Every depression generates a clamor among many groups for special privileges at the expense of the rest of society—and the American depression that struck in 1784–85 was no exception.
Social activists now regard the minimum wage as another welfare program that can reduce the costs of programs like Medicaid and food stamps, and can reduce inequality. But the minimum wage is very poorly targeted for these purposes.
Democrats want taxpayer funding for the families of those who died of covid. But, of course, there's no discussion of helping those who died as a result of covid lockdowns, such as those who were denied medical treatment for cancer.
"Jobs programs" never create new wealth. They only redirect wealth and resources from other sectors of the economy. The cost to those other sectors is often very high.
In order to prevent the economy sinking into a lasting state of stagnation, what is required is to reduce both government spending and government regulation, and to rein in the Fed.
In case you doubted that California's politicians are firmly committed to ever-higher levels of taxation, California is now trying to retroactively impose sales taxes on out-of-state retailers going as far back as 2012.
There are ominous signs on the horizon that governments want to move toward mandating "socially responsible investing" for pensions and fund managers. This is a terrible idea, to say the least.
