Tag Archives: economy

Debunking the Attempted Debunking of Our 10 Poverty Myths, Debunked

Mother Jones

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Earlier this week, Mother Jones published a piece I wrote, in which I listed ten commonly held notions about poor people and debunked them. The piece aimed to take down misconceptions about the poor—they’re leeches, they’re lazy, etc.—that end up shaping policy. Kevin Williamson at National Review Online, a conservative news site, took issue with the story.

Williamson responded to each item from my original piece, in an attempt to prove that the myths were true. Here are his responses to my original post, plus reasons why he’s wrong:

Myth 1: Single moms are the problem.

Why it’s not true: Only 9 percent of low-income, urban moms have been single throughout their child’s first five years. Thirty-five percent were married to, or in a relationship with, the child’s father for that entire time.*
Williamson’s response: The opposite of “single” here is not “married” — that would be too easy! — but “in a relationship of some kind with the child’s father,” and, if you think about it, the great majority of women are going to be in some sort of relationship with the child’s father, hence the pregnancy. The variable here is not whether you’re dating the child’s father, but whether you are married to him. If you are going to “debunk” the sentence “Single moms are the problem,” noting that about a third of single mothers managed to sustain largely non-marital (check the numbers!) relationships with the father for five years doesn’t get it done. The Census data confirm that the vast majority of single mothers were never married: the divorced, separated, and widowed account for about 12 percent of all single mothers. The poverty rate of single-mother households is five times the poverty rate of married-couple households. About half the children in single-mother households live in poverty. By any measure, single mothers are an enormous problem when it comes to poverty.
Why he’s wrong: The point here was to highlight that a joint income does not automatically lift a household out of poverty. More than a third of low-income, urban mothers are not really single during their children’s first five years—the father is involved and is likely contributing financially. But, as Williamson notes, single-mother households are by-and-large still poor. Similarly, marriage itself is not enough to offset the cycle of poverty, since poor women tend to marry poor men. The reason that married people have higher average incomes is that educated people with better jobs tend to marry at higher rates. Eighty-nine percent of those who have a BA or higher marry, while 81 percent of those who did not complete high school get hitched. What low-income single mothers need more than just husbands is the opportunity to go to school and get a better-paying job with child care, sick leave, and health benefits.

Myth 2: Absent dads are the problem.

Why it’s not true: Sixty percent of low-income dads see at least one of their children daily. Another 16 percent see their children weekly.*
Williamson’s response: See single moms, above. And 60 percent of low-income dads see “at least one of their children daily”? Again, pretty low bar. The data suggest that absentee dads, being the counterpart of single mothers, are a significant problem.
Why he’s wrong: See above. The vast majority of poor dads have regular contact with their kids, demonstrating that there are more drivers of poverty than fathers who are out of the picture.

Myth 3: Black dads are the problem.

Why it’s not true: Among men who don’t live with their children, black fathers are more likely than white or Hispanic dads to have a daily presence in their kids’ lives.
Williamson’s response: The CDC confirms it: Black absentee fathers are marginally less absentee than white and Hispanic ones. But there are a lot more of them, proportionally: Black fathers are more than twice as likely as white fathers to live outside of their children’s household. Again, the relevant figure is obscured: Married fathers and fathers simply resident in the household are ten times more likely to have a daily meal with their children, three times more likely to bathe or dress them, six times more likely to read to them, etc. But marriage matters here, too: Married fathers read to their children twice as much as cohabiting fathers.
Why he’s wrong: Yes, poor people are less likely to get married—as noted above. African-Americans are more likely to be poor than white people. In 2010, 27.4 percent of blacks lived in poverty, compared to 9.9 percent of non-Hispanic whites. So it would make sense that black fathers are more likely than white fathers to live outside of their children’s household. Even though low-income African-American dads may not be married, they are still actively involved in their children’s lives.

Myth 4: Poor people are lazy.

