Posts Tagged ‘reforms

04
Apr
11

‘obama averted disasters, but getting credit is the hard part’

Michael Grunwald (Time): The New Republic recently asked an intriguing question about the U.S. intervention in Libya: Why isn’t Obama getting credit for preventing an atrocity? The answer is obvious when you think about it: because he prevented the atrocity. It’s hard to get credit for avoiding a disaster when it’s impossible to prove the disaster would have happened without you. Social scientists call this the counterfactual problem….

This is a problem for public policy because preventing disasters is infinitely preferable to stopping them in progress. And it’s a political problem for Obama … He is the counterfactual President, not just on his Libya policy, but on almost all his policies. And as his aides often complain, “I prevented a disaster” is a lousy political slogan….

The most extreme example, of course, was the $787 billion stimulus package that Obama signed during his first month in office, when the economy was shedding 700,000 jobs a month. The immediate goal was to avoid a depression, and in that sense it was a tremendous success, stopping the hemorrhaging and stabilizing the scariest economic situation since the Great Depression…..

… His financial reforms should reduce the chances of another Wall Street meltdown, but it’s classic disaster prevention: if they fail, it’s a scandal, and if they work, we won’t notice…

Most of Obama’s counterfactual problems can be traced to what his former chief of staff Rahm Emanuel calls the “gift bag” that President Bush left for him. The gift bag included the worst economy in 80 years, a nightmare on Wall Street, a deficit spiraling out of control, one unnecessary war in Iraq and one intractable war in Afghanistan, a dysfunctional health care system, and an energy policy that was broiling the planet and exposing consumers to violent swings in gas prices….

Full article here

31
Dec
10

‘major health care reforms take effect january 1′

TPM: Starting Saturday, two of the new health care law’s most significant reforms take effect – or at least begin to take effect.

The first will dramatically clamp down on insurance industry waste, abuse, and excesses. Starting on New Year’s Day, insurance companies will have to spend at least 80 percent of the revenues they receive from premiums on actual health care. Not on salaries or overhead…..

..…The other is much more visible. Senior citizens – a demographic that’s skeptical of the bill – will see real benefits. In 2011, the law will begin to close the Medicare Part D coverage gap – the infamous “donut hole.” Seniors who reach the donut hole will now receive a 50 percent discount on brand-name drugs, the first step in a 10 year plan to fill the hole completely. Seniors will also now receive free annual checkups, screenings and other preventive care.

Other changes will also kick in … but these are the biggies. Add them to other reforms that have already taken effect – such as a ban on discriminating against children with pre-existing conditions, and the new right parents have of keeping their children on their family insurance plans until they’re 26 years old – and you’re talking about a bunch of stuff that would be very unpopular to repeal.

21
Jan
10

"If these folks want a fight, it's a fight I'm ready to have."


President Barack Obama and Vice President Joe Biden arrive to deliver remarks on financial reform on in the Diplomatic Reception Room on January 21, 2010 in Washington, DC. Obama announced measures to narrow the size and scope of banks and their investment activities.

President Barack Obama speaks about financial reform after his meeting with Presidential Economic Recovery Advisory Board Chair Paul Volcker at the White House in Washington January 21, 2010.

President Obama rolled out a new set of proposals Thursday to “protect American taxpayers and the American economy from future crises”.

“We simply cannot accept a system in which hedge funds or private-equity funds inside banks can place huge risky bets that are subsidized by taxpayers and could pose a conflict of interest,” he said.

“My message to members of Congress of both parties is we need to get this done. My message to leaders of the financial industry is to work with us,” Obama continued: “If these folks want a fight, it’s a fight I’m ready to have.”




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