Posted tagged ‘Socialism’

Must Reads For The Week 9/15/18

September 17, 2018

The Intellectual Poverty Of The New Socialists, by Richard A. Epstein, at hoover.org. This is a great article. Here are some excerpts: “The New Socialists try of course to distance themselves from the glaring failures of the Old Socialists, who suffered from two incurable vices. First, they ran the economies of such places as Cuba, Venezuela, the Soviet Union, and virtually all of Eastern Europe into the ground. Second, they turned these states into one-party dictatorships governed by police brutality, forced imprisonment for political offenses, and other human rights abuses. When viewing the proposals of the New Socialists, one looks for any kind of explanation for how their proposals for the radical expansion of government control over the economy aimed at mitigating income inequality will protect both personal liberty and economic well-being.

“The New Socialists in the United States live in a world of intellectual self-denial. They think that they can control the distribution of all the good things in life without undermining the economic and social institutions needed for the creation of that wealth in the first place. The words “competition,” “scarcity,” and “free entry” do not make it into their constricted lexicon, and their absence explains why they botch the analytical issues concerning “freedom” thoroughly…… ignoring the simple truth that scarcity means that all of us cannot have all that we want all the time……. Sadly, some individuals must grovel before their bosses to keep their jobs. But in a competitive economy, free entry allows many more individuals to quit their jobs for better opportunities, or even to be recruited away by another employer.

“Competition leaves people with choices. But under the New Socialism, people will really discover what it means to be unfree when they only have this choice: work for the state and spend your falling wages on government-supplied goods—or starve. And to whom does the unhappy citizen turn when there is only one healthcare provider, one landlord, and one education system?

“There is a deep intellectual confusion and moral emptiness in New Socialism. On the one hand, it denies the major advances in longevity and human flourishing that have been made in recent years by the worldwide spread of market institutions…… And New Socialism attributes to market institutions the failures that fall squarely on the regulatory programs of traditional liberals—e.g. minimum wages, rent control—that hamper economic growth and personal freedom. The New Socialism has no more chance of success than the Old Socialism. You may as well try to cure diabetes by administering extra-large doses of government-subsidized sugar.

Education Is Not A Right, by Jose Nino, at mises.org. Education is an economic good not a right. It has to be produced by someone before it can be consumed. Economic goods are not rights. The second amendment guarantees your right to keep and bear arms from being infringed by Government. It doesn’t force someone to provide a gun for you. And it doesn’t force you to purchase a gun. Education being a right would mean that the Government couldn’t infringe on your decision to either get or not get an education. Nothing more.

Private schools and home schooling are examples of an economic good (education) being provided in the market and not by a state-run education monopoly. With today’s technology, think about the possibilities of educating people using fewer scarce resources. Scarce resources once used to build and maintain high school campuses, to maintain the education bureaucracy and to transport students to and from school could be reallocated to a more productive economic activity. The total cost of our modern “free” K-12 education system is much higher than what the cost would be if education was provided through the market process. But since our education system is a mammoth bureaucracy. What is the chance of it giving up its monopoly position? But just as fracking took down the OPEC monopoly when the price of oil rose to $140 a barrel, so to technology and entrepreneurship can make a huge dent into the State education monopoly as the price becomes more burdensome.

Victor Davis Hanson’s Analysis of ‘Trump’ vs. ‘The Resistance’

The Circus Of Resistance, by Victor Davis Hanson, at americangreatness.com. Here is an excerpt from the article: “Certainly, there are principles behind Trump’s moves, but they are not always those of the Washington establishment, whose agendas the media reflects. Trump’s initiatives are often long overdue moves that would never have happened in either a “sober and judicious” Democratic or Republican administration, however much they might have been polled and discussed.”

“Trump has mostly one principle: he was elected to pursue a conservative populist agenda without too much worry what the Washington establishment said or did, whose record on the economic front since 2008 and in foreign policy was not especially stellar. In that sense, he is far more principled in carrying out his promises than many past presidents whose stump speeches on taxes, illegal immigration, trade, educational reform and a host of other issues were either never reified or flat-out broken.”

