The Obama Diary

HamdenRice (Daily Kos): …. a lot of DKers have a lot invested in certain views about economics and finance that are not really open to empirical (ie factual) analysis, but instead are based on political commitments and emotion….

But today’s hysteria over the “cuts” to Social Security on the proverbial political table and the even wilder assertion that the Obama administration is committing political suicide by discussing them, let along enacting them, has persuaded me to provide a dollars and sense (as well as economic theory) explanation of what’s going on.

If you don’t like economics, public finance or numbers, then let me not bury the lede and explain exactly what’s on the table.

If enacted, the average social security recipient would get 14 cents less of an increase per month, but only in a month in which the social security benefit actually went up by about $34 ….. so yes, it does look like 11 dimension chess (offering the Republicans nothing of substance).

The so called “cuts” being discussed are not cuts in actual benefits, but cuts in how increases are to be measured based on the consumer price index.

…. At minimum, the diary moves the discussion to a discussion of the effect of inflation on SSI, the importance of purchasing power parity, and actual numbers from “zoh my god!!! Teh evul Obama wants to kill social security, destroy the Democratic party and force grandma to eat cat food!!! They’re spitting on Ted Kennedy’s grave!!!”

I also think its interesting - and useful - that some people tried to fact check this, but I have to note that I’ve rarely seen those same emo progressives fact check certain diaries that, for example, describe collateralized debt obligations as mortgages that have been sliced and diced and “sprinkled with fairy dust.” My question would be what kind of fairy dust? How much in percentage terms? Was it sprinkled or sprayed?

Full post here

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Generally, I’d be quicker to link to a ‘Bachmann Is A Goddess’ site than to DK, but Suzanne and Dorothy let me know about this post and it’s just too good to ignore. How completely refreshing to read the views of someone who actually knows what they’re talking about.

Charles Koch/Cato Institute’s Glenn Greenwald tried to write about ‘Obama’s Betrayal!’ today, and all his effort proved is that he knows even less about the debt ceiling issue than me …. the poor guy just embarrassed himself. He really should stick to his ‘OMG! Obama Continues To Torture Manning!’ scribbles.