Holiday Economics -- Enjoy!

$1.86 Gas Means Economy Collapsing?

Last night in the second debate, President Obama said that the reason we had $186 gasoline in 2009 when he took office, and not now, is that the economy was collapsing then.

Yes, in the land of Obama's Bizarro School of Economics cheaper fuel does not mean lower costs for consumers, lower costs for travel and more tourism, lowers costs of consumer and commercial goods.  No.  It means the economy is collapsing.

Obama wants you to pay higher gasoline costs, because in his bizarro land, it means the economy is strong ...  as it has been the last three-plus years when unemployment exceeded 8%.

Was he lying?  Or just too economically ignorant to be or remain President or the United States?

You decide.

Life of Emily

Milton Friedman on Uncommon Knowledge

The clip below was recorded in 1999, but the interview information is still fresh. And still beyond the comprehension of President Obama and his cronies.

Quote of the Day: National Review

From a piece by the editors of the National Review Online:

We did not have high hopes for Barack Obama as an economic thinker, but he continues to underperform our lowest expectations.

Read it all.

Poor in America

Economics For Liberals. Obama, Are you Watching?

Obama Creates Jobs ... in China

President Obama and his merry band of regulators and union allies is doing great things for the economies of third world countries. By chasing United States companies' operations out of the US by excessive, confusing, conflicting and oppressive regulation, President Obama is creating a "global economy" with new job creation in China, India and all over the world.

Everywhere but here, of course.

The latest, though comes not from Obama, but from his progressive tax-and-tax compatriots in the Peoples Republic of Massachusetts (yes, the home state of its former governor, RINO Republican candidate for president Mitt Romney). The Boston Globe reports on a medical device manufacturer cutting jobs "worldwide" but creating 1000 jobs in China:

Yesterday’s move, a day after Boston Scientific disclosed it was investing $150 million and hiring 1,000 people in China, raised fears that the company will gradually shift more work to foreign sites with less government oversight and lower costs than the United States.

"Oversight." It sounds so much less evil than "over-regulation." but over-regulation, it is.

More government, fewer jobs. Like clockwork.

Stimulus Failed to Stimulate

Can there be any doubt at this juncture that the Porkulus bill passed in early the Obama Administration, 2009, has failed to actually stimulate?

Economists who deal in something other than Paul Krugman-like wishful thinking are not surprised.

I have said it before. Barack Obama has the economic sophistication of a middle school Marxist. He has demonstrated his economic incompetence (and that of his administration) over and over.

We have to dump Obama in 2012. It can't come soon enough.

Why Not Raise Taxes?

Obama the Luddite

President Obama seems determined to prove that he knows absolutely nothing about economics, except the economic theories espoused by Marx (Karl, not Groucho). From Fox Nation:

President Obama explained to NBC News that the reason companies aren't hiring are not because of his policies, it's because the economy is so automated. ... "There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank and you use an ATM, you don't go to a bank teller, or you go to the airport and you're using a kiosk instead of checking in at the gate."

This is the same, sad Luddite opinion that prevailed in the days of Franklin Roosevelt and before and which has been wholly discredited by the booms of the 1960's, 1980's, and 1990's and the first half of the 2000's, all the while that we were becoming more and more automated.

It is no surprise that our president is an economic dunce.

The government is a cause of our serious unemployment problems, through excessive regulation and taxation. We need to eliminate most of the government agencies that now exist, and go back to the basics.

Economic Policy Made Simple

To end unemployment, first you have to create unemployment. Repeal all government agencies, except those necessary for foreign relations and defense, and make those former government workers find real jobs that produces stuff or services people with things that they actually want and need.

Say good bye to the wasteful United States Environmental Protection Agency. We need an new environmental paradigm. We need to get rid of our central planning model and trade it for something that works better.

We don't need those agencies to protect us. In the long run, they do more harm than good. For every person they favor with "help," they hurt more than one in the process.

Without the excessive regulatory state, we would have innovation again. More jobs. More advances in every field.

Our politicians lack the guts and the foresight.

I said it and I'm glad.

Eat The Rich

This is also the title of a wonderful book by P.J. O'Rourke.

Recycling A Campaign Ad That Remains Fresh

This campaign ad tells us all we need to know about Barack Obama's understanding of economics.  Too bad Mr. Britton did not win the campaign.

Public Choice Economics

Public choice as a branch of economics is relative new on the economics theory scene. It adds valuable insights to the workings of government, because it applies economic principles to our understanding about how politicians and government actually works, as opposed to how it is supposed to work.

Watch below:

S&P Downgrade is "Political" Per Obama

Standard & Poor's downgrade of United States securities is devastating, but probably inevitable thanks to Obamacare and other big spengding out-of-control entitlement programs.

How does the nation's supposed leader react? He doesn't want to take the downgrade seriously, calling it "political."

In his world, everything is "political." We don't need no stinkin' reality, man!

He also thinks that a massive government takeover of health care is going to save the government money.

We have an administration with zero understanding of economics.

Moron of the Day: Internal Revenue Service

On this week ending on Tax Day Friday, what could be more appropriate than awarding the IRS the Moron of the Day award.

Congratulation IRS for being our Moron of the Day, working hard to chase foreign capital out of the country.

Dumb.

Really dumb.

Pay for the Budget--the Soak the Rich Strategy

Liberals won't let the facts get in the way of some mighty fine demagoguery. the soak the rich strategy revealed:

Milton Friedman Versus Greed

Phil Donahue's questions in 1979 are typical of mushy leftist thinking. Mr. Donahue probably thought his questions would be devastating to Mr. Friedman's philosophy.



These leftist questions persist even today without a rational thought toward the how the leftist dream society (whatever that might be) could possibly be achieved.

Obama The Statist Speaks to the Chamber of Commerce

If you can stand listening to this guy, pay attention to his constant implication that we(meaning government) must make sure the business does ... whatever. We already know that President Obama's understanding of economics is nil. He thinks that government should be in charge of pushing business.



In the clip, the President does not say what is reported below his image. If President Obama really said that government standards would spark innovation and competition, he is dumber than I give him credit for. Standard are guaranteed to do exactly the opposite.

Standards always stifle innovation. That, it seems, is the purpose of standards.

As for competition, only those with enough money can afford to hire the experts necessary to comply with the inevitably complex government standards. so, standards destroy competition, by limiting access to the market.

Where did we ever find this doofus President? 2012 can't come soon enough.