From The WSJ, Bill McGurn argues Ronald Reagan looked like a sure-loser at this point in the 1980 campaign.
In The WSJ, Stephen Moore reports Rick Santorum’s argument that he is stronger than Mitt Romney in purple states.
In Forbes, Charles Kadlec suggests government policy, not lack of regulation, caused the housing bubble.
On The Kudlow Report, progressive Jared Bernstein argues Romney will repeat the trickle-down policies that led to recent years’ economic problems:
From Alhambra Partners, Joe Calhoun rebuts Ben Bernanke’s claim that the economy’s performance is not his fault.
On The Street, Ralph Benko defends the gold standard from columnist Gary Weiss.
At TGSN, Ralph Benko features Alan Greenspan’s never-published testimony from the 1981 US Gold Commission.
Stateline reports Art Laffer’s success convincing states to reduce tax rates.
From the C-SPAN archive, US Rep. Jack Kemp (NY) announces his 1987 bid for President. Alan Reynolds comments, “Watch it and compare the current candidates to see what we have lost.”
In The NYT, Bruce Bartlett argues (correctly, IMO) that class warfare sentiment rises when, in recession, conservatives argue for cutting programs for the poor while refusing to raise tax rates on the wealthy. (Of course, the right answer isn’t raising taxes.)
Showing posts with label Kemp. Show all posts
Showing posts with label Kemp. Show all posts
Sunday, March 11, 2012
Monday, January 23, 2012
Monday items: The NY Sun and Weekly Standard applaud Gingrich's Gold Commission; Levin on Reagan's supply-side record; Grant on the 1920-21 recession.
The WSJ notes Newt Gingrich’s rise, compliments his citation of Ron Paul’s hard money mantra, and urges Mitt Romney to take a bolder tax reform stance.
The NY Sun applauds Gingrich’s naming Lewis Lehrman and James Grant to his Gold Commission.
In The Weekly Standard, Bill Kristol praises the Gold Commission.
On The WSJ, Kim Strassell discusses Romney’s tax return and Gingrich’s Freddie Mac contract:
In The WSJ, Stephen Moore notes voter enthusiasm for Gingrich.
The Right Scoop cites radio host Mark Levin challenging Gingrich on the creation of supply-side economics. Levin says, incorrectly, that Reagan ran on supply-side economics in 1974. In fact, according to Bob Novak's memoir, The Prince of Darkness: 50 Years Reporting in Washington, Reagan was converted to supply-side economics (tight money, marginal tax rate cuts) at a private meeting with Jack Kemp in early 1979.
At RCM, John Tamny notes the stock market’s weakness versus gold.
In The Washington Post, James Grant examines the economy’s quick recovery, despite government austerity, from the recession of 1920-21.
In The NYT, Romney advisor Greg Mankiw offers four principles for tax reform.
At Globe Asia, Steve Hanke proposes a non-military solution to disputed territory.
The NY Sun applauds Gingrich’s naming Lewis Lehrman and James Grant to his Gold Commission.
In The Weekly Standard, Bill Kristol praises the Gold Commission.
On The WSJ, Kim Strassell discusses Romney’s tax return and Gingrich’s Freddie Mac contract:
In The WSJ, Stephen Moore notes voter enthusiasm for Gingrich.
The Right Scoop cites radio host Mark Levin challenging Gingrich on the creation of supply-side economics. Levin says, incorrectly, that Reagan ran on supply-side economics in 1974. In fact, according to Bob Novak's memoir, The Prince of Darkness: 50 Years Reporting in Washington, Reagan was converted to supply-side economics (tight money, marginal tax rate cuts) at a private meeting with Jack Kemp in early 1979.
At RCM, John Tamny notes the stock market’s weakness versus gold.
In The Washington Post, James Grant examines the economy’s quick recovery, despite government austerity, from the recession of 1920-21.
In The NYT, Romney advisor Greg Mankiw offers four principles for tax reform.
At Globe Asia, Steve Hanke proposes a non-military solution to disputed territory.
Tuesday, December 6, 2011
Tuesday update: Mundell on the 20th century; Reynolds on the top 1%; Gingrich on supply-side economics.
50,000 Page Views.
We’re pleased to announce that yesterday this site reached 50,000 page views since its founding in May 2010. When setting goals for 2011, we set that target as a goal, so it’s gratifying to achieve it. To be sure, this number is a small fraction of the hits for big web sites, but this is a part-time site that has grown without much promotion. Thanks for reading.
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From his 1999 Nobel lecture, Robert Mundell provides a fascinating monetary history of the 20th century.
In The WSJ, Alan Reynolds notes the recession’s disproportionate impact on the top 1%.
On Forbes, Ralph Benko credits Robert Mundell with China’s recent economic success.
At RCM, John Tamny critiques the Fed’s latest easy credit maneuver.
On The Kudlow Report, Newt Gingrich advocates major tax reform, cites Peter Ferrara, Jude Wanniski, and Art Laffer, and refers to himself as part of Jack Kemp's "supply-side cabal":
In The Washington Examiner, Conn Carroll notes conservative interest in Jon Huntsman.
From Alhambra Partners, Joe Calhoun surveys the market.
At Asia Times, David Goldman argues Italy’s mix of spending cuts and tax increases doom it to stagnation.
On Forbes, Charles Kadlec critiques European austerity measures.
