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February 8, 2012
Warren Richey: Why momentous Prop. 8 ruling might not satisfy gay-rights groups
Menachem Wecker: Though Controversial, LL.M.'s Can Lead to Specialized Legal Jobs
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February 7, 2012
Frank J. Gaffney, Jr.: Caught off-guard? President's Super Bowl interview with Matt Lauer gives those who need a reason not to vote for him, a darn good one
Suzanne Bohan: Leaping lizards! Tiny reptiles advancing robot design
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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?
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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
Ben Lynfield: Israeli lawmakers move to annex Jewish Judea, one museum at a time
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
June 10, 2010
/ 29 Sivan 5770
Obama and Economics: Intellectually Clueless
By
Larry Elder
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http://www.JewishWorldReview.com |
While in high school, I was standing at a bus stop next to a gas station. A kid tossed a candy wrapper on the station lot. Somebody yelled, "Hey, pick that up." The kid, with a straight face, defended himself. He said, "I just created a job." Someone would be hired, he explained, to pick up the trash, and this would be good for the economy.
Don't laugh. The kid probably works for the Obama administration.
Congress is now considering yet another "stimulus" package. But did the administration's previous one work? Of the $787 billion stimulus package, President Obama said it would "save or create" 3.5 million new jobs. Has it?
The National Association for Business Economics polled 68 private-sector members. Seventy-three percent said the employment at their companies was neither higher nor lower as a result of the stimulus package.
What about the nonpartisan Congressional Budget Office? A February 2009 Washington Times article said:
"President Obama's economic recovery package will actually hurt the economy more in the long run than if he were to do nothing, the nonpartisan Congressional Budget Office said Wednesday.
"CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing."
What do normal, regular, real-world people think? In December 2009, a Rasmussen poll asked likely voters whether the "stimulus" helped, hurt or did nothing.
They agreed with the private-sector economists and the CBO the stimulus did not work. And more felt it did damage than thought it helped: "A new Rasmussen Reports national telephone survey finds that 30 percent of voters nationwide believe the $787-billion economic stimulus plan has helped the economy. However, 38 percent believe that the stimulus plan has hurt the economy. This is the first time since the legislation passed that a plurality has held a negative view of its impact."
Obama, House Speaker Nancy Pelosi and commentator Ed we-need-health-care-reform-and-I-don't-care-how-much-it-costs Schultz think one way. Believers in the free market and limited government think another. As between these two camps, which one better understands how the real world works?
Zogby International asked questions about economics of nearly 5,000 people. George Mason University economist Dan Klein co-authored a report on the responses given to eight basic economic questions. (Correct answers and "not sure" responses were ignored only flatly incorrect responses were counted.) Do housing restrictions increase the price of housing? The answer is yes. Whether the restrictions are good or bad is a separate issue. But restrictions on any good increase the price of that good whether houses or horseshoes. Do minimum wages increase unemployment? The answer is yes. Whether one accepts this as a worthy trade-off is a separate question. Is our standard of living higher than it was 30 years ago? It is. Whether we are "addicted" to oil or facing cataclysmic "global warming" is a separate issue. The other questions involved licensing, rent control, the definition of a monopoly, the definition of exploitation, and whether free trade leads to unemployment.
Respondents self-identified as progressive/very liberal, liberal, moderate, conservative, very conservative, or libertarian. Who did better?
"On every question," wrote Klein, "the left did much worse. On the monopoly question, the portion of progressive/very liberals answering incorrectly (31 percent) was more than twice that of conservatives (13 percent) and more than four times that of libertarians (7 percent). On the question about living standards, the portion of progressive/very liberals answering incorrectly (61 percent) was more than four times that of conservatives (13 percent) and almost three times that of libertarians (21 percent)."
Maybe those with more education performed better? No, the report said. "We work with three levels of schooling: (1) high school or less; (2) some college (but not a degree); (3) a college degree or more. In our data, economic enlightenment is not correlated with going to college."
The left blames the financial collapse on "greed," ignoring the role played by government involvement Freddie Mac, Ginnie Mae, the Federal Housing Administration, the Community Reinvestment Act and elsewhere. Leftists point to "insufficient regulation" on Wall Street for reckless behavior, rather than to the players' assumption that too-big-to-fail would protect them.
On the BP Gulf oil spill, Obama wants to find "whose ass to kick." He's called for a moratorium on new offshore drilling. But why do we drill offshore for oil more than a mile deep? Is it that on-land and safer, shallow water areas are off-limits thus pushing companies to extract oil from more dangerous places? Have the restrictions on clean nuclear power altered how and where we obtain energy?
Republicans, in the eight-question economics poll, averaged 1.61 incorrect answers. Democrats averaged 4.59 wrong answers. So in the President's search for "ass to kick," start here.
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.
JWR contributor Larry Elder is the author of, most recently, "Stupid Black Men: How to Play the Race Card--and Lose."
(Proceeds from sales help fund JWR) Let him know what you think of his column by clicking here.
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© 2006, Creators Syndicate
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