At best we have been treading water since 2008. Check that, we’ve been treading water while the tide continues, unrelentingly to go out.
Look, I think there should be a phase out of the old system over say 10 years.
Older people have made calculations with the idea that Social Security would be there forever as it is now. Most people are not economists. They just did their thing in their working life and then retired as they were told they should. If we are going to change social security we should be sensitive to this very important (and very political) point.
The Fed’s Consumer Financial Protection Bureau is a crony capitalist’s dream, but don’t expect to read about it in the press, especially in Bloomberg.
In the story below, a Bloomberg reporter refuses to acknowledge that the Consumer Financial Protection Bureau is renting space from an Obama bundler (major fundraiser) while its boondoggle building is being built.
The American Medical Association claims to represent doctors. But it is very much part of the crony coalition which put together the broad outlines of Obamacare in meetings inside the White House. In return for going along with the government, the association receives most of its funding from a medical coding monopoly granted and protected by the Department of Health and Human Services.
As we have said before, we are pro-immigration. But we are also for the rule of law. If there is no rule of law (or very selective enforcement of the law for political reasons) it is hard to see how the influx on the border can be dealt with in any sane way.
The market keeps going up so things are good right?
I typically don’t post podcasts unless the interviewer is featuring ACC. However in this case I will make an exception.
Submitted for your enjoyment, and education Tom Woods (a favorite here) interviews economist Joshua Hall who wrote a book on economics using examples from the Simpsons. As I love both economics and the Simpsons I felt obliged to share with you. Enjoy.
Crony capitalism works great for the cronies. The executives at companies which secure government privilege often benefit handsomely. But according to a new study from the Mercatus Center workers at these privileged companies do not benefit very much if at all from the largesse. Most of the taxpayer money is captured by the upper echelons of management.
Because in real terms (adjusted for inflation) you literally are poorer, with pretty much each passing day.