Why it’s not true: In 2004, there was at least one adult with a job in 60 percent of families on food stamps that had both kids and a nondisabled, working-age adult.
Williamson’s response: Awfully specific metric. And a lot of those jobs were short-term and part-time. Poor people may not be lazy, but they do not work: There is an average of 0.42 full-time earners per household in the bottom 20 percent income group, and nearly 70 percent of the people in those households are not employed.
Why he’s wrong: Lots of poor people work. Over 10 million American workers live in poverty, because their jobs don’t pay them enough to get by and/or their employer only offers them part-time hours. Half of all fast-food workers, for example, are forced to rely on public programs like food stamps and Medicaid to supplement meager wages. And lots of poor people are poor because they can’t find work, or are not physically able to work. There are three job applicants for every job opening in this economy. Blacks have a 12 percent unemployment rate and Hispanics have an 8 percent jobless rate. A quarter of adults with a disability live in poverty.

Myth 5: If you’re not officially poor, you’re doing okay.

Why it’s not true: The federal poverty line for a family of two parents and two children in 2012 was $23,283. Basic needs cost at least twice that in 615 of America’s cities and regions.
Williamson’s response: Who the hell believes that life is “okay” hovering just above the poverty line, or indeed within sight of it? It’s not Pakistan, but it’s not okay. And those high-cost-of-living cities and regions that are hard on the working poor — those wouldn’t happen to be liberal and Democrat-dominated, would they? What lessons might Erika Eichelberger derive from that quandary? My guess: none.
Why he’s wrong: The myth originally addressed here is that an income above the official poverty line is enough money to live on. Many big cities, which tend to be largely Democratic—such as San Francisco, Washington, DC, and New York—have a higher cost of living because they’re more desirable to live in than, say, Omaha, Nebraska. Higher taxes in many of these cities also mean more social services for those working poor.

Myth 6: Go to college, get out of poverty.

Why it’s not true: In 2012, about 1.1 million people who made less than $25,000 a year, worked full time, and were heads of household had a bachelor’s degree.**
Williamson’s response: Those five years that two-thirds of single mothers don’t spend in relationships with their children’s fathers? Don’t use them to get women’s-studies degrees. In any case, 1.1 million is not a very big number, constituting fewer than 1 percent of U.S. households.
Why he’s wrong: Here, Williamson both agrees that college isn’t necessarily a ticket out of poverty, and then downplays the million-plus Americans with a college degree who are poor.

Myth 7: We’re winning the war on poverty.

Why it’s not true: The number of households with children living on less than $2 a day per person has grown 160 percent since 1996, to 1.65 million families in 2011.
Williamson’s response: Who thinks we’re winning the war on poverty? If you’re going to “bust” that myth, I’d like to know who believes it. Not these guys. Not me. One of the main criticisms of the so-called War on Poverty is that we’ve spent tons of money—literal tons if you put it in hundred-dollar bills and stacked it on pallets—without much to show for it other than generous retirement plans for the feckless welfare administrators who subscribe to Mother Jones.
Why he’s wrong: Plenty of people have said we’re winning the war on poverty. And by one measure we are. Great Society social safety net programs have kept millions above the poverty line over the past 50 years. By other measures, we’ve failed. As the stat I cited shows, since welfare reform passed in 1996, the number of households living in extreme poverty—on less than $2 a day—has shot up.

Myth 8: The days of old ladies eating cat food are over.

Why it’s not true: The share of elderly single women living in extreme poverty jumped 31 percent from 2011 to 2012.
Williamson’s response: Hey, I know a guy who had a plan to improve the retirement system and reduce that sort of thing. I don’t recall Mother Jones coming out in support.
Why he’s wrong: If Congress had gone along with President George W. Bush’s plan, the part of Social Security that would have been moved into private accounts would have taken a blow during the financial crisis, and beneficiaries would have been forced to live off a monthly payment significantly below the current Social Security benefit.

Myth 9: The homeless are drunk street people.

Why it’s not true: One in 45 kids in the United States experiences homelessness each year. In New York City alone, 22,000 children are homeless.
Williamson’s response: There are not 22,000 children sleeping on the streets of New York City, which includes in its homeless-children stats kids staying with relatives, in shelters, or in temporary arrangements. But there is something wrong with New York State: 26 percent of all the homeless children in the United States come from New York. But as this magazine has been arguing for years, the problem with the homeless isn’t that they’re over-fond of drink but that they’re mentally ill. You know who sleeps on the street? Drunk street people, addicted street people, street people with serious mental problems, etc.
Why he’s wrong: We do need to take better care of our mentally ill, who make up a large portion of those in our jails and on our streets. (Here’s one way we could do that.) But the point of highlighting the level of homelessness amongst children was to illustrate that the problem has reached crisis levels. It’s not just the drunk or the addicted or the mentally ill who don’t have homes.

