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POPSThe Forgotten Depression of 1920 The experience of 1920–21 reinforces the contention of genuine free-market economists that government intervention is a hindrance to economic recovery. It is not in spite of the absence of fiscal and monetary stimulus that the economy recovered from the 1920–21 depression. It is because those things were avoided that recovery came. The next time we are solemnly warned to recall the lessons of history lest our economy deteriorate still further, we ought to refer to this episode – and observe how hastily our interrogators try to change the subject.
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POPSBragging on the Texas Economy Thank you Gov. Perry for staying out of the way. For the third straight year, the nation’s leading executives rank Texas as the best state in which to do business, applauding the state for controlling taxes and spending as well as for its positive regulatory burden, quality of life and infrastructure. (Chief Executive Magazine, January 2008) This ranking is significant because it is not based solely on arbitrary economic indicators. Instead, it reflects the sentiment not of CEOs and decision makers throughout the nation. Voicing the positive sentiment of many respondents, Charles Hannabarger, President and CEO of PSI Associates, said, "Texas has a strong economy with a diversified economic base. The cost of living is low and the quality of life is very good. The attitude and capabilities of the workforce are outstanding!”
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POPSThe Legacy of Keynes In the Keynesian framework, the largest chunk of spending is on account of consumer outlays. Therefore consumer outlays are regarded as the motor of the economy — consumption sets in motion real economic growth. But is consumption the motor of the economy? We suggest that one must make a distinction between productive and nonproductive consumption. While productive consumption is an agent of economic growth, nonproductive consumption leads to economic impoverishment.
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POPSThe Great Depression Hoax Are we a nation of whiners, as Phil Gramm put it a little while ago? No, the American public is not whining...More likely, though, Americans are just leaving the whining to pundits and trend reporters. Our problem is not whining. It is persuading young people that, with baby boomers retiring, entitlement programs bulging and the world economy growing ever more competitive, now's the time to roll up the sleeves for something other than tattoos. For example, India produces 2.5 million college graduates every year (with concentrations in high demand fields - electronics, programming, engineering, accounting, etc.), and approximately 90,000 MBA's. Nothing against tattoos, but I do feel ignorance and apathy are much too prominent in America. Awareness of ignorance is the first step to wisdom.
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POPSNo Tax Increase Needed for Social Security, Medicare, Medicaid... If Congress were to act responsibly (yes, an oxymoron), it would hold down the growth of spending, as was done in the late 1980s and late 1990s, and eliminate those government programs that do not meet a reasonable cost-benefit test. As has been shown before, such actions would quickly eliminate the deficit.
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POPSWhat Happened to the American Spirit? More importantly, the economic evolution of places such as China and the Gulf states of the Middle East is intimately tied to something so simple and so essential that it is easily overlooked: the belief that they can achieve anything. That used to be the defining feature of this country, one that peoples throughout the world marveled at and envied.
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POPSTexas v Ohio There's no doubt times are tough in Ohio. The state has lost 200,000 manufacturing jobs since 2000, home foreclosures are soaring, and real family income is lower now than in 2000. Meanwhile, the Texas economy has boomed since 2004, with nearly twice the rate of new job creation as the rest of the nation. Ohio now ranks 47th out of 50 in economic competitiveness...Ohio politicians deplore plant closings even as they impose the third highest corporate income tax in the country (10.5%) and the sixth highest personal income tax (8.87%)...By contrast, Texas has no income tax, a huge competitive advantage.
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