Guess which states Americans are abandoning?

Image: United Van Lines

Why oh why would so many people want to leave these fine states? What with their high rates of taxation and general nannyism and cronyism, massive unfunded liabilities for state workers, trigger happy cops, and politicians who long ago forgot what the spirit of the Constitution is. It is amazing that Americans would turn their backs on these veritable utopias for backward places like South Carolina and Idaho. Is there some unseen plague sweeping through the Northeast?

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Competition Cures Crony Capitalism and Drives a Meritocratic Economy

A very interesting examination of crony capitalism in Israel. Surprise surprise the political class there gets the pay and privilege too.

The author also points out a very key point. Industries which are protected by regulation tend to get fat and develop an insider, old boys club mentality. Where there is competition companies are lean and productivity and ingenuity are rewarded. This creates opportunities for newcomers who are skilled and work hard even if they aren’t in the “club.”

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Feds dangle $12,000 bonus to firms that hire foreign students

What is the logic here? If businesses want to keep foreign students in the USA let them do it. (They of course can and do, often.) The company can help the prospective employee get a visa and voila, new employee with engineering skills. But why on Earth is the federal government putting American born engineering grads at a disadvantage to students from overseas?

We are very much for immigration generally. We think new brains which add to this country are a good thing.

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French people are so underworked it’s leading to clinical depression

I was recently going through the checkout line and I overheard the cashier talking to the bagger. “Man, if I could just get paid for doing nothin’. That’d be sweet.”

I looked right at the cashier who was all of 18 or so and I said that I disagreed. A really sweet job was one which provided a living while one did meaningful and enriching work. Doing nothing is boring.

Both the cashier and the bagger agreed that meaningful work was better than doing nothing.

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Native Americans Can Now Grow and Sell Marijuana Legally on Reservation Lands

Each sovereign reservation will have the choice whether to legalize or not. But this is progress I’d say.

My feeling is that if Native Americans can make some money off of liberalizing paternalistic laws, gambling, pot, I say good for them.

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Economists Can’t Find the Silver Lining in Today’s Jobs Report

The good news is the market seems to be shrugging off the relatively bad news. The assumption is that the Federal Reserve is unlikely to raise rates before the end of the year in light of the jobs report. The central bank won’t raise rates because it can’t, though it wants to. (Most people think anyway. Some think the Fed has no intention at all of raising rates anytime soon. They are the small minority though.) As such Wall Street gets to continue enjoying 0% rates.

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Unrelenting immigration is easy for those rich enough (often through crony capitalism) to mitigate the impact

Peggy Noonan writes in the Wall Street Journal of a fundamental disconnect between what she refers to as “elites” (I despise this term, many, if not most people in power I have met are not what I would call “elite.”) and their indifference to the pressures which come from massive immigration. She makes an important point. A giant increase in immigration flows isn’t going to really impact the circle Angela Merkle runs in, except that perhaps the people in this circle will be able to pay their gardeners even less.

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China Central Bank Head at G20 : The Chinese bubble has popped

We are pretty much obliged to run this one. Of course it has popped. It’s been deflating for months. Really longer than that though the Shanghai Stock Exchange didn’t reflect it for a while. And it’s not like the Chinese pop is over, it’s got plenty more to go. Lots of “fun” is still ahead of us.

People who care about the world economy and world politics should look closely at China. It is a classic case of “

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BET Reports: Black Teens Are Fired When the Minimum Wage Rises

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.

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