In The Hill, Republican lobbyist (and former congressional colleague) John Feehery advocates less focus on “no new taxes,” and more focus on a pro-growth tax system.
From SNL, “President Obama” lists anti-tax activist Grover Norquist as the nation’s second most powerful entity:
In The NYT, Bruce Bartlett suggests tax hikes on the wealthy are inevitable.
At COAL, Paul Krugman notes Germany’s huge export boom since the euro was established.
We’re pleased to announce that yesterday this site reached 50,000 page views since its founding in May 2010. When setting goals for 2011, we set that target as a goal, so it’s gratifying to achieve it. To be sure, this number is a small fraction of the hits for big web sites, but this is a part-time site that has grown without much promotion. Thanks for reading.
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From his 1999 Nobel lecture, Robert Mundell provides a fascinating monetary history of the 20th century.
In The WSJ, Alan Reynolds notes the recession’s disproportionate impact on the top 1%.
On Forbes, Ralph Benko credits Robert Mundell with China’s recent economic success.
At RCM, John Tamny critiques the Fed’s latest easy credit maneuver.
On The Kudlow Report, Newt Gingrich advocates major tax reform, cites Peter Ferrara, Jude Wanniski, and Art Laffer, and refers to himself as part of Jack Kemp's "supply-side cabal":
In The Washington Examiner, Conn Carroll notes conservative interest in Jon Huntsman.
From Alhambra Partners, Joe Calhoun surveys the market.
At Asia Times, David Goldman argues Italy’s mix of spending cuts and tax increases doom it to stagnation.
On Forbes, Charles Kadlec critiques European austerity measures.
In The Hill, Republican lobbyist (and former congressional colleague) John Feehery advocates less focus on “no new taxes,” and more focus on a pro-growth tax system.
From SNL, “President Obama” lists anti-tax activist Grover Norquist as the nation’s second most powerful entity:
In The NYT, Bruce Bartlett suggests tax hikes on the wealthy are inevitable.
At COAL, Paul Krugman notes Germany’s huge export boom since the euro was established.
Tuesday, August 16, 2011
Tuesday round up: More Nixon Shock commentary; Perry attacks the Fed; Moore advocates a Kemp-style growth agenda.
More commentary on Nixon’s closing the gold window:
The Weekly Standard, Bill Kristol
Forbes, Charles Kadlec
Fox News, Ralph Benko
Forbes, Ralph Benko
Barron’s, Jude Wanniski (from 2001)
Lew Rockwell, Gary North
Mises.org, Jordi Franch
Capital Gains and Games, Bruce Bartlett
And on The Alyona Show, Ralph Benko discusses Nixon’s decision:
From Cato, Dan Griswold notes the Nixon Shock anniversary but praises the floating dollar:
ABC reports Gov. Rick Perry (TX) suggesting more Fed easing would be treasonous.
On NRO, Larry Kudlow praises the substance of Perry’s remark.
At Reuters, Jim Pethokoukis contrasts Perry’s Fed comments with past comments by Gov. Mitt Romney (MA).
On The Kudlow Report, US Rep. Ron Paul (TX) discusses gold and Perry’s Fed comments:
At NRO, Katrina Trinko notes Romney’s shift towards a flat tax.
From The WSJ, Stephen Moore wonders if the GOP remembers Jack Kemp’s pro-growth message.
Future of Capitalism compiles responses to Warren Buffett’s tax increase advocacy.
IBD also weighs in. As does NRO’s Michael G. Franc.
On Fox Business News, Steve Forbes discusses returning to the gold standard:
At RCM, John Tamny warns against banning short sales.
On CNBC, John Carney suggests the political parties may be conspiring to kill Jude Wanniski’s two Santa Clauses.
At Bloomberg, NRO editor Ramesh Ponnuru advocates more loose money.
Also on Kudlow, a panel discusses Perry’s Fed remarks:
On NRO, US Rep. Thad McCotter (MI) describes America facing a Great Deflation but chastises the Fed for inflationary quantitative easing.
At The NYT, Bruce Bartlett argues the economy needs Keynesian demand-side stimulus.
The Weekly Standard, Bill Kristol
Forbes, Charles Kadlec
Fox News, Ralph Benko
Forbes, Ralph Benko
Barron’s, Jude Wanniski (from 2001)
Lew Rockwell, Gary North
Mises.org, Jordi Franch
Capital Gains and Games, Bruce Bartlett
And on The Alyona Show, Ralph Benko discusses Nixon’s decision:
From Cato, Dan Griswold notes the Nixon Shock anniversary but praises the floating dollar:
Closing the gold window was arguably inevitable given the lack of monetary discipline by the U.S. central bank. By 1976, the dollar and other major currencies were floating freely, which has turned out to work rather well, as Milton Friedman predicted it would. It also turned out that pressure on the dollar to depreciate was not driven by speculators after all but by the surplus of dollars that had been created to finance the Vietnam War and the Great Society.
ABC reports Gov. Rick Perry (TX) suggesting more Fed easing would be treasonous.
On NRO, Larry Kudlow praises the substance of Perry’s remark.
At Reuters, Jim Pethokoukis contrasts Perry’s Fed comments with past comments by Gov. Mitt Romney (MA).
On The Kudlow Report, US Rep. Ron Paul (TX) discusses gold and Perry’s Fed comments:
At NRO, Katrina Trinko notes Romney’s shift towards a flat tax.
