In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR

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Economy Grew at Just 2.1 Percent in the Second Quarter

Well, it’s not great, but it’s not a disaster. But I will say, it seems hard to me to run the economy at much less than 3 percent with low interest rates and annual deficits in the hundreds of billions – or even a trillion – dollars. That’s what one calls, a lot of stimulus. Nevertheless, Barack Obama managed to do it. So far Trump’s

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Really? Obama Has “Scratched and Clawed” for the Middle Class?

One moment of unintended – and unnoticed – levity occurred near the end of the White House briefing Tuesday, when White House Press Secretary Josh Earnest claimed that President Obama has been “a president of the United States that for the last six and a half years has scratched and clawed to protect the interests of middle-class families all across the country.” Not sure about

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Obama Touts “Inclusive Capitalism”

In an interview with Ezra Klein of Vox, President Obama said traditional market forces that used to redistribute income are failing and the time for government to do it instead has arrived. The interview, which ran today, was conducted January 23. Touting what he referred to as inclusive capitalism, Obama made the case for what actually sounds a lot like socialism. So part of our

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White House Suggests Combating Deficit with More Spending

No, it’s true. This is not one of my satire pieces. That’s what they did, in a statement released this morning, and White House Press Secretary Josh Earnest even flagged the statement for reporters traveling with President Obama in Asia so they didn’t miss it. The news was that the Congressional Budget Office released a report stating that the deficit had come down a little

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News Alert: Income Inequality is Not What You’re Being Told

You may remember that President Obama was to make the scourge of income inequality the laser focus of the remainder of his presidency. We have’t heard much about it lately, because, with the exception of golf – or winning an election – our president is not really able to maintain his focus on anything for particularly long or with much consistency. Well it turns out

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The Redistribution Recession

There are reasons why five and a half years into the Obama presidency things are still crummy and uncertain. As I’ve mentioned before, specific statist and redistributionist policies have kept a lid on growth. It’s not an accident that President Obama has been unable to bounce the economy out of recession like Reagan or either of the two Bushes did. The Wall Street Journal the

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Economy Contracted by 3 Percent in First Quarter

The final assessment by the Commerce Department is in, and the growth rate for the first quarter of 2014 was in fact not a growth rate at all, rather, a contraction of 2.9 percent. It’s the fastest rate of decline since 2009. Commerce had previously estimated a one percent retreat. The cold weather explains some of this. But a little chilly air should not throw the U.S.

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Why Employment is Really Declining

Every month, we get some kind of increase in the jobs numbers – often lackluster and barely ahead of population growth – and every month, the White House effuses that we’ve seen 20 months in a row of job growth while carefully adding, in case those without jobs start bitching about it, there’s more work to do. Well, turns out there’s even more work to do

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White House Fails Econ 101. Seriously.

Oh no. I knew that at the root of the failure of President Obama’s economic policies is a failure to understand fundamental economics. You remember a few days ago when the Congressional Budget Office found that Obamacare will induce people to work fewer hours and quit their jobs because with the new benefit – basically a form of unearned salary from the government – it

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Economy Posts Modest, but Deceptive Growth

The economy expanded at a rate of 2.8 percent during the third quarter, but the higher-than-expected growth is not as good as it seems because the improvement from the previous quarter was due to inventory building. From the Wall Street Journal: The stronger overall growth was a result of businesses restocking their shelves, a factor that could lead companies to produce less in the current

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Don’t Be Fooled by the Latest Jobs Numbers

The news that the economy added 175,000 jobs last month is a sign not of progress, but that we remain stuck in the same sluggish growth that has plagued the economy for some time. Remember, you need about 150,000 jobs a month just to keep pace with the normal increase in the workforce. With millions of jobs lost due to the recession, it will take

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Obama Wins; Market Tanks

Because people who have skin in the game understand economics. The country voted for higher taxes – including higher capital gains taxes – and more regulation. And so, the stock market reacted rationally, plummeting 350 points in the first two hours of trading. As of 11:35 am ET, the Dow Jones Industrial Average stood at 12,890, 355 points off its opening number. Meanwhile, thousands of

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