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Lots of Opinions but Few Answers on the Economy

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“The Economy” might just be my least favorite over-simplification ever, right behind “Science,” “they say,” and “the Government.” What exactly is The Economy? Before you react with, “Well, of course everyone knows what the economy is,” I just want you to think about it. Define The Economy. It’s kind of hard, right?

The problem is that The Economy is a conglomerated self-reflection of an impossibly large number of financial relationships organized into a public and voluntarily closed system.

And given the fact that anyone’s particular sense of The Economy is necessarily limited to how much money that person might have at any given time, talking about The Economy with voters is particularly frustrating and unhelpful. And talking about The Economy with economists even more so. Because of the myriad variables involved, economists—like weathermen—are largely guessing at things. But, like weathermen, they get paid to exude an air of confidence for the camera.

But the parallels between weathermen and economists breaks down there. Weathermen, after all, have a far easier job with a much higher degree of accuracy. Why? Because the numerous individual components of a weather system aren’t listening to weather forecasts to figure out how they should be configuring themselves. That’s where The Economy idea really starts to get frustratingly complex. As if it weren’t already difficult enough to get a grasp on the vagaries of global finances, it turns out that our perception of The Economy very much influences the decisions we make within The Economy. So The Economy is a moving target that is constantly fluctuating according to our attempts to pin it down. Self-fulfilling prophecies? Sure. Obfuscation of Causation? Certainly. Harder to grasp than the ganglial cell of a jellyfish that’s in the process of contemplating Heisenberg’s Uncertainty Principle? Understatement.

Trending: Joe Biden Wants Christians on Terror List for Opposing LGBTQ Agenda

On top of all of that, there’s a real demand for news about The Economy delivered in such a way that it doesn’t double as a surefire cure-all for insomnia. Which means that commentary on The Economy is usually over-simplified to the point of uselessness. Politicians in both parties talk about how they are the solution to building “a strong economy.” Which means almost nothing. Depending on the variables you choose to include in your study, you can actually prove that either Republicans or Democrats are better for The Economy. Really. Why is that? Because what exactly is a strong economy? Depends where you’re looking, and what you’re looking for.

whats nextIs it a national situation? Or a personal one? Is it small business health or the profitability of multi-national corporations? High GDP growth? Exports? Imports? Lack of inflation? Stockpiles of savings? Good credit ratings? Income equality? High employment? Housing? What? What is it? And, at the end of the day, the only thing any individual voter cares about is whether or not they are free from financial worries. For the average voter, building The Economy does not have a national, global, long-term color to it. Building The Economy to most people is putting food on a table under a roof. High taxes and welfare might be killing The Economy. It’s possible, depending on how you’re defining the terms of course. But don’t tell that to the guy who doesn’t pay taxes and enjoys a good bit of public freebies. To that guy, The Economy is quite strong. It’s certainly in recovery for that guy.

Which is why the politicization of The Economy (whatever that is) is so troublesome. The Dow opened today by plummeting 1,000 points today. Really, it did. But what does that mean? What caused it? How will it affect me? Should it be corrected? How should it be corrected?

Answers to these questions are generally too simple, contradictory, provisional, and, in the end, unsatisfactory. “The problem is China. China is the answer. Too many exports. No, too many imports. Debt. Lack of debt. Lack of good debt.” Real answers to these questions often involve more variables than anyone, even economists, can or want to account for.

So, what’s going on with The Economy? No one really knows to any degree of certainty. And if that person had any certainty, he would ruin that certainty by telling anyone else what he had found out. Because The Economy is not a system. It’s an organism. It’s best to let organisms achieve their own homeostasis without external intervention. Just think about how lost any one of us would be if we were asked to take control of every function of any living thing, no matter how simple. We’d be lost. Now think about an organism that is made up of billions of the most highly complex organisms on the globe. Yeah, that’s The Economy. And The Government thinks it can run it. At least that’s what they say. Because Science. (I see what you did there.)

If there’s a problem with The Economy, governmental intervention probably caused it or is keeping it from correcting itself. As we have seen so many times over and over again, national and global systems of relationship are too complicated and ever-evolving to be adequately regulated. Regulations for the economy are outdated before they’ve been rolled out.

Voluntary, individual decisions have been and will always be the most effective and efficient way to pilot The Economy. Because completely understanding, predicting, and controlling The Economy is impossible. Moreover, our futile attempts to do just that are probably doing damage to, you know, The Economy.

