Economy

About Trump’s “re-election” ad

Featured image John wrote about and posted what he calls Trump’s first re-election ad. The ad touts the record level stock market and the unusually low unemployment numbers. It doesn’t cite any legislative victories or foreign policy accomplishments. Nor could it. As a re-election pitch, current stock market prices and employment numbers couldn’t be less relevant. The relevant numbers will be the ones in 2020, when Trump faces the voters. At that »

Stocks Shatter Records, But DON’T GIVE TRUMP CREDIT!

Featured image The Associated Press has devoted itself to helping the Democratic Party bring down President Trump. The AP’s effort consists mostly of producing multiple negative articles about Trump and his administration every day; these are picked up by hundreds or thousands of newspapers around the country. But that isn’t all: the AP also conducts a rear-guard action, trying to defuse any positive news about Trump and his administration. Today’s AP story, »

Trump Tells The Truth About Economy, AP Tries to Obfuscate

Featured image The Associated Press purports to fact-check President Trump on just about a daily basis, but anyone who pays attention knows the AP is just pushing the Democratic Party’s line. Today’s “fact check” is a good example: The Latest: Trump’s claims about economy not accurate. Only if you read the article, you find that Trump’s statements were indeed correct: President Donald Trump’s tweet Monday about economic progress under his administration isn’t »

Jamie Dimon for President?

Featured image You may have heard the rant about Washington’s unseriousness about economic growth that JP Morgan CEO Jamie Dimon delivered on an earnings call the other day. In case you missed it, here it is (with some key bits marked in bold): Since the Great Recession, which is now 8 years old, we’ve been growing at 1.5 to 2 percent in spite of stupidity and political gridlock. Because the American business »

Millions of Liberal Brain Cells Have Died

Featured image I’ve commented before on the current Democratic talking point that “millions will die” if the Senate health care reform proposal is enacted, noting that I had missed this enormous mortality that must have been occurring just a few years ago before Obamacare was passed. There is actually fairly robust econometric literature that establishes the proposition that “wealthier is healthier,” and hence that economic growth is the best general policy for »

Seattle Discovers Gravity Is Not Socially Constructed

Featured image Well not quite gravity, but close enough for post-modernist work. You know how liberals like to attach taxes on cigarettes so we’ll buy fewer of them, and on alcohol so we’ll drink less, etc? Funny, though, how the basic lesson of supply and demand and price sensitivity falls by the wayside when it comes to the minimum wage. We’ve commented on this invincible ignorance repeatedly (such as here, here, here, »

The Economy: Don’t Look Now But. . .

Featured image The stock market closed today at record highs, and today’s jobs report, though weak, showed steady progress (especially in mining—one of those sectors Trump had promised to improve). But I wonder if we might be seeing some early signs of trouble.  The good folks who produce the copious charts for the Wall Street Journal‘s Daily Shot note that a housing bubble may be reforming as housing sales suddenly show a »

Make Volatility Great Again!

Featured image There’s good reason to think the stock market is overvalued—perhaps not grossly so, but by historical standards at least—and is due for a retreat, which is perhaps what happened yesterday. One of the key gauges of market complacency is the VIX index, which has been very very quiet of late—often a contrary indicator. Well, problem solved! I also got to wondering whether any of the prediction markets were jumping to »

CRB: Sending jobs overseas

Featured image This morning we continue our preview of the new issue of the Claremont Review of Books. Thanks to our friends at the Claremont Institute, I read the new issue in galley to select three pieces to be submitted for the consideration of Power Line readers. As always, wanting to do right by the magazine and by our readers, I had a hard time choosing. You, however, can do your own »

Marxist economics

Featured image Yesterday, I mentioned Marine Le Pen’s advocacy of the use of two currencies in France. Patriotic, salt-of-the-earth Frenchmen would use the French franc; elitist bloodsuckers would use the Euro. Just kidding. Actually, the franc would be used for France’s “home economy.” The Euro would be used for international trade. Le Pen was hard pressed to defend this seemingly inane proposal during her debate with Emmanuel Macron. This account by CNN »

One Reason Why Trump’s First 100 Days Have Been a Huge Success

Featured image The hundred-days idiocy will soon be behind us, to be followed by some other excuse for Trump-bashing. The whole thing is silly, but apparently inescapable, so it is worth noting that the progress President Trump and the Republican Congress have made in reducing government regulations is a more substantial positive achievement than anything Barack Obama accomplished in eight years, let alone 100 days. The regulations that Congress rolled back under »

Small Business Optimism Spiking Since Election

Featured image The Bank of America’s survey of 1,300 small business owners finds a dramatic increase in optimism resulting from the election of President Trump and the Republican Congress: Small business owners’ optimism about the economy has turned around dramatically since before the election, according to a survey released by Bank of America. The number of owners expecting the national economy to improve over the next 12 months jumped to 51 percent »

How to Get Rich

Featured image When it comes to countries, there really isn’t any dispute. No country has ever gotten rich through high taxes, big government and onerous regulation. And yet, these are the very prescriptions that often are promoted by international organizations and left-wing politicians. Abir Doumit of the Center for Freedom and Prosperity Foundation is here to set the record straight. The path to national success is blindingly obvious, but too often is »

The Economy: Don’t Look Now But. . .

Featured image I don’t know what is going to happen with the economy, but one of the problems during the Obama years was the uncertainty of just how hostile to enterprise the Obama Administration was going to be. The stock market rally following Trump’s election could be attributed partly to relief that they’d be spared from things getting even worse under a Nurse Ratched Administration, and partly to optimism that Trump would »

The AP Debates Trump On Jobs

Featured image The Associated Press is bidding to overtake the New York Times as the most biased news source in America. To perhaps a greater degree even than the Times and the Washington Post, the AP has set itself up as the opposition to the Trump administration. Often, its bias has to be seen to be believed. As with this story: “Jobs report no longer phony, Trump says, now that it’s his.” »

Jobs Boom

Featured image ADP’s National Employment Report shows that the economy added 298,000 jobs in February. January’s number was also revised upward from 246,000 to 261,000. The February number was well above what most economists had predicted. “February proved to be an incredibly strong month for employment with increases we have not seen in years,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. For context, here are ADP’s numbers »

A miserable century?

Featured image Nicholas Eberstadt, one of the most perceptive analysts I know of, contends that “things have been going badly wrong in America since the beginning of the 21st century.” He makes a solid case, and I’m not here to dispute it, much less to argue that this century has been a bed of roses. Eberstadt attributes President Trump’s stunning victory to the “miserable” century Americans outside of the “bubble” have been »