Category Archives: Economy
Pressuring Putin over Ukraine is tricky. It’s a tough sell to squeeze the Russian economy because much of Europe depends on Putin for fuel. But what about American dependency on Russia for a way back to earth?
Russian Rocket Rides
Ever since NASA put the Space Shuttle up on blocks in 2011, with no replacement, the U.S. has paid 70 million a pop for Russian rocket rides.
In his continuing effort to avoid Congress, President Obama met with state governors on Monday. He stressed that they can can do practical and popular things together, like raise the minimum wage. He’s already flown solo raising the minimum for federal contract workers.
Minimum Wage Economy
Louisiana Governor Bobby Jindal responded that the Obama economy is a minimum wage economy. Jay Carney said Jindal prefers a $7.25 economy.The Office of Management and Budget says raising the minimum wage will cost 500, 000 jobs.
Meanwhile, the economy in North Dakota is booming. Wages there are soaring for workers who do the one thing the president hates most – produce fossil fuels.
The Obamas hosted a state dinner this week for the tax cutting socialist president of France, Francois Hollande. The menu featured dry aged ribeye beef, quail eggs, caviar, chocolate cake, ice cream, fudge, shortbread cookies and cotton candy.
The House voted to retract the debt ceiling with no restrictions and the Senate approved about 5 minutes later.
War is peace, freedom is slavery, and unemployment is liberation.
A new Congressional Budget Office report says ObamaCare will cost the economy 2.3 million jobs. Lower income workers will have a “disincentive to work”, as CBO Director Douglas Elmendorf put it.
“By providing subsidies that decline with rising income (and increase with falling income), and by making some people financially better off, the Affordable Care Act will create an incentive for some people to work less,” the report states.
The White House has embraced this. Jason Furman the chairman of the Council for Economic Advisers calls it freedom from “job lock”.
Unemployment Liberation Update:
University of Chicago Economist Casey Mulligan thinks that’s nuts:
I don’t know what their intentions are,” he says, choosing his words carefully, “but it looks like they’re trying to leverage the lack of economic education in their audience by making these sorts of points.
I can understand something like cigarettes and people believe that there’s too much smoking, so we put a tax on cigarettes, so people smoke less, and we say that’s a good thing. OK. But are we saying we were working too much before? Is that the new argument? I mean make up your mind. We’ve been complaining for six years now that there’s not enough work being done. . . . Even before the recession there was too little work in the economy. Now all of a sudden we wake up and say we’re glad that people are working less? We’re pursuing our dreams?