In today's @bopinion post, I explain why we need to do more than just give people cash. We need to make sure that everyone has access to affordable housing, health care, transportation, and nutritious food.
Whereas @elidourado focuses on using new *technology* to get low-income Americans the basic necessities of life, I argue that in the crucial areas of housing and health care and transportation, what's really needed is better *policy*.
In health care, we need national health insurance to force down prices.
In housing, we need various pro-density measures.
In transportation, we need to identify and address sources of excess construction cost so we can actually build trains.
Better technology can help. More cash benefits are good. But to really get Americans the essentials of life, we need better policy to force down the cost of health care, construction, and rent!!
2/In this thread, Olivier Blanchard uses Keynesian concepts such as the output gap and the fiscal multiplier to analyze the size of the bill, and argues that it's too large.
3/The fear is that if the bill is too large relative to the "output gap", then the economy will experience rapid inflation, forcing the Fed to raise interest rates, which will hurt growth.
2/John Kerry recently declared that we would do “so much economic investment made by people up and down the economic food chain that no future president can reverse it.”
That's going to require a lot of borrowing. But that's OK!
3/First of all, the actual amount Biden wants to spend -- $170 billion a year -- is very modest compared with the amount of government investment we did in the 50s and 60s.
2/How much does the average American know about Taiwan? Precious little, I'd say. Except for bubble tea, most Americans probably wouldn't even recognize Taiwanese food!
3/Some Americans think of Taiwan as part of China (China's government certainly thinks it is!). This may stop them from thinking about Taiwan as a country.
But most Taiwanese people don't consider themselves "Chinese" in the national sense.
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An old man on the streets of Berkeley once taught me that we compliment other people in part because we want to make ourselves feel more positive about them, but that sometimes this purpose is better served by withholding a compliment and just thinking about it internally.
He also believed that everyone hates each other to some degree, even if they love each other as well, and that honest interaction between people couldn't begin until they said "I hate you" to each other.
Ahh, I see he has his own Wikipedia page. Really interesting guy. I would sit around talking to him at 1 AM. Was sad when I heard he passed away a few years ago.