From The WSJ, Stephen Moore wonders if the GOP remembers Jack Kemp’s pro-growth message.
Future of Capitalism compiles responses to Warren Buffett’s tax increase advocacy.
IBD also weighs in. As does NRO’s Michael G. Franc.
On Fox Business News, Steve Forbes discusses returning to the gold standard:
At RCM, John Tamny warns against banning short sales.
On CNBC, John Carney suggests the political parties may be conspiring to kill Jude Wanniski’s two Santa Clauses.
At Bloomberg, NRO editor Ramesh Ponnuru advocates more loose money.
Also on Kudlow, a panel discusses Perry’s Fed remarks:
On NRO, US Rep. Thad McCotter (MI) describes America facing a Great Deflation but chastises the Fed for inflationary quantitative easing.
At The NYT, Bruce Bartlett argues the economy needs Keynesian demand-side stimulus.
Tuesday, May 31, 2011
Tuesday summary: Domitrovic counters Romer; Lehrman and Cannon on the loss of Kemp's district; Halper on rising pro-growth sentiment.
From Forbes, Brian Domitrovic challenges Christina Romer’s claim that floating currencies represent free markets.
In The Washington Times, Lew Lehrman and Frank Cannon suggest the loss of Jack Kemp’s NY congressional district shows Republicans should refocus on jobs and prosperity.
At The Weekly Standard, Daniel Halper reports rising pro-growth emphasis among conservatives.
On Fox News, Steve Forbes advocates deep spending cuts to government:
On The Fiscal Times, Louis Peck explains that federal regulations cost business $1.75 trillion per year.
At NRO, Robert Costa profiles U.S. Sen. Rob Portman (OH) and his jobs agenda.
On Fox Business, John Stossel mediates a budget debate between conservative think tanks Heritage Foundation and AEI:
On Market Watch, Paul B. Farrell argues Reaganomics caused recent economic bubbles and is therefore discredited.
At The NYT, reformed supply sider Bruce Bartlett opposes Republican arguments on taxes.
In The Washington Times, Lew Lehrman and Frank Cannon suggest the loss of Jack Kemp’s NY congressional district shows Republicans should refocus on jobs and prosperity.
At The Weekly Standard, Daniel Halper reports rising pro-growth emphasis among conservatives.
On Fox News, Steve Forbes advocates deep spending cuts to government:
On The Fiscal Times, Louis Peck explains that federal regulations cost business $1.75 trillion per year.
At NRO, Robert Costa profiles U.S. Sen. Rob Portman (OH) and his jobs agenda.
On Fox Business, John Stossel mediates a budget debate between conservative think tanks Heritage Foundation and AEI:
On Market Watch, Paul B. Farrell argues Reaganomics caused recent economic bubbles and is therefore discredited.
At The NYT, reformed supply sider Bruce Bartlett opposes Republican arguments on taxes.
Wednesday, May 25, 2011
Wednesday items: Benko on pro-gold comments in emerging markets; Lehrman advocates fast growth to reduce deficits; Politico on NY's special election.
From TGSN, Ralph Benko reports on pro-gold standard comments from the emerging markets.
At Bloomberg, Sen. Tom Coburn (OK) suggests solving the debt crisis by eliminating tax expenditures and trimming entitlements.
On TGSN, Lew Lehrman explains that four percent annual growth compounded over a decade would fix most of the deficit problem:
Politico analyzes the GOP’s special election loss in Jack Kemp’s upstate NY congressional district.
From House Republicans, U.S. Rep. Paul Ryan (WI) recasts his Medicare plan as needed to save the program:
On Econlog, David Henderson argues for ending the IMF.
From First Trust, Brian Wesbury says don’t worry about the softening economy.
At The Atlantic, David Indiviglio measures the national debt in terms of gold:
The WSJ comments section features interesting comments on my Mundell op-ed.
At Bloomberg, Sen. Tom Coburn (OK) suggests solving the debt crisis by eliminating tax expenditures and trimming entitlements.
On TGSN, Lew Lehrman explains that four percent annual growth compounded over a decade would fix most of the deficit problem:
Politico analyzes the GOP’s special election loss in Jack Kemp’s upstate NY congressional district.
From House Republicans, U.S. Rep. Paul Ryan (WI) recasts his Medicare plan as needed to save the program:
On Econlog, David Henderson argues for ending the IMF.
From First Trust, Brian Wesbury says don’t worry about the softening economy.
At The Atlantic, David Indiviglio measures the national debt in terms of gold:
The WSJ comments section features interesting comments on my Mundell op-ed.
Monday, May 2, 2011
Monday update: The Miller Center features discussion of Jack Kemp; Bloomberg calls for immigration reform; Benko says gold would reduce unemployment.
UVA’s Miller Center of Public Affairs features video of its Jack Kemp Oral History Project.
From The WSJ, Mayor Michael Bloomberg (NY) links immigration reform to economic growth.
Corrections: Page One explains that tax policy does affect economic growth and that growth fixes deficits:
At TGSN, Ralph Benko explains that a gold standard would reduce unemployment.
On Newsweek, Gary Rivlin notes the super rich don’t pay much income taxes and quotes Bruce Bartlett in favor of higher capital gains tax rates.
At COAL, Paul Krugman also argues for higher capital gains tax rates.
