Linda Beale: Boost Greg Mankiw's Marginal Tax Rate. Andrew Gelman: I'm Not Impressed with an Argument That Doesn't Work on Its Example
Matthew Yglesias: Steve Pearlstein Doesn't Understand the Economics of Exchange Rates

Steven Pearlstein Wages Class War!

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Hoo boy. The usually reliable Steve Pearlstein strikes out:

Wage cuts hurt, but they may be the only way to get Americans back to work: I'm sure many of you are reading this and thinking that if anyone is forced to take a pay cut to rebalance the economy, surely it ought to be overpaid investment bankers, corporate executives and newspaper columnists. That's how things would work in a socialist paradise, but not in market economies, which are much better at producing efficiency than fairness.

I must say that when I look at the Washington Post's newspaper columnists, I see no efficiency there.

The public debate would be more elevated and do much less harm to America if all of them were fired immediately.

Indeed, only the subsidy from Stanley Kaplan keeps Steve Pearlstein employed today--and I see no strategy open that gives the print Post even a 50% chance of ever returning to permanent profitability.

Why oh why can't we have a better press corps?