Video is here. (9 minutes)
The topic is, “can you tax the rich without hurting the poor?” and on spending.
And one more. (1 minute)
Paul Ryan explains how GM repayed its government loans with other government loans.
Tag Archives: Politics
Veronique de Rugy shows that stimulus money was allocated for political gain
Story here on National Review. (H/T The Other McCain via ECM)
Excerpt:
As it turns out, when controlling for state capitals and a host of other potentially relevant variables, we find that the original findings still hold. We learn a few other things, too:
- First, how and where the money is spent doesn’t seem to be related to unemployment or decline in employment in the district where it is spent.
- Second, the district’s party affiliation matters in where the money is spent. (We still don’t know how much it matters compared to other factors.) The average Democratic district receives 81 percent more than the average Republican district. Even after taking out the money spent through state capitals, the average Democratic district receives at least 30 percent more than the average Republican district.
- Third, whether a district has part of a state capital in it is an important factor in how stimulus money is spent. However, controlling for this factor, or even taking the money going to state capitals out altogether, doesn’t negate the finding that the district’s party affiliation matters in where the money is spent.
- Finally, how long the district’s representative has been in office seems to have a small but significant impact on how the money is spent (this is a new finding, as well).
There is still much more to learn on the question “How are stimulus funds being spent and why?”
The more I dig into this, the more important the question seems.
George Mason University is a pretty moderate school, but they boast a fine conservative economics department. Jennifer Roback Morse used to teach there, and Walter Williams still does. It’s probably the best place for a conservative or libertarian student to do an economics degree.
Now seems like a good time to re-post Michele Bachmann’s denunciation of gangster government, too.
Michelle Malkin calls them Corruptocrats. It fits.
Related posts
Christian professor of economics discusses capitalism, socialism and the Bible
Here’s an interview with Dr. Shawn Ritenour, economics professor at Grove City College. The interview is conducted by Dr. Paul Kengor.
Excerpt:
Kengor: …it seems that the very foundation of economics, not to mention the American republic in some respects, is the right to private property. Do you agree? If so, is that Scriptural?
Ritenour: The foundation of economic activity and policy is private property. All action requires the use of property and all economic policy is about how people can legally use their property. To benefit from the division of labor, we must be able to exchange our products, which requires private property. Private property is definitely Scriptural. The Bible explicitly prohibits theft, fraud, moving property barriers, debasing money, violating labor contracts, as well as coveting. These prohibitions apply to both citizens and rulers. In my text, I apply this conclusion to issues such as confiscatory taxation, government subsidies, business regulation, and monetary inflation.
Kengor: I find it very telling that Karl Marx was first and foremost against private property, not to mention against God as well. In the “Communist Manifesto,” he wrote plainly: “the theory of the Communists may be summed up in a single sentence: Abolition of private property.” And yet, there are some religious left Christians who claim that the Bible, especially in certain Old Testament passages, preaches a form of socialism and even communism. A student of mine had a teacher at a private Christian school in Ohio who instructed the class that as Christians they should be communists. Can you address this argument?
Ritenour: Communism can be condemned strictly on the basis of the Christian ethic of property (among other reasons). Nothing in Scripture either commands or implies that the means of production should be controlled by the state. There are passages in the early chapters of Acts that are often cited as promoting “Christian communism,” but, in fact, actually illustrate Christian sharing. The various Christians still owned their property, but were generous in sharing whenever they saw a need. When Peter rebukes Ananias in Acts 5, he explicitly says that both the property that Ananias and Sapphira sold and the monetary proceeds from selling it were theirs to do with what they wanted. That is not the gospel according to Marx.
Kengor: I like the way you turn the religious left’s thinking on private property on its head. You note that “God prohibits our coveting the property of others.” With that being the case, isn’t it wrong for the government to use the mighty arm of the state to forcibly remove property from one person to give it to another?
Ritenour: I see no other way around that conclusion, especially when we realize that, in our day of mass democracy, the state usually accomplishes policies of wealth redistribution by inciting envy and covetousness among the populace.
Kengor: What about profits? Reconcile the profit motive with the God of Scripture. We have people in this society who portray profits as greedy or unjust.
Ritenour: Profit is the reward entrepreneurs receive for more successfully producing what people want. This is no easy thing to do. Entrepreneurs must invest in present production of goods they sell in the future. Neither entrepreneurs nor government bureaucrats know exactly what future demand will be. Therefore, production necessitates bearing risk. If the entrepreneur forecasts future demand incorrectly, he will waste resources and reap losses. If he forecasts the future correctly, he serves his fellow man by producing goods people want. It seems only right that such producers are rewarded with profit. In a free market, the only way entrepreneurs earn profits is to serve customers better than anyone else.
I’m a fan of Paul Kengor’s work. If I had married and had children, I would have wanted them to go to Grove City College for their undergraduate degrees. Astronomer Guillermo Gonzalez is at Grove City right now, directing a program in astronomy.
Should Christians study other areas of knowledge like economics?
Here’s a quote from McKenzie’s Facebook page that explains why I think Christians need to understand economics.
Quote:
“If inviting nonbelievers to worship matters, then so does preserving the freedom to worship. If ministering to the needs of the poor is a mandate, then changing the policies creating poverty is very much within that mandate. And if building shelter in developing countries is part and parcel of a Christian’s burden, so… is the destruction of the power of tyrants who oppress peoples around the globe.”
It’s from Hugh Hewitt’s book “In, But Not Of”. The book is about how Christians need to make good decisions early on in life if they hope to influence the world in effective ways. This is an excellent book for young people in high school and university, or for those (like me) who dream of raising children in a careful way, so they can impact the world for Christ. My hope is to raise Michele Bachmann and Jennifer Roback Morse clones.
By the way, you can be my friend on Facebook. My Facebook page is here. And you can also follow the blog here, you have a Facebook account. (Although we get about 1000-1500 page views per day, I have only a small number of Facebook friends and followers).
Further study
WINTERY KNIGHT 