On The WSJ, Pulitzer Prize winning editorial writer Joseph Rago suggests seniors aren’t strongly opposed to the Ryan plan for reforming Medicare:
On TNR, progressive Jonathan Cohn criticizes Washington’s focus on deficits over growth.
At The WSJ, Martin Feldstein advocates Social Security private accounts to save the program and improve returns.
From The WSJ, Mayor Michael Bloomberg (NY) links immigration reform to economic growth.
Corrections: Page One explains that tax policy does affect economic growth and that growth fixes deficits:
At TGSN, Ralph Benko explains that a gold standard would reduce unemployment.
On Newsweek, Gary Rivlin notes the super rich don’t pay much income taxes and quotes Bruce Bartlett in favor of higher capital gains tax rates.
At COAL, Paul Krugman also argues for higher capital gains tax rates.
On The WSJ, Pulitzer Prize winning editorial writer Joseph Rago suggests seniors aren’t strongly opposed to the Ryan plan for reforming Medicare:
On TNR, progressive Jonathan Cohn criticizes Washington’s focus on deficits over growth.
At The WSJ, Martin Feldstein advocates Social Security private accounts to save the program and improve returns.
Sunday, May 1, 2011
Weekend update: Lewis on the stability of gold-backed currency; Domitrovic on the fiat dollar; Tamny discusses the dollar.
From Forbes, Nathan Lewis clarifies that the gold standard’s purpose is to create a currency that is stable in value.
On IBD, Brian Domitrovic argues the fiat dollar has allowed the U.S. fiscal and current account deficits.
The WSJ notes the failure of the President’s Keynesian policies.
IBD contrasts the Reagan recovery with the current one.
On The Kudlow Report, John Tamny discusses the dollar’s fall:
At Forbes, Tamny reports on one wealthy American who is “shrugging.”
From The Washington Post, George Will confirms that tax rates impact business decisions.
In The NYT, Roger Lowenstein defends the current monetary system.
The Times of India reports nations moving into dollar alternatives.
At Forbes, Bill Flax criticizes Ben Bernanke for continuing QE2.
On This Week with Christiane Amanpour, Jack Kemp-prot̩g̩ U.S. Rep. Paul Ryan (WI) predicts debt Рnot growth and jobs Рwill be the focus of the 2012 election:
NPR’s Robert Smith attempts to rebut the claim that the rich flee high tax states.
On Forbes, Bret Swanson praises Mitch Daniels’ management style.
The NYT profiles Gary North, whose Christian Economics includes support for the gold standard.
On IBD, Brian Domitrovic argues the fiat dollar has allowed the U.S. fiscal and current account deficits.
The WSJ notes the failure of the President’s Keynesian policies.
IBD contrasts the Reagan recovery with the current one.
On The Kudlow Report, John Tamny discusses the dollar’s fall:
At Forbes, Tamny reports on one wealthy American who is “shrugging.”
From The Washington Post, George Will confirms that tax rates impact business decisions.
In The NYT, Roger Lowenstein defends the current monetary system.
The Times of India reports nations moving into dollar alternatives.
At Forbes, Bill Flax criticizes Ben Bernanke for continuing QE2.
On This Week with Christiane Amanpour, Jack Kemp-prot̩g̩ U.S. Rep. Paul Ryan (WI) predicts debt Рnot growth and jobs Рwill be the focus of the 2012 election:
NPR’s Robert Smith attempts to rebut the claim that the rich flee high tax states.
On Forbes, Bret Swanson praises Mitch Daniels’ management style.
The NYT profiles Gary North, whose Christian Economics includes support for the gold standard.
Tuesday, April 26, 2011
Tuesday summary: Lehrman on the dollar standard; Domitrovic hails Jack Kemp; Wesbury ponders Geithner's strong dollar claim.
From The WSJ, Lewis Lehrman explains that the dollar standard enables the high U.S. budget and trade deficits.
At Forbes, Brian Domitrovic credits Jack Kemp with restoring the American Century.
Strangely, Treasury Secretary Tim Geithner announces his support for a strong dollar ahead of Ben Bernanke’s Wednesday press conference.
On The Kudlow Report, Brian Wesbury puzzles over Geithner’s statement:
From RCM, John Tamny counters David Stockman’s claim that America is bankrupt.
On G. Gordon Liddy’s radio show, Tamny argues that rapid economic growth would enable a substantial shrinkage of government.
The WSJ critiques Fed Chairman Ben Bernanke’s management of the dollar.
On Fox News, Future of Freedom’s Jacob Hornberger discusses the monetary rebellion in the states:
In The LA Times, liberal columnist Michael Kinsley links fiscal deficits to inflation.
From Forbes, Charles Kadlec doubts the Fed’s ability to control inflation.
In The NYT, Paul Krugman notes the slow growth of European nations under austerity budgets.
At Forbes, Brian Domitrovic credits Jack Kemp with restoring the American Century.
Strangely, Treasury Secretary Tim Geithner announces his support for a strong dollar ahead of Ben Bernanke’s Wednesday press conference.
On The Kudlow Report, Brian Wesbury puzzles over Geithner’s statement:
From RCM, John Tamny counters David Stockman’s claim that America is bankrupt.
On G. Gordon Liddy’s radio show, Tamny argues that rapid economic growth would enable a substantial shrinkage of government.
The WSJ critiques Fed Chairman Ben Bernanke’s management of the dollar.
