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Articles about the work of David Leonhardt

David Leonhardt on Taxes
futureofcapitalism.com

The New York Times's Economic Scene columnist, David Leonhardt, writes, "Right now, the 400,000th dollar earned by a surgeon is taxed at the same 35 percent marginal rate as the four millionth dollar earned by a hedge-fund manager. This makes little sense, and it runs counter to how the tax code worked for much of the 20th century."

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Gold at Record High
futureofcapitalism.com

David Leonhardt has a column in the New York Times this morning arguing that these claims that "Gold is at a record high" are false. Following Seth Lipsky, I prefer the formulation that the dollar is at a record low to the formulation that gold is at a record high. But beyond that, Mr. Leonhardt writes, "Gold is at a record only if you fail to adjust for inflation." He goes on:

The actual record was set 30 years ago, when the price of gold, in today's dollars, hit $2,387, or 71 percent higher than it closed on Tuesday. This isn't simply a question of math. Anyone who says gold is at a record high (or who said oil was several years ago) is getting the story wrong. Why? Because $10 today is not more valuable than $9 a few decades ago.

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Tax Cut Revisionism
futureofcapitalism.com

From David Leonhart's column in today's New York Times:

The second, more likely option is to extend all the tax cuts — and to package them with other tax cuts and spending likely to do more to help the economy than the Bush tax cuts. (Remember, after President George W. Bush signed the cuts in 2001, the economy lost jobs for the next two years, and economic growth during his presidency was mediocre.)

What are commonly called the "Bush tax cuts" include not only the income tax cuts passed into law in 2001 (with a phased-in implementation) but also the dividend and capital gains tax cuts of 2003, which were passed in a law that also accelerated the income tax reductions, which weren't originally supposed to take full effect until 2006. Mr. Leonhardt's argument doesn't hold water.

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ObamaCare and Children
futureofcapitalism.com

The New York Times carries a column by David Leonhardt likening opposition to ObamaCare to opposition to civil rights. The column says:

Guaranteeing people a decent retirement and decent health care does more than smooth out the rough edges of capitalism. Those guarantees give people the freedom to take risks. If you know that professional failure won't leave you penniless and won't prevent your child from receiving needed medical care, you can leave the comfort of a large corporation and take a chance on your own idea. You can take a shot at becoming the next great American entrepreneur.

Read More...


Government Pay Is Higher
futureofcapitalism.com

Never mind that New York Times editorial the other day admitting, "Salaries and benefits for state employees outstrip the private sector."

The New York Times's economic scene columnist, David Leonhardt, has his facts, darn it, and he's sticking to them, no matter what the editorial writers say. He writes, "No wonder that academic papers spanning more than 30 years have found that government workers receive compensation that is similar — with somewhat lower salaries and somewhat better benefits on average — to that of private sector workers with similar qualifications."

The survey Mr. Leonhardt links to is written by — surprise! — two Wisconsin public employees!

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Brooks on Ryan
futureofcapitalism.com

The New York Times's David Brooks takes on Paul Ryan:

Substantively, it does not address the structural problems plaguing the American economy: wage stagnation, inequality, declining growth rates.

Mr. Brooks doesn't think cutting the corporate and individual top federal tax rates to 25% and getting the federal budget under some control would help growth rates?

More:

Ryan would cut Pell grants back to their 2008 levels. This is not the horrendous monstrosity some liberals are screaming about. But the economic challenge from China and India demands that we spend more on Pell grants, scientific research, early childhood education and other investments in human capital than Ryan proposes.

Read More...


Religion and Income
futureofcapitalism.com

"Is Your Religion Your Financial Destiny?" is the headline of an article in Sunday's New York Times magazine that has already been published on the Times Web site. The article reports, "The most affluent of the major religions — including secularism — is Reform Judaism. Sixty-seven percent of Reform Jewish households made more than $75,000 a year at the time the Pew Forum on Religion and Public Life collected the data, compared with only 31 percent of the population as a whole. Hindus were second, at 65 percent, and Conservative Jews were third, at 57 percent."

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Kaus Versus Leonhardt
futureofcapitalism.com

Mickey Kaus gets the better of David Leonhardt.

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Leonhardt's Label
futureofcapitalism.com

In a column in the New York Times, David Leonhardt refers to "Edward Glaeser, a conservative-leaning Harvard economist."

