The Finance 202: Democratic economists call for big spending, total rethink of deficits as GOP seeks austerity

The paper could be ammunition for how the incoming Biden administrations aims to counter new calls from congressional Republicans for a return to austerity, after the rising tide of debt they authorized under President Trump.

Biden won on a pledge to rebuild the economy with multitrillion-dollar proposals for infrastructure, clean energy projects, and social safety net expansions. 

Centrist economists from Summers, a treasury secretary in the Clinton administration, to former Federal Reserve Chair Ben Bernanke, who was appointed by President George W. Bush and kept on by President Obama, endorsed more spending during a virtual panel cohosted by the Brookings Institution and the Peterson Institute for International Economics. 

“Nobody on the panel is going to say we should be balancing the budget any time soon,” Bernanke said, recommending instead that the U.S. plow money into addressing climate change, inequality, health care and infrastructure — investments he said would

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Democratic Source Code for a New U.S.-EU Tech Alliance

Code is law. Lawrence Lessig’s 1999 assertion was that in a digital world, programmers were scripting a values system into their technology, often in a fit of absentmindedness. Twenty years later, the U.S. and Europe are living in the geopolitical landscape those early pioneers created. One-time plucky startups have grown into supergiants vacuuming up ever more data and market share. Artificial intelligence (AI) is becoming both an enabler for social well-being and an instrument of authoritarian control. Emerging technologies are transforming militaries, creating new battlefields and changing the nature of warfare. U.S. and Chinese officials crisscross the world in a geostrategic great game for 5G dominance. And social media has become a vector for bad actors—including illiberal states like Russia and China—to disrupt and degrade democracies. In 2020, code is power.

The coronavirus has accelerated these trends. The pandemic has fueled data processing in contacttracing

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Democratic senators urge YouTube to remove election misinformation videos.

A group of Democratic senators urged YouTube to reverse its policy of allowing videos containing election outcome misinformation and pushed the company to adopt more aggressive steps to curb the spread of false content and manipulated media ahead of critical runoff elections for Georgia’s two Senate seats in January.

In a letter sent Tuesday to Susan Wojcicki, YouTube’s chief executive, four Democratic senators — Robert Menendez of New Jersey, Mazie Hirono of Hawaii, Gary Peters of Michigan and Amy Klobuchar of Minnesota — said they had “deep concern with the proliferation of misinformation” on the platform. The letter pointed to how one YouTube video with the baseless claim of voter fraud in Michigan had five million views.

“These videos seek to undermine our democracy and cast doubt on the legitimacy of President-elect Biden’s incoming administration,” the senators wrote. “Moreover, because the current president has not committed to a peaceful transition

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