My Generation’s Best Chance is Socialism

Lost in the noise of the 2016 election cycle is the fact that no viable candidate offers any hope for a radically more equal society: The policies on offer would merely mitigate the dire inequality that has been growing since Reagan. And this is despite the fact that a majority of Americans express widespread discontent with the country’s extreme consolidation of wealth: about three in four Americans think that inequality is a serious problem in the United States.
-Sarah Leonard

I haven’t had the chance to read it yet, but given that Sarah Leonard edited it, and Jesse Myerson contributed, I know all I need to support their book. Pick up a copy when you order WPC Book 1! 🙂

The Greece of the Caribbean by AndrĂ©s Velasco – Project Syndicate

In exchange for help, congressional Republicans are threatening to impose on Puerto Rico a fiscal control board similar to the one established in 1995 in response to the fiscal crisis in Washington, DC. Bad idea. Not only would such a board smack of colonialism and be politically untenable; the scheme would also lack the flexibility needed to avoid a depression in Puerto Rico, while reassuring everyone, including investors, that fiscal policy will remain prudent in the future.A much better solution is a rule of fiscal responsibility like those adopted in countries as different as New Zealand, Sweden, Colombia, and Chile. The idea is to keep expenditure below what the government can raise in taxes in the long run (thereby ensuring sustainability), while allowing deficits whenever the economy is operating below potential and tax revenue is abnormally low (thereby guaranteeing flexibility and contributing to macroeconomic stabilization).
-Andrés Velasco

Source: The Greece of the Caribbean by AndrĂ©s Velasco – Project Syndicate

This is sound advice for those dealing with Puerto Rico’s debt woes that’s built on a solid review of the Greek tragedy. I’ll be shocked out of my gourd if it’s heeded (not by Puerto Rican leadership, but by the U.S. government and banks who the debts are owed to).