As they don caps and gowns, endure commencement speeches and take their diplomas, many high school and college graduates face bleak prospects in an economy that grew a dismal 0.5% the first quarter.
The missed payment, due on May 1, was just another scene in the slow-motion train wreck that has been termed “Puerto Rico’s economic crisis,” but to call the territory’s status a “crisis” understates the severity of the problem. Over 12 percent of the workforce in Puerto Rico is unemployed, and one out of every four employed Puerto Ricans works for the government, instead of contributing to the territory’s economy.
The world is threatened with a renewed wave of anti-capitalism and anti-business sentiments and policies. Many who cheered the demise of Soviet communism in the early 1990s, presumed that this meant that, by default, the case for free markets and competitive enterprise had won in the battle of ideas. Over the last twenty-five years it has become clear that the same misguided arguments against free market capitalism constantly reemerge, like an ideological vampire waiting to rise from the intellectual grave and drain market freedom of its lifeblood by more government regulations and controls.
For many people, Pittsburgh is defined by the confluence of the Alleghany and Monongahela Rivers, out of which is formed the Ohio River. Three Rivers. But, Pittsburgh was transformed from a disease-infested frontier town into a great city by a different kind of confluence: the combination of coal from West Virginia and iron from Minnesota and the upper peninsula of Michigan.
America’s abysmal 0.7% economic growth during the fourth quarter of 2015 meant the annual growth rate was an anemic 2.4% … and average annual growth for the six-year Obama era a pathetic 2.2 percent.
Like it or not, lawmakers’ decisions have a large effect on our everyday lives. From increasing the cost of a car people need to take their children to soccer practice or go to work, to restricting job opportunities using occupational licensing rules (which reduce the supply of providers and raises prices), lawmakers’ actions have a serious and quantifiable effect on how much Americans pay for the things they need and want.
Nevada’s casinos and the state’s largest electricity supplier are locked in an escalating conflict, but the Nevada Legislature can turn the impasse into a victory for both parties if it will merely restore economic freedom to electricity markets.
Socialism is a failed ideology. It was the avant-garde approach to how to do government – in the Twentieth Century. The Soviet Union was the flagship petri dish. That conquered, infiltrated or ingratiated themselves with many other nations – to establish them as additional petri dishes (Hello, Cuba). We certainly now have a large enough, long enough sample set – and the results are in. The system is contaminated – Socialism does not work.
Labor unions are fighting hard to maintain the power to force people to join unions as a condition of work. In June, Gov. Jay Nixon, Missouri Democrat, vetoed a bill banning forced union membership and forced union dues payments in the workplace, and the legislature just upheld his veto.
The U.S. territory of Puerto Rico owes more than $70 billion—about $19,729.43 per resident—in debt to creditors and investors. First to note the territory’s fiscal problems were the credit rating agencies, which downgraded the territory’s bond status to “speculative,” the first of three steps along the junk-bond path to loan default.
There is little that happens in society in general and the market economy in particular that most on the political “left” do not think needs more government intervention, regulation, and redistribution to make “better.”
One of the great voices for personal liberty was that of the British economist and political philosopher, John Stuart Mill. His essay, “On Liberty,” though penned well over 150 years ago, is a classic statement that the individual should be respected in his right of freedom of thought, speech and action.
In today’s edition of The Heartland Daily Podcast, Jesse Hathaway, managing editor of Budget & Tax News speaks with Matt Mayer. Mayer, a Heartland policy advisor, is president of Opportunity Ohio as well as Chief Operating Officer of the Liberty Foundation. Mayer joins Hathaway to help explain the world of prevailing wage and project labor agreements (PLAs).
Some of my right-leaning heroes (insofar as politicians are worthy of being heroes) are ganging up with other politicos to support the dull-sounding but pernicious policy of a federal unit-record system for higher education. The skinny: This bugger would expand federal cradle-to-grave surveillance of we, the people, and further centralize our already micromanaged economy. And Rep. Paul Ryan, Sen. Marco Rubio, and Rep. Mia Love are leading cosponsors. Jigga what?
You may not have noticed it when out buying things in the marketplace in the context of your personal budget, but according to the Wall Street Journal (April 24, 2015) the world is awash with too much stuff. We seemingly have too much of, well, almost everything: too many raw material commodities, too much capital, and too much labor. The world, claims the Journal, is suffering from global gluts.
The trailer for Johan Norberg’s latest documentary was released last year and the documentary itself will premiere on the WORLD Channel Monday, April 27. The effort explores how innovation and new technologies are meeting our world’s growing energy needs. Hence, the biggest challenge to be faced, given a world that is literally overflowing with energy, is not insufficient energy supply, but how world citizens will safely convert, store and pay for it.
In 1811, British factory workers literally “fought the machine,” protesting against technology under the banner of mythical figurehead King Ludd. Upset about being replaced by more efficient machinery, cost-ineffective factory workers rebelled against the installation of threshing machines and other force-multipliers.
Forty years ago, on December 11, 1974, Austrian economist, Friedrich A. Hayek, formally received that year’s Nobel Prize in Economics at the official ceremonies in Stockholm, Sweden. He delivered a lecture called, “The Pretense of Knowledge,” which forcefully challenged all those who believe that government has the wisdom or ability to successfully plan the economic affairs of society.