 

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Alexandria Ocasio-Cortez Has STILL Not Paid Past Due Taxes for Her Failed Business

New York’s favorite socialist Representative, Alexandria Ocasio-Cortez, has still not paid her delinquent taxes from her failed business, a report finds.

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New York’s favorite socialist Representative, Alexandria Ocasio-Cortez, has still not paid her delinquent taxes from her failed business, a report finds.

The state of New York issued a tax warrant in 2017 against Ocasio-Cortez’s failed Brook Avenue Press business she founded in 2102. The unpaid taxes amounted to a bill of $1,618.36 in corporate taxes.

According to Daily Caller, tax warrants are issued against businesses that “fail to timely resolve” their tax debt.

The story of the NY rep’s unpaid taxes was first reported by the New York Post in March. Ocasio-Cortez quickly promised that the delinquent taxes would be paid.

Clearly they have not.

Later in March, the Post reported that the unpaid tax bill still had not been paid. And now, the Daily Caller finds that even by today, six months later, that bill remains unpaid.

The Bronx County Clerk noted that the Ocasio-Cortez still had not paid up.

The Caller added:

Ocasio-Cortez presumably has the means to pay off her business’s unpaid taxes with a congressional salary of $174,000.

Ocasio-Cortez’s office did not respond to the DCNF’s request for comment.

New York state dissolved Ocasio-Cortez’s company in 2016 using a procedure reserved for corporations that fail to pay taxes for at least two years or fail to file tax returns.

Once again, we see that liberals are all hot and bothered to force other people to pay taxes, but when it comes to their own, well, the tax man can wait, it seems.

Just ask Al Sharpton.

Follow Warner Todd Huston on Twitter @warnerthuston.

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Google Officially Hit with Antitrust Probe by 50 State Attorneys General

The news confirms the leaks from various sources that the states were gearing up for the effort.

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Google has now officially been served with an antitrust probe by fifty state attorneys general, according to CNBC.

The news confirms the leaks from various sources that the states were gearing up for the effort.

“The probe includes attorneys general from 48 states, the District of Columbia and Puerto Rico. California and Alabama are not involved in the probe, Paxton said at a press conference,” according to CNBC.

“When there is no longer a free market or competition, this increases prices, even when something is marketed as free, and harms consumers,” Florida’s Attorney General Ashley Moody said. “Is something really free if we are increasingly giving over our privacy information? Is something really free if online ad prices go up based on one company’s control?”

An antitrust probe into Facebook was announced on Friday by New York Attorney General Letitia James, who will lead the case. Attorneys general from seven states plus the District of Columbia are participating in the Facebook investigation.

At the press conference Monday, D.C. Attorney General Karl Racine, a Democrat, said it “remains to be seen” if the two probes will be “a coordinated expansion.”

Google and other big tech companies also face efforts elsewhere to curb their abusive practices.

Congress is also gearing up to address the problem Bit Tech presents.

According to Fox News, “In addition, a new bill in the Senate called the “Monopolization Deterrence Act” would impose crippling fines on tech giants — ranging as high as 15 percent of the firm’s total U.S. revenues — if they were found to be in violation of antitrust law.

Meanwhile, evidence is piling up that big tech companies like Google and Facebook are abusing their near lock on certain channels of communication to push a strictly left-wing agenda instead of dealing with customers fairly.

It isn’t just governments and consumers that are becoming wary of Bit Tech. Even those giant’s own employees are worried.

According to Wired magazine, “Not only does the President, Peter Thiel, Elizabeth Warren and many other prominent lawmakers question Google’s ethics, but Google Employees do, too.”

The proclamation came after thousands of Google employees protested the company’s involvement in AI programs for military use.

Update: Tulsi Gabbard Tweeted this today:

 

Follow Warner Todd Huston on Twitter @warnerthuston.

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Ocasio-Cortez Is Upset World’s Most Valuable Company Is Investing In New York City

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How dare Amazon bring jobs to New York City! By adding 25,000 jobs they would become the 11th-largest employer in the New York City area.

Amazon said in its official announcement that it would create 25,000 “full-time high-paying jobs” and invest about $2.5 billion in its campus and related projects, including infrastructure and green-space development.

“The idea that [Amazon] will receive hundreds of millions of dollars in tax breaks… when our subway is crumbling and our communities need more investment… is extremely concerning to residents here.”

Daily Wire:

Socialist Alexandria Ocasio-Cortez is not happy that Amazon, the world’s most valuable company, has decided to invest billions of dollars and bring approximately 25,000 jobs to New York City.

