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Keyword: economics

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  • Are Jobs Really Vanishing Because of Robots?

    11/15/2014 12:05:46 PM PST · by Kaslin · 45 replies
    Townhall.com ^ | November 15, 2014 | Mike Shedlock
    Are businesses are moving too quickly to robots? Is any job safe? Patrick Thibodeau at Computer World discusses the idea things are moving "too fast" with a review of Nicholas Carr's new book, The Glass Cage, Automation and Us. Please consider Automation Could Take Your Skills -- and Your Job by Patrick Thibodeau. The Glass Cage examines the possibility that businesses are moving too quickly to automate white collar jobs, sophisticated tasks and mental work, and are increasingly reliant on automated decision-making and predictive analytics. It warns of the potential de-skilling of the workforce, including software developers, as larger shares...
  • Why a leading financial analyst believes we will see the 'final destruction' of the dollar

    11/12/2014 8:19:51 AM PST · by fredericbastiat1 · 4 replies
    TheBlaze Books ^ | 2014-11-12 | Benjamin Weingarten
    "[If] the monetary authorities are intent on depreciating the currency, then I think that in the fullness of time they will succeed all too well. …The important thing about QE [quantitative easing] is this idea, this radical precedent is now on the books — the virus as it were is in the monetary bloodstream. ...all of this is…in the books as precedent, and the monetarists and Keynesians are rather preening about the evident success of these interventions, and we can be sure I think that they will not forebear to do more still next time. There will come a time...
  • Venezuela's Maduro to raise minimum wage

    11/08/2014 8:21:50 AM PST · by Oldeconomybuyer · 23 replies
    BBC News ^ | November 4, 2014
    Venezuelan President Nicolas Maduro says he will increase the minimum wage by 15% starting in December. The raise, the third this year, comes amid an annual inflation rate of 63.4%. Mr Maduro said the measure and other benefits meant workers would be better off despite the inflation, which he blamed on an "economic war" the opposition were waging against him. Mr Maduro says Venezuela's economic problems are created by a greedy elite which lives off the profits of smuggling and selling goods at inflated prices.
  • The 'invisible hand' has an iron grip on America (barf alert)

    11/05/2014 10:14:38 AM PST · by fishtank · 4 replies
    FORTUNE magazine ^ | 8-13-14 | Chris Matthews
    Those who are already wealthy have little to gain from economic interference. Others are reassured that by simply looking out for themselves they can work towards the greater good..... .... Indeed, there’s plenty of evidence that the invisible hand simply doesn’t exist. Take, for instance, two of the most important markets Americans participate in: healthcare and education. When shopping for either of these services, it’s very difficult for a shopper to actually know the quality or effectiveness of the product he is buying. For the “invisible hand” to work, customers have to actually know what they need so that they...
  • Hyperinflation - When Money Dies: Germany And Paper Money After 1910

    11/03/2014 5:59:17 AM PST · by blam · 9 replies
    Marketoracle.co.uk ^ | Nov 02, 2014 - 04:35 PM GMT | Mises
    November 02, 2014 MISES Marcia Christoff-Kurapovna writes: The story of the destruction of the German mark during the hyper-inflation of Weimar Germany from 1919 to its horrific peak in November 1923 is usually dismissed as a bizarre anomaly in the economic history of the twentieth century. But no episode better illustrates the dire consequences of unsound money or makes a more devastating, real-life case against fiat-currency: where there is no restraint, monetary death will follow. "It matters little that the causes of the Weimar inflation are in many ways unrepeatable; that political conditions are different, or that it is almost...
  • Everything Millennials Need To Know About Politics And Economics in 25 Quotes

    10/25/2014 5:19:54 AM PDT · by Kaslin · 17 replies
    Townhall.com ^ | October 25, 2014 | John Hawkins
    1) No one will really understand politics until they understand that politicians are not trying to solve our problems. They are trying to solve their own problems — of which getting elected and re-elected are number one and number two. Whatever is number three is far behind. — Thomas Sowell2) We tolerate, even promote, many things we once regarded as evil, wrong, or immoral. And then we seek “explanations” for an act that seems beyond comprehension. Remove societal restraints on some evils and one can expect the demons to be freed to conduct other evil acts. —Cal Thomas3) What would...
  • Determines the Allocation of Scarce Resources in a Free Society

