Tag Archives: FDR

Commentary

John Hawkins of Right Wing News interviews Tom Sowell

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Thomas Sowell

Right Wing News has a great interview with my favorite economist, Tom Sowell.

Excerpt:

Paul Krugman is one of the best known and highest regarded economists on the Left. He says the problem we have right now is the government simply is not spending enough money and the fears we have about the debt causing all these major problems are extremely overblown. What do you say to that argument that is very prevalent on the Left?

Well, it’s a heads I win, tails you lose argument because if we spend twice as much for the next ten years and things don’t get any better – you can still say, “We didn’t spend enough.” We should have spent four times as much. And if we spend four times as much, you can say we should spend 10 times as much. It’s an impossible argument to refute.

It just so happens I’ve been reading a statement by Henry Morganfeld, the Secretary of Treasury under FDR, and he made the statement in 1939 — he said, “We have tried spending money. We are spending more than we have ever spent before and it does not work.” Now this is FDR’s closest confidant, the man who has been in charge of the spending — and after six years of it at this point, they have nothing to show for it and in point of fact, unemployment had gotten back up above 20 percent about a month before he made the statement.

Look at this – the man is branching out from fiscal conservatism into social conservatism. He’s not a Christian, so this is pretty awesome.

Excerpt:

Now, you talked a lot about cultural issues in the book. That’s something you’ve gotten more into in your columns lately. In the book you wrote about gay marriage and the comparison between gay marriage and interracial marriage. Why do you think that’s a bad comparison and what do you say to the argument that gay Americans have a right, perhaps even a constitutional right to get married?

Well, my Constitution must be out of date because I haven’t seen it there. It’s one of many things, such as the separation of church and state, that I’ve never seen there.

Marriage is not a right. Marriage is an imposition of a government’s interest in certain unions. Probably because those unions produce children, but for other reasons, too. Otherwise people could marry or not marry utterly independently of the government.

But what we’re talking about is not gay marriage. We’re talking about redefining marriage through the convenience of leaders who speak for the gays. And I don’t see any more reason for doing that than for allowing bigamists to redefine marriage to suit their convenience.

And you can read Tom Sowell’s latest column on FDR and the Great Depression here. He talks about how the policies of President Roosevely failed to lower unemployment and how they mirror the policies of Obama and the Democrats today.

News

How Obama’s bold experimentation with the economy costs jobs

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Consider this column by George Will. (H/T ECM)

Excerpt:

At any time, some economic conditions would be better than others, but the more certainty about conditions the better. Today, investors and employers are certain that uncertainties are multiplying.

They are uncertain about when interest rates will rise, and by how much.

They do not know how badly the economy will be burdened by the expiration, approximately 200 days from now, of the Bush tax cuts on high earners — aka investors and employers. They know the costs of Obamacare will be higher than was advertised, but not how much higher. They do not know the potential costs of cap-and-trade and other energy policies.

They do not know if “card check” — abolition of the right of secret ballot elections in unionization decisions — will pass, or how much the economy will be injured by making unions more muscular. They do not know how the functioning of the financial sector will be altered and impeded by the many new regulatory rules and agencies created by the financial reform legislation.

The economy has become dependent on government stimulation of demand, and no one knows what will happen as the stimulus spending wanes.

Investors and employers are watching all of Obama’s bold experimentation with the economy patiently, and keeping their money in their wallets. Who can afford to hire more workers when the costs of running a business or making a profit on an investment goes up and up and up? When Obama is kicked out of office in 2012, and the economy settles down, then employers and investors will breathe a sigh of relief and hiring can resume.

Videos

George Will explains Obama’s dependency agenda at CPAC 2010

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From Muddling Towards Maturity: George Will’s speech at the 2010 CPAC convention. He is a moderate conservative.

Part 1:

Topics: the conflict of freedom and equality, equal outcomes vs equal opportunities, wealth redistribution vs liberty, dependency on government, public sector vs private sector, cash for clunkers, state capitalism, credit, crony capitalism, subsidizing failure, TARP, profit and loss, risk, incentives, freedom to succeed or fail, cradle to grave welfare, SCHIP, socialized medicing, single payer health care, social security, medicare, vouchers, school choice, public education, public option, choice and competition, inter-state commerce.

Part 2:

Topics: health savings accounts, private property, stewardship and ownership, drug companies, health insurance, dependency agenda, entitlement mentality, lawsuits, trial lawyer lobby, tort reform, personal responsibility, stimulus, public and private sector wages and benefits, union payoffs, income tax, moral hazard, death tax, envy, farm subsidies, bureaucracy, schools vs families.

Here’s the graph he mentions of who pays for taxespays for taxes. High earners pay for everything and the low earners pay for nothing. High earners don’t depend on government but low earners do depend on government.

Part 3:

Topics: crisis as a means to enlarge government, manufacturing a crisis using massive deficits, environmentalism as a manufactured crisis, how bigger government means small individuals with less freedom, structure of american government, the founding fathers, free will, personal responsibility, small government.

By the way, many people are saying that Glenn Beck’s speech was the best of the conference. And you can watch it here at Caffeinated Thoughts. The best part starts at 25:25 minutes in where he explains being broke and turning his life around, and talking about the freedom to fail and personal responsibility.

UPDATE: ECM sent me this article about George Will’s appearance on ABC’s This Week.

Video:

Excerpt:

TERRY MORAN, HOST: There’s a sense that something is broken in Washington summed up this week by Senator Evan Bayh (D-Ind.) who announced his retirement. I think it’s fair to say he’s leaving in disgust. Here’s what he had to say.

SENATOR EVAN BAYH, (D-IND.): I have had a growing conviction that Congress is not operating as it should. There is much too much partisanship, and not enough progress. Too much narrow ideology, and not enough practical problem solving. Even at a time of enormous national challenge, the people’s business is not getting done.

MORAN: Is he right, George?
GEORGE WILL: Well, it’s hard to take a lecture on bipartisanship from a man who voted against the confirmation of Chief Justice Roberts, the confirmation of Justice Alito, the confirmation of Attorney General Ashcroft, the confirmation of Condoleezza Rice as Secretary of State. Far from being a rebel against his Party’s lockstep movement, Mr. Bayh voted for the Detroit bailout, for the stimulus, for the public option in the healthcare bill. I don’t know quite what his complaint is, but, Terry, with metronomic regularity, we go through these moments in Washington where we complain about the government being broken. These moments have one thing in common: The Left is having trouble enacting its agenda. No one when George W. Bush had trouble reforming Social Security said, “Oh, that’s terrible – the government’s broken.”