The 28-year-old bartender turned politician responded to the news that Amazon is bringing a second headquarters to NYC by claiming, without evidence, that her community is “outraged.”

The Wall Street Journal reported Monday:

New York City and Northern Virginia will be the homes for Amazon.com Inc.’s second and third headquarters, according to people familiar with the matter, ending a more than yearlong public contest that started with 238 candidates and ended with a surprise split of its so-called HQ2.

Amazon is dividing the second headquarters evenly between New York’s Long Island City and Arlington County’s Crystal City neighborhoods, which are both located directly across from the major city centers. The company plans to evenly split the offices with as many as 25,000 employees.

The decision effectively gives Amazon a major presence in three coastal hubs that politically lean left, at a time when tech companies are under scrutiny for their perceived elitism and liberal social views. More

This is pathetic. A large chunk of her constituents live in abject poverty, but she’s complaining when a company is trying to bring jobs into the city? I wonder if her voters realize they voted for a dunderhead that will gladly keep them in poverty for her socialist ideals?

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BREAKING: Wages Are Surging As US Adds 250,000 Jobs In October

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The rapidly growing economy generated 250,000 new jobs in October, keeping the unemployment rate at a 48-year low and pushing the increase in worker pay to the highest level in more than nine years.

Average hourly wages rose 3.1 percent in October, the fastest annual gain since 2009.

Please spread everywhere and pounded it home in the final days before elections.

Hot Air:

Consider this the first of two gifts Donald Trump got this morning for next week’s midterm elections. The booming US economy added 250,000 jobs in October, well above expectations and a big jump from September’s revised sub-maintenance level of 118,000. Perhaps more importantly, wages jumped upward at the best pace since the start of the recovery in 2009:

Total nonfarm payroll employment rose by 250,000 in October, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in manufacturing, in construction, and in transportation and warehousing.

The unemployment rate remained at 3.7 percent in October, and the number of unemployed persons was little changed at 6.1 million. Over the year, the unemployment rate and the number of unemployed persons declined by 0.4 percentage point and 449,000, respectively. …

The average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.5 hours in October. In manufacturing, the workweek edged down by 0.1 hour to 40.8 hours, and overtime was unchanged at 3.5 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls, at 33.7 hours, was unchanged over the month.

In October, average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $27.30. Over the year, average hourly earnings have increased by 83 cents, or 3.1 percent. Average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $22.89 in October. More

Joe Biden’s economic adviser:

Even CNN’s Christine Romans praised the October jobs report as “really strong”, noting that American company hiring has brought unemployment to a “generational low.”

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Business

Obama Tried to Stop It, But Under Trump U.S.A. Becomes World’s Top Oil Producer

President Barack Obama did everything he could to stop it, but now, under Donald Trump, the U.S.A. has become the world’s top oil producer.

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President Barack Obama did everything he could to stop it, but now, under Donald Trump, the U.S.A. has become the world’s top oil producer, according the the U.S. Department of Energy.

Crude oil production has soared in the U.S. in the last few years, so much so that America has jumped ahead of Russia to become the world’s top producer.

According to the Associated Press:

The Energy Information Administration said Thursday that the U.S. produced more than 11.3 million barrels a day in August, a 4 percent increase over the old record set in July.

Russia’s energy ministry estimates that country pumped 11.2 million barrels a day in August. OPEC reports Saudi Arabia pumped 10.4 million barrels a day.

It’s the first time since 1973 that the U.S. leads the world in oil production.

According to the report, Texas is the oil leader making up about 40 percent of U.S. oil production.

This could not have happened with President Obama in office. In fact, it didn’t. In 2016, as Obama was wrapping up his destructive 8 years in office, Forbes magazine called him “one of the most anti-energy presidents in U.S. history.”

“As if to put an exclamation point on this perception, last week the Obama Administration intervened to block an easement for the nearly completed $3.8 billion Dakota Access Pipeline (DAPL),” Forbes wrote. “This intervention was despite the fact that the U.S. Army Corp of Engineers had previously approved the easement across the Missouri River, and despite the fact that multiple pipelines already cross the river.”

And, remember, Obama spent his entire presidency trying to destroy the Keystone XL pipeline.

Even left-wing Politico reported in 2015 that Obama was engaging in a “quiet war on oil.”

