Political Competition: Real Race to the Bottom
The current presidential election in Turkey gives an example of a phenomenon that is characteristic of politics and which is not absent from the American scene: unrestrained political competition is the ne plus ultra of the proverbial race to the bottom. As the main opposition candidate tries to defeat Turkey’s populist strongman Recep Tayyip Erdoğan, […]
Economic Growth Makes Graceland Less Impressive
If you embrace the conventional wisdom about income trends over the last few decades, you know that almost all the gains from economic growth have gone to those at the very top of the income distribution. The super-rich got super-richer, and they left the rest of us behind to make do with our stagnating incomes. […]
McCarthy says no progress on US debt talks until Biden is back from G7
Kevin McCarthy, the Republican House speaker, said there would be no progress in debt ceiling talks until US president Joe Biden returns from the G7 summit in Japan late on Sunday, as tensions flared in the fiscal stand-off threatening the world’s largest economy. Speaking to reporters in the US Capitol on Saturday afternoon, McCarthy accused […]
