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Michael Spence: How Great Powers Should Compete
Posted: June 25, 2021 at 05:35 AM (Friday)

MILAN – Both China and the West espouse some version of multilateralism. But unfettered strategic competition, together with relentlessly negative rhetoric, precludes effective multilateralism, not least by disrupting trade and technology transfer – a crucial driver of development. At the recent G7 and NATO gatherings, China was singled out as ...


Stephen Moore: The return of the corporate welfare state
Posted: June 24, 2021 at 11:00 PM (Thursday)

No one is paying much attention, but Washington is building up a vast, multitrillion-dollar welfare class: corporate America. Deep inside President Joe Biden's budget plans are hundreds of billions of dollars of handouts, loans, grants, and loan guarantees for corporate America. This Aid to Dependent Corporations is most prevalent in the area ...


Review & Outlook: Instant Bipartisan Double Cross
Posted: June 24, 2021 at 06:36 PM (Thursday)

Biden and Pelosi hold a Senate deal hostage to the rest of their agenda. Politicians in Washington renege on their bipartisan promises all the time, but what are we to make of a deal in which one side admits it is pulling a bait and switch from the start? That was the astonishing news Thursday as President Biden and Speaker Nancy Pelosi endorsed ...


Judy Shelton: Who You Gonna Believe on Monetary Policy?
Posted: June 24, 2021 at 04:06 PM (Thursday)

Who’s in charge of inflation these days? Or perhaps better stated: Who’s to blame? When Congress engages in deficit spending, it must issue debt to cover the difference between federal budget revenues and expenditures. When the Federal Reserve purchases that Treasury debt, it creates new money to pay for it—and the Fed created trillions in ...


George Leef: A Reasoned Response to a Vicious Screed Against Milton Friedman
Posted: June 24, 2021 at 02:40 PM (Thursday)

The Left wants to smear anyone who ever opposed the idea of putting the state in control of nearly everything. One of the most famous of those opponents was Milton Friedman, who argued strongly for a classical-liberal philosophy of minimal government, the rule of law, individual rights and responsibilities. It should come as no surprise ...


Norbert Michel: Exec Order On Climate-Related Financial Risk Exposes Flawed Regulatory Structure
Posted: June 24, 2021 at 01:39 PM (Thursday)

President Biden met with financial regulators this week to discuss how climate change may adversely affect the financial sector. The meeting comes one month after Biden issued an Executive Order on Climate-Related Financial Risk directing officials to submit reports (by November) on how to address climate change with financial regulations. ...


Liz Peek: China's COVID-19 vaccine duplicity
Posted: June 24, 2021 at 12:30 PM (Thursday)

Is China lying about its COVID-19 vaccines? It appears so, and who is surprised? China has lied about many aspects of COVID-19 from the start, helping to cause millions of deaths and untold financial hardship. Over-hyping the efficacy of its vaccines would be just one more insult to the gullible globe. And discovery of that duplicity would be ...


Veronique de Rugy: Democrats Are Considering a $6 Trillion Infrastructure Plan That Has Little to Do With Infrastructure
Posted: June 24, 2021 at 12:15 PM (Thursday)

For many elected Democrats, infrastructure is much more than roads, bridges, dams, and waterways. In the event that a group of U.S. senators cannot agree on committing enough money to a bipartisan infrastructure plan, Democrats are reportedly considering a $6 trillion plan of their own. It would probably be best described as a package full ...


Nathan Lewis: Some Things About "Inflation" That We Learned Along The Way
Posted: June 24, 2021 at 11:43 AM (Thursday)

Over the years, we've learned a number of new things about "inflation." Since this topic is becoming rather pertinent today, it would be good to go over some of them. Unfortunately, many today still hold odd notions, popular in the 1950s or 1960s, which aren't really so. Before 1970, people didn't have that much experience with ...


Arthur Brooks: Plan Ahead. Don’t Post. And seven other rules for a happy vacation
Posted: June 24, 2021 at 06:00 AM (Thursday)

Savor the anticipation. Don’t post. And seven other rules to make the most of your post-quarantine getaway. The roots of vegetables … attach them fatally to the ground," the philosopher George Santayana wrote in his 1964 essay "The Philosophy of Travel." "They are condemned like leeches to suck up whatever sustenance may flow to them at ...


