Economics | OrthodoxNet.com Blog

Prophet Jim Wallis and the Ecclesia of Economic Ignorance

April 14, 2010

Jim Wallis

Acton Institute | by John Couretas | 4/14/2010

This class of the very poor – those who are just on the borders of pauperism or fairly over the borders – is rapidly growing. Wealth is increasing very fast; poverty, even pauperism, is increasing still more rapidly. – Washington Gladden, Applied Christianity (1886)

For three decades, we have experienced a social engineered inequality that is really a sin – of biblical proportions. We have indeed seen class warfare, but this war has been waged by the wealthy and their political allies against the poor and the middle class. – Jim Wallis, Rediscovering Values: On Wall Street, Main Street, and Your Street (2010)

One of Jim Wallis’ long running aims at Sojourners is to cast himself as a moderate or centrist (God is not a Republican. Or a Democrat). This is howling nonsense to anyone who pays attention to his policy prescriptions or watches the progressive/liberal company he keeps. With his new book, Rediscovering Values: On Wall Street, Main Street, and Your Street (Howard Books, 2010), Wallis drops all pretense to holding the center as he piles on with the horde of religious left activists and others now demonizing Wall Street. [Read more...]

Filed Under: Communism, Culture war, Economics, Leftism, Religious Left

Should We Abandon Capitalism?

March 16, 2010

NewsReal Blog | by F. Swemson | 3/4/2010

As a system, absolutely not, as for the term itself though, perhaps we should.

In an article in the Telegraph on Thursday 3.04.10, the Chairman of Marks & Spencer, the leading department store in London, made some interesting remarks about capitalism. He spoke mostly about the perception of capitalism and the free market system, in the eyes of people around the world, and the fact that the term itself has begun to become so negative, that they forget the fact that capitalism is the only system which has ever worked, and that every time it was tried, communism led to misery, oppression, and the murder of millions. He even suggested that we find another name for it. Why not ? The progressives found another name for communism, didn’t they? [Read more...]

Filed Under: Capitalism, Communism, Economics, Leftism

Where Did Our Real Wealth Go?

February 20, 2010

Pajamas Media | by Victor Davis Hanson | Feb. 17, 2010

Imagine a politician announcing: we are going to raise the Social Security age to 66. We are going to freeze and cut spending until we balance the budget within three years, and then with surpluses pay down the debt within 6 years. We are going to build 100 new nuclear power plants and open up the country and its shores to oil and gas production. We are going to cut back all federal entitlements and subsidies by 20% immediately. We are going to ensure enough water for agriculture. We are … [Read more...]

Filed Under: Communism, Economics, Government Incompetence

Americans Suffer, While Government Workers Prosper

February 16, 2010

ChrisBanescu.com | by Chris Banescu | Feb. 16, 2010

Yet another travesty is unfolding before our eyes in these United States of America. While tens of millions of Americans continue to struggle through difficult economic conditions, with hundreds of thousands more losing their jobs every month, tens of thousands more losing their homes and their businesses, and millions more facing salary cuts and pay freezes, government employees are prospering and getting rewarded financially more than ever.

As the economy struggles, incomes fall, and business bankruptcies and mortgage default rates remain at all time highs, the federal government spending is booming and its employees are enjoying increased hiring and higher salaries. [Read more...]

Filed Under: Economics, Government Incompetence, Private Enterprise

Government Workers Make 45 Percent More Than Private Sector Employees

February 9, 2010

ChrisBanescu.com | by Chris Banescu | Feb. 9, 2010

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A new report from the Bureaus of Labor Statistics that was released today, shows that almost 15 million Americans are currently out of work and unable to find jobs. Worse still, those with jobs have not seen their wages increase much in the last 10 years. However, government workers are enjoying a boom in hiring and generous salary increases thanks in large part to very cushy pensions and other benefits.

The pay differential between public sector employees and the private sector shows a troubling trend. Government workers have benefited greatly, even during the severe recession, and their wages now outpace the employee compensation in private industry. According to recent research done by Mark J. Perry, professor of finance and economics at the School of Management of the University of Michigan government employees make on average 45% more than private sector employees. [Read more...]

Filed Under: Economics, Government Incompetence, Leftism

Obama Rewards Losers, Punishes Winners

January 16, 2010

Townhalll | by Larry Kudlow | Jan. 16, 2010

President Obama’s misbegotten bank tax is precisely the wrong policy at precisely the wrong time. It will wind up backfiring across the board. Why? Because bank consumers and borrowers are the ones who will wind up paying this tax, creating an obstacle to economic recovery.

Obama is actually rewarding losers and punishing winners — exactly the reverse of free-market capitalism. [Read more...]

Filed Under: Capitalism, Economics, Government Incompetence, Leftism, Politics

Why Obamanomics Will Not Improve the Economy

November 24, 2009

American Thinker | by Monty Pelerin | Nov. 23, 2009

The economic programs and policies currently in place are truly astounding. I don’t think I have ever seen a more harmful economic environment for the country. While some of these programs started with Bush, the Obama administration has advanced them to insane levels. Logic, economics, common sense, and history must be defied to believe a recovery is possible in this environment. The nation’s standard of living will be substantially lowered without prompt changes in policy. [Read more...]

