Category Archives: Economics

Stossel on Journalistic Bias

John Stossel documents his transition from a typical left-wing government-knows-best journalist hack to a thoughtful free-market libertarian — and the price he paid to make that journey. The experience has given him a unique perspective on the issue of bias in journalism.

Reporters who think coercive government control is generally good and I, who thinks voluntary market forces are generally better, both have a point of view. So why am I the one called biased?

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The Obama Youth Vote Gets Kicked in the Groin

The unemployment rate among young Americans has exploded to 52.2 percent — a post-WWII high. And there is little likelihood of the picture improving over the next several years.

Al Angrisani, the former assistant Labor Department secretary under President Reagan, doesn’t see a turnaround in the jobs picture for entry-level workers and places the blame squarely on the Obama administration and the construction of its stimulus bill.

“There is no assistance provided for the development of job growth through small businesses, which create 70 percent of the jobs in the country,” Angrisani said in an interview last week. “All those [unemployed young people] should be getting hired by small businesses.”

The delicious irony here, of course, is that it was these same young people who overwhelmingly voted for Obama. Now they are learning a hard lesson in how socialist economics works. And the learning is just beginning. These young Americans will inherit the trillions of dollars in debt that Obama has created. It will likely be a miserable life for these folks.

If the Republicans had any sense, they would build their election strategy in upcoming campaigns around this increasingly disillusioned demographic.

Economic Recovery: The Texas Model

Rick Perry has overseen a dramatic economic miracle in Texas, especially considering the plight of the rest of the country. The Texas model holds some lessons for the rest of us.

And, no, his success is not a prelude to national office.

Washington is not the place that great change is going to occur in America. It will occur in the laboratory of innovation called the states. I want to be a part of that.

Obamacare Examined

Last week President Obama tried to assuage critics’ fears of public run health care by drawing a comparison between the US Postal Service and UPS and FedEx. He explained, “UPS and FedEx are doing just fine. It’s the Post Office that’s always having problems.” Ah, so we can relax now. Public health care will be no more efficient or competitive than the Postal Service. That’s reassuring, huh?

Caroline Baum takes a closer look at this and other statements Obama has made, and finds  a disturbing lack of understanding of the most basic free market principles. Baum concludes:

The proliferation of Obama’s gaffes and non sequiturs on health care has exceeded the allowable limit. He has failed repeatedly to explain how the government will provide more (health care) for less (money). He has failed to explain why increased demand for medical services without a concomitant increase in supply won’t lead to rationing by government bureaucrats as opposed to the market. And he has failed to explain why a Medicare-like model is desirable when Medicare itself is going broke.

The public is left with one of two unsettling conclusions: Either the president doesn’t understand the health-insurance reform plans working their way through Congress, or he understands both the plans and the implications and is being untruthful about the impact.

Pelosi’s Made-Up Numbers

Wow, the recession is worse than I thought. Did you know that 500 million Americans lose their jobs every month?

Millions, billions, gadzillions — what’s a few numbers among friends, eh?

The Recession Just Got Personal

I lost my job this morning.

Over half the department got laid off, along with a good chunk of the rest of the company.

So when you hear the next unemployment numbers, know that my name is buried in there somewhere.

Thank you, President Obama. Your stimulus plan is just peachy.

Huh?

In an AARP town hall meeting, Vice President Joe Biden made the following statement concerning Obama’s health care plan:

“People . . . look at me and say, ‘What are you talking about, Joe? You’re telling me we have to go spend money to keep from going bankrupt?’” Biden said. “The answer is yes, that’s what I’m telling you.”

So according to Joe, we have to spend money to keep from going bankrupt.

If that is the logic that drives this administration — and the American people are okay with it — there is no hope. I tell you, we’re doomed.