On Fox News, Future of Freedom’s Jacob Hornberger discusses the monetary rebellion in the states:
In The LA Times, liberal columnist Michael Kinsley links fiscal deficits to inflation.
From Forbes, Charles Kadlec doubts the Fed’s ability to control inflation.
In The NYT, Paul Krugman notes the slow growth of European nations under austerity budgets.
Monday, February 14, 2011
BWR on U.S. Rep. Paul Ryan.
Note: From Vlad Signorelli at Bretton Woods Research, analysis of U.S. Rep. Paul Ryan's (WI) drift towards root-canal economics.
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Paul Ryan: Most Dangerous Republican at the Margin?
http://brettonwoodsresearch.com/showx.asp?articleid=6782
[As the budget debate heats up, Paul Ryan has been arguing that he wants to cut spending significantly to protect the bond market and keep interest rates down. As one worried client mentioned this morning, "[Ryan's] whole worldview seems to have shifted away from Reagan/Kemp/Wanniski to Dole/Bush/whoever.... I guess [John] Taylor is in his ear. Kemp is spinning in his grave." Amen.
Publicly, since the elections, Ryan has clearly abandoned a pro-growth solution for the country's deficits and underfunded entitlements. Instead, he sounds like an old-guard austerian Republican who exaggerates the danger of the federal government's liabilities -- which can easily be paid for if economic growth can be sustainably accelerated by 1%.
Ryan, once the leader of the growth wing of the Republican Party, is no longer its leader. And before a new leader emerges, he may lead other members of the growth wing astray.
Equally important, Ryan's rhetoric and public persona is playing into the hands of Ben Bernanke and the Federal Reserve. After all, it has been Bernanke who has been testifying before Congress since 2009 that the federal government must reduce the deficit or interest rates will rise. We fear that, as the Federal Reserve raises interest rates in the future (which will slow growth at the margin), Republicans will be perceived as the party of spending cuts while the poor and middle class require growth the most. With Democrats ready to emerge as protectors of these segments of the electorate, the image will become a big political liability for the GOP.
Is Paul Ryan the most dangerous Republican today? Sadly, we think so.
The first thing that he can do is to stop listening to the establishment Republican John Taylor, who because of his belief that low interest rates were and still are the reason for a weak dollar and excessive liquidity, would like to see the austerian, interest-rate hiking scenario that we're so worried about. BWR
BWR note: The following recommended reading is yesterday's oped by Robert Reich. The article is important in that Reich is one of the first Establishment Democrats to start portraying current GOP leaders in the House, such as Paul Ryan, to be like the 1995 Gingrich Republicans. With the way that Ryan and company have approached their first month in the majority, this is the parallel that we expect and fear. Of course, while we agree with Reich's criticism of the current spending-cut focus on Capitol Hill, we certainly disagree with Reich's fiscal prescriptions.]
The Obama Budget: And Why the Coming Debate Over Spending Cuts Has Nothing to Do With Reviving the Economy
--------------------------------------
Paul Ryan: Most Dangerous Republican at the Margin?
http://brettonwoodsresearch.com/showx.asp?articleid=6782
[As the budget debate heats up, Paul Ryan has been arguing that he wants to cut spending significantly to protect the bond market and keep interest rates down. As one worried client mentioned this morning, "[Ryan's] whole worldview seems to have shifted away from Reagan/Kemp/Wanniski to Dole/Bush/whoever.... I guess [John] Taylor is in his ear. Kemp is spinning in his grave." Amen.
Publicly, since the elections, Ryan has clearly abandoned a pro-growth solution for the country's deficits and underfunded entitlements. Instead, he sounds like an old-guard austerian Republican who exaggerates the danger of the federal government's liabilities -- which can easily be paid for if economic growth can be sustainably accelerated by 1%.
Ryan, once the leader of the growth wing of the Republican Party, is no longer its leader. And before a new leader emerges, he may lead other members of the growth wing astray.
Equally important, Ryan's rhetoric and public persona is playing into the hands of Ben Bernanke and the Federal Reserve. After all, it has been Bernanke who has been testifying before Congress since 2009 that the federal government must reduce the deficit or interest rates will rise. We fear that, as the Federal Reserve raises interest rates in the future (which will slow growth at the margin), Republicans will be perceived as the party of spending cuts while the poor and middle class require growth the most. With Democrats ready to emerge as protectors of these segments of the electorate, the image will become a big political liability for the GOP.
Is Paul Ryan the most dangerous Republican today? Sadly, we think so.
The first thing that he can do is to stop listening to the establishment Republican John Taylor, who because of his belief that low interest rates were and still are the reason for a weak dollar and excessive liquidity, would like to see the austerian, interest-rate hiking scenario that we're so worried about. BWR
BWR note: The following recommended reading is yesterday's oped by Robert Reich. The article is important in that Reich is one of the first Establishment Democrats to start portraying current GOP leaders in the House, such as Paul Ryan, to be like the 1995 Gingrich Republicans. With the way that Ryan and company have approached their first month in the majority, this is the parallel that we expect and fear. Of course, while we agree with Reich's criticism of the current spending-cut focus on Capitol Hill, we certainly disagree with Reich's fiscal prescriptions.]
The Obama Budget: And Why the Coming Debate Over Spending Cuts Has Nothing to Do With Reviving the Economy
Sunday, February 6, 2011
Weekend update.
