Home
In this issue
Feb. 8, 2013

Rabbi Berel Wein: Lofty ideals must be followed with grounded applications

Clifford D. May: Letter from the West Bank
Steve Rothaus: Judge OKs plan for gay man, lesbian couple to be on girl's birth certificate
Gloria Goodale: States consider drone bans: Overreaction or crucial for privacy rights?
Environmental Nutrition Editors: Don't buy the aloe vera juice hype
Michael Craig Miller, M.D.: Harvard Experts: Regular exercise pumps up memory, too
Erik Lacitis: Vanity plates: Some take too much license
The Kosher Gourmet by Susie Middleton: Broccoflower, Carrot and Leek Ragout with Thyme, Orange and Tapenade is a delightful and satisfying melange of veggies, herbs and aromatics
Feb. 6, 2013

Nara Schoenberg: The other in-law problem

Frank J. Gaffney Jr. : A see-no-jihadist for the CIA
Kristen Chick: Ahmadinejad visits Cairo: How sect tempers Islamist ties between Egypt, Iran
Roger Simon: Ed Koch's lucky corner
Heron Marquez Estrada: Robot-building sports on a roll
Patrick G. Dean, M.D.: Mayo Clinic Medical Edge: How to restore body's ability to secrete insulin
Sharon Palmer, R.D.: 3 prostate-protecting diet tips
The Kosher Gourmet by Emma Christensen 7 principles for to help you make the best soup ever in a slow cooker
Feb. 4, 2013

Jonathan Tobin: Can Jewish Groups Speak Out on Hagel?

David Wren: Findings of government study, released 3 days before Newtown shooting, at odds with gun-control crusaders
Kristen Chick: Tahrir becomes terrifying, tainted
Curtis Tate and Greg Gordon: US keeps building new highways while letting old ones crumble
David G. Savage: Supreme Court to hear case on arrests, DNA
Harvard Health Letters: Neck and shoulder pain? Know what it means and what to do
Andrea N. Giancoli, M.P.H., R.D.: Eat your way to preventing age-related muscle loss
The Kosher Gourmet by Diane Rossen Worthington Baked Pears in Red Wine and Port Wine Glaze: A festive winter dessert
Feb. 1, 2013

Rabbi Dr. Tzvi Hersh Weinreb: Redemption

Clifford D. May Home, bloody, home
Christa Case Bryant andNicholas Blanford Why despite Syria's allies warning of retaliation for Israeli airstrikes, the threats are likely hollow
Rick Armon, Ed Meyer and Phil Trexler Ex-police captain cleared by DNA test is freed after nearly 15 years
Harvard Health Letters: Could it by your thyroid?
Sharon Palmer, R.D.: When 'healthy food' isn't
Sue Zeidler: Coke ad racist? Arab-American groups want to yank Super Bowl ad (INCLUDES VIDEO)
The Kosher Gourmet by Nealey Dozier The secret of this soup is the garnish
January 30, 2013

Allan Chernoff: Celebrating 'Back from the Dead Day'

America isn't a religious country? Don't tell Superbowl fans!
Mark Clayton Cybercrime takedown!
Germany remembers Hitler rise to power
Israel salutes U. N. --- with the one finger salute
Sharon Palmer, R.D.: Get cookin' with heart-healthy fats
Ballot riles Guinness World Records
The Kosher Gourmet by Elizabeth Passarella Potato, Squash and Goat Cheese Gratin
January 28, 2013

Nancy Youssef: And Democracy for all? Two years on, Egypt remains in state of chaos

Fred Weir: Putin: West is fomenting jihadi 'blowback'
Meredith Cohn: Implantable pain disk may help those with cancer
Michael Craig Miller, M.D. : Ask the Harvard Experts: Are there drugs to help control binge eating?
David Ovalle Use of controversial 'brain mapping' technology stymied
Jane Stancill: Professor's logic class has 180,000 friends
David Clark Scott Lego Racism?
The Kosher Gourmet by Mario Batali The celebrated chef introduces us to PANZEROTTI PUGLIESI, cheese-stuffed pastry from Italy's south


Jewish World Review March 6, 2009 / 10 Adar 5769

Stand Up for Capitalism!

By Mona Charen


Printer Friendly Version
Email this article

http://www.JewishWorldReview.com | I find myself tuning in to CNBC these days. This is unusual for me as business news bores me. I'm one of those whose eyes glaze at the mention of credit/default swaps, futures trading, and derivatives markets. But now, with the Obama/Pelosi/Reid troika attempting to remake our nation, I will submit to chatter about all of those things as long as I am treated to some full-throated defenses of capitalism.


If ever there were a time when our market economy deserves a little coddling and a soft pillow under its head, it is now. Battered by a financial meltdown, a plunging stock market, declining trade, and frightened consumers, now would be the time to cut corporate tax rates (which are among the highest in the world), reverse the "mark to market" rule for valuing assets, temporarily increase unemployment compensation and Medicaid (with sunset provisions), and keep taxes low. When Barack Obama agreed last autumn that it was not a good idea to raise taxes during a recession, it seemed that he was at least enough of a moderate to understand the importance of markets. One can no longer indulge that hope. Like blasts from a machine gun, Obama has announced higher taxes on the owners of small businesses (the most productive individuals), higher taxes on the energy industry (through the cap and trade system), green mandates on the auto industry that will increase the cost of each vehicle, a bailout of mortgagers that will increase the cost of mortgages down the road, increased unionization (which reduces jobs), a repeal of the successful welfare reform of the 1990s, and a rhetorical assault on Wall Street that leaves investors edgy.