    10/22/2014 1:47:50 PM PDT · by FreedomFighter1013 · 16 replies
    citizen5408.com ^ | Saturday, August 09, 2014 | Greg C.
    A recently debate on Facebook required that I Voxsplain how a free society allocates resources to a group of feeling, sensing liberals who don't have the slightest idea of economics. In fact, when it comes to Economics, they resort to "magical thinking." I've often thought that it is easy to describe a Democrat: simply picture a Republican, then take away reason and accountability. (Hat tip to Mark Andrus, As Good As it Gets) So, I think it's rather funny that you guys want to lecture me on science, but you don't spend a minute thinking about the humble science of...
  • Ebola is an Economic Catastrophe

    10/22/2014 7:31:36 AM PDT · by Kaslin · 45 replies
    Townhall.com ^ | October 21, 2014 | Wayne Allyn Root
    Everyone has it wrong. Americans are frightened to death of the medical implications of Ebola- as well they should be. I’ve never in my lifetime seen a disease that has infected and killed so many healthcare professionals.Unfortunately I might have also been the first American to experience damage from Ebola to my “personal economy” 2 weeks ago. As a branding expert, I speak at business conventions and conferences all over the world. I had already been booked for weeks as the keynote speaker for an event in Dallas in early November. Then came the announcement that Thomas Duncan was being...
  • Embarrassing Economists

    10/22/2014 5:24:01 AM PDT · by Kaslin · 21 replies
    Townhall.com ^ | October 22, 2014 | Walter E. Williams
    So as to give some perspective, I'm going to ask readers for their guesses about human behavior before explaining my embarrassment by some of my fellow economists. Suppose the prices of ladies jewelry rose by 100 percent. What would you predict would happen to sales? What about a 25 or 50 percent price increase? I'm going to guess that the average person would predict that sales would fall. Would you make the same prediction about auto sales if cars' prices rose by 100 percent or 25 or 50 percent? Suppose that you're the CEO of General Motors and your sales...
  • The Liberal Environmentalist Nobody Knew Was Catholic

    10/21/2014 9:39:56 AM PDT · by millegan · 3 replies
    ChurchPOP ^ | Joseph Pearce
    Few realized when Small is Beautiful was published that E.F. Schumacher’s economic theories were underpinned by solid religious and philosophical foundations, the fruits of a lifetime of searching. In 1971, two years before the book’s publication, Schumacher had become a Roman Catholic, the final destination of his philosophical journey.
  • Socialist Party: There Should be a $20 Minimum Wage, But Our Employees Should be Exempt

    10/20/2014 9:53:22 AM PDT · by therightliveswithus · 16 replies
    Pundit Press ^ | 10/20/14 | Aurelius
    ...The Seattle Socialist Party is offering Web Developers employment at $13 an hour, despite pushing for a $20 minimum wage. Now, in a follow up interview, the party insists that it should not be held to its own standards. “We’re practicing what we’re preaching in terms of continuing to fight for the minimum wage,” Doug Barnes, the Freedom Socialist Party’s national secretary, told the Huffington Post. “But we can’t pay a lot more than $13." Apparently completely unaware of his own hypocrisy, Barnes added that he personally supports a $22 an hour minimum wage.
  • Bubble Trouble - What 2014 Demographic Trends Show About Urban Life (Harry Dent)

    10/02/2014 7:13:58 AM PDT · by blam · 12 replies
    TMO ^ | 10-2-2014 | Harry Dent
    October 02, 2014 Harry_Dent Demographic trends clearly show that as any emerging or more developed country urbanizes, people tend to have fewer kids. Urban life costs more and people tend to be more highly educated and naturally, they want to better educate their kids… so they choose to have one or two. Nearly 25% choose their well-paid careers and social life over having children. Almost all developed countries are experiencing a slowing down of their economies due to fewer kids and sluggish demographic growth. The best English-speaking countries like Australia, Singapore, Switzerland, Canada and New Zealand have offset such slowing...
  • Ukraine needs more financial help, IIF says

    09/23/2014 11:33:45 AM PDT · by Navy Patriot · 14 replies
    Rooters ^ | September 23, 2014 | Staff
    Ukraine will likely need to extend its IMF program to help the government pay its bills and also will require more support from other donors, especially the European Union, a global financial industry group said on Tuesday. Despite a recent ceasefire with pro-Russian separatists in eastern Ukraine, Kiev will suffer a double-digit recession this year, given the destruction of factories and other infrastructure and an increase in banks' capital needs, the Institute of International Finance said. Lubomir Mitov, the IIF's chief economist for emerging Europe, said Kiev would also likely need to restructure its debt to lengthen the maturities on...
  • Russia sanctions and the EU: What went wrong?