The review here of Mr. Glaeser's book criticized it for "a series of unquestioned left-wing assumptions," including its claim that "there's no free-market solution for the great urban problem facing slums," its claim that "Over the past thirty years, American society has become more unequal," its assertion that in Israel "factions have wasted decades fighting over land," its advocacy of high-speed rail, its call for increased taxes on gas and carbon emissions, and its overheated rhetoric on global warming.

If Mr. Glaeser is, in Mr. Leonhardt's view, "conservative-leaning," what does that say about Mr. Leonhardt's own political leanings?

Read More...


Leonhardt's Promotion
futureofcapitalism.com

Congratulations to David Leonhardt, reportedly the New York Times' 38-year-old newly promoted Washington Bureau Chief. Those interested in knowing more about the person who will now be directing the paper's Washington news coverage may be interested in some of our earlier coverage of Mr. Leonhardt's work here, here, here, here, here, here, here, and here.

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Leonhardt's Stock Call
futureofcapitalism.com

"Stocks Are Still Expensive" was the headline over a New York Times item posted August 4, 2011 by David Leonhardt. It began "The main problem for the stock market is obviously the economy. But it's not the only problem. Stocks are also under pressure because they are fairly expensive right now relative to earnings." It went on, "stocks would have to fall another 6 percent from their current level to return to the 50-year average." The Times at one point that day was linking the item from its home page, and Mr. Leonhardt has since been promoted to Washington bureau chief.

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Affirmative Action
smartertimes.com

David Leonhardt's "Upshot" column is about two books — Sheryll Cashin's Place Not Race and The Century Foundation Press's The Future Of Affirmative Action — that consider what will happen after the end of race-based affirmative action in college admissions. Without explaining why, Mr. Leonhardt ignores a third recent book about affirmative action in admissions, Cheating: An Insider's Report on the Use of Race in Admissions at UCLA, by Tim Groseclose, which suggests that some colleges will go on using race-based affirmative action even after it is outlawed and even while publicly denying that they are doing so. Mr. Groseclose's book documents how this happened at UCLA. It would have been good to include in this Times column.

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Leonhardt Calls a Market Top
smartertimes.com

Back in 2011, David Leonhardt wrote a New York Times article headlined "Stocks Are Still Expensive" that reported stocks "are fairly expensive right now relative to earnings." He reported that "stocks would have to fall another 6 percent from their current level to return to the 50-year average."

I called attention to that article back in 2012, writing, "the next time he makes a stock market call, you may want to take it with caution." If you had read Leonhardt in 2011 and decided stocks were too expensive, you would have missed out on the 57 percent gain in the Standard and Poor's 500 Index that has happened since he wrote that 2011 "Stocks Are Still Expensive" article.

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Community College Funding
smartertimes.com

"Though Enrolling More Poor Students, 2-Year Colleges Get Less of Federal Pie," is the headline over a news article by Times Washington Bureau Chief David Leonhardt about "a report to be released Thursday."

True to form, the Times includes no hyperlink to the report and no quotes from anyone critical or even skeptical of its findings. The notion that federal funding might be allocated to support scientific, academic, or medical research, and that such research dollars might go disproportionately to professors at major research universities rather than community colleges, goes unexplored in the article. In other words, the point of federal funding to higher education isn't solely to subsidize poor students, but to fund research.

Read More...


Leonhardt's Stock Call
futureofcapitalism.com

"Stocks Are Still Expensive" was the headline over a New York Times item posted August 4, 2011 by David Leonhardt. It began "The main problem for the stock market is obviously the economy. But it's not the only problem. Stocks are also under pressure because they are fairly expensive right now relative to earnings." It went on, "stocks would have to fall another 6 percent from their current level to return to the 50-year average." The Times at one point that day was linking the item from its home page, and Mr. Leonhardt has since been promoted to Washington bureau chief.

Read More...


Leonhardt's Promotion
futureofcapitalism.com

Congratulations to David Leonhardt, reportedly the New York Times' 38-year-old newly promoted Washington Bureau Chief. Those interested in knowing more about the person who will now be directing the paper's Washington news coverage may be interested in some of our earlier coverage of Mr. Leonhardt's work here, here, here, here, here, here, here, and here.

Read More...


David Leonhardt on Taxes
futureofcapitalism.com

The New York Times's Economic Scene columnist, David Leonhardt, writes, "Right now, the 400,000th dollar earned by a surgeon is taxed at the same 35 percent marginal rate as the four millionth dollar earned by a hedge-fund manager. This makes little sense, and it runs counter to how the tax code worked for much of the 20th century."

Read More...


