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Jewish World Review
March 13, 2013/ 2 Nissan, 5773
Stock market is downright perky. Blame the corporations
By
Jay Ambrose
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http://www.JewishWorldReview.com |
Despite diatribes to the contrary, American corporations include multitudes that are tough-minded, occasionally brilliant and manifestly capable, a major reason the stock market is not just alive and well, but downright perky.
That's worth a grin, as is the somewhat misleading decline in the unemployment rate. But don't suppose the government can't change that to a frown, even wailing and gnashing of teeth. It's trying right now.
Corporations have not had an easy go of it in either the past recession or a recovery in which federal wizards aimed to spend us out of trouble, thereby spending us into danger. Yet even with the worry of catastrophic debt default, the coming of the ultra-burdensome Affordable Care Act -- "Obamacare" -- and still other regulatory deathtraps, any number of corporations big and small have managed to earn credible profits.
One means was cutting costs, and one way of accomplishing that end was to do more with less labor, horrifying many on the left. They think that, instead of increasing efficiency in hard times, businesses should convert to welfare agencies. Many, of course, would then go out of business, or at the least perform abysmally. Brave, bold profits, on the other hand, set them up for a sterling future of expansion and -- let's all say hallelujah -- hiring sprees.
Investors see this, they begin to have hope where there was very little, they invest more, stock prices go up and the left sneers. The supposition, as economically uninformed as it is ideologically inspired, is that the stock market is just a way for the rich to get richer.
The actuality is that about half of all Americans have stock investments, and whether the stocks are individually owned or, say, part of a union pension fund, owners profit when stocks grow in value. If that pension fund is for government workers, some taxpayers get off a hook or two. When investments by nonprofit groups do well, they can provide more services to the needy. As their value goes up and they get more capital, businesses can provide more goods, services, tax revenue and occupations that put money in pockets and not infrequently do something that too often gets lost in the discussion. Jobs can add purpose to human lives.
Of course, it wasn't just corporate character and cleverness that led to the latest rise in stocks, but a number of other factors, not the least of which was the Federal Reserve and its easy money policies. Though those policies help boost stock prices, they also threaten runaway inflation. If you think the Federal Reserve is always a lifeguard and never an anchor tied to a swimmer's foot, think again. Easy money helped drag us into a recession along with crony capitalism and federal policies that prompted people to buy houses they could not afford. There's little that big, bad Wall Street did wrong that was not abetted by big, bad government.
The other cheering news of the moment is that unemployment is down to 7.7 percent of those seeking work. The heart palpitates at a slower speed when we realize we got there in large part because of ever fewer people seeking work. That's not all there is to it -- the construction industry is jiving again and 236,000 jobs were created last month -- but vast numbers have retreated in the battle to secure employment.
The cure is really, truly vigorous economic growth that we can only instigate and sustain if the administration quits handling the politics of overspending by exaggeration, trickery and blatant insincerity. At some point, we need seriousness about long-term reductions of a debt that could turn our world upside down.
In the meanwhile, the free citizenry and a private sector of amazing energy and ingenuity are edging us in the right direction. The government obstructs, but we the people keep doing our best to overcome.
Every weekday JewishWorldReview.com publishes what many in in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
Comment by clicking here.
Jay Ambrose, formerly Washington director of editorial policy for Scripps Howard newspapers and the editor of dailies in El Paso, Texas, and Denver, is a columnist living in Colorado.
Previously:
03/06/13: Bloomberg rivals Carrie Nation
02/27/13: The Wily One is proving in polls that it's no toughie to fool lots of people most of the time
02/20/13: On Obama, swans, goulash and invisibility
02/13/13: Drones and hypocrisy
01/30/13: The Nixonian Obama
01/23/13: Is Obama making JFK-style mistakes?
01/02/13: Kerry nomination emblematic of woes coming
12/26/12: Hollywood beats Harvard in history?
12/12/12: Immigration issues solve themselves
12/06/12: Durbin's deficiency
11/29/12: Man of the century
11/21/12: A big scandal coming?
11/14/12: U.S. should follow the Swedish path
11/07/12: Hanging from a poll
• 10/31/12: A dream that wouldn't come true
• 10/29/12: When the 'kooks' and 'racists' turn out to be your ideological allies
• 10/24/12: The pettiness refuge
• 10/18/12: An interruption that tells a bigger tale
• 10/17/12: A recovery that wasn't
• 10/12/12: Big Bird squabble points to something real
• 10/11/12: The 'war' you don't hear about --- the one on average Americans
• 08/22/12: Obama leadership: Romney's returns trump road to recovery
• 08/15/12: Saving Medicare the Ryan way
• 08/01/12: Combatting free speech
• 07/25/12: Good and bad reactions to Colorado horror
• 07/18/12: Apology time for Obama
• 07/16/12: Free markets solve climate change threats
• 07/11/12: Humans and particles and those who would order them
• 07/06/12: Why we'll miss Andy Griffith
• 07/05/12: All will feel Affordable Care Act's bite
• 07/02/12: A social solution --- homes with dads
• 06/27/12: Being a 'nation of immigrants' is not an excuse
• 06/20/12: Barack Obama the autocrat
• 06/18/12: Bradbury's lessons for today
• 06/13/12: Should this leaking administration sink?