    09/23/2014 11:28:25 AM PDT · by Navy Patriot · 7 replies
    EU Observer ^ | September 23, 2014 | Dan Steinbock
    NEW YORK - Last March – after months of escalation in the Crimea and eastern Ukraine – President Obama initiated sanctions against Russia in financial services, energy, defense and related materials sectors.New sanctions ensued in July when Washington launched unilateral restrictions targeting powerful interests in Russia’s financial, energy, and military technology sectors. After Malaysia Airlines Flight 17 was shot down in Ukraine and 300 people perished, the EU also took a much tougher stance. In mid-September, the Obama administration and its European allies went further still with their sanctions. Now Washington, Brussels and Moscow are stuck in a vicious circle,...
  • Legalized Highway Robbery – How the Government can Seize the Property of Innocent Americans

    09/16/2014 2:07:00 PM PDT · by ThethoughtsofGreg · 23 replies
    American Legislator ^ | 9-15-14 | Cara Sullivan
    Last week, The Washington Post published “Stop and Seize,” a three-part series chronicling the government’s seizure of hundreds of millions of dollars in cash from Americans not charged with a crime. Asset forfeiture laws are designed to protect the public and deter crime by taking property gained through criminal activity. However, criminals are not the only ones who have their property confiscated. According to The Washington Post, since 2001, police have seized $2.5 billion in cash from people who were never charged with a crime. Law enforcement must retain their ability to prevent criminals from bearing the fruits of criminal...
  • The Blue States’ Economic Paradox

    09/10/2014 2:11:07 PM PDT · by ThethoughtsofGreg · 1 replies
    /amregister ^ | 9-10-14 | Ben Wilterdink
    Blue states have a problem. Although there are some recently notable exceptions, most vehemently oppose cutting taxes, favoring instead a tax-and-spend or top-down redistribution approach. They require high taxes to finance the pet projects they believe the market is too short-sighted to support, like Solyndra. At the same time, however, these big government states try to pursue goals of economic growth, even if they believe the best way to achieve growth is through central economic planning rather than free markets. Overwhelming economic evidence demonstrates that the best way to achieve robust economic growth is when citizens are able to save,...
  • Why Do Peacenik Liberals Make War on Business?

    09/09/2014 12:29:55 AM PDT · by Cincinatus' Wife · 32 replies
    The American Thinker ^ | September 9, 2014 | Christopher Chantrill
    "... we have lefty activists in full cry all across the nation demanding an increase in the minimum wage as the cure for inequality and a sluggish economy. And people believe them! Liberal journalist Norah O'Donnell asks Republican candidate Thom Tillis in North Carolina if a minimum wage of $7.65 an hour is “enough."Got any settled science on that, Norah?And what about the children?After two hundred years of a capitalism that has lifted the average person from an income of $3 per day to $100 per day,you would think that the educated, evolved people would have decided that the science...
  • Would liberals please explain why union workplaces are exempt from SeaTac’s $15 minimum wage law?

    09/07/2014 1:39:42 PM PDT · by grundle · 13 replies
    wordpress ^ | September 7, 2014 | Dan from Squirrel Hill
    Dan from Squirrel Hill's Blog Would liberals please explain why union workplaces are exempt from SeaTac’s $15 minimum wage law? The Washington Post recently published this article on the new $15 minimum wage law in SeaTac, Washington. The article states:“… union workplaces are exempt…”This exemption is wrong because the law is supposed to treat everyone equally.But also, it is an extreme example of hypocrisy. It was unions who got the ball rolling on this $15 minimum wage. It was unions who said that all workers should be paid at least $15 an hour.But now, these very same unions are getting an...
  • Steve Forbes says America’s in a ‘new abnormal’ — here’s why he thinks we’ll ‘emerge strong again’

