In fact, I'd say that the sources of the economy's expansion from 2003 to 2007 were, in order, the housing bubble, the war, and - very much in third place - tax cuts.

For most Americans, economic growth is a spectator sport.

Europe is often held up as a cautionary tale, a demonstration that if you try to make the economy less brutal, to take better care of your fellow citizens when they're down on their luck, you end up killing economic progress. But what European experience actually demonstrates is the opposite: social justice and progress can go hand in hand.

Asset bubbles have happened even without not-so-easy money. And, in a depressed economy, where alternative uses of money are not great, people are going to bid up the prices of profitable corporations and stuff like that.

So, very early reports are that Obamacare exchanges are, as expected, having some technical glitches on the first day - maybe even a bit worse than expected, because it appears that volume has been much bigger than predicted. Here’s what you need to know: this is good, not bad, news for the program... Lots of people logging on and signing up on the very first day... is an early indication that it’s going to be fine, that plenty of people will sign up for the first year of health reform.

I think if you're a liberal, you believe that we all are, at least to some extent, our brothers' keepers, you really believe that we have a sumptuary responsibility to make sure that life is decent for everybody in America, that you believe that society out to be broadly shared, and you believe that you can't have a real democracy unless you have a little bit, at least, of economic democracy.

Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.