Policy analysts and pundits alike seem to enjoy downplaying the U.S. economy’s recovery since the recession of 2008/9. It is time for them to wake up and smell the roses: The U.S. economy clearly is the dominant economy of the world. The European Union’s death rattle continues, while China is encountering a litany of unforeseen problems.
America is getting older, as medical science prolongs life expectancy and the fertility rate hovers at or even below the replacement rate. One metric for gauging the nation’s aging is the median age – the age at which one half the population is younger and the other half is older. In 2000, the median age in the United States was 35.3. By 2013, the median age had increased to 37.5.
Forty years ago, on October 9, 1974, the Nobel Prize committee announced that the co-recipient of that year’s award for economics was the Austrian economist, Friedrich A. Hayek. Never was there a more deserving recognition for one of the truly great free market thinkers of modern times.
The doubtful claim that low density US cities impose a cost to the economy of $400 billion is countered by their being the most affluent in the world. Nine of the top 10 cities in GDP per capita are in the US and more than 70% of the top 50. The highest GDP per capita city in the world is one of the least compact, Hartford, with an urban population density among the bottom 10 out of more the than 900 urban areas larger than 500,000 (See here and here).
This has been a week of eco-propaganda on a global scale. On Sunday there were “Climate Marches.” On Tuesday there will be a UN “Climate Summit”, and there will likely be an avalanche of nonsense in the media intended to make us believe we have control, influence, or impact on the climate when it is obvious to the rest of us that we—the human race—have none.
Cities have been pivotal role to improved living standards, because of the opportunities they facilitate. This is particularly evident over the past two centuries, as world urbanization has risen from 3 percent to over 50 percent, and to more than 80 percent in the United States.
It is an old adage that there are lies, damn lies and then there are statistics. Nowhere is this truer that in the government’s monthly Consumer Price Index (CPI) that tracks the prices for a selected “basket” of goods to determine changes in people’s cost-of-living and, therefore, the degree of price inflation in the American economy.
The total federal government spending in 2013 totaled $3,454,253,000,000—over $3.4 trillion—encompassing defense, highway and transportation costs, public education, immigration services, and government worker salaries, to name a few.
One-hundred-twenty fellow lovers of liberty signed up to attend an evening with Steve Forbes and Elizabeth Ames at the historic Union League Club in Chicago on Wednesday, August 13, for a special edition of The Heartland Institute’s Author Series to hear Forbes and Ames discuss their new book, “Money: How the Destruction of the Dollar Threatens the Global Economy, and What We Can Do About It.”
For more than a decade, now, Federal Reserve policy has been guided by the fear of one economic bogyman: the presumed danger of “price deflation.” The fear is unfounded and the inflationary “solution” only leads to disaster.
On June 2nd of this year the Obama administration announced new regulations from the Environmental Protection Agency (EPA) with a goal of reducing carbon emissions over the next 15 years. These goals as outlined by the EPA in the Clean Power Plan impose significant restrictions on power plants already in existence, even natural gas plants. Power plants are cited by the EPA as the largest source of carbon pollution in the U.S., accounting for roughly on-third of all domestic greenhouse gas emissions.
The New York Times’ utterly ridiculous Editorial Board recently as one addressed Title II Internet regulatory Reclassification and Network Neutrality – and they did so in utterly ridiculous fashion.
Two articles today show how the Internet economy tends to be like the overall economy but much, much faster. Innovation is faster, the rise of new companies is faster, and maturing and death of those firms is likewise faster than in the industrial and service sectors that preceded it and remain in place beside it.
Since the economic crisis of 2008-2009, the Federal Reserve – America’s central bank – has expanded the money supply in the banking system by over $4 trillion, and has manipulated key interest rates to keep them so artificially low that when adjusted for price inflation, several of them have been actually negative. We should not be surprised if this is setting the stage for another serious economic crisis down the road.
Here in America and elsewhere around the world, Greens continue to war against any energy other than the “renewable” kind, wind and solar, that is more costly and next to useless. Only coal, oil, natural gas, and nuclear keeps the modern and developing world functioning and growing.
In June, in a sparsely populated county in northern New Mexico, a primary electionsurprisingly unseated an incumbent County Commissioner. No one seemed to notice. But, apparently, high-ranking Democrats to the north were paying attention.
Whether the price of gold is seen as a measurement of the value of a precious metal or as a report card on the economic, monetary, and fiscal policies that go into determining the value of the dollar, it’s interesting to think about what the trends, short-term and long-term, may mean.
In rural areas, there is often a heated debate over economic development that essentially boils down to a choice between industrial jobs and tourism jobs. Both come with advantages and disadvantages, but to pit these two sectors against each other in an either-or discussion is a false dichotomy. My hometown provides a good example of how industry and tourism can coexist.
In a recent appearance before a congressional committee, EPA Administrator Gina McCarthy told them that the agency’s proposed sweeping carbon-regulation plan was “really an investment opportunity. This is not about pollution control.” If the plan isn’t about pollution, the primary reason for the EPA’s existence, why bother with yet more regulation of something that is not a pollutant—carbon dioxide—despite the Supreme Court’s idiotic decision that it is. Yes, even the Court gets things wrong.
The Obama Administration has proposed its latest form of collectivist control over the American people. In a letter to Congress U.S. Treasury Secretary, Jack Lew, has called for punishment and prohibition of any company that tries to move its headquarters overseas to avoid higher taxes in the United States. Plus, Mr. Lew has the audacity to call his proposed territorial imprisonment of American business, “economic patriotism.”