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Articles about the work of Clive Crook

Tax Increases 'Not Now'
futureofcapitalism.com

If you listen carefully you can start to hear a pattern of voices on the center-right making an economy-related argument against tax increases. Bloomberg News has an article reporting on a comment by a House Republican leader, Mike Pence: "Raising taxes during the worst economy in 25 years is a profoundly bad idea and I won't support it." Over at the Financial Times, Clive Crook writes, "On the immediate issue, a simple compromise presents itself. As Harvard University's Martin Feldstein has proposed, extend all the tax cuts for two more years, allowing the recovery to gain momentum; then reverse all of them, to help bring public borrowing back under control."

Read More...


The FT on the FT Press
futureofcapitalism.com

"A Muddled Manifesto for America" is the headline the Financial Times runs over its review of a new book, Seeds of Destruction, co-authored by the dean of the Columbia Business School, Glenn Hubbard, who served in the George W. Bush administration. The review says the book is "not always convincing" and faults the book's "sometimes overzealous tone," which can be "far too harsh – and needlessly confusing" as well as "off-puttingly militant."

The publisher of the book? The FT Press.

If the FT thinks this book is so off-putting and muddled, why did it publish it?

Read More...


The Crook Compromise
futureofcapitalism.com

Also in the FT (good issue of the FT today) columnist Clive Crook suggests a tax compromise somewhat along the lines of that suggested by Larry Kudlow. Mr. Crook writes: "Extend all the Bush tax cuts for two years, but with a joint public commitment to reform the tax code before they expire with changes that a) broaden the tax base, b) cut marginal rates and c) raise more revenue."

Read More...


Quote of the Day
futureofcapitalism.com

From Clive Crook's column in the Financial Times: "One of the few drawbacks of residing in the US is the annual encounter with Form 1040, which is to personal finance as waterboarding is to asking some questions."

Link via Economic Policies for the 21st Century.

Read More...


The Case Against Central Bank Independence
futureofcapitalism.com

Clive Crook, writing in Bloomberg View:

Another drawback of quantitative easing and other unorthodox interventions in financial markets is that they are fiscal as much as monetary operations. They transfer real resources. They expose taxpayers to risk, and involve implicit subsidies on a potentially enormous scale. How to allocate the costs and benefits of these operations across the economy is, or ought to be, a political question -- as political, say, as the design of the Troubled Assets Relief Program. In this setting, the usual case for central-bank independence loses all force.

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Clive Crook on Obama
futureofcapitalism.com

Clive Crook, writing in Bloomberg View:

The obsession with the Bush-era tax rates is mistaken in another way, too. It opens Democrats to the charge that their notion of fairness is about leveling down not leveling up. That's still a profoundly un-American idea. You don't improve the prospects of the unemployed, or of people with limited skills in low-wage jobs, by increasing taxes on the rich. Where is Obama's agenda for expanding economic opportunity? Shouldn't he have one? And shouldn't it have at least equal standing with the quest to hammer the 1 percent?

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Clive Crook on Medicare
futureofcapitalism.com

Clive Crook writes in a Bloomberg View column: "It's well understood that Medicare spending needs to be contained lest its growth, under the pressures of demography and new medical technologies, crowd out other public spending or push taxes way up."

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Obama's Inaugural Reviews
futureofcapitalism.com

President Obama's inaugural address is drawing some surprisingly harsh reviews from centrist political commentators.

Clive Crook at Bloomberg View writes:

It was divisive -- more divisive than it needed to be. …It was as though the need, say, to preserve Medicare in exactly its present form is a self-evident moral truth, admitting of no legitimate countervailing argument or principled compromise.

Obama repeatedly jabbed Republicans, reminding them who just won the election ... That's fine, I suppose, but almost half the country voted for the other party's candidate, and they're U.S. citizens, too. A little generosity to the losers wouldn't have cost Obama anything, but he offered none.

Read More...


