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Keyword: economics

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  • Republican Candidates Versus The New York Times: Why Isn’t the Economy Growing Faster?

    10/03/2015 6:48:16 AM PDT · by Kaslin · 12 replies ^ | October 3, 2015 | John C. Goodman
    Until we entered the Great Recession, most economists regarded Keynesian economics as a relic of the past. You could still find it discussed in some introductory textbooks. But, as University of Chicago economist John Cochrane points out, it wasn’t on the syllabus in any of the leading graduate schools. Then came the most serious downturn since the Great Depression and something living economists had never seen before: interest rates that were near zero and in some cases negative. Keynes himself speculated that the economy could become stuck in a liquidity trap – where monetary policy is ineffective and only fiscal...
  • The Jacki Daily show 9/27/2015, interview with Scott Tinker

    09/27/2015 10:15:47 AM PDT · by RaceBannon · 1 replies
    The Jacki Daily Show ^ | 09/27/15 | Jacki Daily Show
    Listen to Jacki's interview with Scott Tinker, Director of the Bureau of Economic Geology at University of Texas in Austin. Scott Tinker, University of Texas in Austin
  • The Economic Fallacies of Progressive Christianity

    09/26/2015 6:31:19 PM PDT · by SeekAndFind · 8 replies
    National Review ^ | 09/26/2015 | David French
    When it comes to considering the arguments of newly resurgent Christian progressives, we hold these truths to be self-evident: Jesus was not a socialist, the Bible is not an economics textbook, and while scripture commands believers to help the poor, it also commands the poor to help themselves. As Pope Francis gains rock-star status on the economic left, Christians would do well to remember not just scripture, but the economic reality of recent world experience. This morning, the pope addressed Congress with relative restraint. Rather than decrying the perceived excesses of global capitalism — calling it, as he once...
  • Economic Freedom of the World Index: America’s Worrisome Decline

    09/24/2015 10:36:09 AM PDT · by MichCapCon · 1 replies
    Capitol Confidential ^ | 9/24/2015 | Michael LaFaive
    The “Economic Freedom of the World Index” published by the Fraser Institute of Canada measures the degree to which the world’s 157 nations and territories permit voluntary, peaceful economic exchanges between their own citizens and with people in other countries. The most recent index has just been released, and based on data from 2013, it ranks the United States 16th in economic freedom. Given this country’s history and traditions, America should be far and away No. 1; that fact that it does not hold the top slot is yet more evidence of how governance has gone off track in this...
  • The Pope's Problem

    09/24/2015 7:45:59 AM PDT · by Kaslin · 34 replies ^ | September 24, 2015 | Michael Reagan
    I've been a Roman Catholic since 1954. I have great respect for Pope Francis. When it comes to matters of faith and morals, what he says, goes. But when it comes to politics and economics, the pope is about as far from infallible as anyone can get. For example, he was in Cuba earlier this week, meeting informally with Fidel Castro and touring the island to say Masses and meet with priests. Apparently the pope was having such a good time he forgot that for more than half a century Cuba has been a rotten communist prison camp and his...
  • IS CAPITALISM UNCHRISTIAN? [Excellent rebuttal to Pope Francis, V Jarrett and B. Hussein Obama]

    09/23/2015 12:32:04 PM PDT · by SoFloFreeper · 8 replies
    The Gospel Coalition ^ | 9/23/15 | Kevin DeYoung
    I’m not interesting in commenting on the specifics of either party’s job plan. There are, no doubt, many good ideas that could help the economy and many bad ideas to avoid. I’ll let you decide which are which.But I thought it might be worthwhile to think about where private sector jobs come from. Most basically, new jobs come from people with money to spend who want to spend their money on more people. This means:(1) The employer must have money. He may spend his own money. Or he may borrow money from investors or the bank. But somehow he...
  • Liberal Reasoning: Idiotic or Dishonest?

