NYTimes.com: Warren Buffett: Stop Coddling the Super-Rich
‘My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.’
With a chart that shows what actually happened.
“In future decades, when rising health costs with an aging population hit the budget in full force, deficits are projected to be far deeper than they are now. Effective health care reform, and a willingness to pay more taxes, will be the biggest factors in controlling those deficits.”
NYTimes.com: Economic Scene: The Real vs. Imagined Deficit
“Eventually, the country will have to confront the deficit we have, rather than the deficit we imagine. The one we imagine is a deficit caused by waste, fraud, abuse, foreign aid, oil industry subsidies and vague out-of-control spending. The one we have is caused by the world’s highest health costs (by far), the world’s largest military (by far), a Social Security program built when most people died by 70 — and to pay for it all, the lowest tax rates in decades.
“To put it in budgetary terms, the deficit we imagine comes largely from discretionary spending. The one we have comes partly from discretionary spending but mostly from everything else: tax rates, Medicare, Medicaid and Social Security.”
This Recording: In Which The City Has Ceased Its Singing
"I spoke to an economist friend about the city’s problems. 'We don’t make anything,' he said. 'We don’t produce anything. We're a service economy, and no one can afford the services.' What happens after that? I asked. 'Anarchy,' he said. 'Basically, Gaza. If only we had something to rail against except ourselves, as Arab peoples do. What a relief that must be!'"
How young and recently-laid-off media workers are forming mutually beneficial networks of small companies and doing well, considering the ongoing blunders of the new-media-misunderstanding companies they left behind.
New York Magazine: Why the Web 2.0 Bubble Doesn't Bother Silicon Valley
It's a bubble, yes, but it may not pop in the same way it did last time. There's a coastal divide in opinion, too, with NYers skeptical and Valley workers optimistic despite the reality. We'll see...