I know how Michael enjoys metaphors from the card table

Kevin Drum at Mother Jones offers a critique of Mankiw's assessment of how proposed income tax changes (letting Bush's deficit-enhancing tax cuts expire on high-end incomes) would affect him:

Do you see the card he palmed? Basically, the effect of letting the Bush cuts expire is so tiny that the only way to make it noticeable is to compound it over 30 years, which reduces his eventual payout from $2,000 to $1,700.

Saving $100,000,000

Mankiw on the $100M budget cuts:

To put those numbers in perspective, imagine that the head of a household with annual spending of $100,000 called everyone in the family together to deal with a $35,000 budget shortfall. How much would he or she announce that spending had be cut? By $3 over the course of the year--approximately the cost of one latte at Starbucks. The other $34,997? We can put that on the family credit card and worry about it next year.

Focusing on the Tool Shed, not the Power Plant

From Mankiw:

The AIG bonuses now being debated in Congress and everywhere else represent about .001 percent of annual GDP. If a typical Congressman spent that fraction of a 2000 hour work year on the topic, it would consume only about 1 minute of his or her time.

Yes, I know, that calculation is silly in many ways, but here is my point: Regardless of how outraged you are about the AIG bonuses, it is probably not an optimal allocation of resources for our elected leaders to spend large amounts of time and energy on the topic. The economy has bigger problems right now, and it would be better to focus attention on those.

The tool shed analogy is from one of his readers later in the post but one gets the drift. One thought, though: How many Congresspersons really work 2000 hours per year?