“So far, for all the crudity and Twitter antics, we have not had a “read my lips” or “you can keep your doctor” moment in the sense of a deliberate effort to break a campaign promise.”

Is Trump Chaos An Impeachable Offense, by Victor Davis Hanson, at nationalreview.com. Excerpt from the article: Trump is destabilizing the status quo, as he promised to do. The keepers of the status quo cry foul.”

“…for the D.C. political-media status quo it was more of a problem to tell the truth, address reality, and make the necessary difficult adjustments than to shrug, continue on, and maintain the façade of normality. Then a president came along with no prior investment in the economic and foreign-policy establishment, and apparently no desire to create any, or to worry much about his own ignorance of past conventional wisdom. And so in breakneck speed he began cancelling deals, renegotiating asymmetrical agreements, and questioning protocols of decades past — and he did so without adopting the comportment of past presidents and the advice of either the administrative state or the Washington political-media establishment. The ensuing reaction was that the Trump medicine was said to be worse than the preexisting disease, although no one could really explain why that was so.”

“So we are left only with “Trump did it,” and therefore he should be impeached, declared insane, sued, forced to resign, or face an intervention from “loyal” patriot aides because of his impulsiveness and lack of “first principles” that had given us the above status quo. Even the recent anonymous New York Times op-ed author offered no real explanations of what exactly Trump has done wrong that would warrant anti-democratic removal other than to concede that Trump has done things that most felt were long overdue. And he made changes in a rude and uncouth manner that the establishment did not like — just as a nude emperor in invisible clothes does not like it when an outsider observes that he is naked.

THE RESISTANCE

Presented with no comment!

Pompeo Tears Into John Kerry Over Iran Meetings: “Unheard Of” Level Of Undermining White House, at zerohedge.com.

“It Was All A Set-Up” – Pentagon Whistleblower Exposes Russia Probe Reality, at zerohedge.com.

New Strzok-Page Texts Discuss FBI “Media Leak Strategy” Within Hours Of Washington Post Bombshell, at zerohedge.com.

TO WHOM DO YOU RELATE?

“Panic And Dismay”: Leaked Video Reveals Distraugh Google Execs Grappling With Hillary Clinton’s Loss, at zerohedge.com. This is priceless. The article tells you where to go in the video to see the highlights. But go to 16:45 and watch as a female exec suggests everyone get a hug. When they show the audience. Look at all the people wearing beanies with propellers on them. Like The Beany and Cecil cartoon. Seriously!

Life, Liberty & Levin: Katie Pavlich and Candace Owens, at Reasonable Insanity.

Now listen to Miss Pavlich and Miss Owens. Compare this to what you saw and heard on the Google video?

 

Twitter Suspends Benghazi Hero After He Excoriates Obama, at zerohedge.com. In a speech at U of Illinois, Obama said: “The republican party……..has embraced wild conspiracy theories like those surrounding Benghazi…..

In response to Obama’s statement. Kris Paronto, who was in the middle of the fight in Benghazi, tweeted,“Benghazi is a conspiracy @BarackObama?! How bout we do this, let’s put your cowardly ass on the top of a roof with 6 of your buddies & shot rpg’s & Ak47’s at you while terrorists lob 81 mm mortars killing 2 of your buddies all the while waiting for US support that you never sent ! #scum.”

Here is the excerpt that sparked the response. Watch this video with the understanding that this is “acting Presidential”. The cadence. The tone. The pauses. The posture. The body movements. The words.

“Acting Presidential” is just one part of the establishment status quo that people voted against in 2016. “Acting presidential” is part of the propaganda process.

I’ll take Trump “acting non-presidential” every time.

SATIRICAL HEADLINES

Google Rep Issues Heartfelt Apology for Anti-Conservative Bias While Wearing ‘Kill All Republicans’ T-Shirt, at babylonbee.com.