    09/23/2015 6:05:58 AM PDT · by Kaslin · 19 replies ^ | September 23, 2015 | Walter E. Williams
    Many people argue that liberals, socialists and progressives do not understand basic economics. I am not totally convinced about that. Take the law of demand, for example, one of the fundamental principles of economics. It holds that the lower the cost of something the more people will take or do of it. Conversely, the higher the cost the less people will take or do something. By their actions, liberals fully understand the law of demand. Let's look at some proof. The Seattle City Council voted unanimously to establish a tax on gun and ammunition sales. Hillary Clinton has called for...
  • Bernie Sanders (Like All Socialists) is a Thief Claiming to be a Humanitarian

    09/15/2015 10:58:38 AM PDT · by TBP · 26 replies
    Godfather Politics ^ | September 15, 2015 | Gary DeMar
    Most people don't know what a socialist is. Socialist sounds too much like "social." A socialist, I suspect, for most Americans means to be "social." Who could be opposed to that? Bernie Sanders is a Socialist. In reality, he's a theft using the respectability of the United States Senate as cover for his criminal views. Like all socialists, Sanders believes it's OK to steal from people if he can get enough votes and enough support from the people he will be stealing for -- the beneficiaries of his thieving ways. Of course, Sanders isn't the only socialist in Congress. Most...
  • [Trump, Pay Attention]: Bush's Tax Plan Goes Long Way Toward Restoring 4% Growth

    09/10/2015 7:17:34 AM PDT · by Jim 0216 · 98 replies
    Investor's Business Daily ^ | 09/09/2015 | LAWRENCE KUDLOW AND STEPHEN MOORE
    Bush's plan starts by slashing tax rates. He'd return to the top personal income tax rate of 28% that America had when Ronald Reagan left office. That top rate, by the way, was a true bipartisan reform designed in part by congressional Democrats like Bill Bradley and Dick Gephardt. The rate has since migrated up to 42%, with many Democrats longing to tax the rich well above 50%. Middle-class tax rates would fall to 10% for families with incomes up to $89,000 and to 25% for incomes up to $163,800. For singles, the thresholds are lower. But the thresholds are...
  • You’re in the 1 Percent

    09/09/2015 9:56:16 AM PDT · by MichCapCon · 2 replies
    Capitol Confidential ^ | 9/8/2015 | Jarrett Skorup
    The Washington Post’s “Wonkblog” recently ran a piece titled, “What it’s like to be a part of the world’s richest 1 percent, in 15 incredible photos.” This features photos of a man floating in a swimming pool on top of a skyscraper, an in-home cinema, maids, the Opéra de Monte-Carlo, the Hollywood Walk of Fame, a patient about to undergo plastic surgery, a personal chef at a luxury lodge and a gated community. The article is about a new photo collection which is attempting to draw more attention to wealth inequality. But those protesting about this issue in America may...
  • Paul Krugman just wrote an op-ed praising Donald Trump for being 'right on economics'

    09/07/2015 10:21:57 AM PDT · by SeekAndFind · 26 replies
    Business Insider ^ | 09/06/2015 | Colin Campbell
    Economist Paul Krugman thinks Donald Trump's presidential campaign actually gets a few things right. Krugman previously derided the Republican real-estate mogul as a "belligerent, loudmouth racist with not an ounce of compassion." But in a Monday op-ed in The New York Times, the left-leaning writer praised Trump's "heresies" from Republican orthodoxy when it comes to economic policy. "So am I saying that Mr. Trump is better and more serious than he's given credit for being?" Krugman asked, making it clear that he is still not a Trump supporter. "Not at all — he is exactly the ignorant blowhard he seems...
  • Prayer request for family. My Father passed away Monday.

    09/03/2015 4:38:13 AM PDT · by DCBryan1 · 71 replies
    03 SEP 15 | dcbryan1
    Jim Bryan III, 75, of Longboat Key, FL, died Sep. 1, 2015 at Arkansas Hospice from complications of pancreatic cancer. He was born in Harrison, AR in 1940 to the late J.W. and Jane Bryan of Bellefonte, AR. He was preceded in death by his son Joey (who died of a brain tumor in 1981 at age ten) and grandparents Witt and Zula Burns Bryan and Noah and Myrtle Eoff Dearing. He is survived by his beloved wife of 52 years, Ann, son Jim, IV and his wife Ann, son Chris and his wife Jennifer, grandchildren Laura and her newlywed...
  • The Oldest Fallacy in Economics: Donald Trump and Bernie Sanders have fallen for it

