Posts Tagged ‘economy’
The sad truth in the USA, as we explained in great detail here, incentives to ‘work’ are increasingly non-existent. Thanks to a never-ending stream of benefits from the great and powerful Oz, as CNBC’s Rick Santelli notes, Disability payments (of which there are 14 million people covered in the US - none of which count towards the unemployment rate) pay around $13,000 per year (versus $15,000 for minimum wage work). However, Santelli exclaims, the people on disability get healthcare; and this program costs the US $300 billion per year. Is it any wonder that only 1% of those who were on disability in Q1 2011 have left? Santelli comments, “I’m not saying there aren’t people that are on disability that shouldn’t be, but much of it is illnesses like back pain… it’s a judgment call,” adding that, “without incentives, large issues go …totally unfixed.”
Always ask The Magic Question: What gets rewarded?
It’s one of the most fundamental political questions of our time: What’s driving the growth in government spending? And it has a relatively straightforward answer: first and foremost, spending on health care through Medicare and Medicaid, and other major social insurance and entitlement programs.
But I thought it was worth reviewing the evidence in a bit more detail. There are a few surprises along the way, some of which liberal readers might like and others of which will please conservative readers.
The Web site usgovernmentspending.com has an abundance of data on federal, state and local spending at different points in time. My focus will be on how government has been spending its money in the present and the past, rather than evaluating any future budgets or projections.
Read more by NATE SILVER at fivethirtyeight.blogs.nytimes.com
Name a single thing that has improved under his rule.
How can any cogent American citizen possibly even consider voting for Barack Obama now? That’s what lots of conservatives and moderates are asking each other, again and again. It’s completely baffling, to those who grew up with any sort of sense of what America means and what the American character traditionally has been, that anybody can look at the man’s record and want more of the same.
Almost the entirety of the Muslim world is now rioting against an American president who promised that his olive branches to Muslims would secure peace. Like Jimmy Carter, Obama has only shown a weakness that has emboldened the Islamist haters. Meanwhile, our closest ally in the region, Israel, a stable representative democracy led by an American-educated, America-loving prime minister, has repeatedly been insulted, abandoned, and undermined. In short, the United States is in worse position with all sides in the Middle East/northern Africa. We are embarrassed, feckless, wounded… and in four tragic cases, dead.
Read more By Quin Hillyer at The American Spectator
The U.S. welfare system sure creates some crazy disincentives to working your way up the ladder. Benefits stacked upon benefits can mean it is financially better, at least in the short term, to stay at a lower-paying jobs rather than taking a higher paying job and losing those benefits. This is called the “welfare cliff.”
Let’s take the example of a single mom with two kids, 1 and 4. She has a $29,000 a year job, putting the kids in daycare during the day while she works.
Read more by James Pethokoukis at American Enterprise Institute
GDP Growth More Strongly Correlated with Rule of Law than Anything Else …
Economist Woody Brock says that a nation’s GDP growth is based mainly on whether or not it follows the rule of law.
–SNIP– Economists have thoroughly documented that failure to enforce the rule of law leads to a loss of trust … which destroys economies.
This is true whether it is in the West, in Nigeria or any other country.
Read more at WashingtonsBlog
James Taggart: “He didn’t invent iron ore and blast furnaces, did he?”
Cheryl Brooks: Who?”
“Rearden. He didn’t invent smelting and chemistry and air compression. He couldn’t have invented his Metal but for thousands and thousands of other people. His Metal! Why does he think it’s his? Why does he think it’s his invention? Everybody uses the work of everybody else. Nobody ever invents anything.”
She said, puzzled, “But the iron ore and all those other things were there all the time. Why didn’t anybody else make that Metal, but Mr. Rearden did?”
–Ayn Rand, Atlas Shrugged, Part I, Ch. 9, The Sacred and the Profane
July 23, 2014
by Rep. Dale Kooyenga (R-Brookfield)
Last year many Wisconsin residents celebrated Wisconsin’s first measurable tax cuts in nearly a decade. In addition to cutting taxes, progress was made in simplifying the tax code as evidenced by the elimination of 17 tax credits, downsizing from five to four tax brackets and eliminating Wisconsin’s depreciation schedules in favor of adopting federal standards. In just over two years, Wisconsin went from billions in the red, to cutting both income and property taxes.
I am pleased we were able to accomplish what we did. At the risk of being the “fly in the punch bowl,” let me state we still have a significant problem. Wisconsin by any measure remains a high tax state.
The praise received for cutting taxes is notable and fair because it signified a significant change in trajectory. However, we can’t kid ourselves, we still have yet to fully implement a pro-growth tax code. It’s analogous to being proud of your 16 year old son for turning off the television and heading off to clean his bedroom, but his bedroom is still a mess.
Read more by Nick Novak at MaciverInstitute.com
As students, we see a lot of potential in our peers. We see future engineers, lawyers, professors, and businessmen growing exponentially on campus. When these bright students graduate, some will enter graduate school, others will accept positions with existing companies, but some graduates will want to start a new business. We can assure you that there is no better state than Wisconsin to do just that.
Under Governor Walker, we have seen nearly 20,000 new businesses, adding well over 100,000 jobs. He achieved those numbers by putting the taxpayers first, supporting families and job creators statewide. Now with this lowered tax burden, the employer confidence level is up to a staggering 95%, and graduates will be able to start their own businesses without having to worry about government stepping in the way of their dreams.
Read more by wisconsin.crnc.org
Democrats throw black voters under the bus.
One of the sleeper issues surrounding the debate on amnesty for illegal immigrants – an inconvenient one that no proponent of a widespread amnesty wishes to acknowledge – is the devastating effect so-called immigration reform will have on African Americans.
The black unemployment rate is almost 11 percent, far higher than that of any other group profiled by labor statistics. African Americans are disproportionately employed in lower-skilled jobs – the very same jobs immigrants take. As Steven Camarota asked in a recent column, why double immigration when so many people already aren’t working?
Who will be harmed most by amnesty? African-Americans.
Read more by A. J. Delgado at NationalReview.com