    09/05/2014 6:17:49 AM PDT · by fredericbastiat1 · 2 replies
    TheBlaze Books ^ | 2014-09-05 | Benjamin Weingarten
    An extensive interview with Steve Forbes on the gold standard, economics and America's future. We touch on topics including among others: *The link between foreign policy/American strength and monetary policy *How currency devaluation helps the financial sector to the detriment of the rest of the American economy [Starting at 3:00] *The significance of a strong currency in enabling trade and thus trust, and social stability/morality *Why the historical record of the gold standard should trump the arguments of its naysayers *Whether politicians will ever be incentivized to truly support a sound dollar *Why quantitative easing was more disastrous than the...
  • An essential lesson for SEIU and all Americans on what happens when you raise the minimum wage

    09/04/2014 10:21:41 AM PDT · by fredericbastiat1 · 16 replies
    TheBlaze Books ^ | 2014-09-04 | Benjamin Weingarten
    "The question is not whether we wish to see everybody as well off as possible. Among men of goodwill such an aim can be taken for granted. The real question concerns the proper means of achieving it. And in trying to answer this we must never lose sight of a few elementary truisms. We cannot distribute more wealth than is created. We cannot in the long run pay labor as a whole more than it produces."
  • 'Competitiveness' Outlook Ranks Michigan 12th Best

    09/03/2014 12:27:42 PM PDT · by MichCapCon · 8 replies
    Michigan Capitol Confidential ^ | 8/30/2014 | Mike LaFaive
    They 7th edition of “Rich States, Poor States” was released recently and it ranks Michigan 12th best among the 50 states for its “economic outlook” based on 15 public policy variables, such as tax, business and labor policies. The higher position may signal better economic times ahead for Michigan. This is the highest rank achieved by the Great Lake State since the index’s creation. Since 2009, Michigan has steadily moved from near the bottom (34th) to where it is now. The index is created from 15 variables that the authors believe contribute to a states’ economic well-being: marginal personal tax...
  • Leftist Elitism and the Divine Right of Kings

    09/02/2014 10:08:33 AM PDT · by walford · 9 replies
    Facebook ^ | 09/02/2014 | walford
    There are some aspects of Modern Leftism that have evolved from the Divine Right of Kings -- particularly amongst the elites. Divine Right holds that one is born into a class of the wealthy and powerful due to the Will of the Almighty. Aristocrats-by-birth in agrarian medievalist Europe justified their relative wealth in those terms. So those who have economic success and political influence are so because they have been Chosen while the rest are by definition inferior in Divine blessing in their earthly poverty. Left to their own devices, those born poor would destroy themselves and thus need to...
  • The Upright and Locked Position

    08/31/2014 4:51:34 AM PDT · by Kaslin · 73 replies
    Townhall.com ^ | August 31, 2014 | Debra J. Saunders
    On Aug. 24, United Airlines diverted a Newark-to-Denver flight to Chicago's O'Hare International Airport after two passengers got into an argument. It started when a 47-year-old man used a device called the Knee Defender to prevent the 48-year-old woman in front of him from reclining her seat. According to The Associated Press, a flight attendant told the male passenger that United does not allow the bracketlike gadget. He refused to remove it. The female passenger then threw water at the male passenger, which probably didn't thrill the passengers seated next to him. (He was in the middle seat.) The airliner's...
  • David Pennington: Republicans are Georgia’s problem

    08/27/2014 9:07:53 AM PDT · by GrootheWanderer · 20 replies
    The Daily Citizen (Dalton, Georgia) ^ | August 27,2014 | David Pennington
    Recently, a friend lamented that the liberal left is destroying America, but I disagreed. The left is consistent and transparent in its belief that big government, higher taxes and more regulation serve the greater good. The right espouses a limited government platform of lower taxes, less spending and less regulation, which frees capital resulting in innovation and job creation. But do Georgia Republicans practice what they preach Georgia’s fiscal year 2014 results illustrate the reality vs. the rhetoric. Our revenue jumped $879 million over fiscal year 2013; but $473 million of this increase resulted from the new way cars are...
  • Don't Be Fooled: This Week's Economic Data Should Be Taken With a Large Grain of Salt!

