Category: Economy

Why Democrats Should Fear Inflation

Inflation changed American politics in a more lasting way as a result of the 1978 property-tax revolt in California. Spiraling inflation pushed up property taxes, prompting a Republican activist named Howard Jarvis to wage a successful campaign for Proposition 13, a measure that lowered property tax assessments and limited future tax increases. “The urgency and […]

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The Day That Richard Nixon Changed U.S. Economic Policy Forever

Inflation continued to be a problem in 1971, with forecasts showing an acceleration into 1972, which presented a growing political problem for Nixon. Inflation continued to be a problem in 1971, with forecasts showing an acceleration into 1972, which presented a growing political problem for Nixon. Although inflation was unpopular, so were actions such as […]

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Dismantle the NCAA

Schwartz is probably right about that last part. But isn’t this expenditure sort of … insane? I must’ve stepped out of the room when God decreed that the NCAA was “part of the university’s mission.” Alternatively, college sports are sometimes described as a university’s “front porch,” a phrase coined by Scott Barnes, athletic director at […]

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We Regret to Inform You That Workers Are Not Suddenly Winning

Josh Bivens of the left-leaning Economic Policy Institute has floated an interesting hypothesis that wages might not be accelerating as quickly as we think. May’s wage growth was driven by the leisure and hospitality sector, which consists mostly of workers at restaurants that customers are only just starting to patronize again. What if that wage […]

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Lack of AI implementation may have cost enterprises $4.26T, Signal AI finds

Elevate your enterprise data technology and strategy at Transform 2021. AI’s potential impact on the U.S. economy could reach into the trillions of dollars, according to a report published this week. Signal AI, which offers a decision augmentation platform infused with AI, interviewed 1,000 C-suite executives in the U.S. for the study. The report found […]

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Architect of ‘Trickle Down’ Economics Says Disenfrenchized Minorities ‘Aren’t Worth $15 an Hour in Most Cases’

Screenshot: @LizPower1/ Twitter Fox News is racist AF. I mean, Tucker Carlson is the network’s most popular white nationalist host, so saying “Fox News is racist” is about as much a no-shit-Sherlock-y thing to say as the commonly used expression, “It’s always in the last place that you look.” (Hopefully, I have not offended weird […]

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Architect of ‘Trickle Down’ Economics Says Disenfranchised Minorities ‘Aren’t Worth $15 an Hour in Most Cases’

Screenshot: @LizPower1/ Twitter Fox News is racist AF. I mean, Tucker Carlson is the network’s most popular white nationalist host, so saying “Fox News is racist” is about as much a no-shit-Sherlock-y thing to say as the commonly used expression, “It’s always in the last place that you look.” (Hopefully, I have not offended weird […]

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Janet Yellen’s at It Again

Ms. Janet Yellen is talking again. From comments Sunday: “If we ended up with a slightly higher interest rate environment it would actually be a plus for society’s point of view and the Fed’s point of view.” A higher interest rate environment would likely arise from a higher inflation environment. Inflation is presently on the […]

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Should the Minimum Wage Be $18?

Given the rising prosperity we keep hearing about, shouldn’t we be able to provide minimum wage workers the same purchasing power they enjoyed 50 years ago in 1970? This is a very simple proposition: either we can provide minimum wage workers the same purchasing power they enjoyed 50 years ago or we can’t. And if […]

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Lockdowns Worked!

“The evidence is clear. COVID lockdowns saved lives without harming economies.” This we have the authority of one Los Angeles Times columnist — Mr. Michael Hiltzik by name. Here is the clear evidence he cites: An Italian team found that lockdowns start to reduce the number of COVID infections about 10 days after they start, […]

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Do You Really Understand Inflation?

Please take aboard these three suppositions: Supposition 1): An economy’s production of goods increases 12% across one year. Supposition 2): Its money supply blooms at the identical 12% rate across the same year. Supposition 3): Demand for goods and supply of goods balance in perfect equilibrium. Now stack suppositions 1,2 and 3, one upon the […]

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Wilberforce University Cancels Student Debt for Graduating Class

Photo: zimmytws (Shutterstock) Wilberforce University, an Ohio-based HBCU, announced on Saturday that it would cancel the student loan debt of the 2021 graduating classes. Damn, all my university gave me when I graduated was a flash drive. I mean yeah, I got a lot of mileage out of that flash drive, but still. Advertisement According […]

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Long, Strange TRIPS: The Grubby History of How Vaccines Became Intellectual Property

Washington’s punishment-reward approach to softening up the anti-TRIPS alliance made halting progress. In 1985, the U.S. rattled the anti-TRIPS coalition by brandishing the threat of Special 301 action against South Korea and Brazil. Clayton Yeutter, the U.S. trade representative at the time, informed both countries that Special 301 was the “H-bomb of trade policy.” (His successor […]

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You Don’t Have to Root for Melinda Gates

