Detroit’s existing workers weren’t harmed by a global influx of people in pursuit of Henry Ford’s $5/daily wage. The impressive pay Ford offered as a way of shrinking employee turnover logically added to the productivity of Detroit’s existing workforce, and by extension their ability to earn even more. That’s because people are never a […]
There Was No “China Shock,” There Was a Big China Boom Read More »
Government spending is the biggest, most economy-sapping tax of all. While Elon Musk, Jeff Bezos and Mark Zuckerberg will work at all sorts of tax rates, none can work and innovate without capital. Government spending is the consumption of precious capital that could otherwise be accessed by Musk, Bezos and Zuckerberg in the present,
If the Kids’ Future Were Doomed, There Would Be Very Little Debt Read More »
Arthur Laffer has long explained the genius of trade through the horrors of incurable forms of cancer. Considering, for instance, pancreatic cancer, Laffer asks rapt listeners if they would refuse a lifesaving cure solely because it was created in China. Tick tock, tick tock… Readers get it. Just as there are no atheists in
Cancer Cures In the ‘Closed Economy’ That Is the World Economy Read More »
There’s production and nothing else, with government spending, government borrowing, money in circulation, and interest rate levels an effect of the production… Continue reading on Forbes.
The Fed Isn’t Independent, It Never Was, and It Doesn’t Matter Read More »
Scholars at Brookings, Cato, Hoover, along with adjacent pundits, have been promising a “crisis” related to the national debt for decades. Despite so many of the wise so routinely and confidently predicting terrible things in the “future,” the value of Treasury income streams has conistently risen alongside increasingly alarmist rhetoric. Whom to believe: the
There Is a Debt Crisis, But It’s Unseen and Not Even Discussed Read More »
The national debt will continue to soar. Bank on it. See Holman Jenkins’s column from last week for evidence. He wrote in the Wall Street Journal that “The U.S. won’t deal with its looming debt problem except with ad hockery – inflation, spending cuts, tax hikes, de facto claw-backs of government benefits via waiting lists and declining service
National Debt Solutions That Don’t Address Why There’s Debt Read More »
The central bank is just not that important. We insult the U.S. economic engine when we pretend that it is. Continue reading on Forbes.
Warsh Will Soon Realize That Powell Was Never Vy. Powerful Read More »
The Federal Reserve is a full employment act for economists, both inside the central bank and outside of it. Please keep this in mind amid all the debates about what the Fed will do, how independent it is or not, along with its alleged meaning of the economic outlook… Continue reading on Forbes.
The Fed Was Never Steering the Ship. Evidence? The Growth Read More »
President Trump is happily overstepping the naivete that informs so much economic commentary. While the experts continue to look to the Federal Reserve to bring down prices via the tweaking of interest rates, Trump wisely chose to provide reciprocal tariff relief for so-called “unavailable natural resources,” e.g., agricultural products that cannot be grown at commercial scale
With Tariffs and Trade, the Trump Administration Takes a Positive Step Read More »
U.S. Postal Service workers used to be able to afford Manhattan’s Upper East Side. When a young Lee Harvey Oswald moved with his mother Marguerite to New York City in 1952, they lived for a time with Marguerite’s postman son, Lee Harvey’s half-brother, on East 92nd Street. The oddity of a postman living where
Jensen Huang Will Do For Affordability What Zohran Mamdani Can’t Read More »
