Good morning,
Well, a poll came out yesterday from CBS/YouGov showing Joe Bidenâs approval rating at a thoroughly respectable 50 percent. Who knows whatâs real and what isnât, but I think we can be sure that this poll is unlikely to get the attention that
last weekâs Q-poll showing him down at 38 percent got.
Letâs assume that both the 50 and the 38 numbers are outliers, and Biden is in reality somewhere around 45, having lost some support among independents who were with him in the honeymoon period. Thatâs nothing to panic about. Assuming the Democrats pass both bills this fall, and hoping that the Delta variant fades, Biden can win a lot of those independents back. That said, though, some damage has been done that canât fully be undone, and this is the fault of people like Kyrsten Sinema, as I
write in my column today.
The Nobel Prize in Economics was awarded to David Card, Joshua Angrist, and Guido Imbens. I donât know the latter two, but Card, along with Alan Krueger, who died two years ago, did absolutely
pioneering work on the minimum wage in the 1990s. At a time when a lot of economics was focused on theoretical models, Card and Krueger actually studied real-world evidence and found that a minimum wage increase in New Jersey not only didnât kill jobs, it helped create
more jobs. It was the beginning in a way of an empirical revolution that is transforming economics for the better.Â
On the subject of transforming economics for the better, if you missed Zach Carterâs cover story for us back in July on the end of Milton Friedmanâs hegemony in the field and the toxic legacy he has left,
read it now.
Today at NewRepublic.com, thereâs my thrashing of Sinema, mentioned above;
Melody Schreiber on how weâve entered a new era of vaccine acceleration;
Faiz Shakir on Americaâs labor resurgence; and
Kate Aronoff on why Treasury should just go ahead and mint that trillion-dollar coin.
Thanks for reading,
Michael Tomasky, editor