September 07, 2020

07 Septiembre 2020

The idea that the United States is involved in an intense global rivalry with China has gained serious credence among elite types. This is both wrong and dangerous.

• Economic Crisis and RecoveryCrisis económica y recuperación

It Was Not “Flaws in the U.S. Financial System” that Caused the Great Recession, It Was the Collapse of the Housing Bubble

By Dean BakerDean Baker

September 07, 2020

07 Septiembre 2020

There is a great interest in pretending the story is complicated to excuse such an enormous policy failure.

• Economic Crisis and RecoveryCrisis económica y recuperación

Do Most Economists Think Government Deficits Should Have Been Lower Before the Pandemic Hit?

By Dean BakerDean Baker

September 06, 2020

06 Septiembre 2020

Most of the discussion is quite good, but one item that raised my eyebrow was in the section on deficits.

• COVID-19CoronavirusIntellectual PropertyPropiedad Intelectual

New York Times Again Forgets to Mention the Foolproof Way to Prevent Foreign Governments from Stealing Vaccine Research

By Dean BakerDean Baker

September 05, 2020

05 Septiembre 2020

Of course that would be having open research that was freely shared.

• BudgetEconomic Crisis and RecoveryCrisis económica y recuperaciónHealth and Social ProgramsLos Programas Sociales y de Salud

Post Fact-Checker Buys Trump’s “Just Joking” Defense on Eliminating Social Security

By Dean BakerDean Baker

September 04, 2020

04 Septiembre 2020

The Washington Post's fact-checker gave the Biden campaign four Pinocchios, saying that Trump has always promised to protect Social Security.

• Globalization and TradeGlobalización y comercioInequalityLa DesigualdadIntellectual PropertyPropiedad Intelectual

Seeing the Last Acceptable Prejudice Clearly: The More Educated Screwed the Less-Educated

By Dean BakerDean Baker

September 02, 2020

02 Septiembre 2020

It was not the natural forces of globalization and technology that made the less-educated big losers, it was how we structured these forces.

• Economic Crisis and RecoveryCrisis económica y recuperación

The Old Japan’s Debt Burden is Reaching Its Limits Story

By Dean BakerDean Baker

August 31, 2020

31 Agosto 2020

Japan is a huge embarrassment for the deficit hawks.

• Affordable Care ActEconomic Crisis and RecoveryCrisis económica y recuperaciónInequalityLa Desigualdad

Are Corporate CEOs Worth $20 Million?

By Dean BakerDean Baker

August 31, 2020

31 Agosto 2020

This simple and important question does not get anywhere near the attention it deserves.

• Economic Crisis and RecoveryCrisis económica y recuperación

New York Times Reports that 0.01 Percent of the Paycheck Protection Program was Fraudulently Spent

By Dean BakerDean Baker

August 29, 2020

29 Agosto 2020

Yep, that's its big story for the day, although people probably saw the number $62 million in the headline.

• Economic Crisis and RecoveryCrisis económica y recuperaciónIntellectual PropertyPropiedad Intelectual

Spending on Prescription Drugs: Lies My President Told Me #3,475,652

By Dean BakerDean Baker

August 29, 2020

29 Agosto 2020

Donald Trump’s re-election campaign has been touting that he is tough on the drug companies, unlike the wimpy Joe Biden. Perhaps in Trumpland this is true, but not in the real world. Spending on prescription drugs has actually increased somewhat more rapidly under Trump than Obama-Biden, rising at a 6.3 percent annual rate under Trump compared to a 5.5 percent rate under Obama-Biden.

Here’s the picture showing year over year increases.

As can be seen, spending grew relatively slowly through Obama’s first term, hitting a low of just 1.9 percent in the first quarter of 2013. It then sped up over the next year before downward again at the start of 2015. In the last quarter of the administration, the fourth quarter of 2016, spending rose by 3.3 percent.

The general direction in the Trump years has been upward, with a peak of 9.7 percent in the first quarter of 2020, then a drop to 4.4 percent in the second quarter. This falloff is a direct result of the pandemic, as many people put off doctors’ visits, which meant that they would be prescribed fewer drugs. So, before the pandemic, drug spending was rising at a rapid and accelerating pace.

These data are taken from the Bureau of Economic Analysis, National Income and Product Accounts, Table 2.4.5U, Line 121.

Donald Trump’s re-election campaign has been touting that he is tough on the drug companies, unlike the wimpy Joe Biden. Perhaps in Trumpland this is true, but not in the real world. Spending on prescription drugs has actually increased somewhat more rapidly under Trump than Obama-Biden, rising at a 6.3 percent annual rate under Trump compared to a 5.5 percent rate under Obama-Biden.

Here’s the picture showing year over year increases.

As can be seen, spending grew relatively slowly through Obama’s first term, hitting a low of just 1.9 percent in the first quarter of 2013. It then sped up over the next year before downward again at the start of 2015. In the last quarter of the administration, the fourth quarter of 2016, spending rose by 3.3 percent.

The general direction in the Trump years has been upward, with a peak of 9.7 percent in the first quarter of 2020, then a drop to 4.4 percent in the second quarter. This falloff is a direct result of the pandemic, as many people put off doctors’ visits, which meant that they would be prescribed fewer drugs. So, before the pandemic, drug spending was rising at a rapid and accelerating pace.

These data are taken from the Bureau of Economic Analysis, National Income and Product Accounts, Table 2.4.5U, Line 121.

Beat the Press

Beat the press por Dean Baker

The U.S., China, and the New Cold Warriors

It Was Not “Flaws in the U.S. Financial System” that Caused the Great Recession, It Was the Collapse of the Housing Bubble

Do Most Economists Think Government Deficits Should Have Been Lower Before the Pandemic Hit?

New York Times Again Forgets to Mention the Foolproof Way to Prevent Foreign Governments from Stealing Vaccine Research

Post Fact-Checker Buys Trump’s “Just Joking” Defense on Eliminating Social Security

Seeing the Last Acceptable Prejudice Clearly: The More Educated Screwed the Less-Educated

The Old Japan’s Debt Burden is Reaching Its Limits Story

Are Corporate CEOs Worth $20 Million?

New York Times Reports that 0.01 Percent of the Paycheck Protection Program was Fraudulently Spent

Spending on Prescription Drugs: Lies My President Told Me #3,475,652

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