College Freshmen, Read This Now
This is simply stunning:
"Last year, U.S. exports, industrial production, real hourly compensation, corporate profits, federal tax revenues, retail sales, GDP, productivity, the number of people with jobs, the number of students in college, airline passenger traffic and the Dow Jones Industrial Average all hit record levels."
If Bill Clinton was still in the Oval Office, the MSM would be proclaiming economic nirvana on the front page every day. Instead they are focusing on the painful fruits of the people and institutions that didn't get it right. Today, is a great example, we will see nothing but news about Chrysler's 13,000 layoffs today. There will be no mention of Toyota's or Hyundai's exceptional growth in the US by building cars in the US with US workers. There will always be losers to focus on. Free market capitalism always has winners and losers, but the net effect, as Wesbury points out in the article from which I took that stunning quote, is incredibly beneficial over time.
The artice concludes with an item that can easily go overlooked, the budget deficit is shrinking rapidly. Wesbury even forecasts a surplus by 2009. That is optimistic indeed, but he is not alone. Alot could go wrong, but the major determinant in the budget picture is the extent to which the Great Sausage Factory can control their urge to spend. If we can have a modicum of spending gridlock and President Bush can get just a little tougher on spending than he has been, then there is hope for a meaningless to nil budget deficit just as the expiration of the 2003 tax cuts comes centerstage. This would be an enormous economic legacy that our elected officials could leave us, the preservation of the tax regime that aided the recent march of prosperity. Beyond the power of lower rates, even just the certainty of consistent tax policy would be beneficial to economic activity. Expiration of those incentivizing, capital forming tax cuts will squelch job creation. Trust me, if you are going to be part of the college graduating class of 2010 or 2011, you are going to want those tax cuts preserved. I graduated from college one year after a federal tax hike and the job market was deader than a doornail. So all you 17 and 18 year olds out there, take off that 'Che' T-shirt and think for a minute about how you are going to make a living when you leave campus. Do you want a good job or do you want to be living at home, mailing out 25 resumes a day to no avail? Don't believe me? You have four years to learn something. Pick up a book by Hayek, Bastiat, Friedman, Schumpeter or Adam Smith and ponder your fate.
"Last year, U.S. exports, industrial production, real hourly compensation, corporate profits, federal tax revenues, retail sales, GDP, productivity, the number of people with jobs, the number of students in college, airline passenger traffic and the Dow Jones Industrial Average all hit record levels."
If Bill Clinton was still in the Oval Office, the MSM would be proclaiming economic nirvana on the front page every day. Instead they are focusing on the painful fruits of the people and institutions that didn't get it right. Today, is a great example, we will see nothing but news about Chrysler's 13,000 layoffs today. There will be no mention of Toyota's or Hyundai's exceptional growth in the US by building cars in the US with US workers. There will always be losers to focus on. Free market capitalism always has winners and losers, but the net effect, as Wesbury points out in the article from which I took that stunning quote, is incredibly beneficial over time.
The artice concludes with an item that can easily go overlooked, the budget deficit is shrinking rapidly. Wesbury even forecasts a surplus by 2009. That is optimistic indeed, but he is not alone. Alot could go wrong, but the major determinant in the budget picture is the extent to which the Great Sausage Factory can control their urge to spend. If we can have a modicum of spending gridlock and President Bush can get just a little tougher on spending than he has been, then there is hope for a meaningless to nil budget deficit just as the expiration of the 2003 tax cuts comes centerstage. This would be an enormous economic legacy that our elected officials could leave us, the preservation of the tax regime that aided the recent march of prosperity. Beyond the power of lower rates, even just the certainty of consistent tax policy would be beneficial to economic activity. Expiration of those incentivizing, capital forming tax cuts will squelch job creation. Trust me, if you are going to be part of the college graduating class of 2010 or 2011, you are going to want those tax cuts preserved. I graduated from college one year after a federal tax hike and the job market was deader than a doornail. So all you 17 and 18 year olds out there, take off that 'Che' T-shirt and think for a minute about how you are going to make a living when you leave campus. Do you want a good job or do you want to be living at home, mailing out 25 resumes a day to no avail? Don't believe me? You have four years to learn something. Pick up a book by Hayek, Bastiat, Friedman, Schumpeter or Adam Smith and ponder your fate.
posted by Donny Baseball at 9:21 AM
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