Since the surprise announcement earlier this month of Bill and Melinda Gates’ impending divorce, dirt has been piling up on one side. During the brain-meltingly rich couple’s 27-year marriage, Bill “had a reputation for questionable behavior,” as one New York Times headline put it. His alleged transgressions included an extramarital affair, romantically pursuing subordinates, and […]

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Graduates From China’s Top Colleges Are Working as Housekeepers for the Rich

University graduates in China are faced with an increasingly competitive job market. PHOTO: STR / AFP The stellar resume of a housekeeper who graduated from China’s most prestigious university has stirred debate over the worth of education in the world’s second-largest economy. The 29-year-old woman holds a bachelor’s degree from Tsinghua University, China’s equivalent of […]

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The Fed’s Sneaky Plot

For the past 22 years, every time the stock market whimpered, wheezed or whined, the Federal Reserve rushed to soothe the spoiled crybaby. There are two consequential results of the Fed as savior: 1. The Fed has perfected moral hazard: everyone from the money manager betting billions to the punters gambling their stimmy money is […]

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REVEALED: Biden’s 2022 Budget

Mr. Biden will issue his first budget proposal tomorrow morning. Under his scheme: The federal government would ladle out $6 trillion in fiscal year 2022. Annual portions would expand to $8.2 trillion by 2031. The United States government has not spent so deliriously since the Second World War. The New York Times: President Biden will […]

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Peak America

Yawns on Wall Street today… The Dow Jones scratched out a light 10-point gain. The S&P gained seven; the Nasdaq, 80. The 10-year Treasury yield inched higher, gold inched lower. If it’s excitement you seek, Bitcoin gained 3% in today’s trading. But as we often note: The fleeting fancies of the market, its momentary moods, […]

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Death by 1,000 Cuts

If you like roller coaster rides, then you should love Bitcoin. Bitcoin investors have been on a stomach-churning ride for the past few months. Bitcoin traded at $33,537 on February 1 before really taking off. By mid-April, it topped out at around $64,829 before sliding down. Last Wednesday, Bitcoin suffered a single-day collapse of 30%. […]

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UNBELIEVABLE: The Alarming Truth About Money

Today we stagger into the Minotaur’s maze of money… It may be familiar space to you. But a man must occasionally remind himself of his surroundings… fix his bearings… take stock of his position. And so we proceed… You sink your hand into your wallet. It resurfaces grasping a $20 bill. This bill is an […]

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It Shouldn’t Take a Pandemic to Boost Worker Wages

Assessing today’s relationship between Covid-19 mortality and wage increases is trickier because the overwhelming majority of Covid deaths have occurred among people aged 65 and older, who typically have stopped working. Out of a working-age (age 15–64) population of 205 million, Covid has killed only 115,000 people, according to the CDC. That’s not enough to […]

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Black Farmers Call a Letter Sent by Banks to the USDA Warning Against Debt Forgiveness a Threat

Photo: Michael M. Santiago (Getty Images) It shouldn’t come as a surprise that, as with most things in this country, the farming industry hasn’t exactly been welcoming to Black people throughout the entirety of this country’s modern history. In an effort to rectify the injustices Black farmers have had to endure, the $1.9 trillion COVID […]

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A Tsunami Warning Has Been Issued

A tsunami often takes its victims unawares… a liquid mountain rising sheer from a glass sea… suddenly… barreling ashore. The coastal areas are promptly scenes of astonishing apocalypse. In 2021… the skies have been azure, the breezes have been kind, the seas have dozed. Investors have thronged the beaches, merry as grigs. Many have been […]

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The Greatest Policy Blunder Ever

Since the outbreak of the pandemic, the “respectable” media has pushed the theory that the virus came from a wet market in Wuhan, China. Any talk that it might have come from a bioweapons lab in Wuhan was dismissed as a conspiracy theory. But the Bulletin of Atomic Scientists, not exactly a fringe organization, published […]

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The Biggest Jobs “Miss” Ever

Our bottomless disfaith in experts is validated yet again… These wiseacres informed us April would turn in over one million fresh jobs. How many fresh jobs did April turn in? 266,000 — wrong by a factor approaching four — the miss of all misses. “This is a big miss that changes how we think about […]

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Inflation — or Deflation?

I see the same question in forums, threads, articles and emails: what can I do to protect myself and my family from whatever lies ahead? Given the uncertainties and extremes that are so evident, recognizing risk is a useful first step, a recognition that is very much out of fashion. If we glance at the […]

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Gold Is Right

Is the gold skid over? There are encouraging signs that the answer is yes. And, that’s great news for patient gold investors (especially those who bought the lows, as I recommended to my subscribers a few weeks ago). First, some facts. Gold hit an all-time high of $2,069 per ounce on August 6, 2020. Since […]

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Janet Yellen Panics the Market

Like a squall out of a clear sky… Janet Yellen sent investors under the awnings Tuesday: “It may be that interest rates will have to rise somewhat to make sure that our economy doesn’t overheat.” In reminder: Falling rates generally equal rising stocks. Rising rates generally equal falling stocks. Ms. Yellen’s rains gave the Nasdaq […]

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