    08/27/2014 7:39:47 AM PDT · by Kaslin · 8 replies
    Townhall.com ^ | August 27, 2014 | Donald Lambro
    WASHINGTON - A bunch of economic numbers from the government this week, which should be taken with a large grain of salt, were expected to show the economy was doing much better in the past three months. Well, we've seen these periodic, fragmentary numbers many times before, only to see the economy continue to slowly slog along at its painfully lackluster, jobs-challenged pace for the past six and a half years now. President Obama will recite the exaggerated economic numbers that his cherry-picking speech writers select to prove that he's brought the economy back from the bring of recession. But...
  • The New Misery Index

    08/25/2014 9:45:41 AM PDT · by gunsmithkat · 8 replies
    ZeroHedge ^ | 08-25-2014 | Charles Hugh Smith
    The Status Quo is desperate to mask the declining fortunes of those who earn income from work, and the Misery Index 2.0 strips away the phony facade of bogus unemployment and inflation numbers.
  • 'Cash for Clunkers' actually hurt the auto industry [Academic Study Verifies...Most Media Silent]

    08/23/2014 5:52:45 AM PDT · by SoFloFreeper · 11 replies
    St Louis Post Dispatch ^ | 8/22/14 | David Nicklaus
    We've written repeatedly about the many flaws of the 2009 "Cash for Clunkers" program. It made used cars more expensive, wasted resources and merely shifted people's car-buying plans forward a few months. Now, a new study by three Texas A&M University economists says the misguided stimulus policy wasn't even good for the auto industry. Mark Hoekstra, Steven L. Puller and Jeremy West find that the program's fuel-efficiency constraints induced people to purchase smaller, less expensive cars than they would otherwise have bought.
  • Loss of mid-wage jobs hampers state's growth

    08/08/2014 9:11:14 AM PDT · by Pelham · 13 replies
    LA Times ^ | August 8, 2014 | Tiffany Hsu
    On the surface, California's job market is booming. The state has now recovered all the jobs lost during the recession, and done so at a faster pace than all but five states. The growth, though, belies a troubling imbalance. The fastest job creation has come in low-wage sectors, in which pay has declined. At the high end of the salary scale, a different dynamic has taken hold: rising pay and improving employment after rounds of consolidation. Most distressing, middle-wage workers are losing out on both counts. "People talk about it like an hourglass," said Tracey Grose, vice president of the...
  • Remembering Milton Friedman on His 102nd Birthday

    08/08/2014 10:50:38 AM PDT · by MichCapCon · 6 replies
    Mackinac Center for Public Policy ^ | 8/6/2014 | Michael LaFaive
    Lovers of liberty are today recognizing the birthday of intellectual powerhouse and Nobel laureate Milton Friedman, who was born 102 years ago in Brooklyn, New York to immigrant parents. Friedman, who died in 2006, was my intellectual hero. As I have noted in previous blog posts, Friedman revolutionized the economic science while teaching it to the everyman. He is arguably the most influential economist of the 20th Century, perhaps (unfortunately) next to John Maynard Keynes. Friedman cut so many new paths it is difficult to sum up his contributions to economics and public policy in a book, let alone a...
  • The Pitfalls of Modern Capitalism

    07/24/2014 3:25:34 AM PDT · by matthewrobertolson · 27 replies
    Catholic Analysis ^ | 24 July 2014 | James Kohn
    When Adam Smith put to paper the principles of market systems that Marx would later dismiss as capitalism, people were still dedicated to their religious faiths. Smith -- who was not in Washington at the time (ba-dum-tssshhh) -- knew this, and, even prior to releasing this monumental work, he laid the foundation of what his market system would be based on: “moral sentiments”. Smith was not a relativist, but he believed that morals were commonly held -- after all, Christendom was still holding on, albeit just barely and for dear life. True, enlightened capitalism, while inferior to distributism, is at...
  • Workers receive wage hikes of up to 37% (Argentina)

    07/22/2014 5:32:29 AM PDT · by Oldeconomybuyer · 3 replies
    Buenos Aires Herald ^ | July 22, 2014
    The national government yesterday unveiled the results of collective wage bargaining for the first half of the year, stressing the fact that salaries have risen by up to 37 percent “amid a difficult context marred by economic troubles.” The Labour Ministry considered not only hikes in basic salaries but also extra sums agreed to between workers and employers. Meanwhile, private estimates say inflation for the last 12 months has clocked in at around 37 to39 percent.
  • First Detroit, Now Flint Warns Bankruptcy "Train Is Headed For The Cliff"

    07/20/2014 4:22:59 AM PDT · by Zakeet · 29 replies
    Zero Hedge ^ | July 19, 2016
    Flint may be Michigan’s second city to plunge into bankruptcy unless retirees accept cuts in health benefits that threaten to unravel a balanced budget. As Crain's Detroit reports, Emergency Manager Darnell Earley (Flint’s third emergency leader since it was placed under state control in 2011) warned "If we have no ability to mitigate the cost of retiree health care, that’s going to make it very difficult for the city to remain financially stable over the next few years." As Eric Scorsone notes, "Flint's at the forefront, but a lot of cities are on the same train, and that train is...
  • Economics for Everybody: Applying Biblical Principles to Work... [$5 Friday at Ligonier!]

