In a hugely encouraging development, The New Republic reports that the Obama transition team hopes to avoid using the word “czar” in the coming administration. I’ve already had my say on this czarophilia, so I’ll let Kevin Drum, who tipped me off to this important news, get his two cents in: Where did this whole [...]
Here’s today’s moment in economic history making: U.S. households are paying down their debt. It’s a brave new world for the Land of Conspicuous Consumption. The Federal Reserve announced that for the first time since at least 1952, the amount of debt held by households—a.k.a., regular folk—is on the decline. The third quarter saw a [...]
