Tag Archives: Thomas Sowell

Let’s learn economics using videos from Thomas Sowell

ECM sent me these videos from the Uncommon Knowledge web site. Tom Sowell is the official economist of the Tea Party movement.

Part 1 of 5: (Housing Boom and Bust)

Part 2 of 5: (Quantitative Easing and Tax Cuts)

Part 3 of 5: (Health Care)

Part 4 of 5: (Trade, Trade Deficit, Protectionism, Tariffs)

Part 5 of 5: (The Federal Reserve, Bailouts, Keynes)

The fourth edition of his new book is out! Only $25 or less. (One of my readers bought it for me for Christmas, so please don’t buy me one!)

You can translate youtube videos into MP3 using the “vidtomp3” web site. Or I could make them FOR YOU!

UPDATE: Within 5 minutes somebody asked me to make the MP3s for them. So here you go if you don’t like YouTube.

These are low-quality so they could be smaller.

UPDATE: Commenter Jim says:

Downloads of Sowell’s interview are also available in both audio MP3 and video M4V formats.

What is the conservative plan for taking care of the poor?

Here’s is the Heritage Foundation explaining what conservatives would do to solve the problem of poverty.

Excerpt:

Since 1964, the U.S. has spent $15.9 trillion on means-tested welfare programs. After adjusting for inflation, welfare spending is 13 times higher today than it was in 1965. Welfare spending has grown more rapidly than Social Security, Medicare, education, and defense. And what do we have to show for these efforts? According to the Census Bureau, a record high 3.7 million Americans fell into poverty in 2009. The out-of-wedlock birthrate is now 40% and the African American out-of-wedlock birthrate is 72%. When the War on Poverty began the out-of-wedlock birthrate was just 7%.

The collapse of marriage is the root cause of child poverty in the U.S. today. It is far past time to reboot our poverty programs to promote work and encourage marriage in order to control costs and promote greater self-reliance. Among Rector’s recommendations:

  • Slowing the growth of the welfare state: Congress needs to establish reasonable fiscal constraints within the welfare system. Once the current recession ends, aggregate welfare spending should be rolled back to pre-recession levels. After this rollback has been completed, the growth of welfare spending should be capped at the rate of inflation.
  • Promoting personal responsibility and work: Able-bodied welfare recipients should be required to work or to prepare for work as a condition of receiving aid. Food stamps and housing assistance, two of the largest programs for the needy, should be aligned with the TANF program to require able-bodied adults to work or to prepare for work for a minimum of 30 hours per week.
  • Ending the welfare marriage penalty and encouraging marriage in low-income communities: Current means-tested welfare programs penalize low-income recipients who get married; these anti-marriage penalties should be reduced or eliminated.

During the administration of President Bill Clinton, conservatives successfully reformed one welfare program in the 1990s: replacing the old Aid to Families with Dependent Children (AFDC) with the new Temporary Assistance to Needy Families (TANF). But President Barack Obama’s failed economic stimulus gutted those reforms. And his budget proposal would spend $10.3 trillion on means-tested welfare over the next decade. Before the current rise in poverty, that was enough to give $250,000 to each person currently living in poverty in the U.S., or $1 million for a poor family of four. Our nation can’t afford another 10 years of failed War on Poverty thinking.

You can read more about this issue in this Townhall.com column by Walter Williams, which explains everything you need to do to avoid being poor, and to avoid making your kids poor.

Excerpt:

Avoiding long-term poverty is not rocket science. First, graduate from high school. Second, get married before you have children, and stay married. Third, work at any kind of job, even one that starts out paying the minimum wage. And, finally, avoid engaging in criminal behavior. If you graduate from high school today with a B or C average, in most places in our country there’s a low-cost or financially assisted post-high-school education program available to increase your skills.

Most jobs start with wages higher than the minimum wage, which is currently $5.15. A man and his wife, even earning the minimum wage, would earn $21,000 annually. According to the Bureau of Census, in 2003, the poverty threshold for one person was $9,393, for a two-person household it was $12,015, and for a family of four it was $18,810. Taking a minimum-wage job is no great shakes, but it produces an income higher than the Bureau of Census’ poverty threshold. Plus, having a job in the first place increases one’s prospects for a better job.

The Children’s Defense Fund and civil rights organizations frequently whine about the number of black children living in poverty. In 1999, the Bureau of the Census reported that 33.1 percent of black children lived in poverty compared with 13.5 percent of white children. It turns out that race per se has little to do with the difference. Instead, it’s welfare and single parenthood. When black children are compared to white children living in identical circumstances, mainly in a two-parent household, both children will have the same probability of being poor.

Here’s more Walter Williams: (2 minutes)

And some Thomas Sowell: (4.5 minutes)

Walter Williams and Thomas Sowell are my two favorite economists.

John Hawkins of Right Wing News interviews Tom Sowell

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.