Democrats have touted the Biden economic plan as very helpful to the economy. They leave out the fact that all the stimulus in his plan comes from using debt, in the trillions, to get that growth. It is a plan that is economically bad. This article by an esteemed economist at American Enterprise Institute shows why that’s the case.
DeBlasio can’t seem to get anything right. Here he’s spending money he doesn’t have to maintain the support of the teachers’ union – as if they could go elsewhere. He’s a horrible joke gone mad.
The scholars at American Enterprise Institute are among the brightest and most thoughtful in America. In this compilation, nine of them offer their views on what the next president needs to do. They cover a range of topics from governmental reform, the pandemic, the looming debt crisis and others. I have not posted each of these essays but you can read them by clicking on the appropriate link.
This is an article that appeared in a well known corporate board journal by an attorney who has a very important position in an extremely large and successful law firm. It is purported to be a response to the claims that corporations are not doing enough to remedy the ills of capitalism as defied by groups like BLM. It is well written but is also almost complete and utter nonsense. For example, it urges that corporations encourage better educational outcomes in urban schools by supporting pre-kindergarten programs, enhanced meals, after school activities and adopt a school programs. It is not up to corporations to do these things. Inner city schools around the country are usually pretty bad, but not because there is a lack of these programs. They are bad because enough parents don’t care, because teacher unions prevent firing of incompetent teachers and a thorough lack of sufficient competition with public schools. If corporations supported anything, it should be the dismantling of unions, increased number of charter schools and the institution of voucher programs. The job of corporations is to maximize long term value for its shareholders and do so by providing goods and services that customers want, hiring and retaining a competent workforce and do so by operating in compliance with applicable laws and regulations. Nothing else. Asking (requiring) corporations to be responsible for societal problems can only lead to greater government demands, oversight, regulations and fewer job and fewer successful companies.
FDR is today celebrated as an outstanding president who brought us out of the depression in much the same way that President Obama is lauded today for leading us out of a severe recession. There plaudits are not deserved. Roosevelt’s policy extended and deepened the depression and Obama’s was the worst recovery in almost a century. Yet, Democrats never seem to learn and Biden’s economic plan is likely to be even worse, if it passes and if he is elected.
Conventional wisdom is that the American Dream is fading for this generation of Americans. Conventional wisdom is wrong. Part of the reason for being wrong is that the CPI seriously overstates inflation. Part of the reason is politicians and media push a false narrative to denigrate the benefits of free markets and capitalism. Here is a brief counter to that narrative by an important scholar at the American Enterprise Institute
This article was written early in President Obama’s second term. It points out that the Obama claim of a great recovery was wrong; the recovery was miserable. It also argues that his program for improving the economy was not working and would not work. Finally, It argues that the best way to help the economy is to eliminate the corporate tax entirely or, at least, lower the rate to competitive international levels. This finally got done in the Trump tax code revision but the cost of getting this benefit was reducing the tax burden in other areas that would have little economic impact.
I wrote this article about 3 years into Obama’s first term when I got tired of the press narrative and Obama’s boasting about what a great job he did in dealing with the financial crisis. This article shows he actually did a fairly rotten job.
During one of the perennial debates on the pros and cons of globalization, I wrote this essay on the benefits of free trade. I still believe in the points I made then. I also believe the U.S. needs to take strong action to deal with unfair trade practices and forced technology transfers.
I’ve written a lot about our tax system and this essay deals with one aspect of our tax code – corporate tax rates. The left thinks corporations “do not pay their fair share”. Of course, their fair share is never defined. I argue that the best corporate tax rate would be zero; that would have a huge, beneficial effect on our economy. It would only be bad for politicians.
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