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In response to:

The Bane of Economic Revisions

RetiredInArgentina Wrote: Mar 07, 2014 9:24 AM
Mr. Teatro, The headline: “The Bane of Economic Revisions” seems out of touch with the article, which expounds on issues of the definition of “wealth” and “productivity. Bragging of your JKG tutelage may provide a needed clue to the substance of your economic education. You don’t even begin to address the cause of the preponderance of downward revisions in government-reported statistics: political bias. Nor do you mention the primary causes of the recent downward trend of the productivity index: the massive reduction in hours worked, partially due to ObamaCare pushing employment toward part-time vs. full-time workers, and maybe mostly due to economic uncertainty driving investors to sit on their cash rather than risk it on productivity-improving capital. For a view of where the US economy is headed, lacking a reversal of the current Socialist/Fascist/Welfare-state trend, I recommend that you study Argentina. The work ethic died here several decades ago. There’s a “feriado” (holiday) almost every week (two this week for Carnival), and vacation shut-downs for several weeks at a time. Cristina-money (just like Obama-money) is dispensed via debit cards, and the lines at the ATMs on “pay-days” are several hours long. Those willing to take a job expect unlimited breaks for smoking (tobacco and other substances) and drinking their yerba-mate. They think that there is nothing wrong with taking two or three days off, without notice, to help “grandma” (or other relative) celebrate a birthday. And they wonder why most of the people are so poor. Since you are educated in the social science discipline of economics, I’ll direct my closing to those who aren’t. Wealth, as measured by the standard of living of the aggregate population, is the result of rational, efficient application of human efforts. Without the multiplier effects of capital investment in tools, (both hardware and knowledge) the wealth produced is very limited. Lacking economic freedom, lacking an efficient and just legal system, coupled with government intrusions in markets (taxes, regulations, price-controls, currency-debasement, cronyism, and corruption), those people not connected to the ruling class either settle for a subsistence life-style or rebel….
In response to:

The Bane of Economic Revisions

RetiredInArgentina Wrote: Mar 07, 2014 9:17 AM
Well said, johnm. You posted while I was writing...
That's why they have a catalog! Get on-line and order one.
In response to:

The Trees

RetiredInArgentina Wrote: Feb 24, 2014 7:38 AM
Excellent column, Mike. I would recommend to the serious student of philosophy "Capitalism, The Unknown Ideal" and "Introduction to Objectivist Epistemology". A list of her works: Books by Ayn Rand Each of the lists below is in chronological order according to the publication date of the first edition of each book. For books published posthumously, the editor is listed. Ayn Rand's Fiction Novels •We the Living (1936) •Anthem (1938) •The Fountainhead (1943) •Atlas Shrugged (1957) Other Works •Night of January 16th (originally produced in 1936, published in 1968) •The Early Ayn Rand, edited by Leonard Peikoff (1984) •Three Plays, edited by Richard E. Ralston (2005) Ayn Rand's Non-Fiction Non-fiction Books Published in Rand's Lifetime •For the New Intellectual (1961) •The Virtue of Selfishness (1964) •Capitalism: The Unknown Ideal (1966) •The Romantic Manifesto (1969) •The New Left: The Anti-Industrial Revolution (1971) •Introduction to Objectivist Epistemology (1979)
Another personal attack. Shame on you. Please stick to the policy issues.
Exactly right, Dyadd!
Right on, 95! I still await an answer to a question I've posed for decades: How can lawyers, who are legally "officers of the courts", hold public offices (legislatures) where they participate in the creation of new laws? This is such an obvious conflict of interest that its prevention should have been included in The Constitution of the United States, or at least one of the early Amendments thereto. It's never too late...
Are you saying that "Cash for Clunkers" was getting "Obama and the Fed our of the market..."?? On the contrary, C for C was a massive government intrusion in the auto market, causing tremendous economic dislocations. I certainly agree with you that it was a dumb program, and certainly on a par with the idiotic Socialist programs of many countries where I have lived" Mexico, Costa Rica, and now Argentina.
In response to:

The Pope and Capitalism

RetiredInArgentina Wrote: Dec 18, 2013 10:42 AM
Try reading. for example "Capitalism, The Unknown Ideal", by Ayn Rand, instead of asking ridiculous questions every day on Townhall.
Why is no one asking the relevant question: "How in hell are foreigners (whether Diplomats or not) able to qualify for Medicaid (or any other federal or state bene)?" I worked in a Medicare claims processing contractor's internal audit department several decades ago. Waste, fraud and abuse were already running rampant then, and the system's structure made fixing the problems uneconomic for the contractor. I can only suspect that it's gotten much worse since.
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