    08/26/2015 5:29:57 AM PDT · by SeekAndFind · 66 replies
    Foundation for Economic Education ^ | 08/25/2015 | DONALD J. BOUDREAUX
    The quote of the day comes from pages 476-477 of the 5th edition (2015) of Thomas Sowell’s Basic Economics:At one time, it was believed that importing more than was exported impoverished a nation because the difference between import and exports had to be paid in gold, and the loss of gold was seen as a loss of national wealth. However, as early as 1776, Adam Smith’s classic The Wealth of Nations argued that the real wealth of a nation consists of its goods and services, not its gold supply.\ Too many people have yet to grasp the full implications of...
  • Bone-Smoking Nonsense

    08/14/2015 12:16:13 PM PDT · by SatinDoll · 3 replies
    The Market-Ticker ^ | August 14, 2015 | Karl Denninger
    The amusement is strong from this one.... The economy has made great gains and is approaching an acceptable normal. Policy should shortly acknowledge this reality. The Fed took extraordinary policy measures in response to extraordinary economic conditions. Conditions are no longer extraordinary. Compared to earlier in the year, we know a lot more and can shelve some concerns. We appear to be past the most acute concerns of a spillover from Europe. I have more confidence in the resilience of the economy today compared to even a few months ago. I am much less concerned about a reversal of economic...
  • Your Host Under Siege in Norfolk, VA

    08/04/2015 7:07:05 PM PDT · by Kaslin · 3 replies
    Rush ^ | August 4, 2015 | Rush Limbaugh
    RUSH: Yesterday, remember there was the story about Dan Price, who has the credit card processing company out in Seattle. Back in April, you know the drill here, he announced that he read $70,000 is the magic salary. Everybody that makes 70 grand is pretty happy, pretty productive, and so he made a decision that everybody in his company in Seattle was gonna be paid $70,000, including him. He was earning over a million. He cut his own salary down to 70 grand. New hires got 70 grand. The most experienced people there got 70 grand. The slackers got 70...
  • When companies pay everyone the same...

    08/03/2015 5:21:47 PM PDT · by The Looking Spoon · 12 replies
    American Irony ^ | 8-3-15 | The Looking Spoon
    Made in response to Gravity Payments fiasco. It's hard to believe someone smart enough to build a successful business would be dumb enough to throw it all away...guess Dan Price wasn't that smart to begin with.
  • Who’s Really Responsible for the Killing of Zimbabwe’s Lions and Other Wildlife?

    08/01/2015 4:01:55 PM PDT · by digger48 · 26 replies
    Time ^ | July 29, 2015 | Nash Jenkins
    Until 2000 Zimbabwe had a successful wildlife-management program, with many big-game animals flourishing. But by 2003, a staggering 80% of the animals that had lived on Zimbabwean safari camps (which employed firm quotas to regulate animal population sizes) had died. By 2007, there were only 14 private game farms in the country, compared with 620 prior to the land seizures of 2000, according to a National Geographic report. With the protection of private game reserves nearly nonexistent, once abundant wildlife began dying off, hunted by desperate farmers with no other options for sustenance. Despite the passing of harsher laws for...
  • In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman

    08/01/2015 4:38:47 AM PDT · by Kaslin · 30 replies ^ | August 1, 2015 | John Hawkins
    Yesterday would have been the 103rd birthday of Milton Friedman, who was one of the most brilliant economists of the last century. In honor of Friedman, here are his 20 best quotes. 20) “A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.” 19) “Because we live in a largely free society, we tend to forget how limited is the span of time and the part of the globe for which there has ever been anything like political freedom: the typical state of mankind is tyranny,...
  • A CEO raised his company's minimum wage to $70,000 a year, and some employees quit because of it

    07/31/2015 3:44:29 PM PDT · by Oldeconomybuyer · 80 replies
    Business Insider ^ | July 31, 2015 | by RACHEL SUGAR
    When Dan Price, CEO of the Seattle-based credit card payment processing firm Gravity Payments, announced he was raising the company's minimum salary to $70,000 a year, he was met with overwhelming enthusiasm. But in the weeks since then, it's become clear that not everyone is equally pleased. Among the critics? Some of Price's own employees. Two of the company's "most valued" members have left the company, "spurred in part by their view that it was unfair to double the pay of some new hires while the longest-serving staff members got small or no raises." Maisey McMaster — once a big...
  • New York minimum wage increase: Who really pays