Bill Dudley: The Fed’s Interest Rate Target Is Obsolete
Posted: June 24, 2021 at 05:00 AM (Thursday)

There’s a better way to manage monetary policy. The U.S. Federal Reserve's interest-rate decisions have big repercussions for the country and the world. Yet the short-term interest rate it targets — known as the federal funds rate — no longer plays a meaningful role in the economy, and requires occasional fiddling to keep it in line. The ...


Jeanna Smialek: Top U.S. Officials Consulted With BlackRock as Markets Melted Down
Posted: June 24, 2021 at 05:00 AM (Thursday)

The world’s largest asset manager was central to the pandemic crisis response. Emails and calendar records underscore that critical role. As Federal Reserve Chair Jerome H. Powell and Treasury Secretary Steven Mnuchin scrambled to save faltering markets at the start of the pandemic last year, America's top economic officials were in ...


Rebecca Rainey and Eleanor Mueller: Red states lead economic recovery, giving GOP ammo against Biden’s spending plans
Posted: June 24, 2021 at 04:30 AM (Thursday)

Policymakers are divided over whether conservative governors' policies on Covid-19 restrictions are actually helping their economies or if their states' industries simply didn't fall as far behind during the pandemic. States with Republican governors are leading the recovery from the Covid-19 economic shock, complicating President Joe ...


John Tamny: The Death of a Visionary Retailer Reminds Us of Private Equity's Genius
Posted: June 24, 2021 at 12:30 AM (Thursday)

Leigh Perkins died last month. Most reading this likely weren't aware of his passing, or who he was for that matter. But his story has broad relevance in consideration of the times in which we live. About Perkins, his New York Times obituary noted that he "built Orvis from a modest mail-order fishing tackle shop in Manchester, Vt., into one ...


Jay Starkman: Biden Pushes for Wartime Tax Rates
Posted: June 23, 2021 at 05:57 PM (Wednesday)

Unlike the levies of the world wars, his would be permanent and without extensive deductions. ‘We have got to confiscate wealth,” Rep. John Nance Garner of Texas said in 1917. Garner, who served as vice president during Franklin D. Roosevelt’s first two terms, was talking about how to finance World War I. But some Democrats miss those days, ...


Larry Kudlow: Passing S1 Plus Filibuster Repeal Would Mean It's 'Katy, Bar the Door'
Posted: June 23, 2021 at 05:00 PM (Wednesday)

Sheer, raw, brutal, political power is what the Democrats are testing in the battle over the bill known as Senate 1, their big election takeover attempt which just failed to gain cloture. To quote the Republican leader in the Senate, Mitch McConnell, this election takeover bill is “a partisan power-grab by the left... to rig the rules of ...


Allison Schrager: Some Cities Return to Normal While Others Struggle to Leave COVID-19 Behind
Posted: June 23, 2021 at 10:57 AM (Wednesday)

It feels like American cities are coming back to life. But some are coming back faster than others. The figure above plots the percent change in restaurant diners compared to the same week in 2019 from OpenTable. Overall, most Americans are back in force, restaurant traffic is up 40% for the United states as a whole and much higher in cities ...


Michael Boskin: Beware America’s Soaring Public Debt
Posted: June 23, 2021 at 07:45 AM (Wednesday)

STANFORD – In the near term, strong economic growth could shield US President Joe Biden from the consequences of his reckless spending. But if his administration's growth forecasts prove excessively optimistic – or even if they turn out to be accurate – he may come to regret it. America needs to rein in its soaring national debt. But US ...


Peter Morici: Powell and the Fed are enabling the Biden inflation
Posted: June 23, 2021 at 06:00 AM (Wednesday)

Huge increase in federal deficits in next few years will bring back inflation with a bang. President Joe Biden's budget deficits threaten to ignite the kind of inflation that followed the Vietnam War and Great Society, and Federal Reserve Chairman Jerome Powell appears content to enable him. The president inherited most pieces for a ...


Allison Schrager: Millennials, the Wealthiest Generation? Believe It
Posted: June 23, 2021 at 06:00 AM (Wednesday)

The world has changed since boomers were young adults, and so has the value of housing, education and a steady job. Millennials spent their early adulthood dogged by two large recessions, rising housing prices and exploding student debt. It's no wonder they're less likely, even as they approach 40, to have many of the traditional trappings ...