“The newest phase of Obama’s environmental agenda has the oil and natural gas industry in its crosshairs,” Politico wrote, “with plans to curb greenhouse gas pollution from rigs and refineries, tighten oversight of drilling on public lands and impose a strict ozone limit that industry lobbyists slam as ‘the most expensive regulation ever.'”

Obama did his level best to destroy America’s energy industry. Well, traditional (meaning usable) energy, anyway. On the other hand, he wasted billions on useless “green energy” companies, most of which went belly up after stuffing our tax dollars into their pockets.

It took Trump to do all this. Once again, Trump is making America great again.

Follow Warner Todd Huston on Twitter @warnerthuston.

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Business

It Is Time To Stop the Anchor Baby Invasion of America

According to the Pew Research Center, in 2008, 350,000 pregnant woman jumped America’s borders or rode in on a visa to birth their “anchor baby” on U.S. soil.

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By Frosty Wooldridge

According to the Pew Research Center, in 2008, 350,000 pregnant woman jumped America’s borders or rode in on a visa to birth their “anchor baby” on U.S. soil. That practice continues for the past 30 years by hundreds of thousands and now millions of pregnant women who birth their “jack pot” child in the loving arms of American taxpayers. (www.PewResearchCenter.org , Birthright Citizenship)

Last year, 2017, according to the report, 270,000 women birthed their anchor baby on U.S. soil.

The practice costs American taxpayers trillions of dollars over the last three decades. Each child enjoys pre-natal, birth in hospitals and post-natal assistance along with K – 12 education, food stamps, Section 8 Housing, free breakfast and lunches, living expenses and more on the U.S. taxpayer’s back. Years later, the child may chain-migrate his or her entire family into America, and they do by the millions.

In other words, America stands as the “charity ward” for the rest of the world. You may look up on line for websites that encourage anchor babies from China, India, Mexico, Korea, Brazil, Africa, and dozens of other countries.

Former Senate Majority leader Harry Reid used to rail against “any country that would reward lawbreakers with citizenship.”

Journalist Kimberly Dvoark said, ““Birth Tourism” has become a billion-dollar industry due to America’s lax immigration and citizenship laws. More than a half a million anchor babies are now born in the US each year, creating instant citizen status for the foreign parents who have foreign loyalties and connections.”

U.S. baby births create big business, especially in China. On the website usbabydiy.com, you may access endless pages of advertisements for birth centers, many of them found in San Diego, New York and Miami. The ads offer room and board for several months, including, services for/after pregnancy and tout the best medical care money can buy.

“Your U.S. born baby will become a U.S. citizen,” said immigration attorney Mr. Sapochnick. “Having a baby here, there’s nothing illegal about it. It’s just people are making it into a profit industry.”

Sapochnick said, “Baby brokers can charge anywhere from $20,000 to $50,000 per family.”

What Costs Do American Taxpayers Bear?

If you average anchor baby births at 300,000 annually, you’re looking at 300,000 babies times $8,000.00 average for a hospital birth. The math staggers the imagination. If the child suffers congenital heart disease, cleft palate or other deformities, the costs rise into the hundreds of thousands of dollars.

Next, take that child through K -12 education at $8,000.00 annually times 300,000 students. Later, you must pay for English as Second Language costs at $2,000.00 per year per child. You also pay for that child’s breakfasts and lunches for 18 years because its mother lacks any money to pay for that child or taxes. You’re paying for its mother’s housing, food stamps, electricity, heat and water.

To show you how corrupt our U.S. Congress proves itself, Georgia House of Representatives member Nathan Deal, 15 years ago, tried to pass a bill to stop the anchor baby practice. It still sits in committee. Another current member of the House, Steve King (R-IA), introduced a bill five years ago to stop the anchor baby practices. It sits in committee, untouched. For some reason, all 535 Congressional Critters failed you, the American taxpayer, for the past 30 years. Who allows it, what reason, and why does this financial suicide continue?

Five years ago, because Ireland faced being overrun and financially bankrupted by desperate pregnant immigrant women from Africa, they shut down “birthright citizenship.” They became the last country in the Western world to stop it. Nonetheless, 38 other third world countries retain birthright citizenship, but they suffer such poverty and lack of medical care, that no one violates their borders to birth a baby.

What does the Anchor Baby Invasion Mean in the End?

Such callous disregard for legal American citizenship by our U.S. Congress allows foreigners of every stripe to usurp our borders and prey upon our educational, welfare and economic systems. A record 87 hospitals and ER wards bankrupted out of existence in southern California and Arizona, and more to come in Texas, in the past 10 years.

