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February 10, 2012
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Warren Richey: Why momentous Prop. 8 ruling might not satisfy gay-rights groups
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The Kosher Gourmet byDana Velden: Going to the bother of making soup? You know it better be good. This CREAM OF TOMATO SOUP certainly is! And it's a cinch to make, too (Includes techinques and serving secrets)
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Jeffrey Fleishman: In newly democratic Egypt, tens of democracy activists jailed, to stand trial; their groups are 'threatening the stability of the homeland'
Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good
Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard?
February 3, 2012
Edmund Sanders : Israeli official says Iran is creating missile that could reach East Coast of US
Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling
February 2, 2012
Jim Carney: Wrong number call may have saved her life
Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran
Tina Susman: For woodchuck rescuer, every day is Groundhog Day
February 1, 2012
Brian Bennett: US officials see increasing threat of domestic attack from Iran
Emily Brandon: How to Take Advantage of New 401(k) Fee Disclosures
January 31, 2012
January 30, 2012
Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take
Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds
Meg Handley: Banks Revamping Rewards Programs to Woo Customers
January 27, 2012
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Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own
Jeannine Stein: An inflated ego and thinking you're 'all that' doesn't just make others sick of you, it can make you ill
Katy Hopkins: New budget rules may affect how much money you get for college
January 26, 2012
Ed Koch: To the New York Times, calling for the murder of Jews by those capable of having their incitement taken seriously isn't news
Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report
January 25, 2012
Richard Simon: House passes two bills endorsing the use of religious symbols at military memorials
Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way
Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For
January 24, 2012
Carol Clark: The price of your soul: How your brain decides whether to 'sell out'
Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent
Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court
Erika Bolstad: Black conservatives gather to talk about gaining strength
January 23, 2012
Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary
Jordan Rau: In quest to grow, Catholic hospital system will announce this morning its break from church
Ali Safi: U.S. envoy gives Taliban terms for peace talks
January 19, 2012
January 18, 2012
January 17, 2012
Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be
David G. Savage: They sued their principals after slandering them online --- now the cases are headed to the Supreme Court
David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors
January 13, 2012
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Alexia Elejalde-Ruiz: Thriving through touch: Gentle massage helps older people with low mobility improve in mind and body
January 12, 2012
Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups
Warren Richey: Supreme Court says no to new rule on eyewitness testimony
John Fauber : Statins found to raise diabetes risk in postmenopausal women
Katy Hopkins : Consider This Before You Pay for an Online Degree
The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream
January 11, 2012
Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke
Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US
David G. Savage: High court signals it won't be loosening TV's 'indecency' rules
Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules
January 10, 2012
Reza Kahlili: From an ex-CIA spy: US must exploit new split in Iran's Revolutionary Guard
Karen Kaplan: Study: Nicotine replacement products ineffective when used in real-life situations
January 9, 2012
Michael Doyle: Put through legal hell over dream home, couple fought back hard --- all the way to Supreme Court
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Jewish World Review
January 24, 2008
/ 17 Shevat 5768
The moral economy
By
Victor Davis Hanson
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http://www.JewishWorldReview.com |
In this heated campaign season, housing prices are plummeting. Banks write off billions of dollars in unrecoverable debt. The stock market wildly fluctuates almost hourly. Candidates promise painless and near instant relief.
But despite the politicians' rhetoric, it is not hard to understand why America is in trouble.
First, there has been too much madcap real estate speculation. In recent years, housing prices were driven sky-high on the expectation that almost anyone, often with little security, could profit by borrowing easy money to buy and sell property.
Too many investors lost the old pedestrian notion that the purpose of a house was to be a home in which to live, to raise a family and to take pride in ownership. Its acquisition used to be a multi-year, if not once-in-a-lifetime, investment not quite comparable to the easy buying or selling of volatile paper stocks and bonds. Others did not have the means to afford the type of home they purchased, once risky variable interest rates climbed.
Gasoline prices, meanwhile, are well over $3 a gallon in many places, sucking hundreds of dollars out of annual family budgets. But how long did we really believe that oil-exporting belligerents in the Middle East, Latin America and Russia, or our economic rivals in China and India, were going to allow the United States to continue gobbling up a quarter of the world's daily output at $20 a barrel?
American households have on average the largest houses in the world, the most cars and plentiful conveniences like big-screen televisions and DVD players. Yet there is a growing sense that we are paying the tab by borrowing trillions from the Chinese, Japanese, Europeans and South Koreans.
Some economists might argue that it is a win/win situation to have others toil to send us their cheap consumer goods, lend us the money to buy them and get little interest back on their debt. But when in history has a debtor ever felt better in a moral, psychological or practical sense than his lender?
Our candidates avoid that sort of honest tough talk. Republicans instead want an indebted government to pump up the economy by interest-rate cuts and tax rebates. And if we listen to Democrats, you would think no American could survive another maxed-out credit card without another new government bailout program.
Yet in truth, there are few options left to stimulate the already frenetic economy.
The United States is still racking up large annual budget deficits and trade imbalances while serially piling up aggregate national debt. Soon America won't be able to meet its ever-expanding Medicare and Social Security obligations.
Current interest rates are not historically high. So cutting them might well convince our foreign borrowers to take their capital elsewhere for higher returns. And we can't pay for the federal programs we now provide, let alone expand them to offer universal health care or heavily subsidized college tuition.
What then can we do?
First, at this late date, Republicans shouldn't vote for any candidate who promises another tax cut without first offering a matching slash in expenditures. And Democrats should reject any candidate who promises another multi-billion dollar entitlement without detailing how the additional revenue is to be raised.
Second, instead of demanding new billion-dollar programs for health care and education, we should take more responsibility for our own welfare.
Americans need to readjust their budget priorities. One might be able to believe that a $200 dollar a month private catastrophic health plan is out of the reach of most Americans if we were also to hear that sales of video games, cell phones and plasma televisions have crashed.
Third, we need to ignore the alarmist hysteria, calm down and appreciate that life is better than at any time in the last 5,000 years of civilization. People are living longer; we're healthier; and millions of Americans have the opportunities to travel, communicate and avoid physical drudgery that were once reserved only for a tiny aristocracy. There is plenty of excess in modern American life that can be shed without real hardship.
Finally, we must view our present economic challenges in a larger philosophical and ethical framework and redefine success as being able to pay off what we owe, and spend only what we earn.
Who knows? Knowledge that we live in a nation that has a strong currency, no annual deficit and no aggregate debt to be passed on to our children might bring Americans as much pride and joy as the next iPhone or trip to Vegas.
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
Victor Davis Hanson is a classicist and military historian at the Hoover Institution, Stanford University. Comment by clicking here.
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