Old fallacies never seem to die, they just fad away to reemerge once again later on. One such fallacy is that if there is significant unemployment and slow economic growth it must be due to not enough consumers’ spending in the economy, what Keynesian economists call a “failure of aggregate demand.”
At a time when the Louisiana legislature is facing a $1.6 billion budget shortfall with massive cuts in important programs like healthcare and education as a solution, legislators realize tough decisions have to be made—even when the choice may anger advocates who depend on the handouts they claim are essential for survival.
Commenting on the rioting in Baltimore, the Wall Street Journal’s Daniel Henniger was almost to the end of his April 30 text when he said “On Wednesday morning, the year’s first-quarter GDP growth rate came in—0.02%. Next to nothing. For the length of the Obama presidency, with growth significantly below norm, unemployment for blacks aged 24 and younger has hovered between 30% and 40%. That’s the real powder keg, not the police.”
Obamacare recently passed the five-year milestone, and etiquette would suggest an anniversary gift is in order for the politicians who passed and implemented the law. The traditional gift for five-year anniversaries is wood, and the more modern gift is silver. In this case, I’d recommend silver pieces – more than 29 but fewer than 31 – in light of the betrayal against American workers this law represents.
They say politics makes strange bedfellows. In a perfect example, U.S. Senators Dianne Feinstein (D-CA) and Pat Toomey (R-PA) are cosponsoring the “Corn Ethanol Mandate Elimination Act,” to abolish the corn ethanol Renewable Fuel Standard (RFS), which requires that increasing volumes of this biofuel be blended into gasoline. Let’s hope it passes, as an amendment or stand-alone bill.
Last week, Heritage Foundation President, Jim DeMint and Heritage Action for America Chief Executive Officer, Michael Needham led a discussion at Chicago’s Ritz Carlton. Their topic was “A Bold Agenda for a Better America: Taking on the 114th Congress”, as a way to deliver opportunity to all, but favoritism to none.
For decades, the quality of life of the incoming generation of Americans has built on and improved on that of the previous generation. According to new data released by the United States Census Bureau, however, that is not the case for the current incoming generation, the Millennials. They have government to blame for their rotten economic conditions.
All this fuss over one buried gas transmission line, a minor addition to the 200,000 miles of such pipelines already transporting natural gas in the United States. The county has electric power lines that are more visually obtrusive and carry more soil erosion risk. We apparently accept those intrusions because we all plug into the wall sockets. The shale gas pipeline, however, will initially carry most of its gas to the cities of coastal Virginia and North Carolina, so it is resented here. Big mistake.
The North Dakota oil boom is over. At least that was one of the recurring talking points at the North Dakota Petroleum Council’s (NDPC) annual meeting in Dickinson, North Dakota about a month ago. As the oil field has matured, life in the Bakken has started to become “more normal.” This shift has caused policymakers and local residents to change the way they talk about economic growth; as the boom has turned to bustle, the term “boom” has been replaced by “sustained growth.”
Thirty states, including Ohio, have renewable portfolio mandates. These laws require a certain percentage of electricity to be generated from renewable sources, primarily wind and solar power.
President Obama is trying, according to CNN, to “convince voters of a vigorous recovery that a majority still doubts.” Describing comments the president made on October 2 at Northwestern University’s Kellogg School of Management in Chicago, CNN calls his attempt, the “political problem inherent in having to describe an economic recovery that many Americans still aren’t feeling.”
The joke is that Jimmy Carter is happy that Barack Obama has replaced him as the worst President of the modern era. It is a supreme irony that Obama’s campaign theme was “Hope and Change” when Americans have lost a great deal of hope about their personal futures and the only change they want is to see Obama gone from office.
A diverse and growing coalition, has sprung up in opposition to the Clean Power Plan (CPP). Yet most people are unaware of the potential impacts or of the pending deadline for public comment.
In this hyper-partisan environment, it is good to know that a majority of Senators can still agree on an issue. When such a rare moment happens, the rest of us should pay attention, as it is probably something very important.
Timothy Noah of MSNBC recently informed us, “In theory, raising the minimum wage ought to increase unemployment, but in practice, economists (including a few at the not-exactly-left-leaning Goldman Sachs) have lately struggled to find any real-world evidence of that happening. Job creation is actually faster in the states that have raised the minimum wage.”
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.
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.”
Ohio sits above the Utica and Marcellus shales, two geologic formations that have rich energy potential waiting to be unlocked by the process of hydraulic fracturing, commonly referred to as “fracking.” Increased energy production has the potential to be a powerful economic engine for unemployed Ohioans, but the debate over hydraulic fracturing has served to highlight the natural and political fault lines running through the state.