At Forbes, Nathan Lewis explains why many economists favor floating currency.
Also on Forbes, Bill Flax makes the libertarian case for a gold-backed currency.
In The WSJ, monetarist Allan Meltzer likens current Fed policy to the 1970s:
In Human Events, Tony Lee recounts Jack Kemp’s role in Reagan’s success.
On Fox, Steve Forbes argues Reaganomics would fix today’s economy as well:
Cato’s Dan Mitchell posts a good video of Reagan.
The NYT quotes Art Laffer supporting Reaganomics with an unfortunate simile:
On Forbes, John Tamny argues Walmart boosts the economy.
At Dallas Blog, Fr. Charles McCloskey reviews Kemp-staffer John D. Mueller’s Redeeming Economics.
A Cato Institute study blames Fed monetary policy for recent market bubbles and warns of decapitalization.
Also on Forbes, Bill Flax makes the libertarian case for a gold-backed currency.
In The WSJ, monetarist Allan Meltzer likens current Fed policy to the 1970s:
In the 1970s, despite rising inflation, members of the Federal Reserve's policy committee repeatedly chose to lower interest rates to reduce unemployment. Their Phillips Curve models, which charted an inverse relationship between unemployment and inflation, told them that inflation could wait and be addressed at a more opportune time. They were flummoxed when inflation and unemployment rose together throughout the decade.From RCM, Larry Kudlow suggests the economy is in better shape than the recent employment report indicates, but he worries about inflation.
In 1979, shortly after becoming Fed chairman, Paul Volcker told a Sunday talk-show audience that reducing inflation was the best way to reduce unemployment. He abandoned the faulty Phillips Curve thinking that unemployment was the enemy of inflation. And he told the Fed's staff that while he thought highly of their work, he did not find their inflation forecasts useful. Instead of focusing on near-term output and employment, he changed the Fed's policy to put more emphasis on the longer-term reduction of inflation. That required a persistent policy that President Reagan supported even in the severe 1982 recession.
We know the result: Inflation came down and stayed down. The Volcker disinflation ushered in two decades of low inflation and relatively steady growth, punctuated by a few short, mild recessions. And as Mr. Volcker predicted, the unemployment rate fell after the inflation rate fell. The dollar strengthened.
In Human Events, Tony Lee recounts Jack Kemp’s role in Reagan’s success.
On Fox, Steve Forbes argues Reaganomics would fix today’s economy as well:
Cato’s Dan Mitchell posts a good video of Reagan.
The NYT quotes Art Laffer supporting Reaganomics with an unfortunate simile:
[O]ne of the most damning testimonials comes from a fan, the economist Arthur Laffer, ardent proponent of supply-side economics and father of the Laffer Curve.On The Kudlow Report, Larry, Mrs. Kudlow, Stephen Moore and Craig Shirley discuss Reagan’s successes:
“Trickle-down economics is if you feed the horse enough oats, the sparrow will survive on the highway,” he explains cheerfully.
On Forbes, John Tamny argues Walmart boosts the economy.
At Dallas Blog, Fr. Charles McCloskey reviews Kemp-staffer John D. Mueller’s Redeeming Economics.
A Cato Institute study blames Fed monetary policy for recent market bubbles and warns of decapitalization.
Monday, January 24, 2011
Monday round up.
On The Daily Reckoning, Nathan Lewis notes that wheat is cheap in real terms but expensive due to the low dollar.
At New World Economics, Lewis explains the British gold standard from 1778-1844.
On the Kudlow Report, Stephen Moore debates the President’s plan for big new spending:
In Forbes, John Tamny relieves Nixon Fed Chairman Arthur Burns of responsibility for that era’s dollar devaluation.
On Bloomberg, Kevin Hassett suggests a shift to a consumption-based tax system.
The NY Sun editorializes that if President Obama wants to imitate JFK, he should eschew targeted tax breaks in favor of lower tax rates:
In The Houston Chronicle, Houston branch Federal Reserve Bank Paul Hobby opposes efforts to investigate the Fed saying, “No one who studies the global economic issues today would forfeit this nation's ability to conduct monetary policy through a central bank.”
At The Washington Examiner, Robert Patterson (a friend) cites former Kemp-staffer John Mueller’s argument that lower birth rates have damaged the economy.
At New World Economics, Lewis explains the British gold standard from 1778-1844.
On the Kudlow Report, Stephen Moore debates the President’s plan for big new spending:
In Forbes, John Tamny relieves Nixon Fed Chairman Arthur Burns of responsibility for that era’s dollar devaluation.
On Bloomberg, Kevin Hassett suggests a shift to a consumption-based tax system.
The NY Sun editorializes that if President Obama wants to imitate JFK, he should eschew targeted tax breaks in favor of lower tax rates:
In The Houston Chronicle, Houston branch Federal Reserve Bank Paul Hobby opposes efforts to investigate the Fed saying, “No one who studies the global economic issues today would forfeit this nation's ability to conduct monetary policy through a central bank.”
At The Washington Examiner, Robert Patterson (a friend) cites former Kemp-staffer John Mueller’s argument that lower birth rates have damaged the economy.
Wednesday, December 15, 2010
Wednesday round up.
On Forbes, Brian Domitrovic likens President Obama’s tax cut shift to JFK’s shift in 1961 away from his Keynesian advisors.
