The 2 Percent Illusion

Wall Street Journal | Feb. 26, 2009

Take everything they earn, and it still won’t be enough.

President Obama has laid out the most ambitious and expensive domestic agenda since LBJ, and now all he has to do is figure out how to pay for it. On Tuesday, he left the impression that we need merely end “tax breaks for the wealthiest 2% of Americans,” and he promised that households earning less than $250,000 won’t see their taxes increased by “one single dime.”

This is going to be some trick. Even the most basic inspection of the IRS income tax statistics shows that raising taxes on the salaries, dividends and capital gains of those making more than $250,000 can’t possibly raise enough revenue to fund Mr. Obama’s new spending ambitions. [Read more…]

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The Left Destroys More Than It Builds

Townhall | Dennis Prager | Feb. 24, 2009

From California to the Boy Scouts, It Destroys More Than It Builds

Virtually throughout its history, and certainly in the 20th century, California has been known as the place to go for dynamism and growth. It did not become the richest, most populous, and most productive state solely because of its weather and natural resources.

So it takes a lot to turn California around from growth to contraction, from people moving into the state to a net exodus from the state, from business moving into California to businesses leaving California.

It takes some doing. And the left has done it. [Read more…]

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The Decline of California

The Wall Street Journal | February 17, 2009

If you thought Washington’s stimulus debate was depressing, take a look at the long-running budget spectacle in California. The Golden State’s deficit has reached $42 billion, Governor Arnold Schwarzenegger is threatening to furlough 20,000 state workers (go ahead, make our day), and as we went to press yesterday Democrats who control the legislature had blocked lawmakers from leaving until they finally get a deal. [Read more…]

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The Fierce Urgency of Pork

Washington Post | Charles Krauthammer | Feb. 6, 2009

“A failure to act, and act now, will turn crisis into a catastrophe.” — President Obama, Feb. 4.

Catastrophe, mind you. So much for the president who in his inaugural address two weeks earlier declared “we have chosen hope over fear.” Until, that is, you need fear to pass a bill.

And so much for the promise to banish the money changers and influence peddlers from the temple. An ostentatious executive order banning lobbyists was immediately followed by the nomination of at least a dozen current or former lobbyists to high position. Followed by a Treasury secretary who allegedly couldn’t understand the payroll tax provisions in his 1040. Followed by Tom Daschle, who had to fall on his sword according to the new Washington rule that no Cabinet can have more than one tax delinquent. [Read more…]

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‘Atlas Shrugged’: From Fiction to Fact in 52 Years

The Wall Street Journal | by Stephen Moore| January 9, 2009

Some years ago when I worked at the libertarian Cato Institute, we used to label any new hire who had not yet read “Atlas Shrugged” a “virgin.” Being conversant in Ayn Rand’s classic novel about the economic carnage caused by big government run amok was practically a job requirement. If only “Atlas” were required reading for every member of Congress and political appointee in the Obama administration. I’m confident that we’d get out of the current financial mess a lot faster. [Read more…]

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The End of Capitalism?

Acton.org | Michael Miller | Jan. 21, 2009

Who would have imagined 20 years ago — when the Berlin Wall fell and we celebrated the death of socialism — that capitalism would begin 2009 under heavy fire. The Cardinal of Westminster, Cormack Murphy O’Connor, reportedly went so far as to say that, as 1989 marked the end communism, 2008 was the year when “capitalism had died.”

What are we to make of capitalism in light of all the crises, fraud, and government intervention, when even some traditional supporters of markets are supporting bailouts and seem to have lost faith in the market order? Is capitalism no longer credible? Is capitalism really to blame for the financial woes we now face? [Read more…]

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A Primer on Capitalism

ChrisBanescu.com | Chris Banescu | Jan. 22, 2009

In today’s turbulent financial times and difficult economic conditions, a lot of unjustified criticism and unwarranted accusations have been laid at the doorstep of capitalism. Many in the mainstream press and academia, a majority of politicians, and a large number of Americans have jumped on the bandwagon and unfairly blame capitalistic principles for the huge mess that we are in. Such widespread confusion evidences a misunderstanding by many Americans of how value is actually created in society and what capitalism really represents. [Read more…]

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Whose Money Is It, Anyway?