Filed Under: Capitalism, Economics, Government Incompetence, Leftism

The Market, School of Virtue

November 5, 2009

Acton Institute | by Stephen Grabill | Nov. 4, 2009

Does the market inspire people to greater practical virtue, or does it eviscerate what little virtue any of us have?

Far from draining moral goodness out of us—as many think—the free market serves as a “school of the practical virtues.” Rather than elevating greed and self-sufficiency, the market fosters interdependence and cooperation. Its rewards do not go to those who are the most isolated, self-absorbed, or cut off from society, but to those who sustain mutually prosperous relationships with others. [Read more...]

Filed Under: Capitalism, Economics, Moral issues

Capitalism: A Love Story

November 4, 2009

American Spectator | by James Bowman | Oct. 6, 2009

There is one scene in Michael Moore’s Capitalism: A Love Story where its writer, director, hero and sole credited actor is examining the copy of the Constitution that is on display in the National Archives. He asks a guard — this is the kind of thing Mr. Moore routinely does for effect, pretending he doesn’t know that the guards are not constitutional experts — where in the document before him there is any mention of free markets, free enterprise or capitalism. He can’t seem to find those words. Could it be that they’re not there? And, if they’re not, does that mean that they’re not constitutionally protected? Not, of course, that one could imagine its mattering to him if they were. But without a specific mention, presumably, we must suppose that these “evil” things — he has the testimony of two lefty priests and a bishop to that effect — must have been snuck into America’s constitutional arrangements at a later date by, well, capitalists — or other, equally unscrupulous sorts. [Read more...]

Filed Under: Capitalism, Economics, Entertainment, Leftism

America’s Uncontrolled Debt and Spending is the Real ‘Waterloo’

October 26, 2009

Acton Institute | by Ray Nothstine | Oct. 21, 2009

Religious left icon Jim Wallis has popularized the maxim, “budgets are moral documents.” Yet the often repeated declaration is true in a way Wallis hasn’t envisioned, signaling bad news for Washington’s big spenders and those stuck footing the bill. Currently this country is facing no greater crisis than out of control spending and a mounting federal debt—a moral problem of prodigious proportions.

The Office of Management and Budget is projecting $9 trillion in deficits over the next ten years. Washington’s leaders have long paid lip service to the crisis, but their actions betray their words. [Read more...]

Filed Under: Economics, Government Incompetence, Leftism, Religious Left

Flush with Self-Righteousness

October 9, 2009

American Thinker | by Rosslyn Smith | Oct. 5, 2009

Environmentalist dreams are starting to rub Americans raw. Greenpeace has turned its attention to an issue that invites both the reporter and readers to make them the butt of jokes, but which is no laughing matter in the end. They are dumping on the manufacture of plush toilet paper on the grounds that it helps destroy the environment. [Read more...]

Filed Under: Culture war, Economics, Leftist Lunatic Fringe

In Defense of Capitalism

September 19, 2009

FrontPage Magazine | by Vasko Kohlmayer | Sep. 18, 2009

“Capitalism is an evil, and you cannot regulate evil… you have to eliminate it and replace it with something that is good for all people,” concludes Michael Moore in his latest documentary Capitalism: A Love Story.

Moore’s fulmination is neither surprising nor atypical in this era when capitalism finds itself under all-out assault. Having become something of a derogatory term, capitalism gets faulted for almost every societal problem and ill. Blamed for exploitation, poverty, fraud, alienation, crime, racism and nearly everything else, capitalism is increasingly cast as the great villain of our time. [Read more...]

Filed Under: Capitalism, Economics, Leftism

Know-Nothing-in-Chief

August 3, 2009

The Weekly Standard | Fred Barnes | Aug. 3, 2009

There’s no evidence Obama has even a sketchy grasp of economics.

Is President Obama an economic illiterate? Harsh as that sounds, there’s growing evidence he understands little about economics and even less about economic growth or job creation. Yet, as we saw at last week’s presidential press conference, he’s undeterred from holding forth, with seeming confidence, on economic issues.

Obama professes to believe in free market economics. But no one expects his policies to reflect the unfettered capitalism of a Milton Friedman. That’s too much to ask. Demonstrating a passing acquaintance with free market ideas and how they might be used to fight the recession–that’s not too much to ask. [Read more...]

Filed Under: Economics, Leftism, Politics, Taxation

Socialist America sinking

July 20, 2009

WND | Patrick Buchanan | July 18, 2009

After half a century of fighting encroachments upon freedom in America, journalist Garet Garrett published “The People’s Pottage.” A year later, in 1954, he died. “The People’s Pottage” opens thus:

“There are those who still think they are holding the pass against a revolution that may be coming up the road. But they are gazing in the wrong direction. The revolution is behind them. It went by in the Night of Depression, singing songs to freedom.” [Read more...]

Filed Under: Communism, Economics, Freedom, Leftism, Taxation

The Economy Is Even Worse Than You Think

July 15, 2009

Things are getting worse by the day, yet Obama and the communist Democrats are refusing to face reality and do what’s necessary to help businesses and the US economy.
Wall Street Journal | Mortimer Zuckerman | July 14, 2009

The recent unemployment numbers have undermined confidence that we might be nearing the bottom of the recession. What we can see on the surface is disconcerting enough, but the inside numbers are just as bad.

The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion. [Read more...]