Review & Outlook: Biden’s Prairie Chicken Fillet
Posted: June 22, 2021 at 06:36 PM (Tuesday)

The feds use the Endangered Species Act to block fossil fuels. Why did the lesser prairie chicken cross the road? Apparently to shut down oil and gas development. Witness how the Biden Administration is reviving an Obama Administration effort to list the member of the grouse family under the Endangered Species Act to restrict ...


Peter Moric: Don't believe Biden's Fed about inflation
Posted: June 22, 2021 at 03:46 PM (Tuesday)

Business leaders that actually pay wages see prices going up a lot faster. The story goes Joe Kennedy knew it was time to short stocks just before the 1929 crash, when the shoeshine boys were dispensing investment tips. The market frenzy was complete — everyone had bought in, and no more fools were left to add the new oxygen necessary to keep ...


Allison Schrager: Here Comes the Tax Man
Posted: June 22, 2021 at 02:06 PM (Tuesday)

We need to raise more tax revenue, but how we do it matters. Like it or not, we need to raise more tax revenue. Both Democrats and Republicans spent the last few decades running up the debt, and it's getting worse. Despite a vigorous recovery, the Biden administration plans to exceed a 100 percent debt-to-GDP ratio for the next ten years and ...


Marc Thiessen: Democrats know big government is a one-way ratchet. Just look at Obamacare.
Posted: June 22, 2021 at 01:36 PM (Tuesday)

Why are so many Democrats hellbent on shunning bipartisanship and ramming trillions in spending through Congress on party-line votes? Why are they pushing to rid of the filibuster so they can pass the most radical elements of their agenda over Republican objections — even though it would strip them of the ability to block GOP legislation when ...


William Galston: China Has Stopped Biding Its Time
Posted: June 22, 2021 at 01:08 PM (Tuesday)

A bipartisan U.S. consensus emerges on the scale of the threat from Beijing. American attitudes toward China have changed dramatically over the past decade. There is much less confidence that the democratic world can bring China into a rules-based international order—or that the growth of the Chinese middle class will create internal pressure ...


Betsy McCaughey: Religious adoption agencies live to fight another day at SCOTUS
Posted: June 21, 2021 at 07:24 PM (Monday)

On Thursday, the US Supreme Court ruled 9-0 that a Catholic Social Services adoption agency in Philadelphia could continue to place children only with heterosexual couples, consistent with the biblical definition of a family. Though The New York Times depicted the ruling as a setback for gay rights and "evidence that religious groups almost ...


Alan Blinder: Erratic Data Is an Economic Symptom of the Pandemic
Posted: June 21, 2021 at 06:10 PM (Monday)

Among the conundrums: How do you seasonally adjust for a socially distanced Christmas? Confused about the state of the U.S. economy? It’s no wonder. One day a strong report comes in on jobs or gross domestic product. Then another data release on unfilled jobs or inflation paints a different picture. The U.S. economy is like someone who ...


Jeanna Smialek: Fed’s Williams emphasizes flexibility in the central bank’s inflation goal.
Posted: June 21, 2021 at 05:36 PM (Monday)

John C. Williams, president of the Federal Reserve Bank of New York, said on Monday that he expects the recent acceleration in price gains to prove temporary, and offered an optimistic view of the nation's economic outlook as widespread vaccines and business reopenings drive growth. Still, Mr. Williams cautioned "the data and conditions have ...


Paul Krugman: The Week Inflation Panic Died
Posted: June 21, 2021 at 03:00 PM (Monday)

Remember when everyone was panicking about inflation, warning ominously about 1970s-type stagflation? OK, many people are still saying such things, some because that's what they always say, some because that's what they say when there's a Democratic president, some because they're extrapolating from the big price increases that took place in ...


Richard Epstein: Climate Disclosures And Their Stealth Mission
Posted: June 21, 2021 at 12:00 PM (Monday)

A huge fraction of the Biden administration's regulatory policy is driven by its persistent fear of climate change. Chief among its initiatives are ambitious programs to reduce the United States' dependence on fossil fuels by pushing for an increase in wind and solar energy reliance. There are two paths for achieving that goal: direct ...


