Here Kevin Drum talks about debt leverage and foreclosure. Here he talks about Public Pensions, and points out that Social Security is a public pension equivalent. He fail to connect the two posts, debt spirals do not occur in isolation. And he fails to see that risk is arbitrages, central government entitlements are no more safer than state entitlements. When the subject of Europe comes up, a convenient fiction is created that makes the problem Euro specific and unrelated to our own entitlements
Our bounded functions are strong, but when they are exploded we easily make new more accurate ones. In this case, Kevin will eventually update his functions from 1980 to 2010, he will have the 'Aha' moment, and restructure his view of progressivism such that is works much better.
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