Category Archives: Economics

Who Would Have Imagined?

Just a month ago, many Republicans were resigned to hoping at best for the possibility of John McCain eking out a win against Obama, and not losing too much ground on the Hill. Now it looks like regaining Congress is within the realm of possibility:

The issues raised by today’s low approval ratings of Congress are reinforced by recent Gallup Poll findings that relatively few voters generally believe “most members” of Congress deserve re-election. That figure was only 36% in July, much lower than the 51% or better reading found in recent election years when the party of the sitting majority in Congress maintained power.

When the generic preference is only 3% among registered voters (not likely voters), the Donkeys are in big trouble, because registered voters almost always overstate actual support for Democrats at the polls.

McCain needs to start running hard against Pelosi and Reid. With all the nasty things that Reid has been saying about him lately, he shouldn’t have to work hard to motivate himself to do so.

It would help, of course, if Boehner and McConnell could make some noises to demonstrate that they learned their lesson from two years ago, and that they’re no longer going to be the party of pork and privilege. It’s a real shame that it looks like Stephens is going to win his primary in Alaska.

Of Course It Does

Restricting the top speed on automobiles “seems reasonably sensible” to Matthew Yglesias:

…of course the reason you’re not allowed to go super-fast is that it isn’t safe. A large proportion of car accidents are related to people driving too quickly. Thus, via Ezra Klein comes Kent Sepkowitz’s suggestion that we design cars so as to make it impossible for them to drive over, say, 75 miles per hour.

Clearly spoken as someone woefully ignorant of the cause of accidents, and who probably doesn’t drive much, at least outside a city, or in the west, or in mountains, or on curvy roads where rapid passing is occasionally necessary. Or someone to whom time (at least other peoples’ time) has no value. I suspect that he agrees with Al Gore that cars are intrinsically evil, and wishes that everyone would ride a train, like those enlightened Europeans. It’s similar to the idiocy (and yes, there’s no other word for it) of a double nickel speed limit (something to which even Charles Krauthammer, who doesn’t drive at all) has fallen prey.

Fortunately, most of his commenters take him to school.

Who Is Overpaid?

Not engineers.

Engineer’s salaries, taking into consideration education and responsibilities, the stress of accelerated delivery schedules and their direct impact on corporate profits and overall success of the company, seem absolutely inadequate.

Well, I’ve known a few who were. But no, not in general.

In many of these overpaid professions, there’s some kind of government-induced market failure going on (e.g., longshoremen), but in a lot of cases, it’s just the occasional irrationality of the market place.