Myth 10: Handouts are bankrupting us.

Why it’s not true: In 2012, total welfare funding was 0.47 percent of the federal budget.
Williamson’s response: Spending on handouts is small—if you only count the small stuff, in this case TANF and AFDC. But handouts under a half a percent? SNAP alone accounted for nearly 3 percent of federal spending in 2013. “Welfare” broadly defined accounts for about 11 percent of federal outlays, while the big three entitlements—Social Security, Medicare, and Medicaid—make up the majority of all federal spending, with defense coming in at just 19 cents on the dollar.
Why he’s wrong: If the government wants more spending money, there are other ways to go about getting it than taking healthcare, retirement, and services away from the poor. If we want more tax revenue, we need near-full employment, something that would require larger budget deficits in the short-term. Other stuff that would help: a lower trade deficit, cracking down on tax evasion, and reining in corporate tax breaks. (We spent $82 billion last year on SNAP. We spend $180 billion a year on corporate tax breaks.)

*Source: Analysis by Dr. Laura Tach at Cornell University

**Source: Census

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Debunking the Attempted Debunking of Our 10 Poverty Myths, Debunked

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Chart of the Day: Social Security Is More Important Than Most People Think

Mother Jones

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EBRI’s annual Retirement Confidence Survey is out, and you can find it here if you want to read the whole thing. In a nutshell, retirement confidence dropped sharply in 2008 when the Great Recession started, and finally started to increase a bit this year for the first time since then. Nonetheless, the number of people who are confident they have enough to retire on is still around 55 percent, way below the 70 percent number that felt this way during the 90s and aughts.

There are plenty of interesting facts and figures about retirement in the report, and I’ve excerpted an interesting pair of charts about worker expectations below. These numbers have bounced around a bit over the years, but generally speaking, only about a third of active workers think Social Security will be a major part of their retirement. In reality, about two-thirds of actual retirees report that Social Security is a major part of their income. Keep that in mind the next time you hear someone blithely talking about cutting Social Security benefits, especially among low-income workers.

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Chart of the Day: Social Security Is More Important Than Most People Think

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Chart of the Day: China’s Debt Bubble Continues to Swell

Mother Jones

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Via Paul Krugman, Atif Mian and Amir Sufi give us the chart below today to chew over. It shows China’s declining trade surplus over the past decade, which authorities have effectively offset by a dramatic increase in private credit in order to boost domestic demand. The authors explain how this happened:

China got a break starting 2003….The rest of the world — and in particular the United States — was willing to borrow hundreds of billions of dollars every year to purchase Chinese goods (among other things)….The result was reduced pressure on domestic debt creation, and domestic debt went down from 125% of GDP in 2003 to almost 100% of GDP in 2008.

….The continued borrowing by western countries was not sustainable and by 2008 global demand for Chinese goods collapsed….How could China create new demand for its productive capacity? The answer once again came in the form of a rapid rise in domestic private debt. The Chinese state-owned banks with explicit prodding from the government opened their spigots. The country has seen an explosive growth in domestic private debt since 2008.

Is this sustainable? Probably not. It’s yet another reason to be concerned about the continued fragility of the global economy. We’re probably not strong enough to withstand a major shock from China.

Link:

Chart of the Day: China’s Debt Bubble Continues to Swell

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The British Economy Is Not a Poster Child for Austerity

Mother Jones

Keith Humphreys notes that economic growth over the past year has been similar in Britain and the United States even though the two countries adopted very different responses to the Great Recession:

But don’t expect the similar levels of growth in the two countries to shake many people’s faith in their economic views. Most of the “slim government” crowd will argue that Britain didn’t cut enough (or that the U.S. growth isn’t real) and that’s why the U.K. hasn’t left the U.S. in the dust. Most increased government spending supporters will see proof that the stimulus wasn’t big enough (or that the U.K. growth isn’t real) because if it had been U.S. growth would be dwarfing that of the sceptred isle.

Many people seem to have stable preferences about whether they want government bigger or smaller. They will point to current economic conditions as the reason for why their preferences should prevail, but their preferences do not change when those putatively justifying economic conditions fade away. Neither are most people fazed when the government spending policies they support (as well as those that they oppose) deliver different results than they expected. Motivated reason is such a force in this particular policy area that rather than arguing over what current economic conditions particularly require, debaters are probably better off cutting to the chase and arguing directly about the real issue: Disagreement about how big or small we want the government to be.