    07/11/2014 1:15:21 PM PDT · by SoFloFreeper · 4 replies
    ligonier.org ^ | RC Sproul, Jr
    Everybody talks about it. The news is full of it. But most Christians know very little about it. Economics: it’s everywhere, influencing everything, yet so rarely understood. Economics for Everybody seeks to remedy that through an insightful and entertaining exploration of the principles, practices, and consequences of economics. Thoroughly unconventional, it links entrepreneurship with lemonade, cartoons with markets, and Charlie Chaplin with supply and demand. It’s funny, clever, profound and instructive. If you want to know why economics is so important to understand, this is the series for you. In our day and age, it’s a message every Christian needs...
  • Texas Margin Tax is the Epitome of Bad Tax Policy

    07/09/2014 12:54:32 PM PDT · by ThethoughtsofGreg · 7 replies
    American Legislator ^ | 7-9-14 | Will Freeland
    With most legislative sessions for 2014 adjourned, many states are now looking forward to November. Other than elections, various ballot initiatives will be voted on later this year. Perhaps the most economically damaging proposal comes from the state of Nevada, where voters will decide whether or not to impose a 2 percent modified gross receipts tax, or margin tax on the state’s businesses. Currently, only Texas has the economically devastating margin tax, at 1 percent, and that has been the subject of multiple votes to repeal just in the 2013 legislative session. Other states, such as Washington and Ohio also...
  • Further Look at Employment: Seasonally Adujsted Decline of 523,000 Over Last Month

    07/06/2014 9:34:21 AM PDT · by Kaslin · 16 replies
    Townhall.com ^ | July 6, 2014 | Mike Shedlock
    Initial Reaction On the surface, this appeared to be a very strong jobs report from both the household survey and establishment survey perspective. The establishment survey reported a gain of 288,000 jobs while the household survey sported a gain in employment of 407,000. In addition, May was revised up from +217,000 to + 224,000, and April revised up from +282,000 to +304,000. Digging deeper into the details, strength was entirely part-time (and then some). Voluntary part-time employment rose by a whopping 840,000 and involuntary part-time employment rose by 275,000. Compared to a total gain of employment of 407,000, the gain...
  • The After Effects Of Michigan's Minimum Wage Increase

    06/26/2014 2:06:30 PM PDT · by MichCapCon · 6 replies
    Michigan Capitol Confidential ^ | 6/24/2014 | Manny Lopez
    Despite overwhelming evidence from economists on both sides of the political aisle, Republicans in leadership positions in the Michigan Legislature pushed for an increase to the state's minimum wage. They were rewarded for their efforts when Republican Gov. Rick Snyder signed the increase into law late last month. By 2018, employers across the state will be forced to pay at least $9.25 an hour to workers. Forced increases to the minimum wage will continue in 2019 and beyond because the wage will be adjusted to the rate of inflation or 3.5 percent, whichever is lower. The mandate will be phased...
  • RTW States Lead the Way: More income, population growth

    06/23/2014 7:21:52 PM PDT · by MichCapCon · 2 replies
    Capitol Confidential ^ | 6/22/2014 | Zachary Woodman
    During the debate in Michigan over right-to-work, critics commonly incited fear that it would result in lower incomes for Michigan workers. For example, President Obama claimed in 2012 that the law meant "giving you the right to work for less money." As right-to-work is being discussed in other states, including Missouri, the fears about its impact on income are reiterated. The Committee to Protect Missouri Families, a coalition fighting right-to-work legislation, claims on its website that the law "cuts wages and stifles job growth by reducing people's discretionary income. When people have less discretionary income, they spend less, which in...
  • Businesses launch legal challenge to Seattle's $15 minimum wage

