In today’s edition of The Heartland Daily Podcast, Sam Batkins, Director of Regulatory policy at the American Action Forum, joined the podcast to discuss his new paper titled “600 Major Regulations.”
The U.S. economy continues its Barack Obama Administration-long hobbled limp. President Obama will be our nations first tonever, ever have even one year of 3% or higher Gross Domestic Product (GDP) growth.
Behold “Mother May I?” government. Where the private sector can’t do a thing, make a move, invent or innovate – until after the incompetent, pathetically slow government finally gets around to granting permission to do so. If we’re lucky – more likely than not, they’ll say Nay.
A recurring headline in the Age of President Barack Obama begins with things like “Obama Administration Issues New Rules…” and “Administration Targets…” and various variations on this theme. To wit:
It is an incessant refrain – from Leftists and the media (please pardon the redundancy). This annoying gaggle whines and moans that the quintessential, awful faces of corporate influence over government are those of Charles and David Koch.
And that, in a nutshell, is the lion’s share of Google’s business model. And business – is booming. Google is worth a net $350 billion. The Gross Domestic Product (GDP) of Denmark – is $342 billion.
Today we have assembled a panel of independent experts with unique perspectives. We are recording this in late January, and it has already been a dramatic year. After rebounding from a brutal start, the U.S. stock market is still down 5%, while Europe, Japan and China have all declined approximately 8%.
It is hard for people to grasp the magnitude of the U.S. debt problem—and what the ultimate “day of reckoning” will be. The national debt reached $1 trillion for the first time in 2009. It is now well over $18 trillion. That’s the official total; the real total is much higher. Lawrence Kotlikoff, a professor of economics at Boston University, has calculated that based on Congressional Budget Office data the real debt is $202 trillion, more than eleven times the official debt. It is also about 3 times what the entire world produces, that is, global gross domestic product (GDP), which is $72 trillion. In 2013 Kotlikoff updated his debt calculation to $222. That’s $700,000 per person, $1.9 million per household.
The federal government alone spends almost $4 trillion a year – that is a LOT of garbage. Hundreds of billions of that is borrowed, which is debt and interest for which We the People are responsible – more garbage. Then there’s what they do with so much of that money – create ever more regulations. More garbage.
“Trade Wars” actually aren’t about trade — they are about government trade policy. If peoples are trading freely, there isn’t a “War” – there’s commerce. The “Wars” only happen when governments get involved, placing tariffs, regulations and subsidies in the way of the flow.
It is common for health policy experts to argue that US health care spending is wasteful compared to its European counterparts because we are not getting better health for the larger amount of spending taking place here. There is limited evidence to support this claim.
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.
There is a general perception that the densest US cities are in the Northeast, where downtowns tend to be bigger and inner city densities are higher. However, cities have become much larger geographically, and also include the automobile oriented lower density suburbs that have developed since World War II. In fact, most of the densest major urban areas are in the West.
Thanks mainly to the shale revolution, oil production in the U.S. hit a 28-year high last month while imports were at their lowest levels since 1995. Consequently, prices have fallen 15% since June, and Saudi Arabia has cut production by 400,000 barrels a day — providing further evidence that OPEC no longer has the power to set prices.
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).
The idea from John Kerry is that CO2-induced warming is an imminent national security threat. So he is saying the increase of one molecule of CO2 per 10,000 molecules of air in the last 100 years is a threat on par with what is going on in the Middle East? How can that even be close. The real threat when it comes to CO2 is the agenda that paints it as a threat. One, it makes us more reliant on an unstable area of the world. Two, the policies limiting its use starve the lifeline of our economy. As I have opined before, it’s the global warming agenda that is the major threat, not global warming.
TweetIn 1900, we had no airplanes, no computers, no cellphones, no internet. We had only rudimentary versions of cars, trucks, telephones, even cameras. As Stephen Moore and Julian L. Simon[…]
According to the Commerce Department, the economy based on its Gross domestic product–the value of its goods and services–fell at a seasonally adjusted annual rate of 2.9% in the first quarter of this year. That was the largest recorded drop since the end of World War II in 1945!
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.
Even so, you do not have to be smart with numbers to know that the real state of the U.S. economy is pathetic these days. You can thank Barack Obama for that because, dear reader, he is utterly clueless regarding America’s economy; how it works, and what it needs to work.