    07/30/2015 4:14:55 PM PDT · by Oldeconomybuyer · 11 replies
    CNN Money ^ | July 30, 2015 | By Jeanne Sahadi
    New York's new $15 minimum wage for fast food workers applies to more than 100 brands doing business in the state. The only criteria: They must operate in at least 30 locations nationwide. Laura Jankowski owns three Tropical Smoothie Cafe franchises on Long Island. The brand has 16 locations in New York and more than 400 nationwide. Research suggests that most fast food workers in New York are 22 or older. But Jankowski says the vast majority of her employees are high school and college students. Most earn $8.75 an hour but her shift leaders earn $9.75. The new higher...
  • Where the Nanny State is taking the middle class

    07/30/2015 8:51:33 AM PDT · by rktman · 1 replies ^ | 7/30/2015 | Dr. Ileana Johnson Paugh
    Countries run more efficiently when there is less government intervention. Government certainly has its role in providing a strong military, adequate border defense, police and fire protection, and education. Unfortunately government intervention in the free market has caused again and again more harm than good. And government has now become a Hydra that we fail to legally slay. Voting in a new government has been discouraging; it is now impossible to rid ourselves of the encroaching octopus with sharped-edged suckers.
  • Hillarynomics is an unoriginal mess of bad policy

    07/29/2015 5:12:02 AM PDT · by SeekAndFind · 10 replies
    New York Post ^ | 07/29/2015 | Charles Gasparino
    Hillary Clinton thinks quarterly earnings reports are bad. She believes something called “short termism” from activist investors like Carl Icahn is the root of all economic evil. And therefore, according to Hillary, if we all just focused on the long term by jacking up capital-gains taxes, the country would return to those economic halcyon days when she and her husband were running things out of the White House. At least that’s what Clinton proposed Friday in a speech at NYU, in which she strained to sound populist about Wall Street lest she get out-demagogued by Bernie Sanders or Elizabeth Warren....
  • Hillary Clinton: Profit sharing is a win-win

    07/28/2015 5:02:05 AM PDT · by Sir Napsalot · 19 replies
    Boston Globe Opinions ^ | 7-28-2015 | Hillary Clinton
    .... Research out of MIT has shown that well-paid and well-trained employees tend to work more efficiently, stay on the job longer, and provide better customer service. So investing in employees is not just the right thing to do — it’s smart economics. .... And, as we saw when Demoulas was temporarily ousted as Market Basket CEO, profit sharing can build real loyalty as well. When a company does well, employees deserve to share in the success. And if profit sharing can be such a win-win, what can we do to encourage more companies to adopt similar programs and share...
  • Donald Trump Full Speech In Oskaloosa, Iowa: The Good, the Bad, and the Ugly.

    07/26/2015 12:28:22 PM PDT · by Jim 0216 · 51 replies
    YouTube ^ | July 25, 2015 | The Savage Nation The Savage Nation
    Donald Trump delivers remarks at his “Make America Great Again Rally & Picnic” in Oskaloosa, Iowa on July 25, 2015.
  • Fast Food Franchise Owners Consider Suing N.Y. Over Minimum Wage

    07/24/2015 4:03:49 PM PDT · by Oldeconomybuyer · 26 replies
    NBC News ^ | July 24, 2015
    Gov. Andrew Cuomo wants to have it his way with New York's fast-food industry — and restaurant owners aren't loving it. Franchise owners say they're considering a lawsuit against Cuomo's plan to raise the minimum wage in their eateries to $15 an hour, arguing that it is not fair or legal to be saddled with such a significant increase in labor costs that won't apply to retail, landscaping, child care or other traditionally low-wage industries. "Singling out fast food restaurants while ignoring other industries that hire workers who are paid under $15 is unfair and discriminatory, harms New York workers,...
  • China's Record Dumping Of US Treasuries Leaves Goldman Speechless(90 days $520 billion U.S. T-Bonds)

