major reason that the crisis is intractable. The first issue is that Northern European bankers and investors loaned Greek politicians money when the Greek politicians did not have a mandate to raise taxes to pay that money back. DeLongI mean, hilarious when we apply this formula to California and Texas. Californian's have 1/5 the Senate vote in DC, Congress has no moral mandate to raise taxes on California to repay the debt. And the problem gets worse when the next census hits a mere 7 1/2 years from now, when Senate representation in the face of Western and Souther migration wipes out any sense of democracy for the large states. Just reconciling these two views and still remain a card carry member of the Great DC Exogeny requires an act of Schizophrenia.
How bad will the Senate skew be after the next census? Thekew measured in Senate malproportionality will go from 30/1 to 40/1; California basically out of the union. California cannot exist with the DC oligarchs dep0riving them of democracy, California will have to go bankrupt and be split up; or go independent.
How soon will this happen? Within the adjustment period of Obamacare, within the vu graf period of Hish Speed Choo Choo. 7.5 years is the time it takes to adjust social security. None of these things will be done when the Caliornia/Texas issue dominates.
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Brad DeLong, is a professor of Economics and chair of the Political Economy major at the University of California, Berkeley. He served as Deputy Assistant Secretary of the United States Department of the Treasury in the Clinton Administration under Lawrence Summers. He is also a research associate of the National Bureau of Economic Research, and is a visiting scholar at the Federal Reserve Bank of San Francisco.
Amazing blog. It's informative and very useful. It's better to be informed of the issues that surrounds us than to be naive and clueless when it blows on our face.
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