In watching President Joe Biden’s initiatives to curb Americans’ access to oil and natural gas, I thought of the late Yogi Berra’s famous quip, “It’s déjà vu all over again.” Twelve years ago, during the first half-year of the Obama … Continue reading
What is noteworthy about the depressing title to this article is its source. In a case of uncommon candor, President Biden’s economic team has announced that once the artificially high stimulus-juiced measurements of GDP of the next two years subside, … Continue reading
To most people, “inflation” signifies widespread rising prices. Economists have long argued, as a matter of technical accuracy, that “inflation” denotes an increasing money supply. Frankly, though, most people don’t care what happens to the supply of money, but they … Continue reading
Having proposed trillions of dollars of additional federal spending, President Joe Biden and allies have launched a belated and somewhat desperate search for additional tax revenues. The economic reality is that there simply isn’t enough wealth available in the private … Continue reading
For years, I have been sounding the alarm about chronic federal deficit spending—practiced by both Republicans and Democrats—steering our country into a fiscal abyss. I feel like a broken record as I periodically chronicle the folly of it all. The … Continue reading
Hedge funds are in the news again. (I wrote about the Melvin Capital hedge fund blow-up a couple of months ago.) A firm named Archegos Capital Management “blew up” (to use the common vivid metaphor), vaporizing tens of billions of … Continue reading
The investment world was convulsed last week when at least one hedge fund (Melvin Capital) lost billions of dollars. The sudden, massive losses happened when a tidal wave of independent individual investors, spearheaded by posts on reddit.com, triggered a short … Continue reading
Americans are known to have big hearts. When disaster strikes, Americans unselfishly and heroically extend a helping hand. That certainly has been the case in response to the COVID-19 pandemic. Nobody wants to see those who have lost income through … Continue reading
With all the attention commanded by the presidential campaign, election, and aftermath, plus the ongoing COVID-19 story, many other issues have faded into the background. Though escaping the headlines, some of these other issues will be with us for a … Continue reading
In my previous column, I described the “paradox of prosperity”—the strange tendency of many people who have benefited from economic advances to denounce and vilify the source of their prosperity, a sort of “bite-the-hand-that-feeds-you” phenomenon. One example of this syndrome … Continue reading
In Friedrich Hayek’s 1954 book Capitalism and the Historians, the late French philosopher and political economist Bertrand de Jouvenel noted a baffling historical trend: “Strangely enough, the fall from favor of the money-maker coincides with an increase in his social … Continue reading
Hong Kong police arrested billionaire publisher Jimmy Lai on August 10, releasing him two days later. His “crime” was to express opposition to the mainland Chinese Communist Party’s (CCP) aggression against Hong Kong – both in person and through the … Continue reading
A recent opinion piece in The New York Times, “Tax the Rich and Their Heirs … more fairly,” was both reassuring and refreshing. It was reassuring to know that policy debates about relatively prosaic public policy issues continue to be … Continue reading
Here is an economic riddle that has been puzzling many people: Why has economic growth in the United States remained below three percent for so long? The growth of US gross domestic product (GDP) going all the way back to … Continue reading
Check out the photo. That is what I paid for gasoline last Thursday in Girard, Ohio. $1.13 for a gallon of regular is a price that I had thought I would never see again. What a bargain! And what a … Continue reading
In a report that unfortunately received a good deal of attention, MSNBC commentator Joe Scarborough asserted that today’s economy under President Trump is in worse shape than the dismal economy under President Carter in 1979. Scarborough pointed to “Jimmy Carter’s so-called year … Continue reading
“No one ever makes a billion dollars. You take a billion dollars.” That was the punchline of democratic socialist Rep. Alexandria Ocasio-Cortez in a Martin Luther King Jr. Day public interview with writer Ta-Nehisi Coates. The audience erupted into enthusiastic … Continue reading
During the week before Christmas, Congress rushed a spending bill into law. Two spending bills were introduced that Monday, a flurry of political horse-trading ensued, numerous pork-barrel favors were hastily added, and–presto–by Friday Congress had approved $1.4 trillion in discretionary … Continue reading
Amidst this season of gift-giving and merry-making, let’s ponder three remarkable aspects of the nativity of the baby Jesus two millennia ago. #1. Birth to a virgin. To atheistic materialism, this seems like a fairy tale. Spiritually, though, what could … Continue reading
Among the many radical economic plans offered by various Democratic presidential candidates, Senators Bernie Sanders and Elizabeth Warren have proposed an annual wealth tax on billionaires (and other “ultra-rich” Americans). Sanders has bluntly stated, “There should be no billionaires.” These … Continue reading