Veronique de Rugy: Taxpayers Should Demand Their Airline Bailout Money Back
Posted: June 21, 2021 at 11:57 AM (Monday)

American Airlines has had to cancel hundreds of flights over the weekend. The mass cancellation will continue over the next few weeks. One of the main reason: a lack of pilots. You would think that $79 billion of bailout money to airlines — a good amount of it going to American Airlines — to not furlough its workers and stay ready to serve ...


Sally Pipes: How The Private Sector Can Help Address The Doctor Shortage
Posted: June 21, 2021 at 08:00 AM (Monday)

Demand for doctors is far outstripping supply. The United States will face a shortage of up to 124,000 physicians by 2034, according to projections out this month from the Association of American Medical Colleges. Already, many Americans are struggling to get the care they need. About 35% of patients had trouble finding a doctor in the ...


Connor Harris: The Sunbelt’s Transportation Priorities Are Going the Wrong Way
Posted: June 21, 2021 at 08:00 AM (Monday)

As growing cities like Dallas, Austin and Atlanta sprawl, they often invest in high-cost transit and highway projects that ignore their residents’ immediate needs. As many U.S. cities in the Sunbelt continue to see massive amounts of sprawling housing growth, local and state transportation authorities are making big investments. Austin, ...


Alan Reynolds: Does "Expected Inflation" Explain or Predict Inflation?
Posted: June 21, 2021 at 12:09 AM (Monday)

Wall Street Journal columnist James Mackintosh recently contemplated "How to Know When Inflation Is Here to Stay." It concluded with advice to keep an eye on expectations about future inflation. "Inflation expectations can become self-fulfilling," writes Mackintosh, " and are watched closely by the Fed. One-year consumer inflation ...


James Capretta: The Pandemic Has Scrambled the Health Cost-Control Debate
Posted: June 21, 2021 at 12:05 AM (Monday)

The all-consuming COVID-19 pandemic has pushed many pressing matters off of the national agenda, including better control of rising health expenses. It also upended political assessments of what an acceptable cost-control plan would entail. With the crisis now receding, there is an opportunity to advance reforms relying on incentives and ...


Glenn Hubbard: The Biden Budget’s Arithmetic Problem
Posted: June 20, 2021 at 05:57 PM (Sunday)

Taxing the rich won’t come close to funding the new social spending the White House is proposing. President Biden’s first full budget, released last month, forecasts a large increase in social spending, paid for both by heavy increases in taxes and by big deficits and new public debt. The budget, which outlines major new spending initiatives ...


Bob Kerrey and John Danforth: How Long Can America Keep Borrowing?
Posted: June 20, 2021 at 04:26 PM (Sunday)

The debt crisis has grown far worse since 1994, when we headed a bipartisan panel. President Clinton asked us in 1994 to chair the Bipartisan Commission on Entitlement and Tax Reform to study the future of Social Security, Medicare and Medicaid and recommend measures to assure their long-term viability. Reforms of these popular programs were ...


Komal Sri-Kumar: What was the Fed Really Saying?
Posted: June 20, 2021 at 04:02 PM (Sunday)

Markets went into a tizzy following decisions by the Federal Open Markets Committee, and Fed Chair Jerome Powell's press conference, on Wednesday. No, the FOMC did not set a date to begin tapering bond purchases, nor did it suggest that increases in interest rates are imminent. Instead, the "dot plot" of members' intentions showed that 13 of ...


Eric Morath and Greg Ip: Tight Labor Market Returns the Upper Hand to American Workers
Posted: June 20, 2021 at 01:35 PM (Sunday)

Employers competing for low-wage workers are offering signing bonuses and other perks. Low-wage workers found something unexpected in the economy’s recovery from the pandemic: leverage. Ballooning job openings in fields requiring minimal education—including in restaurants, transportation, warehousing and manufacturing—combined with a ...


Thomas Hogan: Did the Fed Just Raise Interest Rates?
Posted: June 20, 2021 at 12:31 PM (Sunday)

The Federal Open Market Committee (FOMC) met this week to decide the stance of the Federal Reserve's monetary policy. In its official statement, the committee chose to maintain its effective federal funds rate target in the range of zero to 0.25 percent and ongoing open market purchases of $120 billion per month. The Fed did, however, have ...