He’s Still Got It! Funnyman Jim Carrey Jokes Americans Should ‘Say Yes To Socialism’, at babylonbee.com. What! He is serious?

Man Identifies As Woman, Immediately Receives 23% Pay Cut, at babylonbee.com.

Gay Man Bravely Comes Out As Fan Of Chick-Fil-A, at babylonbee.com.

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Socialism, Media Mischief and PC Nonsense: Some Short Videos

July 28, 2017

 

Students Love Socialism But Can’t Define It. 

At campusreform.org.

When I watched this it reminded me of how I thought when I was in high school. Thank God I didn’t go to college or my shallow thinking about socialism would have been pounded into my brain for the rest of my life. I started working right out of high school. Working in the real world helped me figured out the economic reality about socialism. Socialism sounds good but it doesn’t work.

 

Dream Machine On The Greg Gutfeld Show 7/15/17

Doris and Matthew Melton, members of the band Dream Machine, talk with Greg Gutfeld about how they were dropped from their record label for not being PC. Doris is from Bosnia. She has a deep appreciation for the freedoms we enjoy in America. We need this kind of common sense thinking in Washington D.C.

 

John McEnroe On Serena Williams: A Media Meltdown.

By Christina Hoff Summers, The Factual Feminist, at American Enterprise Institute.

I was going to post something about this when it happened a few weeks ago. This is an example of fake news trying to create Mt. Everest out of a mole hill (not even a mole hill, out of nothing). The Factual Feminist does a better job of addressing this issue than I could have done.

 

Related ArticleWhat Are Your Options When Both Political Parties Are Based On Socialist Ideals, at austrianaddict.com.

Related ArticleWhy Socialism Won’t Work? at austrianaddict.com.

Related ArticleMilton Friedman – Socialism Is Force, at austrianaddict.com.

Related ArticleSocialism Sounds Great, at austrianaddict.com.

Related ArticleDemocratic Socialism Is Still Socialism, at austrianaddict.com.

Lessons From The First Thanksgiving

November 23, 2016

Hand drawn Thanksgiving vintage card. Maple and oak leaves, branches and berries, pumpkin, indian corn, lettering

Richard Ebeling’s Thanksgiving article titled: Thanksgiving Was A Triumph Of Capitalism Over Collectivism, tells the real lesson of the first thanksgiving. The basic idea of government central planning whether it is called collectivism, socialism, communism, et al,  has been around forever. The evidence that collectivism doesn’t produce results that match the rhetoric has also been around forever. But somehow the lure of collectivist ideology still remains strong in spite of the evidence.

Here are some excerpts from the article.

“The English Puritans, who left Great Britain and sailed across the Atlantic on the Mayflower in 1620,……. wanted to erect a New Jerusalem that would not only be religiously devout, but be built on a new foundation of communal sharing and social altruism. Their goal was the communism of Plato’s Republic, in which all would work and share in common, knowing neither private property nor self-interested acquisitiveness……..Two years of communism in practice had left alive only a fraction of the original number of the Plymouth colonists.”

“What resulted is recorded in the journal of Governor William Bradford, the head of the colony. The colonists collectively cleared and worked land, but they brought forth neither the bountiful harvest they hoped for, nor did it create a spirit of shared and cheerful brotherhood
.”

“The less industrious members of the colony came late to their work in the fields, and were slow and easy in their labors. Knowing that they and their families were to receive an equal share of whatever the group produced, they saw little reason to be more diligent their efforts. The harder working among the colonists became resentful that their efforts would be redistributed to the more malingering members of the colony. Soon they, too, were coming late to work and were less energetic in the fields.

“Because of the disincentives and resentments that spread among the population, crops were sparse and the rationed equal shares from the collective harvest were not enough to ward off starvation and death.

Realizing that another season like those that had just passed would mean the extinction of the entire community, the elders of the colony decided to try something radically different: the introduction of private property rights and the right of the individual families to keep the fruits of their own labor.

