Tag Archives: Economics

Krugman: “The Employment Story is Highly Unimpressive”

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“Even Paul Krugman gets it. He writes:  ‘The measured unemployment rate is down a lot — in fact, at 7.3 percent it’s almost exactly the same as it was in November 1982 1984, when Ronald Reagan won big on claims of restored prosperity. But most of the fall in unemployment reflects lower labor force participation rather than job growth. Even if we focus on prime-age workers, so as to net out demographic effects, the employment story is highly unimpressive.'”

http://www.economicpolicyjournal.com/2013/09/krugman-employment-story-is-highly.html

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All Government Policies Succeed in the Long Run

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“Many people, for good reason, have concluded that the surest test of whether a politician or public official is lying is to ask, Are his lips moving? An equally simple test may be proposed to determine whether a seemingly failed policy is actually a success for the movers and shakers of the political class. This test requires only that we ask, Does the policy remain in effect? If it does, we can be sure that it continues to serve the interests of those who are actually decisive in determining the sorts of policy the government establishes and implements.”

http://blog.independent.org/2013/09/13/all-government-policies-succeed-in-the-long-run/

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California Approves $10 Minimum Wage; What Will Become Automated Now?

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California Approves $10 Minimum Wage; What Will Become Automated Now?

“The next time you pump gas for yourself ask yourself what happened to the gas station attendants that used to pump gas and wash your windshields.  The same thing when you can’t find a department store clerk.  It’s the same thing with those damn automated phone answering services that most firms now use, it’s just too expensive to hire human operators. And its the same with grocery store baggers from days of old. Thank you minimum wage.  The damage of minimum wage isn’t some theoretical, you have just gotten so use to it that you have forgotten what things were like, or you are too young to know the good old days.”

http://www.economicpolicyjournal.com/2013/09/what-will-become-automated-now.html

 

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A Rare Sign of Fiscal Sanity in France

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“France’s state auditor urged the government Tuesday to redouble efforts to limit spending rather than increases taxes… He said ‘the spiraling welfare debt was particularly abnormal and particularly dangerous.’ During his first year in power, President François Hollande relied on large tax increases to plug holes in public finances, including social programs such as pensions, unemployment benefits and health care. But economic stagnation in 2012, coupled with a mild recession at the start of 2013, has waylaid the plan, while both companies and households are crying foul over what some have called ‘a tax overdose.'”

http://danieljmitchell.wordpress.com/2013/09/18/a-rare-sign-of-fiscal-sanity-in-france/

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This Is What Happens When You Make It Difficult for Firms to Hire Youth

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http://www.economicpolicyjournal.com/2013/09/this-is-what-happens-when-you-have-so.html

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Farm subsidies on the rise in the world’s biggest economies

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“Farm subsidies in the world’s biggest economies rose in 2012, the OECD said, reversing a long-term trend as governments poured more funding into agriculture despite strained budgets and high food prices.  In its annual report on global farming, the OECD said state support for farming stood at an average of one-sixth of gross farm receipts in the 47 countries covered in the assessment, about 17 percent of total receipts in 2012 compared to 15 percent in 2011.  The Organisation for Economic Cooperation and Development said the rise was unnecessary as high prices for farmers made the timing opportune for governments to cut subsidies that skew food markets and disrupt trade.”

http://www.rawstory.com/rs/2013/09/18/farm-subsidies-on-the-rise-in-the-worlds-biggest-economies/

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Peter Schiff: The Taper That Wasn’t

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“The Fed’s failure today to announce some sort of tapering of its QE program, despite the consensus of an overwhelming percentage of economists who expected action, once again reveals the degree to which mainstream analysts have overestimated the strength of our current economy. The Fed understands, as the market seems not to, that the current ‘recovery’ could not survive without continuation of massive monetary stimulus. Mainstream economists have mistaken the symptoms of the Fed’s monetary expansion, most notably rising stock and real estate prices, as signs of real and sustainable growth. But the current asset price bubbles have nothing to do with the real economy.”

http://www.europac.net/commentaries/taper_wasnt

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Short Video: Canadian Wait Times for Surgery; America’s Future

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Short Video: Canadian Wait Times for Surgery; America’s Future

“For details, see this video by a Canadian physician who moved to the United States.”

http://teapartyeconomist.com/2013/09/10/short-video-canadian-wait-times-surgery-americas-future/

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Poverty Just Ain’t What It Used To Be

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“A newly released report by the U.S. Census Bureau indicates that most Americans  living below the bureaucratically designated ‘poverty line’ enjoy most modern conveniences.  For example more than 80 percent of U.S. households below the poverty line have a: refrigerator (97.8%); stove  (96.6%); television (96.1%); microwave oven (93.1%); air conditioner (83.4%); VCR/DVD player (83.2%); and cell phone (80.9%).  In addition, more than half of  households beneath the poverty level also have a:  clothes washer (68.7%); clothes dryer (65.3%);  computer (58.2%); and landline telephone (54.9).”

http://bastiat.mises.org/2013/09/poverty-just-aint-what-it-usedto-be/

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Median Household Income Is Flat

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“In 2012, median household income in the USA was flat. Adjusted for price inflation, it was down 9% since 1999: the Clinton era. It is where it was in the late 1980s: early Bush I. All this has happened under Keynesianism. The engine of economic development has gone flat for 80% of Americans.  According to Keynesian economic theory, none of this should have happened. The federal government is supposed to be able to manage the economy, so that recessions are short and mild. But that theory was blasted by the recession of 2008-9. The recovery has not done anything for the vast majority of Americans.”

http://teapartyeconomist.com/2013/09/18/median-household-income-flat/

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