    07/23/2015 5:20:22 AM PDT · by Enlightened1 · 39 replies
    Zero Hedge ^ | 07/22/15 | Tyler Durden
    On Friday, alongside China's announcement that it had bought over 600 tons of gold in "one month", the PBOC released another very important data point: its total foreign exchange reserves, which declined by $17.3 billion to $3,694 billion. We explained all of his on Friday in "China Dumps Record $143 Billion In US Treasurys In Three Months Via Belgium", and frankly we have been surprised that this extremely important topic has not gotten broader attention. Then, to our relief, first JPM noticed. This is what Nikolaos Panigirtzoglou, author of Flows and Liquidity had to say on the topic of China's...
  • Why Pensions Are A (Big) Black Swan – Chicago’s Unfunded Liabilities Are 10 Times Its Revenues

    07/19/2015 7:44:43 AM PDT · by george76 · 33 replies
    Investment Watch ^ | July 17, 2015 | John Rubino
    Why Pensions Are A (Big) Black Swan – Chicago’s Unfunded Liabilities Are 10 Times Its Revenues, 50% Of Their Cash That Will Have Go To Pensions. [ Full title ]. ... When talk turns to what might derail today’s debt-driven “recovery,” the big names and easy stories get most of the attention: China with its soaring debt, volatile equities and heavy-handed intervention; Japan with its stratospheric debt and science fictiony demographics; Greece, which needs no explanation; the developing countries with their weak currencies and mountain of dollar-denominated debt. And of course America’s triple bubble of stocks, bonds and derivatives. Underfunded...
  • Economic Protectionism and Consumer Safety

    07/17/2015 10:05:03 AM PDT · by MichCapCon · 3 replies
    Michigan Capitol Confidential ^ | 7/15/2015 | Kahryn Riley
    An individual’s right to pursue an honest occupation without arbitrary governmental interference has been promoted and protected throughout Anglo-American history. But today that right is being reinterpreted and compromised, largely due to the overuse of protectionist occupational licensing schemes. Occupational licensing is often used as a tool to stifle competition and to limit disfavored groups. Unfortunately, it also has a long history of being abused to perpetuate racial inequality, including attempts to exclude the Chinese from construction jobs on California railroads and African-Americans from skilled trades such as plumbing. Even in the absence of racism, however, a legal construct known...
  • How Conservatives Teach

    07/10/2015 10:15:34 AM PDT · by Academiadotorg · 6 replies
    Accuracy in Academia ^ | July 10, 2015 | Malcolm A. Kline
    Liberal friends curious about how conservative professors actually teach might consider asking them. That’s what Jeisi Zhao of the Young America’s Foundation did in an interview with George Mason University economist Walter Williams. “I teach micro-economic theory, and in my classroom I never talk about the kind of things that I talk about in my syndicated column or on radio,” Dr. Williams told Zhao. “In my classroom, I never talk about these things because they are my preferences and values, and I think it is academic dishonesty for professors to teach students their values.” “I would never teach my preferences....
  • First Of Ten Part Friedman

    07/08/2015 4:11:39 AM PDT · by knarf · 4 replies
    youtube ^ | July 8, 2015 | knarf
    Last one for today ... I promise
  • Politico Editor: Falling GDP Is Good

    06/26/2015 11:57:14 AM PDT · by PJ-Comix · 4 replies
    NewsBusters ^ | June 26, 2015 | P.J. Gladnick
    We have always been at war with Eastasia. ---Ministry of Truth, 1984. Falling GDP is good. It has always been good. And now that GDP has fallen in the first quarter and economic prospects don't look good for the near future, Politico's contributing editor, Zacary Karabell has discovered that falling GDP is good. In fact the title of this directive issued from the Politico Ministry of Truth flat out tells us that GDP’s Going Down? That’s Good!
  • This Confederate Store Owner Is Thrilled the ‘Big Boys’ Don’t Want to Sell Flag

    06/25/2015 5:20:15 PM PDT · by SoFloFreeper · 38 replies
    Time ^ | 6/24/15 | Katy Osborn
    "We're glad to see ignorant people getting out of the business" Major U.S. retailers say they’re done selling the Confederate flag—but Dewey Barber is just getting started. Under pressure, retail giants including Walmart, Amazon and eBay announced that they would pull Confederate flags and similar themed products from their websites. Barber, though, decided to do the exact opposite—he plans to begin manufacturing the Confederate flag and add it to the lineup on his Dixie Outfitters website, now that the “big boys” are out of the business.
  • Why Greece Won't Pay

