Open Thread

BOB SCHIEFFER: Well, let me just ask you this: I mean listening to you this morning if the Republicans continue to throw up the kind of opposition you’ve been receiving, you say you’ve been receiving, do you have plans to extend this ban on filibusters? Right now you’ve-- you’ve worked out this rule which they vehemently oppose that-- so they-- it’s very difficult for him to filibuster nominations. Would you be willing to just go to a Senate where just majority rules and that’s it? SENATOR HARRY REID: Well, Bob, I think it’s something that we have to understand. BOB SCHIEFFER: So you’re thinking about that?

At issue is an effort to raise $180 million for the restoration of St. Patrick's Cathedral in New York being spearheaded by billionaire Ken Langone, the investor known for founding Home Depot, among other things. Langone told CNBC that one potential seven-figure donor is concerned about statements from the pope criticizing market economies as "exclusionary," urging the rich to give more to the poor and criticizing a "culture of prosperity" that leads some to become "incapable of feeling compassion for the poor."

The intransigence of the right wasn’t the only disease troubling America’s body politic in 2012. We were also suffering from fiscal fever: the insistence by virtually the entire political and media establishment that budget deficits were our most important and urgent economic problem, even though the federal government could borrow at incredibly low interest rates. Instead of talking about mass unemployment and soaring inequality, Washington was almost exclusively focused on the alleged need to slash spending (which would worsen the jobs crisis) and hack away at the social safety net (which would worsen inequality). So the good news is that this fever, unlike the fever of the Tea Party, has finally broken.

The initiative process may be the only way of accomplishing legalization in some states, but the ordinary process of legislation, where feasible, is likely to yield better outcomes. The bulk of the revenue of a legal cannabis industry, like the bulk of the revenue of the beer industry, will come from people with substance abuse disorder. Thus the commercial interest will be opposed to the public interest in minimizing the growth of the clinically impaired population. In the face of the lobbying power of the cannabis industry, it will be difficult to maintain high taxes or tight regulation. A state-monopoly system at retail might be preferable. The doctrine of “commercial free speech” makes the regulatory problem harder; one advantage of a state monopoly would be better consumer information. But the state lotteries demonstrate that a revenue-driven state monopoly can be just as ruthless as any private enterprise.