The Plymouth Colony experienced a great bounty of food. Private ownership meant that there was now a close link between work and reward……..When the harvest time came, not only did many families produce enough for their own needs, but they had surpluses that they could freely exchange with their neighbors for mutual benefit and improvement.”

“Hard experience had taught the Plymouth colonists the fallacy and error in the ideas of that since the time of the ancient Greeks had promised paradise through collectivism rather than individualism.”

Was this realization that communism was incompatible with human nature and the prosperity of humanity to be despaired or be a cause for guilt? Not in Governor Bradford’s eyes. It was simply a matter of accepting that altruism and collectivism were inconsistent with the nature of man, and that human institutions should reflect the reality of man’s nature if he is to prosper.

If these sparsely populated settlements couldn’t make socialism work, how could our present day leaders think that trying to implement socialist policies (like Obamacare), incrementally to a population of 330 million possibly work? Politicians and bureaucrats are heavily invested in the ideology of centrally planning an economy. They will never give up this vision of how the world works, even though the lessons of history are their for all to see.

 

Related ArticleThe Real Thanksgiving Story, at austrianaddict.com.

Related ArticleThanksgiving Proclamations, at austrianaddict.com.

What I wrote last year seems even more appropriate this year.

Even though it seems we are in conflict about everything. Each of us should be thankful that we live in a country that protects our right to complain. We should be thankful our founding principles have led to the creation of a standard of living that other countries could only dream of.”

“We take our individual freedom and our countries wealth for granted, even though they are rare indeed when compared to other countries throughout the history of the world. Be Thankful!”

Must Reads For The Week 10/22/16

October 21, 2016

A NATIONALIZED SINGLE PAYER HEALTH CARE SYSTEM IS THE GOAL

Obama On Skyrocketing Obamacare Premiums, “I Had Nothing To Do With It” at tammybruce.com. Obamacare created the incentives that produced the “skyrocketing insurance premiums”. I would say Obama is a moron, but he is just a typical politician.

Obamacare Premiums Are Going Up, Up, Up. This is a great explanation of why the costs are going up. It is by design.

Obama’s Plan Was Always To Cook The Frog Slowly And Turn Obamacare Into Hillarycare Nationalized HealthCare, at economicpolicyjournal.com. We have been saying this from the start. Obamacare was the next step toward a government-run single payer healthcare system. No one wants to believe that it was designed to fail. But is was.

Hillary Email Confirms She Wants Obamacare To Collapse, at economicpolicyjournal,com. Hillary has been working for nationalized healthcare for years.

ELECTION STUFF

Why Did Vote-Rigging Robert Creamer Visit The White House Over 200 Times During Obama Administration, at zerohedge.com. Trump talking about a rigged election takes away from the fact that there has been voter fraud  going on for years. And the Democrats are the perps.

Fact Check: Hillary Lied Said 90% Of Clinton Foundations Go To Charity. Actual Number? 5.7%, at informationliberation.com. The Clinton Foundation is nothing more than a money laundering scheme for the Clintons and their cronies. Where does 94.3% of the money go?

“The Sons Of Alinsky” Getting Paid $3:00 An Hour To Protest Low Pay, at economicpolicyjournal.com. The fact that they are paying for a rent a mob for political dirty tricks is one thing. Paying them $3 an hour while trying to mandate a $15  minimum wage on the rest of us is something else. Do as I say not as I do.

Clinton’s False Assurances About Her Respect For The Second Amendment, by Jacob Sullum, at reason.com. Do you believe Hillary Clinton when she says this? I don’t believe a word she says.  “I did not send any classified Emails on my email server”.