We’re looking at parallel societies springing up in Spanish speaking and Spanish dominated slums in southern California. We see unsolvable homelessness, drugs use and illiteracy. Those persons lack any identity to America or allegiance. You will see more Mexican flags flying in Mexican dominated cities in California than Old Glory

We also see Mexican nationalism digging deep roots into our southern states. Essentially, they re-colonize our four border states, slowly and ever so effectively.

The costs spiral into the trillions of dollars. For a country standing eye-ball deep in $21 trillion of debt, such billions and into the trillions of dollars of costs to U.S. taxpayers for anchor babies means endless loss of American citizen financial viability.

It also constitutes a denigration of citizenship because it begins with violating the laws of our sovereign nation. It abuses legal immigration by sidestepping the rule of law. It creates move poverty in those immigrant ghettos where schools cannot function. Once that poverty manifests along with commensurate illiteracy rates, you see gangs, drugs, violence and more welfare births.

Whether President Trump stops the anchor baby invasion by executive order or Congress stops it by voting to amend the 14th Amendment, we need to stop the Anchor Baby invasion of America.

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Business

Trump Reversed Obama’s Failed Policies and Created a BOOMING Economy

A great piece at Fox News explains how we can tell that President Donald Trump’s economic policy has been a wild success: Obama is trying to take credit.

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Just ahead of the November 6 Election Day, Andy Puzder posted a great piece at Fox News to explain how we can tell that President Donald Trump’s economic policy has been a wild success: it’s because Obama and the Democrats are desperate to steal credit for it.

In a November 1 op-ed, Puzder notes that former President Obama is desperate to cajole people into thinking HE had something to do with the great economy (hint, he didn’t).

“Let’s be clear: The economy is booming because President Trump reversed President Obama’s economic policies – not because Trump furthered the Obama policies,” Puzder said.

Puzder reels off the destructive policies Obama forced on our nation:

President Obama raised taxes on businesses and individuals. He expanded the federal government’s size and power through dramatic increases in the number and scope of federal regulations. He discouraged domestic energy production – for example, refusing to authorize the Keystone XL pipeline and openly attempting to bankrupt the coal industry.

The economy is now booming because President Trump took the opposite course. President Trump has dramatically cut both taxes and regulations – shrinking the government’s size and power – while aggressively encouraging domestic energy production.

It was Hillary Clinton – not Donald Trump – who committed to continue the Obama’s economic policies. Had Clinton become president, we would be experiencing the same anemic economic growth we experienced under the Obama administration.

President Obama’s post-recession gross domestic product (GDP) growth averaged an anemic 2.1 percent. In his last year in the White House, GDP grew at a pathetic 1.5 percent – hardly creating what Goolsby described as “some of the best economic conditions for a new president in a half century.”

The differences between the Obama and Trump economic policies couldn’t be clearer. It’s like a baseball team firing a manager with a poor winning percentage whose strategy was based on speed and hiring a manager who replaces all of the team’s players, switches to a power strategy and wins the World Series.

Puzder added that, “The unemployment rate in September stood at 3.7 percent, the lowest rate since 1969. Not coincidentally, for the week ending Oct. 15, initial claims for unemployment benefits were the lowest since 1973, when the U.S. population was 110 million people smaller. This is because the Trump economy’s job creation numbers are regularly beating expectations – averaging over 208,000 jobs per month so far this year.”

The businessman went on to say, “In August, there were 7.1 million job openings – the highest number ever recorded – with only 6.2 million people unemployed. In other words, there were 900,000 more job openings than people who had looked for a job in the past 30 days. Again, a remarkable record.”

“During the Obama era, wage increases never reached 3 percent in a 12-month period. One of the problems was too many people working part-time in the Obama years,” Puzder reported.

On the other hand, “We are averaging 3.3 percent GDP growth year to date with GDP growth coming in at 4.2 percent in the second quarter and 3.5 percent in the third.”

And… “It’s early, but the Atlanta Federal Reserve is projecting over 2.6 percent growth for fourth quarter. If true (and I believe that estimate is low), GDP growth would be 3.1 percent for 2018, making it the first year since 2005 with 3 percent or better GDP growth.”

Puzder has much more at his op-ed and it is worth reading.

So, get to the polls and vote Republican or you will see this success come screeching to a halt if the Democrats take over Congress.

But, in the end, the main takeaway is this: “Mr. Obama, you didn’t build that!”

Follow Warner Todd Huston on Twitter @warnerthuston.

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