Economy

Why the Gallup Poll Means Deep Trouble for Hillary

Featured image Gallup headlines: Obama Approval Drops Among Working-Class Whites. Here, “working class” includes all non-college graduates, some 60-65% of the adult white population. Gallup’s chart shows President Obama’s approval rating among white college graduates and non-college graduates from the beginning of his administration to the end of October. His 27% approval rating among non-college graduates is indeed striking: But perhaps more important is Obama’s steep decline within that demographic. Since he »

Yes—Let Liberals Bail Out Detroit

Featured image Back in May I suggested, less than half facetiously, that if we are indeed to consider paying reparations for slavery, the Democratic Party should have to pick up the entire tab, for all of the obvious reasons. I was reminded of that idea when stumbling across the most interesting story on the front page of today’s New York Times: “Finding $816 Million, and Fast, to Save Detroit.” The details are »

In defense of QE

Featured image A long-time reader and professional investor responded both to the critical if tentative substance as well as the spirit of inquiry in which I posted “The Age of QE” yesterday. Our reader’s company is devoted to private equity investment and he has asked me to withhold his name for professional reasons; I thought readers interested in the subject would appreciate his response. He writes: I want to offer some perspective »

The Age of QE

Featured image We are approaching the end of year six of the regime of Quantitative Easing (QE) engineered by the Federal Reserve under Fed chairmen Ben Bernanke and now Janet Yellen. In place of responsible economic policy to revive economic growth and employment, we have had QE and the explosive growth of job-killing regulations (including Obamacare). In a recent look back at QE, New York Post columnist John Crudele credits QE with »

Another Shining Example of Liberal Open-Mindedness

Featured image Writing about this year’s winner of the Nobel Prize for economics, Frenchman Jean Tirole, the New Yorker’s John Cassidy let’s fly with typical condescension right at the beginning: In general, I’m not a fan of the economics Nobel. Too often, since it was first given, in 1969, it has been used to reward free-market orthodoxy, as evidenced by the plethora of prizes awarded to scholars at the University of Chicago. Apparently »

Stocks: Look Out Below!

Featured image At last! A stock market I can like! There’s no shortage of opinions on why the market is suddenly swooning—take a sampling of the commentary over at RealClearMarkets if you’d like to take in the waterfront—but of most immediate interest is what the political impact might be if the market continues to fall, or even crash, before election day in three weeks. One more thing Obama doesn’t need right now. »

AFP Stands Up For Millenials

Featured image Americans For Prosperity has launched a new initiative aimed at millenials. The campaign, focused particularly on Alaska, Arkansas, Colorado, Iowa, Louisiana and North Carolina, emphasizes youth unemployment. It includes a web site called Defend Their Dream, as well as this short but effective ad: Unemployment and underemployment among young adults should be a huge issue for conservatives. Europe has chronically high–astronomical, in some cases–levels of youth unemployment. The reason is »

Will Yesterday’s Jobs Report Boost Democrats?

Featured image Democrats are touting yesterday’s jobs report–248,000 net new jobs were added in September, and the unemployment rate fell to 5.9%–as a victory for the administration that should improve the party’s prospects in November. Thus, to cite just one example, President Obama boasted in a speech yesterday that by any measure, the economy today is better than when he took office. I should hope so! Obama took office shortly after the »

Will’s useful reminder

Featured image President Obama read from the teleprompter at mind-numbing length yesterday before a friendly audience at Northwestern University (White House text here). In the speech Obama touted his economic record, mocked Republicans for opposing Obamacare, and made economic proposals that reflect the brain-dead state of contemporary liberalism. He also got in a gibe at FOX News, for entertaining heterodox thoughts on Obamacare. On the FOX News Special Report with Bret Baier »

The Obama Economy, In Eleven Charts

Featured image Today the Republicans on the Senate Budget Committee put out a chart book that documents the Obama administration’s failures in economic policy. From the introduction: The great economic tragedy of our time is the erosion of the American middle class. Millions of Americans find themselves locked out of the American Dream. Their wages are either flat or falling, even as the price of energy and goods surges; the labor force »

Census Report Shows Income Stagnation Under Democrats

Featured image The Census Bureau has released its annual income and poverty report for 2013. You can read it here. Not much changed last year–which, actually, should be a major news story. At a time when we should be experiencing rapid growth coming out of a recession, incomes continue to stagnate: Median household income was $51,939 in 2013, not statistically different in real terms from the 2012 median of $51,759. This is »

The Law of Supply and Demand In One Venn Diagram

Featured image No one expects consistency from a liberal. Why? Here is just one example: liberals recognize the law of supply of demand, or not, at will, based not on logic but on ideological preferences. Coyote Blog illustrates the point amusingly with this Venn diagram, which has the added virtue of ridiculing Paul Krugman. Click to enlarge: »

Let’s Not Drive Down Wages With Immigration “Reform”

Featured image Today’s jobs report was disappointing–only 142,000 jobs added, well below analysts’ expectations; 60,000 workers left the labor force; June and July payroll estimates were revised downward; and 12% are either unemployed, or working part-time while seeking full-time employment. All of which raises, once again, the question why anyone would consider it a good idea to import tens of millions of new, unskilled and semi-skilled workers to compete with Americans who »

Which States Are the Richest? The Answer May Surprise You

Featured image It has long been obvious that it takes a lot of money to live in New York or San Francisco, while you can get along on much less in, say, Nebraska. But only in April of this year did the Bureau of Economic Analysis systematically compute real per capita income for each of the 50 states, plus the District of Columbia. You can see the results for 2012, the only »

Uber Meets Liberalism Uber Alles

Featured image There are days when I wonder whether Salon is for real, or whether it’s an elaborate gag, similar to the theory that all of Paul Krugman’s and Tom Friedman’s columns are actually written by a bunch of madcap interns at the Heritage Foundation wondering how long it will take New York Times readers to figure out. We’ve commented here before about how Uber, the app-based car service, is catching on »

Risk? Did You Say Risk?

Featured image One of my favorite financial axioms is that about every ten years or so we experience the worst financial crisis in the last 50 years.  And for the last couple of years there has been no shortage of predictions from clever and successful financiers that we really haven’t solved the banking problems that contributed to the meltdown of 2008—just postponed them for another day, or, worse, building up trouble for »

How To Wreck Thomas Frank’s Day in Three Easy Steps

Featured image If Thomas (What’s the Matter With Kansas?) Frank didn’t exist, we’d have to invent him as a museum specimen of a clueless liberal.  Among other things, if people are supposed to vote their economic self-interest, why didn’t he write What’s the Matter With the Upper West Side?  Apparently only voting against your economic self-interest for Republicans counts as evidence of stupidity. But Frank’s own retrograde ignorance is on full display »