Leaked Audio: Clinton Says Supreme Court Is ‘Wrong’ On Second Amendment, at freebeacon.com. Some of my Democrat friends tell me that they don’t want to take guns away. I tell them that’s great, but you are not the leaders of your party. I believe them. But Hillary? That’s a different story. If she gets elected, the left will be ready to act when she appoints a Supreme Court Justice. They will bring a gun rights case to a friendly district court which will eventually make its way to the Supreme Court. The court will overturn the Heller case in a 5-4 decision, and the second amendment will be meaningless words on paper. Mark my words.

Political Cartoons by Henry Payne

ECONOMIC STUFF

Why The Hell Is Socialism Gaining So Much Popularity? at economicpolicyjournal.com. Many people think socialism is the government helping people in need (aka a safety net). This is not socialism. Socialism is government ownership of the means of production. There is a difference between a free market economy hampered by government, and the government owning the means of production. Look at Venezuela if you want to see the results of Socialism.

Harassing Uber, at economicpolicyjournal.com. The status quo taxi cartel is trying to get the government to use its monopoly power to protect the cartel’s monopoly position that was originally created by government.

How Regulation Protects Established Firms, by Peter G. Klein, at mises.org. Goldman Sachs CEO Lloyd Blankfein admits that, “…burdensome regulation acts as a moat around our business.” Government props up the status quo making it tougher for new competitors to enter the market.

Is Your Personal Trade Surplus With The Rest Of The World A Problem?, at fee.org. Trump and Hillary are ignorant when it comes to trade. A trade deficit or a trade surplus is meaningless economically, but politically they are of great benefit for the politician.

We Can Build Our Way Out Of The Housing Crisis, by Steven Greenhut, at reason.com. The reason prices for homes in California are so high is because Government restrictions and regulations constrain the supply of housing. Low supply and high demand means higher prices. The high prices ration the short supply.

Highest-Paying College Majors, Gender Composition Of Students Earning Degrees In Those Fields, And The Gender Pay Gap, by Mark Perry, at carpediemblog. There is a gender pay gap because of the decisions made by men and women. Here are the top seven degrees by percentage of men and women who earn them, and the average salaries of the jobs people get when they graduate with these degrees. The subjective value of men and women is obviously different.

MEN

Computer Science                    82%    $70,000

Information Technology        82%    $64,008

Management Info. Systems   82%    $58,000

Electrical Engineering             80%    $68,438

Mechanical Engineering         80%   $68,000

Chemical Engineering             80%   $65,000

Industrial Engineering            80%   $64,381

WOMEN

Nursing                   84%   $58,928

Social Work             82%   $41,656

Education                80%   $43,000

Psychology             77%   $42,000

English                     69%   $45,000

Spanish                    69%   $44,256

Journalism              65%   $45,000

Communications    65%   $44,190

 

From Laissez Faire Capitalism.

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Drifting Towards Fascism

September 20, 2016

man drifting in a boat

First let’s define Fascism so we can begin at the same starting point. Fascism is an economic system where the state doesn’t own the means of production, but the state makes the rules that producers and consumers have to follow. There is a bureaucratic layer between businesses and politicians which plans the economy. It is crony capitalism on steroids.

Fascism places politicians and bureaucrats as the ultimate rulers aka decision makers. The individual has no rights or liberty except what the rulers say they have. Order comes from the state, (top down) not from the individual, (spontaneous order).

I saw a great chart (below) showing America’s drift toward Fascism, in an article titled, The Road To Fascism In Just Two Charts, at bawerk.net. I have always thought economic systems fit on a line where at one end no government exists, and at the opposite end there is total government control. Where an economic system is placed on this line depends on how much government intervention exists, or put another way, how little governmental intervention exists.

WHAT IS AN ECONOMY? WHAT IS SOCIAL FREEDOM?

An economy is what results when each individual is free to decide what to produce, consume, exchange and save in a world of scarce resources which have alternative uses. Simply put, you own what you’ve produced or what you’ve received in exchange for your production. It is your property and you have a right to do with it what you wish.

