Remember the one I showed this weekend? Well check this one out:
I remember when James Carville demagogued Bill Clinton into office in 1992 with continuous lies that it was “the worst economy in fifty years.” Well, folks, this is the worst economy seventy years. And it won’t improve until we remove from office the people determined to keep wrecking it, who first took power five and a half years ago. There are a lot more scary charts at the link, if that’s not enough for you.
…How Government Fat Cats Are Getting Rich Off You
A new book on corruption and rent seeking by my colleague at the Competitive Enterprise Institute, Iain Murray, launches today.
[Update a few minutes later]
An explanatory editorial from the author.
…my new book, Stealing You Blind: How Government Fat Cats Are Getting Rich Off of You, doesn’t just talk about the excesses of government pay. It looks at how the modern American state has rigged the rules to support itself at our expense. The Internal Revenue Service is allowed to ignore the Constitution. Regulations cost our economy more than the federal deficit without anyone batting an eyelid, as they turn ordinary Americans into criminals. Worst of all, our education system has ceased to educate our children and now only works to benefit the education establishment—unionized teachers and administrators.
And teach them to allow the statists to continue to rob us blind.
This bad:
It’s Rooseveltian, in that the president inherited a bad situation, and made it worse (and continues to do so). Fortunately, we have term limits now, so he can only do the damage for eight years at most, but if the voters are smart, they’ll preempt the extended disaster next year.
…I think, was Herbert Hoover.
The mythology about him is truly amazing. As Glenn says, he was the Barack Obama of his day. Except, of course, he actually had accomplishments in the real world before he became president and, as an engineer, at least understood basic math.
…because people aren’t stupid.
Well, except for the people who thought this would work.
…over at Instapundit. Expect to see a lot of nostalgia not just for the Shuttle, but for the entire way of doing business-as-usual as it’s been done at NASA for the last half century. It ended about forty years too late, but the future is bright now.
…has run out of money.
Finally. The problem is, it was our money.
…was probably Barack Obama.
Heh.
It isn’t about race:
Think of the path to successful middle class living as a ladder; the lower rungs on that ladder are not nice places to be, but if those rungs don’t exist, nobody can climb. When politicians talk about creating jobs, they always talk about creating “good” jobs. That is all very well, but unless there are bad jobs and lots of them, people in the inner cities will have a hard time getting on the ladder at all, much less climbing into the middle class.
Many sensitive and idealistic people in our society work very hard to keep from connecting these dots and admitting to themselves that bad jobs are something we need. Quacks abound promising us alternatives (“green jobs” is the latest fashionable delusion), but ugly problems rarely have pretty solutions. We need entry level jobs that will get people into the workforce, and we need ways that they can learn useful skills at affordable prices that will help them climb the ladder and move on.
To get these jobs, we have to change the way our cities work. Essentially, we have created urban environments in which the kind of enterprises that often hire the poor — low margin, poorly capitalized, noisy, smelly, dirty, informally managed without a long paper trail — can’t exist. The kind of metal bashing repair shops that fill the cities of the developing world are almost impossible to operate here. Plumbers, carpenters, electricians, pushcart vendors and day care operators need licenses; construction work has to comply with elaborate guidelines and city bureaucracies disgorge the required permits slowly and reluctantly.
The minimum wage is part and parcel of this problem.
Make that industries:
So starting as a presidential candidate, Obama has:
Called for bankrupting the coal industry.
Raised gas prices by forcing domestic production to a crawl.
Demonized bankers and automatic teller machines.
Went to war against Fox News, talk radio, and Twitter user Kevin Eder.
Alienated Wall Street, which backed him in 2008 — and will probably do so again.
Nationalized the car industry.
Forced Chrysler to terminate 25 percent of its auto dealers.
Demonized Las Vegas.
Alinskyized the Chamber of Commerce.
Blocked Boeing from expanding into a Right to Work State.
Is busy transforming the insurance industry into the equivalent of quasi-government utilities.
Created an uncertain (to say the least) regulatory environment, making new hiring a challenging proposition.
And is now Alisnkyizing private planes, despite having temporary custody of the greatest “private” plane of all.As Doug Ross wrote last fall, “Unlike Tricky Dick Nixon, Obama Wears His Enemies List On His Sleeve.”
And yet, when only 18000 jobs were created last month, and unemployment is at 9.2%, it’s “unexpectedly.”
[Update a couple minutes later]
See?
U.S. employers added 18,000 workers in June, the fewest in nine months, and the unemployment rate unexpectedly climbed, indicating a struggling labor market.
Emphasis mine.
[Update a few minutes later]
…Keynesian economics is a total fail. Fred Barnes quoted FDR Treasury Secretary this morning in the WSJ:
“In FDR’s time, a surge in spending by Washington was a cornerstone of New Deal efforts to lift the country out of the Depression. But unemployment never dropped below 14% in the 1930s and rose to 19% by the end of the decade. “Now, gentlemen, we have tried spending,” Henry Morgenthau, FDR’s Treasury secretary, confessed to House leaders in 1939. “We are spending more than we have ever spent before and it does not work.”
Combine that with James Pethokoukis column yesterday that lays out exactly how dire the future budgeting and debt of the US is and you have an actual, not manufactured, crisis that needs to get resolved today.
This isn’t rocket science. But it does require the progressive wing to give up their reliance on economic theory that only works in a textbook. Economics is a social science and a study of human behavior. Keynes postulated a theory and we have numerous empirical examples of that theory failing miserably. How long will it take?
Einstein said the theory of insanity is doing the same thing over and over again, and expecting different results. There, my friends, is the core principle of Democratic policy. Insanity.
Frighteningly, almost half the electorate shares their affliction.