Ponzi and pyramid schemes are defined as fraudulent investing scams that promise high returns with little risk to investors. In order for these types of schemes to work, an influx of new investors is needed for the funds to be available to pay the old investors. When someone claims that their social security benefits are … Continue reading Why Young Americans Shouldn’t Count on Social Security
Category: Economy
As new cases of COVID-19 continue to be diagnosed in the US and abroad, New York Governor Andrew Cuomo on Monday announced the state is prepared to introduce its own brand of hand sanitizer, free of charge, called NYS Clean hand sanitizer. At the press conference unveiling the brand, Cuomo remarked, “This is a superior … Continue reading Why New York’s Hand Sanitizer Stunt Won’t Work
Democrats have used the coronavirus to point to why the U.S. needs a government-paid family leave program (such as the FAMILY Act), so that employees can take time off from their jobs without losing much-needed paychecks. Well, in Washington state (which has the most reported coronavirus cases in the U.S. thus far), “It’s Here. It’s Yours.”—government-paid family leave, that … Continue reading Coronavirus Shows Government Paid Leave a Bad Fit for Employees’ Needs
One of the more elementary observations about economics is that a nation’s prosperity is determined in part by the quantity and quality of labor and capital. These “factors of production” are combined to generate national income. I frequently grouse that punitive tax policies discourage capital. There’s less incentive to invest, after all, if the government imposes extra layers of … Continue reading Poverty in the U.S. Was Plummeting—Until Lyndon Johnson Declared War On It
Born in Kingston, Jamaica, Ann-Marie Campbell and her family immigrated to the United States shortly after she completed high school. After losing her father at a young age, she was primarily raised by her entrepreneurial grandmother, who taught her about retail from an early age. In 1985, in order to pay for college, she took … Continue reading How This Jamaican Immigrant Went from Part-Time Cashier to VP of Home Depot
Elizabeth Warren and Bernie Sanders have led the charge to add many zeros to what some Americans should be given at others’ expense. As a result, they have doubled (or tripled) down on an “old reliable” claim of the left that “the rich” don’t pay their “fair share” of taxes. But that excuse to tax … Continue reading The Myth the Rich Don’t Pay Their “Fair Share”
Restaurants Unlimited, a Seattle-based chain with restaurant locations in 47 US cities, announced on Sunday it was seeking Chapter 11 protection, citing “progressive” wage laws. The company, which has operated since the Lyndon Johnson Administration, said rising labor costs—part of a national trend of government-mandated minimum increases—were part of its decision. One Factor of Bankruptcy … Continue reading Restaurant Chain Announces Bankruptcy, Says Minimum Wage Hikes to Blame
Last Tuesday marked the 25th anniversary of the United Nations’ International Day for the Eradication of Poverty. The date intentionally coincides with the 30th anniversary of the Call to Action, which saw the French anti-poverty campaigner Father Joseph Wresinski ask the international community, in front of 100,000 Parisians, to “strive to eradicate extreme poverty”. To mark … Continue reading The World’s Poorest People Are Getting Richer Faster than Anyone Else
Absent any congressional action, between 1 million and 10 million workers and retirees will lose most of their promised pension benefits over the coming decades. It would be unfair to stave off those losses with taxpayer bailouts, and doing so would establish the precedent that the federal government will stand behind pension promises that it didn’t even … Continue reading Reform Underfunded Multiemployer Pension Plans. Don’t Make Taxpayers Bail Them Out.
Last month, several dozen religious leaders reaffirmed a number of radical economic propositions contained within the 1973 Chicago Declaration of Evangelical Social Concern. “Before God and a billion hungry neighbors, we must rethink our values regarding our present standard of living,” proclaims the document. The document goes on to lament the “materialism of our culture and the maldistribution … Continue reading The Gospel of Marx? Religious Leaders Call for ‘Redistribution’
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