopolies and cartels.
The budget office says that all this would cost $597 billion over the next decade. But that doesn’t include the cost of insuring the poor and near-poor, whom HELP suggests covering via an expansion of Medicaid (which is outside the committee’s jurisdiction). Add in the cost of this expansion, and we’re probably looking at between $1 trillion and $1.3 trillion.
There are a number of ways to look at this number, but maybe the best is to point out that it’s less than 4 percent of the $33 trillion the U.S. government predicts we’ll spend on health care over the next decade. And that in turn means that much of the expense can be offset with straightforward cost-saving measures, like ending Medicare overpayments to private health insurers and reining in spending on medical procedures with no demonstrated health benefits.
So fundamental health reform — reform that would eliminate the insecurity about health coverage that looms so large for many Americans — is now within reach. The “centrist” senators, most of them Democrats, who have been holding up reform can no longer claim either that universal coverage is unaffordable or that it won’t work.
If you are in the Twin Cities area November 6, and whether you are ostensibly a ‘liberal’ or not, you should see Paul Krugman speak. John Gruber calls him “the world’s best political commentator” and even wrote “I didn’t mind paying the $50 a year for TimesSelect — I’d pay that just to read Paul Krugman and Frank Rich.” Krugman’s most recent book is called The Conscience of a Liberal. Here is a quick summary from Andrew Leonard’s recent review of the book in Salon magazine: