Why Can't Obama Be More Like Reagan?
By Peter Morici -
The
Commerce Department reported today the economy grew only 1.5 percent in
the second quarter, down from 2.0 percent the previous period.
Consumer spending slowed under the weight of growing pessimism about the effectiveness of President Obama’s economic program, and a growing sense that Governor Romney will not unseat him. The President leads in polls in most swing states, and the President has made clear his intention to double down on interventionist economic policies.
Consumer spending slowed under the weight of growing pessimism about the effectiveness of President Obama’s economic program, and a growing sense that Governor Romney will not unseat him. The President leads in polls in most swing states, and the President has made clear his intention to double down on interventionist economic policies.
Obama’s job approval sags with economy
By Scott Rasmussen
Consumer confidence fell to the lowest levels of 2012 this past week.
Most Americans believe that both the economy and their own personal
finances are getting worse. Just 25 percent believe the economy is
getting better, and only 22 percent say the same about their personal
finances.
Why he’s going where he’s going
Not quite the naked ethnic appeal of yore. Each destination suggests a somewhat more subtle affinity: Britain, playing to our cultural connectedness with the Downton Abbey folks who’ve been at our side in practically every fight for the last hundred years; Poland, representing the “new Europe,” the Central Europeans so unashamedly pro-American; Israel, appealing to most American Jews but also to an infinitely greater number of passionately sympathetic evangelical Christians.
Why Are Keynesians of All People Calling for Tax Increases in a Crap Economy?
Nick Gillespie
If there's one area of human activity that
is more fully soaked in politics than politics, it's economics.Over at National Review, Mercatus Center economist and Reason columnist Veronique de Rugy points to the latest instance of the triumph of ideology over intellectual consistency. President Obama, along with most congressional Democrats and liberal pundits (including Nobel Prize winner Paul Krugman) are calling for increasing taxes on Americans making over $200,000 a year. They do this in the name of Baron Keynes.
Yet
Blowing the whistle on the federal Leviathan
The huge humpback whale whose friendliness precipitated a surreal seven-year — so far — federal hunt for criminality surely did not feel put upon. Nevertheless, our unhinged government, with an obsession like that of Melville’s Ahab, has crippled Nancy Black’s scientific career, cost her more than $100,000 in legal fees — so far — and might sentence her to 20 years in prison. This Kafkaesque burlesque of law enforcement began when someone whistled.
More Evidence Obama Literally Not Doing the Job of President
The job of President of the United States is one that every occupant until Barack Obama has taken seriously. Every President prior to Barack Obama understood that the job entailed things like holding press conferences, meeting with members of Congress to compromise on budget issues, and learning the latest news about economic and international developments from the nation's best experts.
Sen. Schumer Seeks Ban on High Cap Mags and Assault Weapons Next Week
by
AWR Hawkins
The Cybersecurity Act, which the Senate will vote on next week, will not only contain measures for cyber security but also quite a bit of gun control, if a coalition of Democrats led by Sen. Chuck Schumer (D-NY) get their way.
Democrats Backpedal as China Readies $15.1 Billion Canadian Oil Deal
by
Wynton Hall
When President Barack Obama blocked the Keystone Pipeline, Republicans said the move would encourage Canada to pursue oil deals with China instead of the United States and cede a massive chunk of North American oil assets to the communist nation.
Occupy Marches Against 'Capitalist' Games
Associated Press
LONDON
About 500 people critical of the economic impact and corporate flavor of the London Olympics marched Saturday near the Olympic Park, determined to send a message that Britain is not united in backing the games.
Half a Hit: Free Markets Need Competition Via Regulation
– by Staff Report
Gordon Brown
Dominant Social Theme: We need to create free markets that work.
Free-Market Analysis: This article from the Telegraph proposes a way to fix capitalism based on the idea that free-market thinking has traveled too far, too fast. The article,, written by Telegraph maven Jeremy Warner focuses on the appropriate amount of regulation that is necessary for a healthy economy.
The crux paragraph actually comes toward the end of the article when Warner explains how a modern economy works and what is necessary. Here's an excerpt:
Ron Paul Statement: Financial Services Committee Hearing
– by Ron Paul
Ron Paul
Mr. Chairman, I welcome this hearing to receive the report of the Financial Stability Oversight Council (FSOC). The creation of FSOC underscores perfectly the complete intellectual bankruptcy underpinning the government's behavior towards financial markets. In the opinion of government leaders, the financial crisis was not caused by misguided regulation, interest rate manipulation, or government-caused distortions to the structure of production, but by a financial sector that was completely deregulated and laissez-faire. The response of legislators, therefore, was to create a new super-regulator with vast new powers to control the financial system.
FreedomFest, Rome and Opportunity
– by Ron Holland
Ron Holland
FreedomFest
I especially enjoyed moderating the Churchill debate with John Browne, our Biologix Chairman of the Board, debating Anthony Gregory on the important question as to whether Winston Churchill was a 20th Century statesman or warmonger. The debate was spirited and both men gave their best. In the end there appeared to be a slight plurality for "statesman."