I don’t think this is fair. If you want to compare Britain and the US, you have to look at their entire growth trajectory since the start of the recession. The chart on the right is taken from OECD numbers, so it’s an apples-to-apples comparison. And really, there is no comparison. As of 2012 (the most recent figures available from the OECD) Britain’s GDP was still 3 percent below its 2007 level. By contrast, US GDP was 4 percent above its 2007 level.

We can argue all day long about what caused this divergence, but I think the raw data is fairly unequivocal. Whatever the reason, the US economy really did suffer less and recover more robustly than the British economy.

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The British Economy Is Not a Poster Child for Austerity

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Chart of the Day: Net New Jobs in February

Mother Jones

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The American economy added 175,000 new jobs in January, but about 90,000 of those jobs were needed just to keep up with population growth, so net job growth clocked in at 85,000. If we accept the notion that bad weather has been holding back the economy, that’s pretty good. If we don’t, it’s mediocre—but still better than the past couple of months of dismal job numbers.

The unemployment rate ticked up to 6.7 percent, caused almost entirely by an increase in the number of long-term unemployed. Since long-term unemployment isn’t much affected by weekly variations in the weather, my guess is that our severe winter hasn’t played a big role in the job picture. This is confirmed by the establishment data, which shows that construction employment is up while retail and IT employment are down. That’s not bulletproof evidence or anything, but it’s not the kind of thing you’d expect to see if weather were a big factor. It’s what you’d expect to see if consumer spending is weak.

Bottom line: we continue to plod along. Things could be worse, but they still aren’t very good.

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Chart of the Day: Net New Jobs in February

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Second Look: Tax Reform Act of 2014 Turns Out to Be a Pretty Good Effort

Mother Jones

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Credit where it’s due department: I was pretty skeptical of Dave Camp’s tax reform proposal last night, figuring that it would just be the usual Republican mush of lower tax rates on the rich combined with some handwaving about elimination of tax breaks that would theoretically make it revenue neutral.

But I was wrong. It turns out that Camp’s plan specifies the tax breaks he wants to close in considerable detail. And according to the analysis of the Joint Committee on Taxation, which is usually fairly reliable, it would be both revenue neutral and distributionally pretty neutral too. Over ten years it would raise about $3 billion more than present law, and the chart on the right shows how tax rates would be affected. Generally speaking, effective tax rates would go down for the poor and the middle class, and would go up slightly for the affluent. (These are estimates for 2015. They change slightly in subsequent years.)

Needless to say, this all depends on his plan being passed as is, which isn’t likely. In fact, it seems unlikely to pass at all. Nonetheless, Camp’s plan isn’t just a Trojan Horse to cut taxes on the rich. There are, unsurprisingly, aspects of it I don’t like, but it seems to be a tolerably serious effort at tax reform that both parties could live with. It’s certainly a lot better than I expected.

Link:

Second Look: Tax Reform Act of 2014 Turns Out to Be a Pretty Good Effort

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Dave Camp’s Tax Reform Plan May Be DOA, But It Should Be Fun Anyway

Mother Jones

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Speaking of Dave Camp’s tax reform plan, it’s out now. It may be DOA, but it’s out. In a nutshell, it reduces rates, reduces the number of tax brackets, and increases both the standard deduction and the child tax credit. As a result, many fewer people would have to file 1040 long forms. To make up for this, Camp proposes limiting or eliminating a raft of deductions and tax breaks. Here’s my favorite:

Preventing makers of violent video games from qualifying for the R&D tax credit.

Boo-yah! That’s the way to play culture war politics in a boring tax reform proposal. There are also references to “Wall Street tycoons”—not a phrase you normally hear from a Republican—and a proposal to end tax breaks that allow university presidents to live in mansions tax free. Populism!

Joking aside, I’ll give Camp credit for going after a long laundry list of very specific deductions. On the other hand, he also appears to finance his plan partly through an effective cut in the Earned Income Tax Credit. I can’t say that for sure without more details, but it sure looks that way on first inspection. The plan also “consolidates” higher education tax breaks, which might be a good idea, though it’s hard to tell without more details. If it’s just an excuse to reduce financial aid, it’s not so good.

