Category Archives: Business

Business, Economics, Political Commentary, Social Commentary

The Wreck Of The Euro

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It has already failed, and is a dead currency walking:

…we’re in an interesting situation. The crisis is crippling the south, but the south has no power to resolve the crisis. The crisis isn’t comfortable for the north but still looks less painful than the solution. So the north, which has the ability to resolve the crisis, doesn’t have the will to do it and the south, which has the will, lacks the ability.

And meanwhile everything in Europe gets worse. As we’ve said before, with the exception of communism itself, the euro has been the biggest economic catastrophe to befall the continent (and the world) since the 1930s. Politicians in Europe thought they were living in a post-historical period in which mistakes didn’t really matter all that much. They were horribly wrong, and the wreck of the euro is blighting lives and embittering spirits on a truly staggering scale.

An “interesting” situation in the same sense as the ancient Chinese curse, “May you live in interesting times.”

Business, Economics, Media Criticism, Political Commentary, Social Commentary

The GOP Problem With Minorities

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It’s not that they’re for small government — it’s that they’re inconsistently so:

Consider Indian Americans: More than 85 percent voted for Barack Obama, and 65 percent generally vote Democratic. This despite the fact that, like Jews (another anti-Republican minority), Indian Americans are wealthier and less likely to receive government support than the overall population. What’s more, Indian Americans should be natural allies of limited-government politicians, given how much government dysfunction they’ve witnessed back home.

So how do Republicans manage to alienate nearly every minority? By applying limited-government principles very selectively. During the last 50 years the GOP has opposed welfare handouts, racial preferences, and multiculturalism. Yet the Party of Lincoln has looked the other way when the government has oppressed minorities through racial profiling, discriminatory sentencing laws, and, above all, immigration policy.

America’s immigration laws are an exercise in social engineering that should offend any sincere believer in limited government. They strictly limit the number of foreigners allowed from any one country, largely to prevent America from being overrun by Hispanics and Asians.

We definitely need immigration reform, but not the kind being worked on by the Gang of Eight.

Business, Economics, Political Commentary

Obama’s Budget

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That is, its failure:

Let’s start with the bottom line. Obama proposes to spend $3.78 trillion dollars in FY2014, the highest level of spending ever. Cato Institute’s Chris Edwards calculates this against the budget that preceded Obama’s term in office, the FY2008 budget that was the last to get a signature from George W. Bush. Obama’s proposal increases spending by 27 percent over those six years and by 8 percent over the last normal-order budget for FY2010.

This increase comes despite Obama’s promises to introduce budget and deficit discipline, and in defiance of voters who want the federal government to reduce spending. It comes after the initiation of the budget sequester, which was supposed to lop off a mere $85 billion in spending each year for the next decade, which would have been just 2.3 percent of last year’s budget. Instead, this proposal would increase spending by $154 billion, almost twice what sequestration was supposed to save taxpayers.

So much for a multi-year approach to fiscal discipline! Obama’s budget bypasses the very sequester his White House demanded and got in 2011. AEI’s Jim Pethokoukis pointed out that Obama’s own budget office projected that the new budget proposal would lead to a balanced budget by … 2055. That assumes, of course, that whatever savings Obama claims to make in this budget will last 41 years longer than the sequester savings did.

Needless to say, Republicans on Capitol Hill were not impressed.

Well, his gall is impressive.

And then there’s the criticism from the nutjob left:

Business, Health, Social Commentary

Stairs

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How to make them irresistible.

This is a pet peeve of mine. For anything less than four or five floors, I much prefer stairs to elevators, not just for health reasons, but because it can be faster than waiting for one, but in a lot of places, they make it very hard. I just found the stairway here at the Broadmoor Conference Center, but it’s very clear that they’d prefer the guests not see or use it. At the Grace Inn in Phoenix, where Space Access has been for the past few years, they lock the doors to enter it from the bottom, so you can go down, but not up.

