This is a long fight and getting rid of the Export-Import Bank is just the beginning. A battle in a larger war to reduce the size and scope of government and to reduce the power of the current crony capitalist system. It will be a slog. Blood will be lost. But make sure most of the blood comes from the cronies and not from those who strive for a reasonably honest government and economy.
Michael Bloomberg said this recently and he is right. If one had assets prior to 2008, particularly of the stock variety, there is a very good chance that your portfolio is looking pretty good these days. The Fed through various means has inflated markets artificially.
If however one had no assets prior to 2008, or went bust during the chaos of the Crash one is probably still struggling.
The Fed, the central planners, have made the rich much richer. (For the time being.) It wasn’t free market capitalism which did this.
The enemies of progress (real progress) always lash out when bested. They fear the market. They fear the free flow of prices and the competition it brings.
Things change. Buggy whip companies go bust. So do cab companies. Sorry, my suggestion is that you learn how to do a better job than the Uber drivers.
Most of us over the age of 35 have seen massive changes to our livelihoods. I certainly have. This is the nature of the economy. Thankfully a changing economy is also an economy which is full of new opportunities.
As we’ve argued many times before, arbitrarily raising the minimum wage, particularly to a level which is far above the real wage rate is an idiotic move. It creates unemployment for low wage earners, and in many cases for the people who formerly employed low wage earners. A “living wage” sounds nice. It sells to economically unsophisticated people. But a job doesn’t suddenly become “worth” more just because the government declares that it is. One can not revoke gravity. Likewise one can not revoke supply and demand.
Magic is not real, no matter what the politicians say.
This is an old article, but given the current debate it is worthy of a post.