Gold at Record High
futureofcapitalism.com

David Leonhardt has a column in the New York Times this morning arguing that these claims that "Gold is at a record high" are false. Following Seth Lipsky, I prefer the formulation that the dollar is at a record low to the formulation that gold is at a record high. But beyond that, Mr. Leonhardt writes, "Gold is at a record only if you fail to adjust for inflation." He goes on:

The actual record was set 30 years ago, when the price of gold, in today's dollars, hit $2,387, or 71 percent higher than it closed on Tuesday. This isn't simply a question of math. Anyone who says gold is at a record high (or who said oil was several years ago) is getting the story wrong. Why? Because $10 today is not more valuable than $9 a few decades ago.

Read More...


Tax Cut Revisionism
futureofcapitalism.com

From David Leonhart's column in today's New York Times:

The second, more likely option is to extend all the tax cuts — and to package them with other tax cuts and spending likely to do more to help the economy than the Bush tax cuts. (Remember, after President George W. Bush signed the cuts in 2001, the economy lost jobs for the next two years, and economic growth during his presidency was mediocre.)

What are commonly called the "Bush tax cuts" include not only the income tax cuts passed into law in 2001 (with a phased-in implementation) but also the dividend and capital gains tax cuts of 2003, which were passed in a law that also accelerated the income tax reductions, which weren't originally supposed to take full effect until 2006. Mr. Leonhardt's argument doesn't hold water.

Read More...


ObamaCare and Children
futureofcapitalism.com

The New York Times carries a column by David Leonhardt likening opposition to ObamaCare to opposition to civil rights. The column says:

Guaranteeing people a decent retirement and decent health care does more than smooth out the rough edges of capitalism. Those guarantees give people the freedom to take risks. If you know that professional failure won't leave you penniless and won't prevent your child from receiving needed medical care, you can leave the comfort of a large corporation and take a chance on your own idea. You can take a shot at becoming the next great American entrepreneur.

Read More...


Government Pay Is Higher
futureofcapitalism.com

Never mind that New York Times editorial the other day admitting, "Salaries and benefits for state employees outstrip the private sector."

The New York Times's economic scene columnist, David Leonhardt, has his facts, darn it, and he's sticking to them, no matter what the editorial writers say. He writes, "No wonder that academic papers spanning more than 30 years have found that government workers receive compensation that is similar — with somewhat lower salaries and somewhat better benefits on average — to that of private sector workers with similar qualifications."

The survey Mr. Leonhardt links to is written by — surprise! — two Wisconsin public employees!

Read More...


Brooks on Ryan
futureofcapitalism.com

The New York Times's David Brooks takes on Paul Ryan:

Substantively, it does not address the structural problems plaguing the American economy: wage stagnation, inequality, declining growth rates.

Mr. Brooks doesn't think cutting the corporate and individual top federal tax rates to 25% and getting the federal budget under some control would help growth rates?

More:

Ryan would cut Pell grants back to their 2008 levels. This is not the horrendous monstrosity some liberals are screaming about. But the economic challenge from China and India demands that we spend more on Pell grants, scientific research, early childhood education and other investments in human capital than Ryan proposes.

Read More...


Religion and Income
futureofcapitalism.com

"Is Your Religion Your Financial Destiny?" is the headline of an article in Sunday's New York Times magazine that has already been published on the Times Web site. The article reports, "The most affluent of the major religions — including secularism — is Reform Judaism. Sixty-seven percent of Reform Jewish households made more than $75,000 a year at the time the Pew Forum on Religion and Public Life collected the data, compared with only 31 percent of the population as a whole. Hindus were second, at 65 percent, and Conservative Jews were third, at 57 percent."

Read More...


Kaus Versus Leonhardt
futureofcapitalism.com

Mickey Kaus gets the better of David Leonhardt.

Read More...


Leonhardt's Label
futureofcapitalism.com

In a column in the New York Times, David Leonhardt refers to "Edward Glaeser, a conservative-leaning Harvard economist."

The review here of Mr. Glaeser's book criticized it for "a series of unquestioned left-wing assumptions," including its claim that "there's no free-market solution for the great urban problem facing slums," its claim that "Over the past thirty years, American society has become more unequal," its assertion that in Israel "factions have wasted decades fighting over land," its advocacy of high-speed rail, its call for increased taxes on gas and carbon emissions, and its overheated rhetoric on global warming.

If Mr. Glaeser is, in Mr. Leonhardt's view, "conservative-leaning," what does that say about Mr. Leonhardt's own political leanings?

Read More...


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David Leonhardt

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