    06/18/2014 4:54:06 PM PDT · by Oldeconomybuyer · 17 replies
    FOX News ^ | June 18, 2014 | By Dan Springer
    Many Seattle workers are about to see their income go way up, after the City Council unanimously passed a $15 minimum wage earlier this month. But faster than you can get a happy meal at McDonald's, the ordinance is facing a legal challenge. “I guarantee not everyone will survive,” warned David Jones, who owns a Subway franchise in Seattle. “This discriminatory law will affect some franchisees and they will go out of business.” The International Franchise Association, representing those concerns, has sued over the wage hike, specifically objecting to the fact the ordinance treats franchises as big businesses and requires...
  • The Bankrupt Economics of David Brat

    06/17/2014 5:30:59 PM PDT · by SeekAndFind · 38 replies
    Pragmatic Capitalism ^ | 06/17/2014 | BY CULLEN ROCHE
    The big political news from last week was David Brat’s upset win over Eric Cantor for Congress. Brat is an economics professor at Randolph Macon and from his research it’s clear that he has strong political views embedded in his economics. It’s perfectly fine to be a political economist, but when it leads to an obviously flawed understanding and presentation of reality then it becomes a real problem in my opinion. For instance, in his website Brat says the following: “Our national debt has skyrocketed, reaching over $17 trillion dollars. What our leaders in Washington fail to mention is...
  • A history lesson on economic recovery from a little-known 1949 book that Washington never learned

    06/06/2014 2:35:51 PM PDT · by fredericbastiat1 · 6 replies
    "One of the most appalling things about NRA was the sudden multiplication of new rules with which businesses must comply, rules not resting on settled law but on arbitrary decisions of administrative bodies, subject to change almost without notice.The business community was suddenly called upon to rush to Washington to participate in the making of codes, codes which represented bargains among different elements of the industries, bargains with labor, and bargains with an extraordinarily incapable set of Government officials and employees, many of whom were extremely radical, and few of whom knew anything about business"
  • State Supported Companies Created Only 18.9 Percent Of Projected Jobs Since 1995

    06/06/2014 1:09:13 PM PDT · by MichCapCon · 1 replies
    Michigan Capitol Confidential ^ | 6/3/2014 | Jarrett Skorup
    Less than 19 percent of the projected jobs the Michigan Economic Growth Authority (MEGA) trumpeted as being created by tax credits between 1995 and 2011 ever came about, according to an analysis of data provided by the Michigan Economic Development Corp. (MEDC). Of the 186,923 new jobs first projected by companies that were awarded MEGA incentives, 35,369 jobs were reported back to the MEDC as being created, according to the latest MEDC reports. Just 3.9 percent of the 659 individual projects met or exceeded their job projection totals. Since 1997, the state has issued MEGA tax credit certificates worth $1.1...
  • Poverty Shoots Up in Venezuela

    06/05/2014 11:37:21 AM PDT · by C19fan · 21 replies
    Foreign Policy ^ | June 4, 2014 | Juan Nagel
    When the Venezuelan government defends itself from its critics, it usually points to declining poverty rates as proof of its success. For a while, this worked; poverty figures indeed improved during a portion of the chavista years. But the days when poverty was a winning issue for chavismo are over. Official statistics now show that poverty is rising rapidly. Venezuela's official statistics office (INE) mostly spends its time producing reports charged with political language -- but it still manages to report actual data once in a while. A few weeks ago, the statisticians published proof that one in three Venezuelans...
  • Piketty – The Greatest Justification to Just Rob Anyone Who Has more Than You

    06/02/2014 4:12:32 PM PDT · by Lorianne · 6 replies
    Armstrong Economics ^ | 30 May 2014 | Martin Armstrong
    We are seeing the most dangerous trend ever. There is an agenda behind the curtain and that is to sustain government at all costs and that includes everything you own. I have warned that either government will move toward a totalitarian state or to real democracy – real Athens style without the career politicians. The latter is possible with civil unrest as we saw in Ukraine. This agenda requires no secret group of sinister corporations, Rockefellers, Rothschilds, or Bildebergs. This is plain old Adam Smith where those in government will never admit they are wrong so the reason they are...
  • Did the Left’s New Communist Economics Hero Fake His Data?

    05/23/2014 5:03:29 PM PDT · by Nachum · 9 replies
    PJ Media ^ | 5/23/14 | Bryan Preston
    Oops. Also, Communists lie. Thomas Piketty’s book, ‘Capital in the Twenty-First Century’, has been the publishing sensation of the year. Its thesis of rising inequality tapped into the zeitgeist and electrified the post-financial crisis public policy debate. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. (Snip) But, according to a Financial Times investigation, the rock-star French economist appears to have got his sums wrong.
  • Do Taxes Matter to Migration?

