Tag Archives: Economics

This is a gift. Keep it closed.

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“The last time the government shut down in October 2013, the US economy posted its highest quarterly GDP growth in years.  And when the economy shut down TWICE in the fourth quarter of 1995, the US economy posted a whopping 7.2% growth rate in the following quarter.  The evidence is pretty clear– the longer these politicians bicker and argue, the better off everyone else will be.  Here’s to hoping they keep their doors closed for a very, very long time.”

Read more: https://www.sovereignman.com/trends/the-time-when-keifer-sutherland-beat-me-to-the-punch-22849/

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Seattle’s Minimum Wage Killed the ‘Five-Dollar Footlong’

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“Sadly, the consequences of high minimum wages, excessive taxation, and mandate-happy public policy are not limited to the death of cheap sandwiches. The cost of doing business in Seattle is higher than the Space Needle, and the unintended consequences of those policies are piling up too.  Seattle’s city government might claim that it’s looking out for workers’ best interests by mandating higher wages and other benefits. But if the cost of doing business continues to climb, workers will be hurt, not helped. The end of the five-dollar footlong is likely only the beginning.”

Read more: http://reason.com/blog/2018/01/10/seattles-minimum-wage-killed-the-five

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How Immigration Crackdowns Screw Up Americans’ Lives

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“Although the U.S. has been illegally deporting citizens for over a century, the number started soaring when Congress eliminated the right to judicial review for criminal aliens in the 1996 Illegal Immigration Reform and Immigrant Responsibility Act. The idea was to remove the barriers to ejecting immigrants who posed a danger to Americans. But the result was a general weakening of legal protections and the rise of an unaccountable immigration bureaucracy that itself has become a danger to Americans.”

Read more: https://reason.com/archives/2017/11/12/how-immigration-crackdowns-scr

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Central Planning Ignores the Needs of Women

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“An American visiting the Communist Bloc in the 1980s would be aghast to find most women still doing laundry the way they had in the United States 50 years prior, without washing machines.  The communist system didn’t produce machines to make women’s lives easier for the same reason it neglected their other needs and wants. For all the complaints about the profit motive, markets incentivize people to satisfy each other’s preferences through voluntary exchange, while state-run economies provide no such incentive. There is no shortage of soaring communist rhetoric on gender equality, but that cannot make up for the pervasive and sexist shortages under central planning.”

Read more: https://fee.org/articles/central-planning-ignores-the-needs-of-women/

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Washing Machine Tariffs Will Hurt Americans

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“The protectionist move against LG and Samsung comes, perversely, just as those companies are set to employ thousands of Americans in Tennessee and South Carolina.  It may also inadvertently put the final nail in the coffin of one of the longest-standing bastions of the American service industry, Sears Holdings Corp. Trump should reject the remedy proposal put forth by the International Trade Commission. Making it more expensive for LG to import the washers it produces for Kenmore, one of Sears’ most popular product lines, will jeopardize the retailer’s efforts to revitalize its brand.”

Read more: https://fee.org/articles/washing-machine-tariffs-will-hurt-americans/

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How occupational licensing laws inhibit interstate mobility

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“The new study adds to the already substantial evidence indicating that licensing laws are a major obstacle to geographic mobility, particularly for poor and lower-middle class people seeking to move to areas with greater opportunity. We have gotten to the point where some 30 percent of Americans have to have licenses to legally work in their respective fields, including even some states that license florists and tour guides. The evidence also suggests that most of these laws do far more to suppress competition than protect consumers.”

Read more: https://www.washingtonpost.com/news/volokh-conspiracy/wp/2017/12/12/how-occupational-licensing-laws-inhibit-interstate-mobility/

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Warning: Trump’s Federal Reserve Pick Hates Gold and Cash

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“Marvin Goodfriend thinks there should be a robust negative interest rate placed on cash.  For example, if there was a -10% interest rate on cash, your $10 bill would actually be worth only $9. It is basically a penalty for using cash.  The excuse is that this will stabilize the economy by keeping more capital in the banks. It means banks, and by extension, the Federal Reserve, have more control over your money.  The gold standard, Goodfriend argues, was also an encumbrance on monetary policy, ‘destabilizing’ prices.”

Read more: http://www.thedailybell.com/news-analysis/warning-trumps-federal-reserve-pick-hates-gold-and-cash/

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Senate Tax Bill’s Marginal Rates Could Top 100% for Some

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“The possible marginal tax rate of more than 100% results from the combination of tax policies designed to provide benefits to businesses and families but then deny them to the richest people. As income climbs and those breaks phase out, each dollar of income faces regular tax rates and a hidden marginal rate on top of that, in the form of vanishing tax breaks. That structure, if maintained in a final law, would create some of the disincentives to working and to earning business profit.”

Read more: http://www.economicpolicyjournal.com/2017/12/insane-senate-bills-marginal-rates.html

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Millennials Get It Wrong about Socialism

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“I’m left to conclude that they have no appreciation for how socialism actually works in the real world.  The economic track record of socialism is as dismal as its human rights record. But we need not direct Millennials to history books to see it. They need only look at what has happened to former socialist countries during their own lifetimes, as these countries have moved away from socialism and towards capitalism.”

Read more: https://fee.org/articles/millennials-get-it-wrong-about-socialism/

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Bovard: The Daily Hell of Life in the Soviet Bloc

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“As decades have passed since the fall of the Soviet Union, romanticism is deep-sixing the bitter facts of the lives people in communist regimes were forced to live. But any economic system that forces lions to go vegan should never be forgiven.”

Read more: https://mises.org/wire/daily-hell-life-soviet-bloc

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