Governments have an insatiable appetite for the wealth of their subjects. When governments find it impossible to continue raising taxes or borrowing funds, they have invariably turned to printing paper money to finance their growing expenditures. The resulting inflations have often undermined the social fabric, ruined the economy, and sometimes brought revolution and tyranny in their wake. The political economy of the French Revolution is a tragic example of this.
In campaigning for the presidency, Barrack Obama inspired popular support of millions of voters by eloquently promising to “transform” America with “fundamental” change. Now his popularity is at its all-time low, his signature legislation, Obamacare, has been a disaster, his highly touted—and extremely expensive—stimulus program has failed. He has done nothing to lower the federal debt or tackle the future insolvency of Social Security, Medicare or Medicaid.And the economy continues to stumble 58 months after the recession officially ended.
This year marks one hundred years since the beginning of the First World War in the summer of 1914. The Great War, as it used to be called, brought great devastation in its wake. Millions of human lives were lost on the battlefields of Europe; vast amounts of accumulated wealth were consumed to cover the costs of combat; and battles and bombs left a large amount of physical capital in ruins. But the “war to end war,” as it was called, also resulted in another weapon of economic mass destruction – an orgy of paper-money inflations.
A recent article by Paul Rosenberg in Salon contends that Paul Ryan, the Republican congressman from Wisconsin and erstwhile running mate of Mitt Romney, exhibits many of the hallmarks of a psychopath. Rosenberg claims that Ryan is “arrogant, manipulative, deceitful, and remorseless.” Whether Ryan is guilty of any or all of these sins or not, they seem to fit the bill of another prominent figure in Washington, DC: Barack Obama. Is the president a psychopath?
Every year the percentage of American high school graduates enrolling in college increases. Yet the cost of attaining those degrees has been growing at an astronomical pace, one that is harmful and unsustainable.
In “Paul Krugman and Detroit, Part 1” I discussed the New York Times columnist’s failure to understand why Detroit currently resembles the United States in Atlas Shrugged. But Krugman’s error[…]
The goals of limited government, fiscal responsibility, traditional values, and strong defense have been an ever-present litany of bullet points from Republican politicians – but talking about limited government and actually delivering on it are two very different things.
In recent weeks, Illinois legislators have considered several major pension reform proposals. Several pieces of legislation were considered by legislators that attempted to take some positive steps towards controlling costs[…]
The recent “discovery” within President Obama’s health care law that up to three million middle-class Americans will qualify for Medicaid in 2014 serves as further embarrassment for his administration’s plan.[…]
I used to live in California. I like to joke (to keep from crying) that I left the political and fiscal mess of the formerly Golden State for the sunny[…]
My initial reactions to Obama’s speech: 1) Dull, dull, dull! Nothing inspiring or even interesting. 2) He spent more time and gave more detail attacking the opposing plan than he[…]
Headlines in newspapers across the country today declare we are on the verge of a “government shutdown” because the Republicrats and Demoplicans cannot agree on whether to cut an infinitesimal[…]