ECB Will Now Print Money Directly ... But Why?
Mario Draghi
Auditing the Fed Is a Sideshow: Who Audits the Auditors?
– by Anthony Wile
Anthony Wile
Friday, July 27, 2012
17 Reasons Why Those Hoping For A Recession In 2012 Just Got Their Wish
If
you were hoping for a recession in 2012, then you are going to be very
happy with the numbers you are about to see. The U.S. economy is
heading downhill just in time for the 2012 election. Retail sales have
fallen for three months in a row for the first time since 2008,
manufacturing activity is dropping like a rock, sales of new homes are
declining again, consumer confidence has moved significantly lower and a
depressingly small percentage of businesses anticipate hiring more
workers in the coming months. Even though the Federal Reserve has been
wildly pumping money into the financial system and even though the
federal government has been injecting gigantic piles of borrowed cash
into the economy, we still haven't seen an economic recovery. In fact,
we appear to be on the verge of yet another major downturn. In
California the other night, Barack Obama told supporters that "we tried our plan — and it worked",
but only those that are still drinking the Obama kool-aid would believe
something so preposterous. The truth is that the U.S. economy has been
steadily declining for many years and now we have reached another very
painful recession.100 Million Poor People In America And 39 Other Facts About Poverty That Will Blow Your Mind
Every
single day more Americans fall into poverty. This should deeply alarm
you no matter what political party you belong to and no matter what your
personal economic philosophy is. Right now, approximately 100 million
Americans are either "poor" or "near poor". For a lot of people
"poverty" can be a nebulous concept, so let's define it. The poverty
level as defined by the federal government in 2010 was $11,139 for an
individual and $22,314 for a family of four. Could you take care of a
family of four on less than $2000 a month? Millions upon millions of
families are experiencing a tremendous amount of pain in this economy,
and no matter what "solutions" we think are correct, the reality is that
we all should have compassion on them. Sadly, things are about to get
even worse. The next major economic downturn is rapidly approaching, and when it hits the statistics posted below are going to look even more horrendous.12 Signs That Spain Is Shifting Gears From Recession To Depression
Where
have we seen this before? Bond yields soar above the 7 percent danger
level. Check. The stock market crashes to new lows. Check.
Industrial activity plummets like a rock and the economy contracts.
Check. The unemployment rate skyrockets to more than 20 percent.
Check. The bursting of a massive real estate bubble pushes the banking
system to the brink of implosion. Check. Broke local governments beg
the broke national government for bailouts. Check. The international
community pressures the national government to implement deep austerity
measures which will slow down the economy even more and hordes of
violent protesters take to the streets. Check. All of this happened in
Greece, it is happening right now in Spain, and mark my words it will
eventually happen in the United States. Every debt bubble eventually
bursts, and right now Spain is experiencing a level of economic pain
that very, very few people saw coming. The recession in Spain is
rapidly becoming a full-blown economic depression, and at this point
there is no hope and no light at the end of the tunnel.The Price Of Corn Hits A Record High As A Global Food Crisis Looms
Are
you ready for the next major global food crisis? The price of corn hit
an all-time record high on Thursday. So did the price of soybeans.
The price of corn is up about 50 percent since the middle of last month,
and the price of wheat has risen by about 50 percent over the past five
weeks. On Thursday, corn for September delivery reached $8.166 per
bushel, and many analysts believe that it could hit $10 a bushel before
this crisis is over. The worst drought in the United States in more
than 50 years is projected to continue well into August,
and more than 1,300 counties in the United States have been declared to
be official natural disaster areas. So how is this crisis going to
affect the average person on the street? Well, most Americans and most
Europeans are going to notice their grocery bills go up significantly
over the coming months. That will not be pleasant. But in other areas
of the world this crisis could mean the difference between life and
death for some people. You see, half of all global corn exports come
from the United States. So what happens if the U.S. does not have any
corn to export? About a billion people around the world live on the
edge of starvation, and today the Financial Times ran a front page story
with the following headline: "World braced for new food crisis".
Millions upon millions of families in poor countries are barely able to
feed themselves right now. So what happens if the price of the food
that they buy goes up dramatically?
In Praise of Government Gridlock
by Mike Reid
California's Proposition 25 promised to rein in runaway spending and "end budget gridlock" by hitting politicians' pocketbooks. Every day on which lawmakers failed to pass a balanced budget after their June 15 deadline each year would be a day of pay they lost.
This was an attempt to increase government "efficiency" — to make government conform to the laws of business: you must give people the things they want on time or you do not get paid. But, as Mises wrote, "government efficiency and industrial efficiency are entirely different things."
Do You Hate the State?
by Murray N. Rothbard
[Day 30 of Robert Wenzel's 30-day reading list that will lead you to become a knowledgeable libertarian, this article was originally published in the Libertarian Forum, Vol. 10, No. 7, July 1977.]
Column One: Brotherhood’s American defenders
Hopefully it was an instructive meeting for the senior US official, although his Israeli interlocutors were undoubtedly dumbstruck by how difficult it was to communicate with him. Unlike previous US counterterror officials, Brennan does not share Israel’s understanding of Middle Eastern terrorism.
