In today’s America, I can’t be both an economist and a liberal. Economists should be bound by facts and reason. And I can’t do that and embrace liberal positions on the minimum wage, climate change, and gender discrimination. Raising prices
The U.S. economy is set to take off. Scarred by the financial crisis but on their feet again, consumers will lead the economy to growth in the range of 3 percent through the end of 2015. The Commerce Department reported
Buffeted by slow growth and too few jobs, Americans now have to deal with more inflation. In May, consumer prices rose at more than a 4 percent annual pace, and inflation has been heating up the last several months. Rapid growth
U.S. foreign policy is failing. Russia is pushing into Ukraine and threatening Eastern Europe; China is bullying Japan, the Philippines, and Vietnam in the East and South China Seas; and terrorist groups in the Middle East and Africa can be
Despite five years of economic recovery, college graduates continue to face a tough job market. Certainly, young people should take responsibility for their lives, but parents, educators, and politicians all share some blame for their troubles. College graduates earn much
Friday, the Labor Department is expected to report the economy added 213,000 jobs in May. This is in line with the pace so far this year and stronger than in 2013, and the Federal Reserve is likely to follow through
Thanks to the scandals and missteps at the Veterans Administration and elsewhere in the federal bureaucracy, President Obama is losing all credibility as a manager and leader. Many Americans are justifiably enraged or at least awfully frustrated by federal government
In a major address at West Point, President Obama once again sought to articulate a foreign policy that places greater emphasis on diplomacy, economic leverage, and recourse to international law. Facing crises, “U.S. military action cannot be the only–or even
To head off a tough bout with stagflation–slow growth and high inflation–the Federal Reserve should start raising interest rates soon. Most economists expected 2014 to be a breakout year. A surge in new home construction was anticipated to instigate growth
The inconvenient truth President Obama denies about climate change is that China’s refusal to cooperate in international efforts to address the problem makes U.S. efforts to slow its pace futile. Moreover, his policies severely handicap America’s ability to mitigate its consequences.
Economic inequality has emerged as the central political challenge of the 21st Century. Left wing academics and politicians are quick with quack remedies–higher taxes on the wealthy that will only send more investment abroad and smother growth. For most Americans,
On Tuesday, the Commerce Department reported the March deficit on international trade in goods and services was $40.4 billion. Overall, the deficit is up from $25 billion since the economic recovery began in mid-2009 and poses a significant barrier to
The economy created 288,000 jobs in April, up from 203,000 in March. That’s the second-best showing of the Obama recovery, but still less than what is needed each month to raise employment to pre-recession levels. Those results are consistent with
Friday, the Labor Department is expected to report the economy added 215,000 jobs in April. A moderate improvement over February and March when the pace averaged 195,000, indicating growth will improve this spring over its tepid winter performance. Still good
The Commerce Department reported GDP grew at a disappointing 0.1 percent annual rate in the first quarter, less than 2.6 and 4.1 percent recorded the prior two periods. Overall, it appears 2014 may not be the breakout year President Obama
The new book by French economist Thomas Piketty, Capital in the Twenty-First Century, has rocketed to the top of the Amazon.com best sellers list. It accomplished this feat by offering yet another apocalyptic vision of capitalism in the tradition of Malthus, Ricardo, and
With eight million Americans enrolled in health insurance through federal and state exchanges, President Obama has declared the Affordable Care Act a success. That’s disingenuous, and big changes are needed to make the law work well. Overall, the ACA’s goals
With eight million Americans enrolled in health insurance through federal and state exchanges, President Obama has declared the Affordable Care Act a success. That is disingenuous, and big changes are needed to make the law work well. Overall, the ACA’s
Facing mid-term elections and burdened with persistently high unemployment, President Obama is playing the race, gender, and class cards. Fabricating fear and injustice, such tactics keep the economy in slow gear and make worse the very people the President professes
Americans struggle with stagnant wages and rising prices. Yet the Federal Reserve is obsessed with boosting inflation with easy money policies that may actually discourage reforms that would help jobs creation and lessen income inequality. Over the last year, consumer
Mary Barra, CEO of General Motors, was called before Senate and House Committees last week to explain why a faulty ignition switch, responsible for at least 13 crash deaths, was not recalled for several years in vehicles manufactured by GM.