There’s also a proposal for a small change to the mortgage interest deduction—a brave act even if it’s fairly paltry—and a proposal to partially end the carried interest loophole. Camp also proposes a 0.035 percent tax on big banks, which is probably a good idea. Camp repeals the AMT, which is a great idea, and funds it by eliminating the tax deduction for state and local taxes. This is a longtime favorite of conservatives because, as Camp says, “This deduction redistributes wealth to big-government, high-tax states from small-government, low-tax states.” In other words, it benefits blue states more than red states, so why not get rid of it?

He also wants to get rid of the NFL’s tax exemption. Sounds good to me.

Camp’s plan is long and includes upwards of a hundred specific tax deductions that he wants to reform or eliminate. There are enough caveats that it’s hard to tell exactly how far his proposals go, but again, kudos to him for making specific proposals at all. His plan may be DOA precisely because he was so specific, but kudos anyway. I’ll be interested in following the reaction as everyone figures out just whose ox would be gored by his various bullet points. Should be fun.

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Dave Camp’s Tax Reform Plan May Be DOA, But It Should Be Fun Anyway

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Quote of the Day: Tax Reform Is Dead On Arrival

Mother Jones

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From Senate Republican leader Mitch McConnell, commenting on his House colleague Dave Camp’s tax reform bill:

I think we will not be able to finish the job, regretfully. I don’t see how we can.

And….that’s a wrap, folks. Tax reform is officially a dead letter before poor old Dave Camp even had a chance to unveil his plan.

Naturally, McConnell blames this sad state of affairs on Democrats, because what else would he do? But I think everyone understands the real truth here: Republicans have no stomach for debating tax reform in an election year. Why? For the usual reason: everyone loves lower rates, but no one has the guts to so much as discuss the tax breaks they’d close to make up for the lower rates. Paul Ryan refuses to do this on an annual basis when he releases his latest budget roadmap. Mitt Romney famously tap danced around the subject for months in 2012. No one wanted to open this can of worms during either the fiscal cliff negotiations or any of the sequester standoffs.

Nothing has changed since then. If you talk about the mortgage interest deduction, you piss off millions of homeowners. If you talk about the carried interest loophole, you piss off billions of dollars worth of hedge fund managers. If you talk about the charitable deduction, every church in America will go ballistic. If you talk about 401(k)s, you piss off old people. If you talk about the exclusion of healthcare benefits from taxation, you piss off every middle-class worker in America. If you talk about capital gains rates, you might as well just kiss off your membership in the conservative movement.

“Broadening the base” sounds great when you use bloodless terms like “broadening the base.” But when you translate that into actual tax deductions you want to get rid of, it doesn’t sound so great at all. Mitch McConnell knows this perfectly well, and he wants this particular Pandora’s Box to stay well and truly sealed for at least the next eight months. His mama didn’t raise no fools.

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Quote of the Day: Tax Reform Is Dead On Arrival

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Bitcoin Is a Fiat Currency, But That’s Not Its Big Problem

Mother Jones

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Mt. Gox, the biggest name in Bitcoin exchanges, has apparently suffered a huge, ongoing theft amounting to several hundred million dollars. Today, their website is shut down. All is chaos, and science fiction author Charles Stross doesn’t have much sympathy:

C’mon, folks. Mt. Gox was a trading card swap mart set up by an amateur coder and implemented in PHP!….I’ve written software that handled financial transactions for a dot-com startup—a payment service provider, now a subsidiary of Mastercard. Been there, got the scars.

….You can’t do this shit on an amateur basis and not get burned….Datacash grew from a tiny seed (about 30 credit card transactions in our first three months) to something that was handling around 20,000 transactions per server per day when I left in early 2000, following 30% compound growth per month for an extended period; the early codebase was retired as rapidly as was feasible, the company had penetration testers, an in-house crypto specialist, and coding standards with test harnesses and QA well before it was handling 10% of MtGox’s turnover … and still shit happened. From what I’ve read, I’m not convinced that MtGox ever understood what financial security entails. But the fault isn’t theirs alone. The real fault lies with Bitcoin itself.

A real currency with a fiscal policy and the backing of a state that could raise loans would be able to ride out this insult. It’d be extraordinarily painful, but it wouldn’t devastate the currency in perpetuity. But Bitcoin doesn’t have a fiscal policy: it wears a gimp suit and a ball gag, padlocked into permanent deflation and with the rate of issue of new “notes” governed by the law of algorithmic complexity.

