Matt Yglesias is absolutely right: It should be seen as a failure of the Fed when it misses its inflation target on the downside. Especially when unemployment is where it is. By law, the Federal Reserve is responsible for both price stability and full employment. It remains entirely inexplicable why Barack Obama hasn’t made it a priority to fill the Fed Board with people who want to promote economic growth.
1) On the same day that the Obama administration asked the Supreme Court to take up the health reform law, Mitt Romney undermined the repeal drive by admitting that the individual mandate is a GOP idea:
“The idea for a health care plan is not mine alone,” Romney said, noting support he received from The Heritage Foundation. “I was told that Newt Gingrich was one of the very first people that came up with an individual mandate.”
2) Dave Roberts on new polling that shows public support for green energy remains strong despite all the media noise about Solyndra.
3) The liberal group Protect Your Care is pressing the case against Paul Ryan’s new proposal on workplace health care: “Do the Republican candidates support Paul Ryan’s effort to take away their health insurance at work like they support his plan to take away their Medicare?”
Look for lots more pressure on the presidential and Congressional candidates in the days ahead.
4) You know you want Chris Christie junk. No, don’t bother denying it. Steve Kornacki has the best version of it today. Go ahead and click through; we won’t tell anyone.
5) The right roundly criticized North Carolina Governor Bev Perdue today for suggesting we should suspend Congressional elections, but Dave Weigel supplies the larger context.
6) Paul N. Van de Water makes the detailed wonkish case for why the supercommittee simply must include new revenues in its deficit solution.
7) Supercommittee Dems are absolutely determined to avoid the traps that snared Dems in previous showdowns, leading to them getting rolled. Really!
8) Steve Benen notes that no matter how hard Daily Caller tries to pretend otherwise, its EPA story was absolutely wrong on the facts in a manner that’s jarring even for conservative media:
9) Lawrence Mishel offers the most thorough takedown yet of the conservative idea that regulatory uncertainty is behind our economic problems.
10) Suzy Khimm has a great chart showing how government spending cuts in cities have led to massive job loss.
While I still haven’t seen a good comprehensive economic estimate (including the second-order effects of all those teachers and cops and fire fighters who are worried about losing their jobs and therefore canceled vacation plans and home improvements and all), I’m convinced that slashed spending by state and local governments has been the biggest factor in derailing the recovery.
11) Obama’s annual back-to-school speech today was packed with all sorts of secret and nefarious messages designed to indoctrinate our unsuspecting children.
12) And Atrios is right: As annoying as political journalism can be these days, it’s worth keeping in mind that it was far, far, far worse during the Clinton witch hunts of the 1990s. (added by gs)
L’Shana Tovah to everyone observing Rosh Hashanah beginning tonight.