Production is the creation of wealth. Consumption is the destruction of wealth. Exchange is the increase of wealth as both parties place a higher value on what they received than what they’ve given up. Saving is the preference of consumption at some point in the future to consumption in the present. Savings is the basis for capital formation. Capital formation is what increases productivity. Increased productivity is the creation of larger amounts of wealth.

Each individuals decision on what and how much he will produce, consume, exchange and save according to what he  subjectively values in a world of scarcity is the essence of freedom.

In order to have economic freedom you have to have social freedom and in order to have social freedom you have to have economic freedom. In other words, economic freedom and social freedom are different sides of the same coin. Individuals are free to act. Each individual is responsible for the consequences of his actions if they bring harm to others or himself.

I have a quote by F. A. Hayek at the top of my web site. It is my favorite quote because it sums up the choice individuals have faced since the beginning of time:

F. A. HAYEK: “THE COORDINATION OF MENS ACTIVITIES THROUGH CENTRAL PLANNING OR THROUGH VOLUNTARY COOPERATION ARE ROADS GOING IN VERY DIFFERENT DIRECTIONS, THE FIRST TO SERFDOM AND POVERTY THE SECOND TO FREEDOM AND PLENTY.

Let’s take a look at the chart and see what it reveals.

true-political-axis

Zero Government intervention into the economy starts at the bottom left of the chart and moves upward and to the right as Government intervention starts to increase. Zero Social Freedom starts at the top right of the chart and moves downward and to the left as the level of Social Freedom starts to increase.

Communism, socialism, fascism and democratic socialism are on the top right of this chart. They are economic and political systems that strangle individual liberty. Their very nature means intervention into, or control of, what is produced, consumed, exchanged and saved.

Anarcho capitalism, free market capitalism, classical liberalism and our America constitutional founding are on  the lower left of the chart. They are economic and political systems that strangle Government and allow individuals the freedom to produce, consume, exchange, and save as they see fit.

What exists today is the middle ground of crony capitalism, crony socialism and other forms of government interventionism. This is the utopian middle ground that elites think mixes the best parts of both ends of the chart. They know that free market capitalism produces great amounts of wealth as seen by our standard of living. But the elites don’t like the way the wealth is “distributed” and want to use the force of government to make this distribution  “fairer” according to their idea of “fair”.

The elites attempt to redistribute wealth differently than it would exist in the free market, creates incentives that ultimately decreases the wealth that is being produced. It divides us into groups that can be pitted against each other by political opportunists.

These statements by Ludwig von Mises tell us all we need to know about the above chart:

The issue is always the same: the government or the market. There is no third solution.”

The middle-of-the-road policy is not an economic system that can last. It is a method for the realization of socialism by installments.”

Anti capitalistic policies sabotage the operation of the capitalist system of the market economy. The failure of interventionism does not demonstrate the necessity of adopting socialism. It merely exposes the futility of interventionism. All those evils which the self-styled “progressives” interpret as evidence of the failure off capitalism are the outcome of their allegedly beneficial interference with the market.”

CONCLUSION

We are in the chaotic middle. Our choice is to move towards freedom and free markets. It is going to take a lot of time and effort to educate enough people in order to tip the scales toward freedom. Is the cost too high? It’s your decision.

 

Related ArticleCapitalism vs. Crony Capitalism, at austrianaddict.com.

Related ArticleSocialism Sounds Great, at austrianaddict.com.

Related ArticleWhat Creates Wealth? Freedom, at austrtianaddict.com.

Related ArticleWe Can’t Recreate The Garden Of Eden, at austrianaddict.com.

 

Must Reads For The Week 7/23/16

July 23, 2016

The Economics Of Trade vs. The Politics Of Trade Deals, by Mike Mish Shedlock, at davidstockmanscontracorner.com. Mr. Trump should read this. Excerpt from the article: “A genuine free trade agreement would consist of a single statement: “Effective immediately, all tariffs and subsidies, on all goods and services, are removed.” “Fair Trade” is a concoction by industries that seek or need protection via tariffs and import restrictions, to the damage of everyone else…..The irony in the “fair trade” argument is no jobs are saved by tariffs.

