NJ Gov. Christie Resists Temptation , Why We Have a Debt Ceiling Crisis, In the Movies, If You Lose Your Job You Get to Go to College and Hook Up with Julia Roberts

And Short Comments on the News Because It is a Long and Glorious Holiday Weekend

In New Jersey a Governor can issue a “conditional veto” of the budget which would have in effect shut down New Jersey’s state government.  Mr. Christie did not.

“I was sorely tempted, but reason prevailed,” Mr. Christie said, of using a conditional veto.

Instead Mr. Christie used his line item veto power stop a tax increase on millionaires and to cut

$50 million to help cities short of cash reverse or avert layoffs of police officers, . . . he eliminated $7.5 million for women’s health clinics,

Can’t have all those police officers or women getting health care, can we?

It is possible that the looming debt ceiling crisis, which if not resolved could see the U. S. default on its debt could have been avoided if President Obama had insisted on an increase in the debt ceiling as part of his late 2010 deal on taxes.  Paul Krugman, the best economic columnist in the country, in the NYT reports, has noted that when asked

The president’s response seemed clueless even then. He asserted that “nobody, Democrat or Republican, is willing to see the full faith and credit of the United States government collapse,” and that he was sure that John Boehner, as speaker of the House, would accept his “responsibilities to govern.”

Maybe Mr. Obama was being advised by that great economic brain trust he assembled.

One of the major criminal cases recently was the capture of long time fugitive Whitey Bulger, an accused Boston murderer and racketeer.  Mr. Bulger is being charged with 19 murders and

Bulger - who had $822,198 when he was captured last week in Santa Monica, Calif., after 16 years on the run - was given a taxpayer-funded lawyer to represent him in the ongoing case, based on his statement that he cannot afford to hire one.

A spokesman for the Massachusetts Bar Association said that in some cases their lawyers give discounted rates to clients who cannot afford to pay the full amount, but in this case Mr. Bulger had so little money that a public defender was his only option.

Motion Pictures frequently address the economic problems of society, and today is no exception.  In a new release Tom Hanks plays a middle aged man who loses his job.  In a searing and stark portrayal of the devastation of the situation, the Hanks character goes off to college, has a great time, engages with cute and friendly fellow students who adore him and enters into a relationship with Julia Roberts. It is laugh out loud funny for those who think middle aged men without a degree losing their jobs is a real hoot.

Two things on the plus side.   One, The Dismal Political Economist is a veteran of academia and can testify first hand that all college faculty member look and act just like Julia Roberts.  Even the males.  And two, viewing the movie is expected to be part of the  process when firing workers in order to show them what wonderful days lie ahead.

Oh, and in case you still want to see the movie, here is a blip from the FT review

this is a film that can only be watched in utter misery. See it, and share in cinema’s degradation.

Have a good time.