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A quick look at Bloomberg News's opinion section

December 6, 2012 For more, visit
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FROM THE EDITORS

U.K.:
U.K. Chancellor of the Exchequer George Osborne's "midyear budget statement, an annual set piece of Westminster's political theater, was the moment for him to relax austerity and introduce convincing measures to stimulate the anemic levels of investment and growth that now threaten long-term damage to the economy. Unfortunately, Osborne continued to play the role of Iron Chancellor."


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U.S.:
The U.S. should raise taxes on investment income. "Taxing capital gains and dividend income at the same rate as ordinary income could bring in roughly $1 trillion over the next 10 years if the top marginal rate stayed at 35 percent. Another $700 billion could be raised if capital gains weren't zeroed out at death, requiring heirs to pay taxes on any gains that occurred before they inherited stocks, real estate or other assets."


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COMMENTARY

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Ezra Klein

"Since 1950, federal revenue has averaged about 18 percent of gross domestic product. . . . The average of our past revenue isn't sufficient to sustain our future. In fact, it wasn't even enough to support our past."

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Noah Feldman

"In Rhode Island, a pension-reform plan hailed as a national model is being challenged as unconstitutional. Striking down reform would be a disastrous move -- not only for budgets but also for constitutional governance itself."

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Margaret Carlson

"Grover Norquist looks and sounds like the leader of the Republican Party. . . Norquist's influence stems in part from his accessibility. But the key to his power is that it has never really been challenged. We may soon find out what happens when it is."

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Michael Kinsley

"I rarely miss an episode of 'Downton Abbey.' But at least I have the decency to be ashamed about it. The shameless popularity of this blue-blood soap opera, which starts its third season in the U.S. next month, is astonishing. We just had an election in which European-style social class divisions -- possibly for the first time -- were the predominant theme, and the working-class side of the argument won."
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Caroline Baum

"The effects of higher tax rates may not be apparent in the short run," but "the dirty little secret, which everyone seems to know but no one is willing to utter, is that middle-class taxes will have to go up. Not this year, or even next year, but eventually."
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Jonathan Mahler

"Football doesn't have a concussion problem. It has an existential one. . . . By framing football's head-injury crisis as a concussion crisis, we have understated its severity. Our scope of concern should go beyond observable phenomena."
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Yukon Huang

Despite their different models of the balance between the market and the state, U.S. and China "face surprisingly similar challenges to their variations of capitalism, from reducing inequality to promoting innovation."
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FROM THE BLOGS

The Ticker

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Francis Wilkinson on Sheldon Adelson's $100 million union bust
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The Ticker

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Josh Barro on the method to Adelson's madness
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The Ticker

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Lisa Beyer on Wal-Mart discounting worker safety
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