economics
The Republican National Convention (RNC) kicked off on Monday with a song as old as time: "It's the economy, stupid." That quote, which traces back to the early 1990s, came from Democratic strategist James Carville, an adviser on Bill Clinton's first presidential campaign. But in a testament to the staying power of that message, and its resonance across political parties, it reappeared tonight in MAGA form: "Make America Wealthy Again." A noble goal. Can the Republican Party deliver? It would be hard to answer that based on Monday's program alone, which—as is typical for national political con...
Reason
Soho Forum Director Gene Epstein and Chicago school economist David Friedman debate the resolution, "The Austrian economics of Mises and Rothbard contains economic intuitions that are important, correct, and missing from Chicago School economics." Taking the affirmative was Gene Epstein, the director of the Soho Forum and former economics and books editor at Barron's. His last published book was Econospinning: How to Read Between the Lines When the Media Manipulate the Numbers. Epstein has taught economics at the City University of New York and St. John's University, and he has worked as a sen...
Reason
Getting this high should be illegal. Parody of Afroman's "Because I Got High" written by Remy; performed by Remy; mastering by Ben Karlstrom. LYRICS: I was gonna buy some dronesBut it'll go highI was gonna forgive all these loansSir, it'll go highYou can't print trillions at will—don't you know why?Why man? Yeah yeahBecause it got highBecause it got highBecause it got high See back before we printed cashIt was not highIt can be not high?Back when dollars were backed by these stacksIt was not highI'm not followingThe dollar's lost this much since then—do you know why?Why man? Yeah yeahBecause i...
Reason
You can add the Internal Revenue Service to the ranks of federal agencies conceding that raining taxpayer money on all and sundry to offset the negative effects of pandemic-era closures didn't go as well as intended. Not only was a program meant to offset the cost of paying workers during lockdowns and voluntary social-distancing prone to being gamed, but the "vast majority" of claims submitted to the program show evidence of being fraudulent. The Tax Man Is Shocked To Discover FraudstersIn the course of a detailed review of the Employee Retention Credit, "the IRS identified between 10% and 20...
Reason
During former President Donald Trump's term in office, he promised that higher tariffs on American imports would reduce the country's large trade deficit. At the time, many economists disputed that notion. Tariffs might marginally reduce the import side of the trade ledger, but they also reduce economic output (and therefore exports), so the net effect on the trade deficit was likely to be minuscule, they warned. No matter. In 2017, the White House's official Trade Policy Agenda highlighted how America's manufacturing trade deficit had grown from $317 billion in 2000 to $648 billion in 2016. T...
Reason
Today's guest is John Mackey, the co-founder and former CEO of Whole Foods, who just released his memoir, The Whole Story: Adventures in Love, Life, and Capitalism. As befits the entrepreneur who revolutionized grocery shopping from a grim, pragmatic necessity into an exciting, multi-sensory adventure, Mackey's story is far from conventional and we talk frankly about the failures, successes, and psychedelics he encountered while reshaping how Americans think about food, fitness, and free enterprise. We also discuss Love.Life, the chain of holistic health and wellness clubs he's opening this su...
Reason
In an interview published this week by The New York Times, Sen. J.D. Vance (R–Ohio) calls for a more muscular federal government to intervene even more aggressively in the economy than it already does, to create what Vance calls "incentives" for American workers. In doing so, Vance inadvertently reveals one of the major flaws in this line of analysis. Vance's opinions about these things carry significant weight, in no small part because he's on the shortlist to be Donald Trump's running mate. With an eye towards that possibility, the Times' Ross Douthat asked Vance to explain his "populist eco...
Reason
My guest today is economist and podcaster Glenn Loury, whose new memoir is titled Late Admissions: Confessions of a Black Conservative. Born in 1948 and raised working-class in Chicago's predominantly African American South Side, Loury tells a story of self-invention, ambition, hard work, addiction, and redemption that channels Benjamin Franklin's Autobiography, Richard Wright's Native Son, Saul Bellow's The Adventures of Augie March, and Milton Friedman's Capitalism & Freedom. The first tenured black economist at Harvard, Loury emerged in the 1980s as a ubiquitous commenter on race and class ...
Reason
Inflation cooled slightly to 3.3 percent in May, the Department of Labor reported on Wednesday morning. That's a welcome sign that tees up the possibility the Federal Reserve will signal plans to cut interest rates later today. A rare one-two punch of economic news that will indicate whether the fight against inflation is being won makes Wednesday one of the most important days of the year for economic news, CNBC reports. This morning's consumer price report from the Department of Labor was an encouraging sign, and all eyes now turn to this afternoon's decision by the central bank's officials....
Reason
The Road to Freedom: Economics and the Good Society, by Joseph E. Stiglitz, W.W. Norton & Company, 384 pages, $29.99 Joseph Stiglitz, a former chief economist of the World Bank, thinks that taxation is a precondition for freedom, not a threat to it. The current political problem, he argues in The Road to Freedom, is that the right (which for Stiglitz includes libertarians as well as conservatives) rejects the Founding Fathers' idea of no taxation without representation in favor of opposing any taxation at all. This is a problem, he continues, because market failures are more extensive and seve...
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