What Strongly Suboptimal Fiscal Policy Means for the Inflation Target and Monetary Policy

Must-Read: Matthew Yglesias: "The amazingly firm belief of the DC press corps that Hillary Clinton's political career could just implode at any moment. Given the number of times journalists have teamed up with the GOP to... knock [the Clintons] out of the game...

...this has to be the single most irrational belief in big time politics.... [Bill] Clinton survived and in many ways thrived... he was showing up at the office every day thinking about how to bolster middle class living standards... his political enemies [and the media] were showing up at the office every day thinking about how to get Bill Clinton.

The only recent successful campaign waged against the Clintons... Barack Obama's 2008 primary run... took advantage of the media's distaste for Bill and Hillary, but his message never ever ever focused on random allegations of misconduct. It focused on the war in Iraq (which was kind of a big deal at the time) and on the (in retrospect totally wrong) idea that Obama could work with congressional Republicans and get bills passed. This is a smart strategy because which wars are fought and which bills become law are two really important aspects of the choice between presidential candidates. By contrast, if you're trying to hire a new director of Corporate IT then it doesn't make much sense to talk foreign policy -- you want to talk a lot about email servers.