The Democrats scoff when you use the "s" word (socialism). It's a bogeyman, they argue. Not so. If by socialism you refer to the sort of government-heavy economies that characterize most of Europe, then we are clearly headed there about as fast as Flight 1549 was headed for the Hudson River.


By the sheer size of the budget they are pushing, Obama/Pelosi/Reid are increasing the share of the American economy that will be controlled by the government. Government spending accounts for more than 50 percent of the economies of France and Sweden and more than 45 percent of the GDPs of Germany and Italy. As recently as 2006, the federal government's share of America's GDP was 21 percent (with another 11 percent for state and local governments). Now it is approaching 40 percent and likely to grow significantly beyond that if Obama and Co. have their way on health care reform, universal pre-K to college education, and other programs.


We are rapidly narrowing the gap with Europe. This represents policy nirvana for the Democrats. They adore the sclerotic, slow-growing, cradle to grave security of the European Union. But do most Americans really want to go there? We will emerge from this downturn. But if the Democrats succeed in using it as an excuse to impose a huge new welfare state, we will not emerge as the same country.


Per capita economic output has been much higher in the United States than in the European Union. Our growth rates have been consistently higher since the Second World War. Until this recession began, America's unemployment rate was half of Europe's, and our unemployed spent less time jobless than did Europe's. European industry has certainly contributed to world prosperity, but cannot match the United States for innovation, dynamism, freedom, or wealth creation. And the Europeans are failing the most basic test of vitality — they are demographically disappearing. That's one reason why the term "once-great" applies to places like Great Britain and France.


Yes, there's a recession on and it's deep. Capitalism is not perfect (though one harbors the suspicion that if government had not, in effect, subsidized risky mortgage lending, we would not be in this position). But with all its defects, capitalism remains the greatest engine of prosperity the world has ever witnessed. Just in the last 25 years, hundreds of millions of people, principally residing in China and India, who had been close to destitution and starvation are driving cars, sipping lattes, and chatting on cell phones thanks to free market reforms. Countries with few natural resources other than the brains of their people — like Singapore, Hong Kong, Taiwan, and Japan — have become economic powerhouses by permitting the free market to work its magic.


Here at home, the U.S. has been able to dramatically improve standards of living not just for the wealthy (they do fine in every country) but for ordinary people. Hard work has been rewarded not punished. And the free market has given us everything from computers and iPods to Prilosec and the Mayo Clinic.


It didn't seem possible six months ago that capitalism in the United States could be in danger. If Obama/Pelosi/Reid have their way, the U.S., too, will bear the prefix "once-great."

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.


Comment on JWR contributor Mona Charen's column by clicking here.

Mona Charen Archives

© 2006, Creators Syndicate

Insight (Our Columnists)

 Arnold Ahlert
 Mitch Albom
 Jay Ambrose
 Michael Barone
 Barrywood
 Lori Borgman
 Stratfor Briefing
 Mona Charen
 Linda Chavez
 Richard Z. Chesnoff
 Ann Coulter
 Greg Crosby
 Alan Douglas
 Larry Elder
 Suzanne Fields
 Christine Flowers
 Frank J. Gaffney
 Bernie Goldberg
 Jonah Goldberg
 Julia Gorin
 Jonathan Gurwitz
 Paul Greenberg
 Argus Hamilton
 Victor Davis Hanson
 Betsy Hart
 Ron Hart
 Nat Hentoff
 Marybeth Hicks
 A. Barton Hinkle
 Jeff Jacoby
 Paul Johnson
 Jack Kelly
 Ch. Krauthammer
 David Limbaugh
 Kathryn Lopez
 Rich Lowry
 Michelle Malkin
 Jackie Mason
 Ann McFeatters
 Dale McFeatters
 Dana Milbank
 Jeanne Moos
 Dick Morris
 Jim Mullen
 Deroy Murdock
 Judge A. Napolitano
 Bill O'Reilly
 Kathleen Parker
 Star Parker
 Dennis Prager
 Wesley Pruden
 Tom Purcell
 Sharon Randall
 Robert Robb
 Cokie & Steve Roberts
 Heather Robinson
 Debra J. Saunders
 Martin Schram
 Culture Shlock
 David Shribman
 Roger Simon
 Michael Smerconish
 Thomas Sowell
 Ben Stein
 Mark Steyn
 John Stossel
 Cal Thomas
 Dan Thomasson
 Bob Tyrrell
 Diana West
 Dave Weinbaum
 George Will
 Walter Williams
 Byron York
 ZeitGeist
 Mort Zuckerman

'Toons
 Robert Arial
 Chuck Asay
 Baloo
  Lisa Benson
 Chip Bok
 Dry Bones
 John Branch
 John Cole
 J. D. Crowe
 Matt Davies
 John Deering
 Brian Duffy
 Everything's Relative
 Mallard Fillmore
 Glenn Foden
 Jake Fuller
 Bob Gorrel
 Walt Handelsman
 Joe Heller
 David Hitch
 Jerry Holbert
 David Horsey
 Lee Judge
 Steve Kelley
 Jeff Koterba
 Dick Locher
 Chan Lowe
 Jimmy Margulies
 Jack Ohman
 Michael Ramirez
 Rob Rogers
 Drew Sheneman
 Kevin Siers
 Jeff Stahler
 Scott Stantis
 Danna Summers
 Gary Varvel
 Kirk Walters
  Dan Wasserman

Lifestyles
 Mr. Know-It-All
 Ask Doctor K
 Richard Lederer
 Frugal Living
 On Nutrition
 Bookmark These
 Bruce Williams