Joe Biden revealed on Thursday the first part of “Build Back Better,” his plan for economic recovery from the COVID crisis. As Morning Brew reports, Biden plans to spend: $300 billion on “R&D for advanced tech industries such as batteries, electric vehicles, AI, and 5G,” and $400 billion “on U.S. goods and services. Biden wants … Continue reading Biden’s New Economic Plan Has All the Earmarks of Type 2 Socialism
Category: Economy
Expert predictions were shattered again, as the Bureau of Labor Statistics reported that the economy added 4.8 million jobs and the unemployment rate fell by 2.2 percentage points to 11.1%. The new jobs report suggests that Americans are eager to return to work, after many were temporarily unemployed due to an effort to contain the COVID-19 pandemic. … Continue reading New Jobs Report Suggests Americans Eager to Return to Work After Lockdown
The federal debt is $26.3 trillion and growing, having increased by a trillion dollars in just 40 days prior to last Friday. There’s too much complacency about the size of that debt, and much of this complacency can be traced to a 2013 study by the Institute for Energy Research estimating the value of federal land and energy resources to be around … Continue reading Can Federal Assets Cover the National Debt?
Right now, the attention of most Americans is, understandably, captured by the latest developments of the COVID-19 pandemic and the national debate over criminal justice. But the 2020 presidential election continues to trod along in the background, and Wall Street is starting to worry about the outcome. The New York Times reports that investors are … Continue reading Joe Biden Supports 2 Regulations That Would Destroy Entire Industries—and My Job
In the midst of a global pandemic, halfway through 2020, 24-year-old Kansas City Chiefs quarterback Patrick Mahomes inked a $503 million contract with the franchise. To be accurate, it’s a 10-year extension—that’ll see him through 2031—to the tune of $447 million. Add this onto his current contract, along with a few other incentives and bits, … Continue reading Patrick Mahomes’s $503 Million Contract Offers a Crucial Lesson in Value Creation and Economic Freedom
On June 30, 2020, Thomas Sowell turned 90. He is one of the most important economic and social thinkers of the last 50 years. I say that, recognizing that his career overlapped such luminaries as Friedrich Hayek and Milton Friedman. Sowell also has been one of the most prolific social-science writers of his era, as … Continue reading Thomas Sowell at 90
The NBA is considering allowing players to use personalized statements on jerseys to promote social justice causes. The season, which has been halted due to the coronavirus, is expected to restart July 30 in Orlando, Florida. Jerseys are expected to carry statements such as "Black Lives Matter," "I Can't Breathe," and “Hands Up, Don’t Shoot” … Continue reading NBA Player Stuns with Controversial Social Justice Statement—on Economics
The economic consequences of the COVID-19 lockdowns are well-chronicled. In the US, more than 100,000 businesses have been wiped out. More than 40 million jobs are gone. The federal debt has surged to $26.3 trillion. These are daunting figures and serious problems. But in some ways, they are not the worst part of the story. … Continue reading COVID Crisis Could Push 100 Million People into Extreme Poverty, New World Bank Study Says
The Trump administration recently announced its intention to nominate Mauricio J. Claver-Carone for the presidency of the Inter-American Development Bank Group, a Washington-based regional development bank that has a $97 billion loans portfolio across Latin America. Claver-Carone currently serves as the deputy assistant to the president and senior director for Western Hemisphere affairs at the National Security … Continue reading The Inter-American Development Bank’s Next President Should Advance Rule of Law, Free Markets
There is a positive relationship between the amount of governmental interference in an economic arena, and the abuse and invective heaped upon the businessmen serving that arena. When I came across those words while reading Walter Block’s Defending the Undefendable, I was struck by the power of that under-appreciated insight (not to mention his great … Continue reading People Resent Businesses More In Highly-Regulated Industries