Paul Wolfowitz and Bill Drexel: Xi’s Rewriting of History Won’t Stay in China
Posted: June 20, 2021 at 11:38 AM (Sunday)

The Communist Party blunts its past criticism of Mao’s Cultural Revolution. America should push back. Xi Jinping‘s new history of Chinese communism has little room for criticism of Mao Zedong. In February Mr. Xi issued a revised version of “A Brief History of the Communist Party of China,” the official party history, in preparation for ...


John Tamny: Bitcoin Won’t Replace The Dollar Because Its Creator(s) Don’t Know What’s Wrong With The Dollar
Posted: June 20, 2021 at 10:00 AM (Sunday)

If you're reading this piece, you likely already know that El Salvador recently decreed Bitcoin legal tender. The dollar will similarly continue as legal currency in the Central American nation. Word has it that Bitcoin will enable much easier and safer remittances from Salvadorans working outside the country. The giant leap for the once ...


Julian Lee: Big Oil’s New Problem Isn’t Lack of Demand, It’s Lack of Supply
Posted: June 20, 2021 at 01:00 AM (Sunday)

To avoid drastic spikes in oil prices, OPEC+ has to get a handle on the pandemic recovery. The oil market is rapidly shifting from a period of over-supply during the height of the pandemic to one of potential shortage. Producers who managed the slump now need to be diligent in managing the recovery. The oil producing countries in the OPEC+ group ...


Jeffrey Tucker: As Long As He's Fed Chair, Jerome Powell Can't Fix a Supply Problem
Posted: June 19, 2021 at 12:05 AM (Saturday)

Here is a keeper quotation for the ages, courtesy of Fed Chairman Jerome Powell. The other day, he told Bloomberg, in a rare moment of candor, "It turns out it's a heck of a lot easier to create demand than it is to, you know, to bring supply back up to snuff." You don't say! So you cannot just compensate for a year-long lockdown policy by ...


Larry Kudlow: In Europe, Biden Forsook the American Founders
Posted: June 18, 2021 at 05:00 PM (Friday)

It looks like President Biden is the Group of Seven’s favorite member now. And no wonder. He gave up American tax sovereignty to let the Europeans impose on American companies big tax hikes that will do great damage to workers’ wages, costing jobs and undermining the economy. Mr. Biden also gave up American energy sovereignty by reaffirming ...


Alexander William Salter: Reining In the Fed
Posted: June 18, 2021 at 02:39 PM (Friday)

A specter is haunting the Federal Reserve: the specter of political activism. It's no secret that something strange is happening at the Fed. Visitors to the New York Fed's homepage are greeted, not with a description of the Fed's important monetary and regulatory mandates, but an affirmation of the Fed's commitment to economic justice. "We ...


Veronique de Rugy: SBA Disaster-Loan Program Still A Disaster
Posted: June 18, 2021 at 02:01 PM (Friday)

The Wall Street Journal has a piece about the Small Business Administration disaster-loan program's performance during the pandemic, and concludes that it was terrible. The article is interesting and worth a read as it highlights the ordeal that small-business owners went through when trying to deal with the SBA and its process at a time of ...


Norbert Michel: Central Bank Digital Currencies: A Solution In Search Of A Problem
Posted: June 18, 2021 at 12:55 PM (Friday)

Politico reports that the Fed is taking "what may be the first significant step toward launching its own virtual currency," a move that the American Bankers Association opposes. Still, according to Politico, a "fully digital version of the U.S. dollar" now has bipartisan interest in Congress "because of its potential benefits for consumers ...


Alison Young: 'I remember it very well': Dr. Fauci describes a secret 2020 meeting to talk about COVID origins
Posted: June 18, 2021 at 09:56 AM (Friday)

A 2020 call appears to have played a key role in shaping views of scientists who contributed to shutting down talk of whether a lab leak caused COVID. In the early days of the growing coronavirus outbreak that would soon become a pandemic, an elite group of international scientists gathered on a conference call to discuss a shocking ...


Liz Peek: Inflation becomes political threat to big-spending Democrats
Posted: June 18, 2021 at 08:00 AM (Friday)

Voters are beginning to blame President Biden for soaring prices on everything from diapers to chicken. While the president's grandiose $1.9 trillion American Rescue Plan threw excess stimulus onto an economy already heating up, it isn't the only reason the cost of living is going up. No, we also have to blame the Federal Reserve, which ...