The NY Times: Against the Minimum Wage Before It Was For It

Featured image I had lunch with a couple of Republican Congressmen a week or so ago. They said the Democrats are desperate to talk about anything other than Obamacare, and have decided that their best distraction is the minimum wage. So we can expect to hear a lot about raising the minimum wage over the next ten months. The New York Times editorial board, a reliable mouthpiece for the left wing of »

The New York Times Misleads On Economics, Too [Updated]

Featured image Paul and others have devastated David Kirkpatrick’s dishonest reporting on Benghazi in the New York Times. Kirkpatrick is obviously trying to minimize the Benghazi scandal in order to lend a hand to the Democratic Party in general, and Hillary Clinton in particular. Simultaneously, another controversy has been brewing over dishonest reporting by the Times, this time in the field of economics. I wrote about it here: Times reporter David Kocieniewski »

Get Your Hayek On

Featured image It’s been a while since we checked in on Friedrich Hayek (though I did write about him in connection with Obamacare in one of my first columns), but it is worth drawing your attention to a short series of video lectures about Hayek from Tyler Cowen of George Mason University. In addition to writing an occasional column for the business pages of the New York Times, Cowen and his »

The Obama economic boomlet — is it finally here?

Featured image While most of us have fixated, quite justifiably, on various Obamacare fiascos, the U.S. economy has been taking off. James Pethokoukis has the details. He notes that the economy grew by a revised 4.1 percent annual pace in the third quarter. Economists expect growth during 2014 at a rate of 3.0 to 3.5 percent. Pethokoukis thinks there’s a good chance that 2014 will be the best for the American economy »

The pivot that isn’t

Featured image Charles Lane writes about President Obama’s “pivot” to economic inequality. Like other commentators, Lane misses the fact that there is no pivot. Addressing inequality has been the organizing theme of the Obama administration — from the stimulus to Obamacare to “regionalism.” Until now, Obama has tried to conceal his redistributionist agenda. Indeed, when a congressman told Michelle Obama that the stimulus plan was the best anti-poverty program in a generation, »

Who Are the “Rich”? We Are

Featured image The Associated Press discovers something that Scott and I pointed out quite a few years ago in our paper, “The Truth About Income Inequality”: the “rich” are all around us: Fully 20 percent of U.S. adults become rich for parts of their lives, wielding extensive influence over America’s economy and politics, according to new survey data. These “new rich,” made up largely of older professionals, working married couples and more »

About That Jobs Report [Updated]

Featured image Last week’s jobs report was hailed by some as good news, and, with a net gain of 203,000 jobs (pending correction), it could have been worse, even with 41% of those jobs in the public sector [UPDATE: See clarification below]. But in the larger perspective, the jobs picture remains bleak. James Pethokoukis of the American Enterprise Institute provides this sobering context: 1. There are still 1.1 million fewer employed Americans »

The Minimum Wage and Obamacare: A Common Denominator

Featured image Liberals are again campaigning to raise the minimum wage. The know-nothingism behind their position is appalling; not too many years ago, both the New York Times and the Washington Post editorialized that the minimum wage should be repealed. That was in the 1980s, before partisanship overcame everything else. Here’s the thing about the minimum wage: it doesn’t do much damage, as long as you set it safely below the amount »

Obama Pivots to Income Inequality

Featured image Today President Obama announced to an audience at the far-left Center for American Progress that he will spend the remainder of his term in office focusing on income inequality. He began by saying that middle-class Americans are struggling, and the American Dream is threatened. He is right. Statistics on the White House’s own web site indicate that since Obama took office, median family income has fallen, per capita income has »

Confessions of a quantitative easer

Featured image The Wall Street Journal publishes an important column by Andrew Huszar. Huszar had worked at the Fed for seven years, until early 2008, when he left for Wall Street. He was recruited in the spring of 2009 to return to the Fed from Wall Street to execute what turned out to be “an unprecedented shopping spree.” He took the job “managing what was at the heart of QE’s bond-buying spree–a »

Oh Yeah, Record Poverty Levels, Too

Featured image Thank goodness we don’t have a Republican in the White House! If we did, the country would be in awful shape. Not only would millions of people be out of work with millions more losing their health care coverage, we would also be experiencing record levels of poverty. By one measure, California has the nation’s highest poverty rate, with the District of Columbia in second place. Go figure! I guess »

Year of the Unemployed Woman

Featured image Via Drudge, the Bureau of Labor Statistics reports that women are dropping out of the labor force in droves. And, no, it’s not because times are so good they can stay home and bake: American women participated in the nation’s labor force in September at a rate that matched the lowest level in 24 years, according to data released today by the Bureau of Labor Statistics. At the same time, »

The wealth of Washington

Featured image During the tourist season here in Washington, D.C., it sometimes occurs to me that if our tourists drove around the many wealthy neighbors in the D.C. area, the reaction would cause the Tea Party movement of 2010 to look like an ordinary tea party. Such is the wealth of Washington. I had the same thought when I read this post by John Gabriel at Ricochet called “D.C. Incomes Boom While »

Jeff Sessions Blasts Obamanomics

Featured image Regular readers of this site know that I am a big fan of Senator Jeff Sessions. Sessions has been the most effective opponent of the Senate Gang’s immigration bill; his opposition is based primarily on the damage that a massive influx of new, low-skill immigrants would do to America’s working men and women. Sessions has now embarked on a series of speeches on the economy, and how it has been »

Why such a pathetic recovery?

Featured image The “Age of Obama,” as John noted yesterday, is marked by record poverty, declining incomes, unprecedented numbers depending on federal poverty programs, and millions leaving the labor force in despair. To be sure, Obama inherited a deep recession. But economists John Taylor and Lee Ohanian (both of the Hoover Institution) remind us that “nearly all recoveries following severe U.S. recessions have featured robust economic recoveries that rapidly restored real income, »

The Age of Obama, By the Numbers

Featured image The Census Bureau reported today that a record 46.5 million Americans are currently living in poverty, more than at any time in our history. That is fewer people, however, than the 23,116,928 households now receiving food stamps, more than the entire Northeastern United States (Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island, New Jersey, New York and Pennsylvania). Let’s add one more: during President Obama’s first term, median income of »

Winter for Summers; Yellen Springtime!

Featured image So Larry Summers has withdrawn his candidacy to be the next chair of the Federal Reserve, presumably paving the way for Janet Yellen to be nominated.  We surveyed this controversy last month, noting how liberalism’s obsession with gender and identity politics, and not economic views, was driving the matter.  Beyond this being a victory for the identity-politics mindset at the center of liberalism today (not-so-idle question: will a Democratic president »