    06/25/2015 5:24:18 AM PDT · by Kaslin · 37 replies ^ | June 25, 2015 | Victor Davis Hanson
    For almost six years Greece has been on the cusp of financial disaster. Its Northern European and international creditors have extended loans, suspended interest payments and forgiven some debt. But European lenders have also stubbornly kept to the old-fashioned principle that debtors freely borrowed their money from lenders, and therefore most borrowed money must be paid back, regardless of the current financial status of the debtors. Greece counters that after all sorts of austerity budgets, it simply can no longer inflict the necessary pain on its relatively tiny population to squeeze out enough cash to pay its well-off creditors. In...
  • Supreme Court says program that takes raisins from farmers is unconstitutional

    06/22/2015 7:46:00 AM PDT · by monkeyshine · 112 replies
    AP ^ | June 22, 2015 — 9:30am | AP
    WASHINGTON — The Supreme Court says a program that lets the government take raisins away from farmers to help reduce supply and boost market prices is unconstitutional. The justice said Monday that forcing raisin growers to give up part of their annual crop without full payment is an illegal confiscation of private property.
  • Do Americans hate their own founding principles? Economist Walter E. Williams says yes.

    06/22/2015 8:27:43 AM PDT · by fredericbastiat1 · 10 replies
    TheBlaze Books ^ | 2015-06-22 | Benjamin Weingarten
    in 1794, Congress appropriated $15,000 to help some French refugees, and James Madison stood on the floor of the House irate, and he said, and I’m quoting him: “I cannot undertake to lay my finger on that article of the Constitution, which granted a right to Congress of expending, on the [sic] objects of benevolence, the money of their constituents.” James Madison also said “Charity is no part of the legislative duty of the government.” Now, where the contempt comes in is that imagine that a presidential candidate … is running today, and he makes the same statements that James...
  • Pope Francis’s Relentless Pessimism Fuels His Faith in Politics

    06/19/2015 7:05:39 AM PDT · by all the best · 25 replies
    Mises Institute ^ | June 19, 2015 | Ryan McMaken
    Pope Francis’s new encyclical “On Care for Our Common Home” has been released to much acclaim from the mainstream media. One German news source declares “Papal encyclical could break climate change deadlock.” “Pope Francis' views on climate change present a moral challenge to many 2016 GOP contenders,” declares US News and World Report. Not in many decades has a papal document been so easily used as a tool for political and electoral ax-grinding. Indeed, we would not normally cover a papal document at at all. Benedict’s “Caritas in Veritate,” for example, was published without any mention in free-market circles....
  • STL Dem Mayor Francis Slay seeks to raise minimum wage to $15 by 2020...

    06/03/2015 10:47:30 AM PDT · by OriginalChristian · 10 replies
    St. Louis Business Journal ^ | 02 JUN 2015 | Jacob Kirn
    St. Louis Mayor Francis Slay is looking to raise the minimum wage in the city to $15 an hour by 2020. Missouri’s current minimum wage is $7.65 per hour. Slay’s proposal, expected to be formalized in a bill before the Board of Aldermen by next week, would include exemptions for small businesses that employ 15 people or fewer and those that do less than $500,000 in annual sales, Alderman Shane Cohn, who’s expected to sponsor the legislation, said in an email. “There’s obviously a lot of discussion that will be taking place in the coming weeks, and (I) look forward...
  • It's Socialism, not Deodorant, That Starves the Poor

    05/31/2015 6:36:52 PM PDT · by Kaslin · 42 replies ^ | May 31, 2015 | Jeff Jacoby
    WHAT THIS country needs, says Bernie Sanders, is less deodorant. The 73-year-old senator from Vermont, now running for the Democratic presidential nomination, told CNBC's John Harwood in an interview on Tuesday that because American consumers can choose from so many brands of personal-care products, kids are going to bed with empty bellies. "You don't necessarily need a choice of 23 underarm spray deodorants or of 18 different pairs of sneakers when children are hungry in this country," Sanders lamented. He didn't explain exactly howthe profusion of toiletries and athletic footwear leads to childhood hunger, but for the only self-described socialist...
  • Economy Contracts; White House: Everything’s Still Cool