Venezuela Where Hyperinflation Meets Socialism And Price Controls, by Fabiola Zirpa, at economicpolicyjournal.com. Why can’t we learn from the mistakes of other countries? This is just the most recent example of the consequences when socialists try to centrally plan the economy. When we look at Venezuela today we can’t fathom that this could happen here and it probably couldn’t get this bad. But the question is; how much has our standard of living incrementally decreased, or not grown, because of the money printing that has taken place over the last two decades? We can’t quantify it. But we can say with certainty that we aren’t where would have been economically if the Fed hadn’t printed 4 trillion counterfeit dollars.

Minimum Wage Forces LA Diner Pann’s (est. 1958) To Stop Serving Dinner, at economicpolicyjournal.com. We can show story after story of the consequences of artificially raising the minimum wage above its market value. Jobs are lost. But somehow politicians get by with implementing these laws. It has to be because of the economic ignorance of our citizenry.

Interesting Fact Of The Day, Uber Completes 2 Billion Rides, by Mark J. Perry, at carpediemblog. It took six years for Uber to reach 1 billion riders. It took only six months to get its next 1 billion riders. In a free market the consumer wins. Consumers are voting for ride sharing and against the taxi monopoly. Big taxi can’t stop Uber, unless big taxi supplies a better service at a cheaper price.

Yoshi Launches “set it and forget it” Vehicle Refueling In San Francisco, by Lora Kolodny, at techcrunch.com. This is like “back to the future”. We went from full service gas stations (this was before the millennials time). To self-service gas stations. Now we’re going back to full service, except they drive to your house.

Startup Makes Investing Fee Free, opprotunitylives.com. This is like Uber except for trading stocks. Will the brokerage houses try to get government to stop this like the taxi cartel has tried to do with Uber?

The Unique Evil Of The Left, by Lew Rockwell, at mises.org. Excerpt from the article: “The left is the enemy of Diversity and the fanatical promoter of identity. Uniformity is stressed in all leftist utopias, paradises in which everybody is the same, envy is dead, and the enemy is either dead, lives outside the gates, or is utterly humiliated. Leftism loathes differences, deviations, stratification.”

Virginia Court Strikes Down Order Giving Felons Right To Vote, at new-ssentinal.com. Virginia Governor Terry McAuliffe, a former Clinton crony, attempted to mine 200,000 Democrat votes by restoring the voting rights of felons using an executive order. It was shot down by the Virginia Supreme court. I was shocked, shocked mind you when the Court said his executive order restoring voting rights to felons, “overstepped his authority”. This sounds familiar……? Didn’t the President have his executive order on immigration shot down by the Supreme Court for the same reason.

The Political Class vs. The Rest Of Us, by William L. Anderson, at mises.org. It is not R vs. D or any other groups the R’s and D’s construct and pit against each other. The Only Real Division Is THE POLITICAL CLASS VS. THE REST OF US! Until individuals realize this, “the era of big government will never be over”.

If The Public Shouldn’t Have Them, Why Does The IRS Need AR -15’s? at zerohedge.com. Great question.

Former Navy: The AR-15 Is A Citizens Best Defense Against Terrorism, at thefederalist.com.

 

Some Econ Homework

May 11, 2016

How You Don’t Cure Poverty, by Henry Hazlitt, at mises.org. Here are some excerpts from the article:

From the beginning of history sincere reformers as well as demagogues have sought to abolish or at least to alleviate poverty through state action…..The most frequent and popular of these proposed remedies has been the simple one of seizing from the rich to give to the poor…… The wealth is to be “shared,” to be redistributed,” to be “equalized.” In fact, in the minds of many reformers it is not poverty that is the chief evil but inequality….. all schemes for redistributing or equalizing incomes or wealth must undermine or destroy incentives at both ends of the economic scale. They must reduce or abolish the incentives of the unskilled and shiftless to improve their condition by their own efforts, and even the able and industrious will see little point in earning anything beyond what they are allowed to keep. These redistribution schemes must inevitably reduce the size of the pie to be redistributed. They can only level down. Their long-run effect must be to reduce production and lead toward national impoverishment.”