At Human Events, Art Laffer recommends voting for the tax deal, saying liberal focus on class warfare will cost Democrats votes while stimulating their “anti-social retinue of freaks and weirdos.” (Stet.)
On The Kudlow Report, James Pethokoukis discusses the President’s pro-business shift:
At The American Spectator, Jeffrey Lord remembers Jack Kemp’s final advice to Barack Obama.
From last month on Forbes, Reuven Brenner suggests a gold-backed currency will restore investor trust in the economy. Part II is here.
On CNBC’s NetNet, Steve Forbes argues the tax deal is as good as Republicans are going to get.
At Alhambra Investments, Joseph Calhoun outlines the need for more pro-growth policies:
At Human Events, Art Laffer recommends voting for the tax deal, saying liberal focus on class warfare will cost Democrats votes while stimulating their “anti-social retinue of freaks and weirdos.” (Stet.)
On The Kudlow Report, James Pethokoukis discusses the President’s pro-business shift:
At The American Spectator, Jeffrey Lord remembers Jack Kemp’s final advice to Barack Obama.
From last month on Forbes, Reuven Brenner suggests a gold-backed currency will restore investor trust in the economy. Part II is here.
On CNBC’s NetNet, Steve Forbes argues the tax deal is as good as Republicans are going to get.
At Alhambra Investments, Joseph Calhoun outlines the need for more pro-growth policies:
It just so happens too that a shift to better economic policy in the US is exactly what the world economy needs right now. Despite the prevailing, overwhelmingly bullish sentiment regarding stocks, commodities and future economic growth, there are a still a lot of potential problems that could derail the rosy view of the world. Europe’s sovereign debt problems - which are really European bank debt problems - have not yet been resolved but the road to recovery could be eased in the short term by a lower value for the Euro. Better US economic policy may speed that process if it means capital flows back to the US. The developing world’s emerging inflation problem would also be eased by a reversal of the hot money flows that are at the root of the problem. Capital and price controls as are being tried - along with some fairly aggressive monetary tactics - in China and other emerging markets are crude tools that are bound to fail unless a more favorable investment environment is crafted in the developed world. Better economic policy here that reduces capital inflows to China, Brazil and other emerging markets not only eases trade frictions but will reduce inflation there while increasing investment here. It is bad US economic policies that are causing many of the world’s economic imbalances not currency manipulation in Asia. Better US economic policy is the only proper remedy.
But the just announced deal on the Bush tax rates is not nearly enough to attract capital back into productive investments. The relative changes in exchange rates between fiat currencies are not the important metric to watch. We will know that policy has truly changed for the better when the price of gold and other commodities fall and then stabilize at lower levels. You want stimulus? What would be the effect on US growth if oil dropped by 50%? Or copper? Or any of a number of other commodities? What if all that capital tied up in gold were to flow into productive investments?
At The Pittsburgh Tribune-Review, Don Boudreaux rebuts trade deficit phobia.
On Bloomberg, Caroline Baum speculates that the left’s opposition to low tax rates stems from a zero-sum worldview.
At NRO, economist Scott Sumner maligns gold-based money in favor of GDP targeting.
From Vlad Signorelli, Bretton Woods Research comments on Richard Holbrooke’s death:
Holbrooke, Afghanistan & the Economy
[According to the surgeon who last spoke with the late, longtime U.S. diplomat Richard Holbrooke, Holbrooke`s last words were, "You`ve got to stop this war in Afghanistan." Certainly, the loss of Obama`s top civilian official dealing with the AF-Pak situation only adds to the looming crisis. Only yesterday, the Washington Post quoted Afghan President Hamid Karzai as saying, "If I had to choose sides today, I`d choose the Taliban."
Yet, while the spotlight is on the Obama Administration and how it will fill the hole left by Holbrooke, the enormous costs of our continued involvement in Afghanistan are passing by with barely a mention in the mainstream press or political establishment. Richard Vague, a Republican and CEO of Energy Plus, points out in a recent oped below that the Administration currently spends $119 billion per year on Afghanistan, whose gross national product is only $14 billion per year. Given such astounding proportions, it may be only a matter of time before the GOP`s fiscal conservatives break their virtual silence on AF-Pak expenditures and excite a national debate next year on the amount of blood and treasure risked during recessionary times. We suspect that some of these anti-Afghanistan fiscal conservatives will emerge from the new Tea Party contingency in Congress. BWR]
Article here.
Tuesday, December 7, 2010
Tuesday summary.
On C-SPAN, a panel including Judy Shelton, U.S. Rep. Mike Pence (IN), Jack Kemp Jr., and U.S. Rep. Paul Ryan (WI) discusses the need for sound money.
At Forbes, historian and Econoclasts author Brian Domitrovic explains the Great Inflation’s role in Reagan’s fiscal deficits and Clinton’s surpluses.
On The Kudlow Report, Art Laffer and Brian Wesbury are optimistic about the President’s change of economic policy direction, while David Goldman is more skeptical:
At Alhambra Investments, Joseph Calhoun doubts the tax cut deal will be a major boost to markets.
Also from Alhambra Investments, Calhoun assesses the economy in light of quantitative easing, Europe’s troubles, and the budget commission’s proposal.
In The Washington Times, Richard Rahn critiques the Federal Reserve.
At Forbes, Charles Kadlec bemoans excessive government spending.