    05/21/2014 1:55:41 PM PDT · by ThethoughtsofGreg · 1 replies
    American Legislator ^ | 5-21-14 | Ben Wilterdink
    While certainly not the only factor affecting whether Americans move from one state to another, taxes play a significant role in the equation, even if it is most significantly an indirect role. The Center for Budget and Policy Priorities recently released a report with the purpose of “debunking” this common-sense claim. In addition to the rebuttal from ALEC’s Center for State Fiscal Reform staff, the Tax Foundation also released a series of blog posts that address a few individual issues in CBPP’s report. First, the Tax Foundation makes the crucial point that taxes matter on the margin. Taxes might not...
  • Profit Is Indispensable for Prosperity: Thomas Piketty's Popularity Explains Our Sluggish Economy

    05/08/2014 6:39:31 AM PDT · by SeekAndFind · 2 replies
    Forbes ^ | 05/08/2014 | Steve Forbes
    FRENCH ECONOMIST and darling of the left Thomas Piketty is the latest in an endless array of economists who are clueless regarding profits and what brings about prosperity and a higher standard of living. In his call for ferocious wealth and income taxes on a global scale to combat what he believes is the growing inequality between the rich and everyone else, Piketty has become a media rock star. This merely underscores the fact that pundits and all too many journalists, politicos and economists know less about money and economics than their forebears did 100 years ago. No wonder the...
  • Missouri Lawmakers Override Governor’s Veto, Choose Economic Growth

    05/07/2014 1:40:38 PM PDT · by ThethoughtsofGreg · 5 replies
    American Legislator ^ | 5-7-14 | Ben Wilterdink
    Yesterday, the Missouri House of Representatives voted to override the veto of Governor Jay Nixon and enact broad based tax cuts for the citizens of Missouri for the first time in almost 100 years. The Missouri House joins the Missouri Senate, which voted to override Governor Nixon’s veto Monday. The tax cut package is similar to one which passed the legislature last year and was also vetoed by Governor Nixon. The previous veto was sustained. Ironically, Governor Nixon vetoed broad tax cuts (now twice) for all Missourians who pay income taxes even though he called a special session last year...
  • Socialism In Venezuela: Government Introduces Food Rationing

    05/07/2014 8:33:44 AM PDT · by TheProducer · 27 replies
    Reuters/The Libertarian Republic ^ | 5/7/14 | Reuters copied by Austin Petersen
    Socialism is reaching its unavoidable conclusion in Venezuela where President Nicolas Maduro has begun introducing food rationing. A new food card will be issued to citizens called the “Secure Food Supply” card that is aimed at combatting hoarding and reselling. Shoppers apparently buy food which is heavily subsidized and resell it on the black market to secure profits.
  • Thomas Piketty Lover Goes Public About Abuse

    05/04/2014 2:31:04 PM PDT · by dignitasnews · 11 replies
    Guardian Liberty Voice ^ | May 4, 2014 | Paul M Winters
    Since the release of Capital in the 21st Century earlier this year, its French author has consistently made headlines, although the latest media bombshell might be one he and adoring fans wish to forget. Thomas Piketty’s former lover, French Culture and Media Minister Aurelie Filippetti, has gone public about their stormy relationship, which includes a legal claim she made against the academic star for alleged physical abuse in February 2009. Their often stormy relationship came to an end as a result of the complaint, which resulted in the detainment and formal charges filed against the Socialist Party darling on March...
  • Rich States, Poor States, 2014 Edition

    04/28/2014 6:01:19 PM PDT · by TurboZamboni · 21 replies
    ALEC ^ | 2014 | Arthur B. Laffer, Stephen Moore and Jonathan Williams
    Throughout the country, states are looking for ways to energize their economies and become more competitive. Each state confronts this task with a set of policy decisions unique to their own situation, but not all state policies lead to economic prosperity. Using years of economic data and empirical evidence from each state, the authors identify which policies can lead a state to economic prosperity. Rich States, Poor States not only identifies these policies but also makes sound research-based conclusions about which states are poised to achieve greater economic prosperity and those that are stuck on the path to a lackluster...