Personally, I consider Bitcoin useful in one narrow way: it forces people to think about what a fiat currency really is. Bitcoin, after all, is the ultimate fiat currency: just a bunch of ones and zeroes on a computer with no intrinsic value. But so are all currencies. The difference is that it’s more obvious with Bitcoin because the entire enterprise is actively marketed as nothing more than algorithmically-created data. It’s one of their big selling points.

So that forces you to think about what the ultimate value of a Bitcoin can be. And if there isn’t any, then why do dollars and yen have value? Why do IOUs passed around in prison camps have value? Or babysitting chits? Once you figure out what ultimately underlies the value of these various fiat currencies, you’ve taken a big step toward understanding why some currencies are better than others and why playing games with the debt ceiling is so stupid.

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Bitcoin Is a Fiat Currency, But That’s Not Its Big Problem

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Chained CPI Was Never Going to Happen, And Now It’s Still Never Going to Happen

Mother Jones

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Chained CPI is the dog that didn’t bark. President Obama’s latest budget proposal doesn’t include a switch to chained CPI, and this absence has put chained CPI back in the news. Does that make sense?

Probably not. In any case, you probably don’t care much about what chained CPI really is. I’m sure I’ve written up a technical explanation in the past, but I’m too lazy to—oh hell. Hold on. Here it is if you’re interested. Or you can just google it. Long story short, it slightly reduces the way we calculate inflation. And since Social Security benefits are indexed to inflation, it would slightly reduce future Social Security payouts.

Obama has proposed in the past that we adopt chained CPI. On its own, this is a terrible idea. However, under certain circumstances, it might be a good thing. At a minimum, those circumstances are threefold: (1) There would be some kind of adjustment to prevent low-income retirees from taking a hit. (2) It’s part of some broader deal on Social Security. (3) It’s adopted everywhere, including in the tax code, where it would raise taxes slightly by slowing down the inflation indexing of tax brackets. Hey, if it’s good for the goose, it’s good for the gander. Chained CPI is either more accurate or it’s not, and if it is, then we should use it everywhere.

If these circumstances were met, I’d have a certain amount of sympathy for switching to chained CPI beyond the purely wonkish consensus that it’s a more accurate measure. One reason is that it forces everyone to put their money where their mouths are. And by “everyone” I mean today’s retirees. You see, one of the things that pisses me off about discussions of Social Security is that it’s always future retirees who are supposed to take one for the team. We’re supposed to believe that Social Security is in crisis mode, a true threat to the republic, and therefore we have to cut benefits. But look. If this is really such a huge crisis, then we should all pitch in to save Social Security, including current retirees. If current retirees think their existing benefits are too generous, then they should support cutting them. If they don’t think that, then why should they get to keep their current benefits but cut them for future retirees?

They shouldn’t. Either benefits are too high or they aren’t. And one of the features of chained CPI is that it would have a small but immediate effect on benefits, cutting future COLA increases slightly every year. If that’s acceptable to current retirees, then I figure I can accept a cut too. If not, then I want the same benefits they’re getting. Deal?

In any case, none of this matters, because Republicans have never shown the slightest willingness to cut a broader deal. They want chained CPI, but they want it only for future retirees and they want it only for Social Security. They are willing to make precisely zero concessions in return for this. So as Jonathan Chait points out, it really doesn’t matter if Obama includes chained CPI in his budget proposal:

In reality, the fundamentals of the situation have not changed at all. Last year, Obama was willing to adopt C-CPI in return for concessions Republicans would never, ever make. This year, Obama is still willing to adopt C-CPI in return for concessions Republicans would never, ever make. Putting the compromise in his budget was merely Obama’s way of locating the blame for the reality that Republicans in Congress will never, ever, ever strike a fiscal deal with him. The disappointed deficit scolds sitting just to Obama’s right, and the joyous progressives just to his left, are committing the same fallacy. They are mistaking a step premised on an impossibility for a semblance of reality.

One thing I’m curious about in an academic sort of way is whether Obama ever really truly supported chained CPI. He’s enough of a wonk that he might have. Or, it might merely have been a bargaining chip that he knew would never go anywhere. We’ll probably never know.

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Chained CPI Was Never Going to Happen, And Now It’s Still Never Going to Happen

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