This brings us to the subject of minimum-wage laws. It is profoundly discouraging that in the second half of the twentieth century, in what is supposed to be an age of great economic sophistication, the United States should have such laws on its books, and that it should still be necessary to protest against a nostrum so futile and mischievous. It hurts most the very marginal workers it is designed to help…..I can only repeat what I have written in another place…… We cannot make a man worth a given amount by making it illegal for anyone to offer him less. We merely deprive him of the right to earn the amount that his abilities and opportunities would permit him to earn, while we deprive the community of the moderate services he is capable of rendering. In brief, for a low wage we substitute unemployment.

We come now to the final false remedy for poverty to be considered in this article—outright socialism. By “outright socialism” I refer to the Marxist proposal for “the public ownership and control of the means of production”…..Now the word “socialism” is loosely used to refer to…….the redistribution of wealth or income—if not to make incomes equal, at least to make them much more nearly equal than they are in a market economy. But the majority of those who propose this objective today think that it can be achieved by retaining the mechanisms of private enterprise and then taxing the bigger incomes to subsidize the smaller incomes.”

Why Private Investment Works & Government Investment Doesn’t, at Prager University.

When government tries to pick losers and winners, it typically picks losers. Why? Because in the free market consumers pick winners to leave the losers to Government.”

Another reason Government can’t out perform the free market is because it doesn’t have a tenth of the knowledge that exists in the free market. Also, in the market, when the individual takes the risk he knows he takes the loss if he is wrong. When the Government picks a loser it tries to keep it propped up by subsidizing it with tax dollars. The wasting of scarce resources is kept at a minimal level in the market, because the risk taker stops the unprofitable activity before too long. Resources are liquidated and put toward a more productive use according to consumers desires. Government has no such incentive to stop the nonprofitable activity. They continue wasting scarce resources long after the activity had proven unproductive. If Government bureaucrats were truly in the venture capital business, they would have gone bankrupt years ago.

Economics: It’s Simpler Than You Think, by David Gordan, at mises.org.   From the article:

“…. Skilled entrepreneurs succeed, but many in business fail. The market operates by sorting out of the successful from the failures by the test of profitability. Given this fact, it is as essential that the failures be allowed to fail as it is that those who succeed be allowed to keep their profits. Attempts to prop up failures disable the market.

This vital point can be used to answer a common objection to free trade. Many people object to free trade because, in some cases, foreign competition drives domestic companies out of business, causing unemployment. To the response that expanded trade creates jobs elsewhere in the economy, the reply often given is, what about the workers who do lose their jobs? They are often unable to secure new jobs as good as those they had previously. The fact that others are better off is small solace to them.”…….“In a free economy, capital migrates to talented entrepreneurs eager to pursue profitable opportunities. Innovations like the automobile, computer, and online retail services destroy jobs, but the process leads to better, higher-paying jobs … to create jobs in abundance, we must allow the free marketplace to regularly annihilate them.”

” According to Ben Bernanke, Timothy Geithner, and many others, only the massive bailouts of financial institutions in response to the collapse of the housing market saved the economy from disaster…in the financial crisis of 2008….. but it is essential to the proper working of the market to allow the businesses that had acted recklessly to fail. Had this been done, the economy could have quickly readjusted. “Capitalist societies can rebound from anything. In particular, they can bounce back from bank failures that do not exterminate human capital or destroy their infrastructure. An interfering government is the only barrier to any society’s revival, and that is why the global economy cratered amid all the government intervention in 2008.

 

Related ArticleHere is Some Econ Homework, at austrianaddict.com.

Related ArticleYour Economic Homework, at austrianaddict.com.