• 06/11/12: Simpson bashes back on reform
• 06/05/12: Legalize sugary drinks, ban dangerous drugs
• 06/04/12: Keep America from going Greek
• 06/01/12: Don't believe in Obama's fairy tales
• 05/30/12: Writing a book? Beats prison
• 05/23/12: Student loans fail students
• 05/21/12: Europeanizing America into crisis
• 05/16/12: Obama a bully, too
• 05/15/12: Walker recall vote could swing national pension policy
• 05/07/12: Bumbling, fumbling, benighted, old Washington near tipping point where freedom is done for
• 05/02/12: The Communists cannot be happy
• 04/30/12: There's no objective truth, least of all concerning behavior
• 04/25/12: Forgive the extremist?
• 04/23/12: Educational excellence is a game
• 04/18/12: Obama's interventions help a few by the most autocratic, complicated, ineffective means possible, yet hurt many more
• 04/16/12: Overregulation strikes again: The nanny state threatens to turn us into children
• 04/11/12: Obama is not bonkers
• 04/04/12: Will America vote against authoritarianism?
• 04/02/12: 'Tipping point' on federal restraint approaches
• 03/28/12: Obama truth from an open mike
• 03/21/12: The progressive campaign for voter fraud
• 03/19/12: Public pensions will get us if we don't watch out
• 03/14/12: Politics needs reporting, not speculation
• 03/12/12: Home of the free, the brave, the endangered
• 03/07/12: Obama used Limbaugh as scapegoat
• 03/05/12: Campaign substance lost in media melodrama
• 03/01/12: When Big Brother drowns
• 02/24/12: Obama goes gaseous on gas
• 02/22/12: Political tears for trust in personal empowerment --- except in the bedroom
• 02/17/12: Of cut-off ears and silenced mouths
• 02/15/12: Obama is a joke whose antics aren't funny
• 02/10/12: An energy boom looms, despite Obama
• 02/08/12: Obama's assault on faith
• 02/03/12: Can Romney get serious?
• 01/27/12: Obama is like an Italian ship captain
• 01/25/12: Newt Gingrich's first 100 days
• 01/20/12: Obama's Keystone pipeline lies
• 01/18/12: Critics worse than urinating Marines
• 01/13/12: Ron Paul is a cartoonish character
• 01/11/12: Newt Gingrich upset by Mitt Romney's brilliance
• 01/09/12: How about regulating presidents, too?
• 01/04/12: How America smothers itself
• 12/30/11: A tax break that helps break the nation
• 12/28/11: Watch out for the banana peel, Newt
• 12/21/11: A tale of two men
• 12/16/11: Strange happenings in Russia
• 12/14/11: Tim Tebow is a man of character
• 12/09/11: A populist, envy-mongering fraud divisively exacerbating resentment among different groups of Americans
• 12/07/11: Tax games threaten nation
• 12/05/11: Why Wal-Mart serves us better than Barney Frank
• 11/30/11: Not writing off Newt
• 11/28/11: Answers to the Iranian threat
• 11/23/11: Failure of the incumbency investment
• 11/18/11: Occupiers: Chop off their heads!
• 11/16/11: Obama asks jobless to sacrifice
• 11/09/11: Michael Moore's insufferable occupation
• 11/04/11: Political tipping point is coming
• 11/02/11: Idealogues versus 7 billion
• 10/28/11: Obama games on student loans
• 10/26/11: Wit and quick moves v. humanity and thoroughgoing honesty? It's no contest —- or at least shouldn't be
• 10/07/11: Baptists, bootleggers and Wall Street protesters
• 10/05/11: Federal law will get you even if you watch out
• 09/28/11: Leftist bugbears on the march
• 09/23/11: Still hope for coal to help us
• 09/21/11: Obama's Madoff ploy
• 09/19/11: U.S. can't afford to wait until it happens
• 09/14/11: Defending -- and strengthening -- gung ho collectivism
• 09/12/11: A pipeline to better times
• 09/08/11: Obama just keeps destroying jobs
• 09/06/11: Ultra-feminists thwarting justice
• 08/31/11: Corporations are people? Yes, Count the ways
• 08/26/11: What an earthquake tells us about debt
• 08/25/11: The tyranny of scientific consensus
• 08/23/11: Fracking hardly a public health threat
• 08/17/11: Why Obamacare won't control births
• 08/15/11: Balanced budget amendment unbalanced idea
• 08/10/11: Kerry's war on citizen speech
• 08/05/11: Upside to the compromise leaving the door open for obnoxious maneuvers
• 08/03/11: The people who may save America
• 07/29/11: On making deals, Obama is no LBJ
• 07/27/11: The threat behind the debt
• 07/23/11: Mean opposition to means-testing
• 07/20/11: Leftist babble makes debt crisis even worse
• 07/18/11: Time to raise demagoguery ceiling
• 07/13/11: Obama treating treaties badly
• 07/08/11: Is decline of U.S. exaggerated?
• 07/05/11: Not math deficiency, but demagoguery
© 2011, SCRIPPS HOWARD NEWS SERVICE
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