A GUARANTEE FOR FAILURE
Testimony Before the House Committee on Oversight and Government Reform, Subcommittee on Regulatory Affairs
DOWNLOAD PUBLICATION PDF
In 2009, renewable energy company Solyndra received
$535 million through the federally backed 1705 loan guarantee program of
the Department of Energy (DOE). Two years later, the firm filed for
bankruptcy and had to lay off its 1,100 employees, leaving taxpayers to
bear the cost of the loan. For obvious reasons, more than any other
recent events, this waste of taxpayer money has attracted much
attention.
THE ECONOMICS AND HISTORY OF CRONYISM
David R. Henderson
“When you leave the honey jar open, expect ants.”
—anonymous
—anonymous
When
I speak of the benefits of economic freedom and free markets, many
people in my audiences do not think of those terms the way I think of
them. In the question-and-answer sessions that follow my talks, it seems
people often think they are taking issue with free markets when they
are actually rejecting cronyism—a term that encompasses government
favoritism, special privileges, and special interests.
For
example, people will object to the Wall Street bailouts carried out by
the Bush and Obama administrations. As do I, because those bailouts
violate free-market principles. They will object to government
regulation that makes it difficult for small food producers to produce
and sell food not inspected and approved by the U.S. Department of
Agriculture. As do I.
On course to collide with fiscal cliff Promises to slash spending are broken already
JAMES VALVO
With nearly every major fiscal policy scheduled for a recalibration by the end of the year, the sirens are luring Congress and the economy toward a fiscal cliff with the promise of a grand bargain. The song is a predictable one, enticing budget hawks to relax their fears about deficits and debt by trading some spending cuts for a portion of tax increases. Often the sirens coo for a 3-1 deal like the one from the Simpson-Bowles deficit reduction commission: $3 of spending cuts for every $1 of tax increases. This path is folly, and we don’t have to look any further than last summer’s debt-ceiling deal to see why.
With nearly every major fiscal policy scheduled for a recalibration by the end of the year, the sirens are luring Congress and the economy toward a fiscal cliff with the promise of a grand bargain. The song is a predictable one, enticing budget hawks to relax their fears about deficits and debt by trading some spending cuts for a portion of tax increases. Often the sirens coo for a 3-1 deal like the one from the Simpson-Bowles deficit reduction commission: $3 of spending cuts for every $1 of tax increases. This path is folly, and we don’t have to look any further than last summer’s debt-ceiling deal to see why.
The Growing Dangers of Cronyism
The Growing Dangers of Cronyism
By David Henderson
The 2012 campaign trail has been rife with accusations of “cronyism” from both sides.
Anger over backdoor deals between government and
business has spurred an uptick in legislation, regulation, and
oversight. Here’s the problem: with an increase in government comes an
increase in privileges for special interests. And in the end, taxpayers
and consumers get the short end of the stick while politicians and their
cronies reap the rewards of having friends in high places.
Racism? No, Obama’s Own Incompetence Is Hurting His Campaign
Racism? No, Obama’s Own Incompetence Is Hurting His Campaign
Is slowing economic growth behind Obama’s failure to dominate in the polls? Not according to his supporters. They blame voters’—especially the GOP’s—implacable racial animus. Michael Medved with a rebuttal.
As the Obama campaign struggles against powerful riptides of economic bad news,
some of the president’s most fervent apologists have returned to the
old habit of blaming all his political troubles on racism.
State
Sen. Louise Lucas, one of the leaders of the official “Obama Truth
Team” in the crucial swing state of Virginia, told a local radio show
that Mitt Romney and his supporters won’t accept anyone “other than a
white man in the White House.” She declared that she couldn’t conceive
of any other reason that her fellow citizens might disapprove of the
incumbent president. “All of the folks who are saying, ‘We don’t like
Barack Obama,’ they can’t tell you any reason that they don’t…I
absolutely believe it’s all about race, and for the first time in my
life I’ve been able to convince my children finally that racism is alive
and well.”
Why the Obama campaign is suddenly so worried.
Four Little Words
Why the Obama campaign is suddenly so worried.
"You didn't build that" is swelling to such heights that it has the president somewhere unprecedented: on defense. Mr. Obama has felt compelled—for the first time in this campaign—to cut an ad in which he directly responds to the criticisms of his now-infamous speech, complaining his opponents took his words "out of context."
Related Video
Columnist Kim Strassel on Scott Brown's new
ad contrasting Elizabeth Warren and President Obama to Presidents
Clinton, Reagan, Kennedy, and Johnson. Photo: Getty Images
The 1.5% Presidency
The 1.5% Presidency
Growth stumbles for the third time in this Less Than Great Recovery.
"We're still in a position where we are pulling ourselves out of the very deep hole caused by the Great Recession, and there is still—of course—a great deal of anxiety in the country about the economy,'' said White House press secretary Jay Carney. He's right about the anxiety, but if only we were "pulling ourselves out."
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