Power & Market

The central problem with government economic policies is that many bad economic policies are politically advantageous.

Increasing federal deficits will result in tax increases, either directly via Congress and the IRS or indirectly via the Federal Reserve’s inflation tax.

Last month, in a move to curb another example of government overreach, Representatives Adrian Smith and Chuck Edwards introduced the

”War only destroys; it cannot create. War, carnage, destruction, and devastation we have in common with the predatory beasts of the jungle; constructive labor is our distinctively human characteristic.“

Price inflation is never caused by greed. It's always caused by a growing money supply. The money supply has grown big-time since 2020, and now we pay a lot more for food and housing.

Socialists and other leftwingers are motivated by envy. They want what others have. They can’t stand the thought of other people’s having more money than they do.

Just as the Harris/Walz campaign was looking for a boost from the content-free Democratic National Convention last week, real drama broke out.

We are stuck in the middle of the road, far away from full socialism or the unhampered market.

The renaissance of industrial policy has been promoted by a breed of public intellectuals with considerable financial interests as they are well paid consultants for governments.

While we experience the predictable economic consequences of bad economic policies, the two main presidential candidates seem to be competing in an unspoken contest to demonstrate profound economic illiteracy. Unfortunately, whoever wins in this contest, we lose.