The Republicans that have commanding control of the new Congress hold strong views on the economy. Among them is a conviction that taxes always must be cut and pay for themselves. That regulations must be altered to favor business. That what they consider excesses infringing on “economic freedom” — from the New Deal, Great Society and Clinton and Obama (and Nixon) administrations — must be rolled back.
The GOP-controlled Congress doesn’t believe there are economic costs from human-caused climate change because they don’t believe human-caused climate change is real. Even if the Congress accomplishes little, it can be a check on what conservatives see as the “excesses” of President Obama. Senate Majority Leader Mitch McConnell said the economy has been improving this year in anticipation of a Republican Congress.
About the only area of agreement with the White House might be fast-tracking the controversial Trans-Pacific Partnership trade agreement.
So, what should the Congress focus on?
This Week’s Links:
• Jobs report shows we’ve got some mo’ going — if Congress does no harm | Jared Bernstein
• GOP campaign to gut Dodd-Frank is a huge gimme to banks and private equity | Naked Capitalism
• What we give up when we become ‘entrepreneurs’ | Science of Us
• One economic theory to explain everything | Noah Smith
• Who owns Treasuries (chart) | The Big Picture
• Creepy big data health models | Mathbabe
Today’s Econ Haiku:
More good news on jobs
Unless you wanted a raise
Hey, start a hedge fund