    05/29/2015 12:29:44 PM PDT · by Kaslin · 22 replies
    White House Dossier ^ | May 29, 2015 | Keith Koffler
    The White House today downplayed news that the economy contracted 0.7 percent during the first quarter of the year, arguing “the most stable components of GDP” were growing quite nicely. The new number was a downward revision of the previous estimate that GDP had increased by a mere 0.2 percent. From White House Council of Economic Advisor Chairman Jason Furman: Today’s downward revision to GDP growth was entirely accounted for by revisions to inventory investment and net exports, with other changes being small and neutral on balance. The first-quarter slowdown was the result of harsh winter weather, tepid foreign demand,...
  • Minimum Wage? How About a Maximum Wage?

    05/21/2015 2:19:19 PM PDT · by Oldeconomybuyer · 17 replies
    The Huffington Post ^ | May 21, 2015 | by Jack Rothman
    I see that unions, led by the Service Employees International Union, are out in full force championing the $15 an hour minimum wage. Business leaders scoff at this. The average CEO earns just over 350 times as much as the work force below. Those executives need to come down from the stratosphere and breathe real air. If we truly want to make that happen, how about joining the new $15 minimum wage with a $15 million maximum income? Could CEOs somehow manage to subsist on that? I think so. And then all of us could live pretty comfortably and in...
  • How Government Inaction Ended the Depression of 1921

    05/20/2015 7:42:14 AM PDT · by all the best · 4 replies
    Mises Institute ^ | May 20, 2015 | Llewellyn Rockwell
    As the financial crisis of 2008 took shape, the policy recommendations were not slow in coming: why, economic stability and American prosperity demand fiscal and monetary stimulus to jump-start the sick economy back to life. And so we got fiscal stimulus, as well as a program of monetary expansion without precedent in US history. David Stockman recently noted that we have in effect had fifteen solid years of stimulus — not just the high-profile programs like the $700 billion TARP and the $800 billion in fiscal stimulus, but also $4 trillion of money printing and 165 out of 180 months...
  • Los Angeles Raises Minimum Wage to $15 an Hour

    05/19/2015 2:48:15 PM PDT · by Oldeconomybuyer · 64 replies
    New York Times ^ | May 19, 2015 | By JENNIFER MEDINA
    LOS ANGELES — The nation’s second-largest city voted on Tuesday to increase its minimum wage to $15 an hour by 2020 from the current $9 an hour, in what is perhaps the most significant victory so far in the national push to raise the minimum wage. The increase — which the Los Angeles City Council passed in a 14-1 vote — comes as workers across the country are rallying for higher wages. The impact is likely to be particularly strong in Los Angeles, where, according to some estimates, more than 40 percent of the city’s work force earns less than...
  • Subsidizing and price fixing us into the poorhouse

    05/18/2015 4:58:07 AM PDT · by HomerBohn · 9 replies
    Personal Liberty ^ | 5/18/2015 | Bob Livingston
    The whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence. The art of economics consists in looking not merely at the immediate but the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.” — Henry Hazlitt, “Economics in One Lesson” One of the greatest fallacies of recent generations is the argument that free market capitalism has failed and that said failure is responsible for America’s moribund economy, the ongoing destruction of the middle...
  • Exports Drive Economic Growth in the States

    05/11/2015 2:21:32 PM PDT · by ThethoughtsofGreg · 3 replies
    American Legislator ^ | 5-11-15 | Karla Jones
    International trade is a job creation engine that supports more than one in five jobs nationwide. Every state benefits from exports, and Texas, California and New York have the highest export revenues. Even states earning less than the top three states receive billions of export dollars. The United States is in the midst of negotiating three major trade frameworks (Trans-Pacific Partnership [TPP], Transatlantic Trade and Investment Partnership [TTIP] and Trade and Investment Services Agreement [TISA]) that will be difficult to conclude without trade promotion authority (TPA). Trade Promotion Authority – The States Are Stakeholders provides background on TPA and the...
  • Trade Autarky: Do It For the Children!