The economy created 192,000 jobs in March, down from 197,000 in February and still well below the pace needed to lower underemployment to respectable levels. Those mediocre results are consistent with a broadly underperforming economy. Manufacturing employment lost 1,000 jobs
Friday, the Labor Department is expected to report the economy added 206,000 jobs in March. While a significant improvement over January and February when harsh weather depressed hiring, this is still well below the pace needed to lower unemployment to
The advent of cable television offered universities vast new opportunities to profit from football and basketball, and the large and most lucrative programs have consolidated into five major conferences. Those dominate the Bowl Championship Series in football and the NCAA
The economy grew 2.6 percent in the fourth quarter–hardly the 4 to 5 percent needed to provide enough jobs and restore housing prices to pre-recession levels. Throughout 2013, higher taxes on all income classes–President Obama’s levies on the wealthy, higher
Last week, Janet Yellen sent stocks diving by saying the Federal Reserve could begin raising interest rates as early as next spring–most traders and forecasters have predicted a later date. Since the financial crisis began, the Fed has purchased U.S. Treasuries and
Crimea is lost. The challenge now is to avoid a wider conflict with Russia, which is bent on absorbing more territory and further extending its influence into Eastern Europe. To avoid an eventual choice between feeding Russia’s appetite for lost
The latest polls indicate a weak economy continues to drag down President Obama’s job approval rating, but those hardly guarantee any big changes in Washington. Americans may want more jobs and better wages but they also support many of the
The economy created 175,000 jobs in February, up from 129,000 in January. Colder than normal weather was a factor, but that simply continued to underemployment of the nation’s human resources. Those mediocre results are consistent with a broadly underperforming economy. The
The crisis in the Ukraine will likely end with Russia permanently controlling the Crimea, with the remainder of the country more tightly in its orbit than anticipated a few weeks ago. This is easy to attribute to Vladimir Putin’s appetite
On Friday, the Labor Department is expected to report the economy added 150,000 jobs in February. This is less than half the pace needed to lower unemployment to an acceptable level, and President Obama’s budget promises little relief. Unemployment could
Bitcoin believers were shaken to their digital souls when Mt. Gox, the world’s largest exchange, defaulted on $470 million worth of deposits and closed. The virtual currency was supposed to provide a safer, more private, and less costly alternative to
Bitcoin believers were shaken to their digital souls when Mt. Gox, the world’s largest exchange, defaulted on $470 million worth of deposits and closed. The virtual currency was supposed to provide a safer, more private, and less costly alternative to
Americans desperately want a fairer tax system and relief from arbitrary treatment by the IRS. True reform requires simply junking the personal and corporate income taxes in favor of a consumption tax. House Ways and Means Committee Chairman Dave Camp
President Obama and many of the nation’s top economists entered 2014 predicting a breakout year for the economic recovery. However, troubles in the housing sector indicate more difficulties and several more years of mediocre growth lie ahead. Residential construction only
President Obama is putting the finishing touches on his budget message to Congress. According to press reports, it would be criminal if it wasn’t so comical! The president will drop from previous proposals any effort to curb the rapidly escalating
The recent Congressional Budget Office Report confirms raising the minimum wage in line with inflation to $8.25 is the best course. It would likely not create much additional unemployment, still put billions of dollars in the pockets of the working
The January freeze and crippling storms gripping the eastern United States and upper Midwest are having significant impacts on normal life and commerce. Gauging its ultimate impact on the national economy–still affected by a nagging hangover from the Great Recession–is
President Obama is dividing America into two nations–one rich, the other increasingly poor, and both more likely to elect Democrats. Americans growing richer support his policies, and those growing poorer are increasingly dependent on Democratic politicians for government handouts. In
The economy created only 113,000 jobs in January, up from 75,000 in December. Colder than normal weather was a factor, but that does not explain two consecutive months of poor performance. These sad results are consistent with a broadly underperforming economy.
