If you follow professional sports, and especially if you are a football or hockey fan, you undoubtedly are aware of the rash of concussions that have rendered players unfit to play. Now there’s a rash of lawsuits being filed against the National Football League, the latest of which includes a group of 106 retired football […]
In a recent piece for the Wall Street Journal, Andy Stern, an Obama insider and one of organized labor’s more aggressive personalities, praised what he called “China’s superior economic model.” Does China have a superior economic model? That depends: Superior to what? Mr. Stern, who headed the Service Employees International Union, cited Andy Grove, founder […]
A barrage of news headlines on the Solyndra scandal continue to remind us that President Obama made green jobs one of his administration’s priorities. Those headlines also reveal this initiative to have been a costly mistake. The bankruptcy of Solyndra, the solar-panel manufacturer that has collapsed despite receiving half a billion dollars from the federal […]
Thursday, Oct. 27, 2011, was a giddy day for European politicians and global investors. European Union officials announced a plan for addressing the EU’s worst financial problems. There would be a partial write-down of Greek sovereign debt—a 50 percent haircut for private bondholders, but no haircut for governmental creditors (the political class looks after its […]
It isn’t easy to earn interest income these days. Interest rates on government T-bills, banks’ savings accounts, and certificates of deposit are microscopic. You can blame our government and central bank. They have “ZIRPed” millions of American savers. Here are the details: According to the U.S. Treasury Department, the average interest rate paid on federal […]
“The one constant through all the years, Ray, has been baseball.” —Terence Mann (played by James Earl Jones), Field of Dreams For over 100 years, baseball has been a cultural reference point for millions of Americans. Just as certain songs are associated with special times in our lives, so many of us remember our past […]
The Greek government is in a gigantic financial hole and is teetering on the brink of defaulting on its debt. It has been able to limp along since last year only with bailouts from outside of Greece. According to the latest reports, the Greek government will run out of money in October unless it receives […]
It has been over a year since I have written about the fragile condition of the European Union’s financial system. The financial crisis of a possible Greek default has been papered over since then, but now it is coming to a head again. Greece again is teetering on the brink of default. Last Friday, Greek […]
If you watched President Obama’s speech to a joint session of Congress, you didn’t see anything new. He did what he does best—campaign for re-election and pay lip service to private enterprise and fiscal responsibility while proposing more top-down economic planning that (despite his claims to the contrary) will surely plunge the government more deeply […]
The price of gold has gone on a tear this summer, from slightly under $1500 per ounce to well over $1800 per ounce, and it looks like it wants to go higher. What gives? Well, if you bought gold last spring, you’re looking pretty smart. And if you bought gold a decade ago at $300 […]
As the August 2 deadline for a debt-ceiling deal drew near, many expected a big deal that would significantly change the direction of federal fiscal policy. After weeks of tumultuous negotiations, partisan bickering, and impassioned histrionics, the agreement that finally emerged was, to put it bluntly, no big deal. Ironically, the most accurate assessment I […]
On July 11, The Center for Vision & Values posted my article decrying the insulting name-calling directed toward Federal Reserve Board Chairman Ben Bernanke. The very next day, Bernanke made me question my forbearance by telling Congress that a third round of “quantitative easing” or “QE3” could be a near-term option. Now it’s my turn […]
In 2010, there was a “tax gap”—i.e., the difference between federal taxes owed and those actually paid—of $410–$500 billion. Some of the gap stems from the complexity of the tax code. Much of it, though, is deliberate: self-employed individuals working for cash, table-servers under-reporting tips, taxpayers claiming unauthorized credits and deductions. And don’t forget the […]
As chairman of our country’s central bank, the Federal Reserve Board, Ben Bernanke is expected to put the economy on a sound footing and foster strong economic growth. Unfortunately, Bernanke faces “mission impossible”—partly because the policies implemented by Congress, the president, and bureaucrats account for much of what happens to the economy, and partly because […]
Being a congressman can be a great job. It can be attractive for someone who relishes the ersatz virtue of playing Santa Claus with other people’s money, who finds a year-round routine of fund-raising social events enjoyable, and who covets receiving one of the most generous pensions on the planet. It can also be a […]
We older Americans have saddled our youth with a mind-boggling public debt—over $20 trillion already spent ($14.3 trillion of “official” national debt plus various off-budget expenditures, according to the U.S. Treasury); trillions more of projected deficit-spending over the coming decade; and tens of trillions of dollars of unfunded liabilities. By the time today’s toddlers can […]
The trustees of the Medicare system recently reported that the program will go broke in the year 2024—five years sooner than was projected just last year. The millions of Americans who have been counting on Medicare to be a reliable, stable guarantor of affordable healthcare in their senior years should be asking themselves, “Who is […]
Saudi Arabia has long been the dominant producer of petroleum on the planet. Nature endowed the Arabian Peninsula with gigantic deposits of this vital source of energy. Many of us have lamented the quirk of nature that placed much-needed oil in the most geopolitically unstable region in the world. Although Saudi Arabia is the king […]
One of the great privileges and duties of practicing Christians is to do charitable deeds. Virtually all Christians agree on this point. There is, however, a great divide in Christendom between those who believe that charitable giving should be a voluntary, private-sector ministry and those who believe that a government welfare state should oversee a […]
As Americans increasingly feel the pinch of higher prices for food and fuel, the Federal Reserve’s QE2 policy of creating more money has been called into question. Asked if the Fed bore some responsibility for these vexing price increases, Fed Chairman Ben Bernanke essentially replied, “It’s not our fault.” Instead, Bernanke blamed the price increases […]
Recently, CNN’s Money.com posted an article bearing the title, “U.S. Millionaires Population Expanded by 8 Percent in 2010.” According to the article, there are now approximately 8.4 million millionaires in the United States, and last year’s increase was due primarily to rising stock prices, following a 27-percent decline in the number of millionaires in 2008 […]
According to a 1991 Book of the Month Club / Library of Congress survey that asked what book had most influenced their lives, the two top picks by respondents were the Bible and Ayn Rand’s Atlas Shrugged. Coincidentally, this is a big week for both Christians and Randians. The former are celebrating the resurrection of Jesus […]
Question for those of you concerned about the size of federal debts and deficits: Would you endorse a plan which would add another five or six trillion dollars to the federal debt over the next decade while increasing Uncle Sam’s annual expenditures by $1.1 trillion? If so, you’re in luck. House Budget Committee Chairman Paul […]
On March 2, the Supreme Court issued a decision in the case Snyder v. Phelps that illustrates the difficulty of balancing competing claims to rights and justice in our judicial system. The court overturned a lower court’s $5 million tort judgment against Pastor Fred Phelps of the Westboro Baptist Church of Topeka, Kansas, for invasion […]