    05/08/2015 6:42:20 PM PDT · by rey · 14 replies
    Mises Canada ^ | 8 May 2015 | Robert Murphy
    What was impressive about this sentiment is that it doesn’t even focus on a trade deficit. No, just the brute fact of buying imports per se is (apparently) enough to doom our children. Before unpacking the specific problems with it, let’s warm up by listing some equally plausible questions: ==> If we continue to buy groceries, where will our children garden? ==> If we continue to buy oranges from Florida, where will New Yorkers work? ==> If we continue to buy from people outside the family, where will our cousins work? ==> If we continue to buy from stores where...
  • Chapter 5: Taxes Discourage Production(Christian Economics in One Lesson)

    05/07/2015 7:26:53 AM PDT · by all the best · 1 replies
    Gary North's Specific Answers ^ | May 2, 2015 | Gary North
    The people of Israel wanted a king. They heard of the nations around them, and they were told that these nations had strong central governments. Each was led by a king, who embodied the power, prestige, and glory of his nation-state. The system of civil rule in Israel at this time was based on decentralized tribes. Each tribe had a system of judges. There was no legislature. There was no central civil government. Samuel was both a priest and a civil judge. Representatives of the people of Israel came to him and asked him to anoint someone to serve as...
  • Los Angeles Latinas Fast to Raise Minimum Wage

    04/29/2015 2:23:57 PM PDT · by Oldeconomybuyer · 26 replies
    NBC News ^ | April 29, 2015 | BY GRISELDA NEVAREZ
    Wednesday was Anggie Godoy's 14th day since eating her last meal: French fries covered with grilled meat, cheese and guacamole. She hasn't had anything to eat since then - just water. "There are days where it's good and there are days where it's bad," she said about her fast. But what keeps her going is knowing that she's fighting for something just as critical to her survival. The 19-year-old daughter of Guatemalan immigrants is among a group of women who are close to completing a 15-day fast in Los Angeles. They hoped to persuade city council members there to raise...
  • Sen. Patty Murray, Democrats to propose $12 federal minimum wage

    04/29/2015 2:07:02 PM PDT · by Oldeconomybuyer · 28 replies
    Seattle PI ^ | April 29, 2015 | By Joel Connelly
    A phased-in, $12-an-hour minimum wage will be proposed Thursday by Sen. Patty Murray, D-Wash., with Democratic Senate leader Harry Reid and House Minority Leader Nancy Pelosi on hand to offer support. As many as half or more of the Senate’s 46 Democrats are expected to support the proposal. The $12 wage is higher than the the $10.10-an-hour minimum wage proposed by President Obama. Once a bipartisan cause — the last minimum wage increase was passed by a Democratic controlled Congress and signed by President Bush — efforts to raise the current $7.25-an-hour federal wage have been blocked in Congress. Speaker...
  • Christian Economics in One Lesson: Chapte4

    04/27/2015 8:28:50 AM PDT · by all the best · 2 replies
    The Tea Party Economist ^ | April 25, 2015 | Gary North
    Public Works Mean Taxes For the lips of a strange woman drop as an honeycomb, and her mouth is smoother than oil: But her end is bitter as wormwood, sharp as a two-edged sword (Proverbs 5:3-4). The author of Proverbs in the first nine chapters contrasts the faithful wife with the strange woman. He uses the metaphor of the strange woman for alluring lies that ultimately betray the person who accepts them. Here is the passage’s underlying message: something can look very appealing on the surface, but the end thereof is bitter as wormwood. Why? Because there is a system...
  • Little Man, Big Job: The Obama Doctrine of Withdrawal.

    04/18/2015 11:41:22 AM PDT · by NOBO2012 · 5 replies
    Michelle Obama's Mirror ^ | 4-18-2015 | MOTUS
    I think we’ve all been struggling to explain Big Guy’s foreign policy. Fortunately, the New York Times has finally done it for us: At Global Economic Gathering, U.S. Primacy Is Seen as Ebbing. As world leaders converge here for their semiannual trek to the capital of what is still the world’s most powerful economy, concern is rising in many quarters that the United States is retreating from global economic leadership just when it is needed most. “America Bows Out”“I’ve been searching for a word to describe it, and the one I use is ‘withdrawal,’ best I can come up with,”...