Business, Economics, Health, Media Criticism, Political Commentary

Beyond ObamaCare

60 Comments

Ramesh Ponnuru and Yuval Levin respond to their critics:

The first thing to note is that none of our critics actually defend Obamacare, and therefore none dispute the argument of the piece. Their dispute is entirely with what we propose instead — which our piece of course lays out only briefly and broadly, since we assumed that the argument that replacement is still the right way to think about things first had to be made. Their lack of interest in defending the law is interesting. Do they agree with us that Obamacare cannot work as enacted? Do they agree that piecemeal reforms will not work and Obamacare must be replaced? If they do, do they imagine that the party that forced this unpopular law down the country’s throat will be trusted to fix or replace it once it fails?

If they don’t agree that Obamacare is untenable (as we assume at least some of them don’t), how would they defend it? Do they not think it is headed for an insurance death spiral? Do they not think the financial incentives it sets up will result in far higher federal spending and far fewer insured Americans than its advocates promised? Do they think it will lower premium costs? Is it sustainable over time? Have you seen much of a substantive answer from the left to these commonly voiced concerns?

The critics of our piece offer no such answers, and actually suggest that we’re wasting our time repeating the obvious case against Obamacare. Several of them want to get right to a debate about what should replace it. That’s great. Not all of them, though, want to discuss the solution we pointed to. Kevin Drum acknowledges (twice) that he didn’t actually read our piece; he just read Yglesias and Klein (who just summarized Yglesias) and “sighed.” We know the feeling.

Don’t we all?

Business, Economics, Media Criticism, Political Commentary, Science And Society

The Global Warming Hysteria

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…is dissipating:

1. Global warming has gone AWOL over last 10 years, per the satellite record

2. Cumulating [sic] CO2 emissions in the atmosphere have had a minor impact on global temperatures over the last 20 years

3. The mainstream press, as represented by The Economist, and other proponents of convential [sic] climate orthodoxy are moving closer to the AGW skeptics’ (lukewarmers’) position

4. The publics [sic] (per Pew) belief in catastrophic AGW predictions is plummeting

As it should. As Robert Tracinski says:

So here’s the state of play of climate science a third of a century into the global warming hysteria. They don’t have a reliable baseline of global temperature measurements that would allow them to say what is normal and natural and what isn’t. Their projections about future warming are demonstrably failing to predict the actual data. And now they have been caught, yet again, fudging the numbers and manipulating the graphs to show a rapid 20th-century warming that they want to be true but which they can’t back up with actual evidence.

A theory with this many holes in it would be have been thrown out long ago, if not for the fact that it conveniently serves the political function of indicting fossil fuels as a planet-destroying evil and allowing radical environmentalists to put a modern, scientific face on their primitivist crusade to shut down industrial civilization.

I think that history will record that 2009 was the height of the hysteria, just before the release of the CRU data and emails, which broke the fever, and was a partial cause of the Copenhagen fiasco. And “FOIA,” whoever he or she is, will be viewed as a hero of humanity.

[Mid-morning update]

The new climate deniers.

[Later-morning update]

Why Freeman Dyson is a skeptic about climate “science”: “I believe any good scientist ought to be a skeptic.”

Amen.

Here‘s the full story.

Business, Economics, Education, Media Criticism, Political Commentary, Social Commentary

Bachelor Of Arts Degree

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The new high-school diploma:

Obviously, if Beaudry et al right, this is ferociously depressing news. It suggests that we’re pushing more and more people into (more and more expensive) college programs, even as the number of jobs in which they can use those skills has declined. A growing number of students may be in a credentialling arms race to gain access to routine service jobs. Or maybe the productivity of our nation’s wait staff is spiking as more skilled workers flood into these jobs.

And as evidence, McDonald’s is now requiring a college degree to be a cashier. And it’s positively destroying the low-skilled workers. This isn’t going to end well.

[Update on Friday]

OK, so it turns out that the McDonald’s help-wanted ad was erroneous. But the fact that it was believable should concern, and it may in fact be a sign of things to come.