FoxNews.com | John R. Lott, Jr. | Jan. 19, 2009

Barack Obama claims that the House of Representatives’ new stimulus plan is needed to save the economy. Democrats promise to be “creating or saving of four million jobs.” News media report in all seriousness: “The democrats vow no earmarks or special projects will be attached to the bill. The focus is on jobs.” Also “more than 90 percent of the jobs created are likely to be in the private sector.”

Unfortunately, though, the $825 billion “stimulus” package has nothing to do with creating or saving jobs — it has everything to do with moving jobs from industries that Democrats don’t like to industries that they do. The “stimulus” package is just a wish list of every government program that liberal Democrats have long wanted. [Read more…]

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The Fear of Doing Nothing

American Thinker | Jim H. Ainsworth | Jan. 16, 2009

A lot of our economic troubles could be solved if we could just keep our emotions in check. Seriously. It seems that fear, greed and the thirst for power have swept the country like an airborne virus. The fear of doing nothing rules the day — not logic, not study, not knowledge or analysis. Certainly not patience. Our leaders, whoever they are, are acting like third grade schoolchildren who have been told by their teacher that a snake is loose in the room. And by the way, wouldn’t you like to know who that teacher is? Who is in charge? [Read more…]

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Lee Iacocca: Where’s the Outrage?

Jim Sinclair’s MineSet | Lee Iacocca | Dec. 20, 2008

Lee Iacocca writes: Am I the only guy in this country who’s fed up with what’s happening? Where the hell is our outrage? We should be screaming bloody murder. We’ve got a gang of clueless bozos steering our ship of state right over a cliff, we’ve got corporate gangsters stealing us blind, and we can’t even clean up after a hurricane much less build a hybrid car. But instead of getting mad, everyone sits around and nods their heads when the politicians say, “Stay the course.”

Stay the course? You’ve got to be kidding. This is America, not the damned Titanic. I’ll give you a sound bite: Throw the bums out! [Read more…]

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Postponing Reality

Townhall.com | Thomas Sowell | Dec. 17, 2008

The current bailout extravaganza is applying the postponement of reality democratically– to the rich as well as the poor, to the irresponsible as well as to the responsible, to the inefficient as well as to the efficient. It is a triumph of the non-judgmental philosophy that we have heard so much about in high-toned circles. […]

Some of us were raised to believe that reality is inescapable. But that just shows how far behind the times we are. Today, reality is optional. At the very least, it can be postponed. [Read more…]

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Blame me for job losses

American Thinker | C. Edmund Wright | Dec. 11, 2008

When the jobs report for November came out last week, many so-called “experts” were shocked at the massive loss of an estimated 533,000 jobs. Even a Time /CNN organization called “The Curious Capitalists” were at a loss to explain it.

Let me attempt to help out these “curious capitalists” (though I am still skeptical that anyone working for CNN or Time is either curious or a capitalist). I caused part of this job loss and I know precisely why; the election. The results portend big trouble for small business. [Read more…]

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Marching Orders, Upcoming Obama Executive Orders

It’s not even day one of Obama’s presidency but the promised actions of our future Marxist in Chief will spell disaster for this country.

Investor’s Business Daily | Nov. 10, 2008

President-elect Obama isn’t planning to wait for Congress to pass his agenda. On Day One, he plans to rescind Bush executive orders on everything from embryonic stem cell research to offshore drilling. [Read more…]

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Free markets did not cause this crisis

Acton Institute | Oskari Juurikkala | Oct. 29, 2008

Many assert that the ongoing financial crisis was caused by rampant capitalism and free-market economics. I disagree – not because I’m a hard-nosed conservative or a reckless libertarian, but because it’s the conclusion one reaches by a reasoned analysis of the facts.

There are at least three distinct but related reasons for the crisis: the culture of greed and consumerism, irresponsible monetary policy, and misregulated financial derivatives. Are they rooted in free-market principles? Let’s see. [Read more…]

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