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Archive for the ‘economy’ Category

Thomas Sowell has yet another great article today at Townhall.com:

The idea of redistributing wealth has turned into the reality of redistributing poverty, in countries where wealth has fled and the production of new wealth has been stifled by a lack of incentives.

He continues:

Politicians telling businesses how to operate? That’s been tried in countries around the world, especially during the second half of the 20th century. It has failed so often and so badly that even socialist and communist governments were freeing up their markets by the end of the century.

The economies of China and India began their take-off into high rates of growth when they got rid of precisely the kinds of policies that Obama is advocating for the United States under the magic mantra of “change.”

More on the fruits of socialism here and here.

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I’ll spare you the policy wonk fun from Heritage, but check out this quote from some post-baseball season “light reading” (fully story here):

The country’s current left-wing government, led first by Peronist Party leader Néstor Kirchner (presi­dent from 2003 to 2007) and now by his wife, Presi­dent Cristina Fernández de Kirchner, has used revenues from commodities exports to finance the same sort of populist policies that have kept General Juan Peron and his political progeny in power in Argentina more or less continuously since the 1940s with a simple but economically destructive formula: wasteful welfare state handouts, a swollen bureau­cracy to redistribute wealth, and powerful closed-shop trade unions protected from foreign competi­tion; all generously lubricated with corruption.

See any parallels to today’s political discussion in the United States?

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Here are great current event illustrations of supply and demand, inflation, prices, and government intervention in a socialist economy.


Venezuela’s Central Bank says the annual inflation rate has hit 36 percent in the Caracas metropolitan area as food prices soared.
Prices for goods and services, health and restaurants also showed strong gains. Inflation in the oil-producing nation is rising as demand outpaces supply.

Story here.

President Hugo Chavez has figured out how to use Venezuela’s vast oil reserves to increase his regional influence while diminishing U.S. clout: He all but gives it away.

The self-proclaimed socialist revolutionary is allowing impoverished U.S. allies such as Honduras and the Dominican Republic to buy discounted oil with low-interest loans. Then he rebates the revenue back to those countries in the form of aid – – attached to strings he controls.

Story here.

President Hugo Chavez on Sunday threatened to cut off oil sales to the United States in an “economic war” if Exxon Mobil Corp. wins court judgments to seize billions of dollars in Venezuelan assets.

Story here.

The blackout hit several of the country’s most populous states, including the capital, Caracas.Venezuelan President Hugo Chavez praised officials for quickly detecting and beginning to repair the fault.Mr Chavez says upgrading the grid after years of under-investment will take time but rejects criticism that nationalisation has made things worse.

Story here.


So Chavez is:
1) Giving away oil (except to USA)
2) Threatening to cut off oil to the USA- the only country which actually pays market price for it
3) All while he cannot provide electricity for the oil rich country
4) And normal people are paying 36% more for food

Nice, don’t you think?

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From the AP:

Hawaii is dropping the only state universal child health care program in the country just seven months after it launched.

And this shocker- people were dropping their expensive coverage to get “free” government health care for their children.

“People who were already able to afford health care began to stop paying for it so they could get it for free,” said Dr. Kenny Fink, the administrator for Med-QUEST at the Department of Human Services. “I don’t believe that was the intent of the program.”

Government cannot change human nature and common sense. Why pay more for the same coverage?

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Nice.  Those evil fat cat plumbers and other small business owners need to be more patriotic:

Democracy is a form of government that cannot long survive, for as soon as the people learn that they have a voice in the fiscal policies of the government, they will move to vote for themselves all the money in the treasury, and bankrupt the nation. – Karl Marx

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After the government drama of the last few weeks, a few ideas/steps remain clear:

1) Credit is now a civil right in this country. Why not amend the Constitution?

2) Therefore people who could not traditionally qualify for credit (home ownership, credit cards) are now and will continue to receive it

3) Banks who do not extend credit those who traditionally don’t qualify are wrong

4) When banks extend credit to the traditionally unqualified- and then the unqualified lender mismanages his credit- it’s the bank’s fault

5) The government is responsible for rescuing banks, automobile manufacturers, airlines…

6) Repeat from 1)

Because owning a home is nearly a right in the United States, home loans will soon be structured like student loans.

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Sarah Palin gives a normal interview on the Hugh Hewitt Show.  She talks to Hugh about the media, the attacks, and other topics for ten minutes.

Here’s audio the link.

Here’s the transcript.

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