On NPR, Alan Reynolds responds to the Fed's QE2 plan.
The DBS Research Group explains that Singapore’s currency management risks violating Robert Mundell’s impossible trinity.
At Forbes, historian and Econoclasts author Brian Domitrovic explains the Great Inflation’s role in Reagan’s fiscal deficits and Clinton’s surpluses.
On The Kudlow Report, Art Laffer and Brian Wesbury are optimistic about the President’s change of economic policy direction, while David Goldman is more skeptical:
At Alhambra Investments, Joseph Calhoun doubts the tax cut deal will be a major boost to markets.
Also from Alhambra Investments, Calhoun assesses the economy in light of quantitative easing, Europe’s troubles, and the budget commission’s proposal.
In The Washington Times, Richard Rahn critiques the Federal Reserve.
On RCM, John Tamny sees the fiscal commission moving the debate in a positive direction.If you are skeptical about abolishing the Fed, just consider the following question: "Would those who voted for the Fed in 1913 have done so if they had known that:
1. After having a 125-year period of relatively stable money when the dollar was still close to its value in 1790, the dollar would be worth less than 5 cents at the end of the century?2. The longest and severest depression the country had ever experienced would occur a mere 20 years after the creation of the Fed and that the Fed had a major responsibility for the disaster?
3. And the number of bank failures would increase and not decrease?"
The answer clearly would have been "no." Why are we keeping a failed institution?
At Forbes, Charles Kadlec bemoans excessive government spending.
On NPR, Alan Reynolds responds to the Fed's QE2 plan.
The DBS Research Group explains that Singapore’s currency management risks violating Robert Mundell’s impossible trinity.
Wednesday, June 30, 2010
Wednesday articles.
Robert Mundell hopes the yuan's rise is modest.
In The WSJ, Steve Hanke argues it's good Greece can't devalue its currency, and that it should solve its problems with tax cuts.
Nathan Lewis made a similar argument a couple months back.
Larry Kudlow predicts slow growth but not a double dip recession.
Richard Rahn explains that Keynesian spending does not lead to prosperity.
Fred Thompson interviews The WSJ’s Stephen Moore on the failure of Keynesianism.
Monetarist Allan H. Meltzer explains why Obamanomics isn't working.
TNR's Jonathan Chait suggests supply-side economics means permanent tax cuts with every recession, eventually leading to zero tax revenue. He misses that if supply-side policies were followed consistently, there would be many fewer recessions and a lot more growth.
NYT columnist David Leonhardt sees 1937 all over again.
At Marginal Revolution, Tyler Cowen says Leonhardt is wrong because his analysis omits monetary policy. I would add that Leonhardt and Cowen omit tariff and tax policy.
Hip Hop Republican urges Republicans to embrace Jack Kemp's urban enterprise zones.
The NYT links Ireland's recession to its austerity program. But was it the spending cuts or the tax increases that really did it in?
Paul Krugman notes the bond market is not behaving like inflation is a concern.
Media Matters for America disputes the claim that tax cuts stimulate growth.
Friday, June 25, 2010
Friday items.
At National Affairs, R. Gregory Mankiw examines the Obama Administration's response to the recession.
Every generation faces choices: hope or despair; to plan for scarcity or to embrace the possibilities. Societies throughout history believed they had reached the frontiers of human accomplishment. But in every age, those who trusted that divine spark of imagination discovered that vastly greater horizons still lay ahead.
Tuesday, May 25, 2010
Tuesday items.
John Tamny calls the Dodd financial regulation plan pointless.
At the Asia Times blog, David Goldman analyzes U.S. employment numbers.
At the Huffington Post, Keynesian Robert Kuttner makes a smart point that fiscal austerity does not lead to prosperity. Of course, he favors more spending stimulus to ramp up economic demand.
Right on schedule, congressional Democrats have rolled out a stimulus spending bill.
How do Republicans respond? With a growth package of their own focused on supply-side measures such as a stable dollar and lower taxes? Or do they focus on austerity, i.e. spending cuts, which is generally thought to be counter-stimulative?
Right now, most conservative commentary favors the latter approach. The Cato Institute even goes so far as to suggest spending cuts are stimulative.
But without a proactive growth message, the GOP risks appearing to have no answer to unemployment. And spending cuts in contraction/slow growth periods tend to be unpopular.
This is exactly what just happened in Britain, which is why despite Labour's unpopularity, once the electorate focused on the Tories' austerity program, the conservatives lost steam and failed to win a strong victory. Now they are stuck with a centrist coalition government that probably won't last 18 months.
Here's a Human Events' obituary for the greatly-missed Jack Kemp. It makes the point that:
Jack’s view of the world persuaded Republicans to stress hope, optimism and economic growth in their campaigns, rather than the dreary -- though sometimes necessary -- message of the need to cut government benefits and rein in the federal deficit. (Jack always wanted to lead with optimism, which he possessed in exuberant and infectious abundance.)Because of Jack’s vision, Republicans could comfortably go before any group, including college kids, minorities and working men and women (both union and non-union), and, with conviction, tell them that the GOP had a terrific strategy to lift wages, expand employment and fatten retirement accounts. Far better than the tax, spend, big-government mantra of the Democrats, Jack insisted. And, under Reagan, it all worked.
And here's Jude Wanniski's Two Santas Theory for further context.
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