Obama's Inaugural Reviews
futureofcapitalism.com

President Obama's inaugural address is drawing some surprisingly harsh reviews from centrist political commentators.

Clive Crook at Bloomberg View writes:

It was divisive -- more divisive than it needed to be. …It was as though the need, say, to preserve Medicare in exactly its present form is a self-evident moral truth, admitting of no legitimate countervailing argument or principled compromise.

Obama repeatedly jabbed Republicans, reminding them who just won the election ... That's fine, I suppose, but almost half the country voted for the other party's candidate, and they're U.S. citizens, too. A little generosity to the losers wouldn't have cost Obama anything, but he offered none.

Read More...


Clive Crook on Medicare
futureofcapitalism.com

Clive Crook writes in a Bloomberg View column: "It's well understood that Medicare spending needs to be contained lest its growth, under the pressures of demography and new medical technologies, crowd out other public spending or push taxes way up."

Read More...


Clive Crook on Obama
futureofcapitalism.com

Clive Crook, writing in Bloomberg View:

The obsession with the Bush-era tax rates is mistaken in another way, too. It opens Democrats to the charge that their notion of fairness is about leveling down not leveling up. That's still a profoundly un-American idea. You don't improve the prospects of the unemployed, or of people with limited skills in low-wage jobs, by increasing taxes on the rich. Where is Obama's agenda for expanding economic opportunity? Shouldn't he have one? And shouldn't it have at least equal standing with the quest to hammer the 1 percent?

Read More...


The Case Against Central Bank Independence
futureofcapitalism.com

Clive Crook, writing in Bloomberg View:

Another drawback of quantitative easing and other unorthodox interventions in financial markets is that they are fiscal as much as monetary operations. They transfer real resources. They expose taxpayers to risk, and involve implicit subsidies on a potentially enormous scale. How to allocate the costs and benefits of these operations across the economy is, or ought to be, a political question -- as political, say, as the design of the Troubled Assets Relief Program. In this setting, the usual case for central-bank independence loses all force.

Read More...


Tax Increases 'Not Now'
futureofcapitalism.com

If you listen carefully you can start to hear a pattern of voices on the center-right making an economy-related argument against tax increases. Bloomberg News has an article reporting on a comment by a House Republican leader, Mike Pence: "Raising taxes during the worst economy in 25 years is a profoundly bad idea and I won't support it." Over at the Financial Times, Clive Crook writes, "On the immediate issue, a simple compromise presents itself. As Harvard University's Martin Feldstein has proposed, extend all the tax cuts for two more years, allowing the recovery to gain momentum; then reverse all of them, to help bring public borrowing back under control."

Read More...


The FT on the FT Press
futureofcapitalism.com

"A Muddled Manifesto for America" is the headline the Financial Times runs over its review of a new book, Seeds of Destruction, co-authored by the dean of the Columbia Business School, Glenn Hubbard, who served in the George W. Bush administration. The review says the book is "not always convincing" and faults the book's "sometimes overzealous tone," which can be "far too harsh – and needlessly confusing" as well as "off-puttingly militant."

The publisher of the book? The FT Press.

If the FT thinks this book is so off-putting and muddled, why did it publish it?

Read More...


The Crook Compromise
futureofcapitalism.com

Also in the FT (good issue of the FT today) columnist Clive Crook suggests a tax compromise somewhat along the lines of that suggested by Larry Kudlow. Mr. Crook writes: "Extend all the Bush tax cuts for two years, but with a joint public commitment to reform the tax code before they expire with changes that a) broaden the tax base, b) cut marginal rates and c) raise more revenue."

Read More...


Quote of the Day
futureofcapitalism.com

From Clive Crook's column in the Financial Times: "One of the few drawbacks of residing in the US is the annual encounter with Form 1040, which is to personal finance as waterboarding is to asking some questions."

Link via Economic Policies for the 21st Century.

Read More...


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Clive Crook

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