Category Archives: Economics

Social Security: Tax-Based Welfare Program, Not Insurance

Posted on Fri, 23 Dec, 2011 by pmjones

… turns out [Social Security] really is a tax-based welfare program, not a dedicated, contribution-based retirement program … Remember that line when you hear someone say “I just want to get from it what I paid into it.” Buddy, you … Continue reading →

Posted in Economics, Taxes | Leave a comment

How Food Stamps Increase Measured Poverty, David Henderson | EconLog | Library of Economics and Liberty

Posted on Fri, 16 Dec, 2011 by pmjones

So food stamps, Medicaid, Medicare, and subsidized housing, a substantial part of the welfare state, don’t count in measuring people’s income. And those items, especially food stamps, are a particularly large part of the poor people’s income. That makes Danziger’s … Continue reading →

Posted in Economics | Leave a comment

The Difference Between Economic Power And Political Power

Posted on Fri, 16 Dec, 2011 by pmjones

A simple and memorable way to keep straight the crucial distinction between “economic power” (the power to produce) and “political power” (the power to coerce) is by a terminological duality – “makers” versus takers” – as incorporated in Edmund Contoski’s … Continue reading →

Posted in Economics, Politics | Leave a comment

Against Fairness

Posted on Mon, 12 Dec, 2011 by pmjones

Yes, it’s upsetting that some people have so much while other people have so little. It isn’t fair. But I accept this unfairness. Indeed, I treasure it. That’s because I have a 13-year-old daughter And that’s all I hear, "That’s … Continue reading →

Posted in Economics | 1 Comment

The Pilgrims: Communists! (But not for long.)

Posted on Fri, 25 Nov, 2011 by pmjones

It’s one of the ironies of American history that when the Pilgrims first arrived at Plymouth rock they promptly set about creating a communist society.  Of course, they were soon starving to death. … Among Bradford’s many insights it’s amazing … Continue reading →

Posted in Economics, Government | Leave a comment

60% Say “Cut Everything”

Posted on Mon, 14 Nov, 2011 by pmjones

An overwhelming majority not seen in 39 years wants every federal government program to have its budget cut. Every single one of them. No exceptions. Just cut the spending already. The Rasmussen Poll asked: “Should spending cuts be considered in … Continue reading →

Posted in Economics, Government, Taxes | Leave a comment

College has been oversold

Posted on Wed, 02 Nov, 2011 by pmjones

Educated people have higher wages and lower unemployment rates than the less educated so why are college students at Occupy Wall Street protests around the country demanding forgiveness for crushing student debt? The sluggish economy is tough on everyone but … Continue reading →

Posted in Economics, Education | 1 Comment

Why Economic Models Are Always Wrong

Posted on Sat, 29 Oct, 2011 by pmjones

Carter had initially used arbitrary parameters in his perfect model to generate perfect data, but now, in order to assess his model in a realistic way, he threw those parameters out and used standard calibration techniques to match his perfect … Continue reading →

Posted in Economics, Science | Leave a comment

Occupy Wall Street vs. The Tea Party

Posted on Thu, 27 Oct, 2011 by pmjones

Best thing I’ve seen yet regarding #Occupy* and the Tea Party. Occupy Wall Street, at its core, is a reaction to the increasing power and influence of large corporations. The Tea Party, at its core, is a reaction to the … Continue reading →

Posted in Economics, Government | 1 Comment

Why We Need More Capitalism, Not Less

Posted on Tue, 25 Oct, 2011 by pmjones

The [Occupy Wall Street] protesters are right about one thing: Washington has been coddling Wall Street. But they have missed the most important way that Wall Street lives off the rest of us. … There is a much more important, … Continue reading →

Posted in Economics, Government | 1 Comment