Today, it takes $14,501 to buy what took only $10,000 in 2000.
Source: U.S. Bureau of Labor Statistics’ CPI Inflation Calculator
–SNIP–A decade ago, liberals publicly questioned immigration in ways that would shock many progressives today.
In 2005, a left-leaning blogger wrote, “Illegal immigration wreaks havoc economically, socially, and culturally; makes a mockery of the rule of law; and is disgraceful just on basic fairness grounds alone.” In 2006, a liberal columnist wrote that “immigration reduces the wages of domestic workers who compete with immigrants” and that “the fiscal burden of low-wage immigrants is also pretty clear.” His conclusion: “We’ll need to reduce the inflow of low-skill immigrants.” That same year, a Democratic senator wrote, “When I see Mexican flags waved at proimmigration demonstrations, I sometimes feel a flush of patriotic resentment. When I’m forced to use a translator to communicate with the guy fixing my car, I feel a certain frustration.”
The blogger was Glenn Greenwald. The columnist was Paul Krugman. The senator was Barack Obama.
Read more by Peter Beinart at theAtlantic.com
Food stamps, welfare, Medicaid and other tax and transfer systems can sometimes penalize people for earning that extra dollar of income
Economists and many policymakers generally agree that our tax and transfer systems should promote opportunity, work, saving, and education rather than consumption. The problem is these programs often penalize people for earning that extra dollar of income. Rather than promoting work and savings, these implicit taxes punish such otherwise positive behavior.
These penalties occur in TANF (formerly welfare), SNAP (formerly Food Stamps), Medicaid, the new health exchange subsidy, Pell grants, student loans, and unemployment compensation. The tax code also is loaded with disincentives to work, save, and study.
Read more by Gene Steuerle at csmonitor.com
Writing in the Wealth of Nations in 1776, Adam Smith stated that, “corn is a necessary, silver is only a superfluity (sic).” Faced with a growing population and flattening agricultural productivity, essentially what Smith was pointing out was the world needed more corn and less silver.
Things have changed in the last 240 years. Now the world seems is awash in corn—we’re almost about to buried in the stuff.
–SNIP– What’s going here? The answer comes down to one word: subsidies.
Read more by Kevin Cochrane at weeklystandard.com
Thomas Peterffy grew up in socialist Hungary. Despite the fact that he could not speak English when he immigrated to the United States in 1956, Thomas fulfilled the American dream. With hard work and dedication, he started a business that today employs thousands of people. In the 1970s, Thomas bought a seat on the American Stock Exchange. He played a key role in developing the electronic trading of securities and is the founder of Interactive Brokers, an online discount brokerage firm with offices all over the world.
The notion that computers eat jobs is worthy of a 1950s professor of economics. Fifty-six thousand manufacturing facilities have closed in the U.S. since 2001. The jobs in those plants were not lost due to computers.
During an economic cycle, manufacturing expands worldwide to meet demand. Factories are located in countries where manufacturing is most cost efficient. Computers aren’t the problem, nor do they have the negative impact that Free Trade has had on manufacturing in our country.
Read more by Brian O’Shaughnessy, chairman, Revere Copper Products at RomeSentinel.com
GDP Growth More Strongly Correlated with Rule of Law than Anything Else …
Economist Woody Brock says that a nation’s GDP growth is based mainly on whether or not it follows the rule of law.
–SNIP– Economists have thoroughly documented that failure to enforce the rule of law leads to a loss of trust … which destroys economies.
This is true whether it is in the West, in Nigeria or any other country.
Read more at WashingtonsBlog
There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.” –Thomas Sowell
–SNIP– Too many people think that freedom, opportunity and a variety of choices are ever-present features of life in the U.S. — that fundamental transformation of America will not affect accustomed standards.
When we lived in the U.S.S.R., locked away from the world, kept from traveling abroad and surrounded by government-controlled sources of information, we couldn’t imagine what kind of life people had on the outside. Simple things, like tomatoes in stores in winter, seemed improbable.
–SNIP– It’s stunning for an immigrant from a socialist country to hear in the speeches of Democratic Party leaders platitudes taught in socialist countries. Even more stunning is how they resonate with people born in the free world.
Read more by SVETLANA KUNIN at Investors.com