by Edward Prescott, Lee Ohanianvia The Wall Street Journal
Thursday, August 23, 2018
[Subscription required] Some Keynesian economists argue that the U.S. economy’s recent uptick is only a “sugar high.” They predict that the slow-growth conditions of the Obama years will soon return. But this pessimistic view is misguided. Better economic policies are the primary reason the economy has improved since 2016. If pro-growth policies remain in place, the economy’s strong performance will likely continue.
Back in April 2017, I wrote that “our politics has given (Vladimir) Putin the weapon to create a constitutional crisis.” At that time, pressure for a special counsel to investigate “collusion” between the Trump campaign and the Kremlin was reaching a fever pitch. President Trump’s media critics and opponents on both sides of the aisle would be gratified a month later by the appointment of Robert Mueller as special counsel.
Taking a page from Mark Twain, who supposedly espoused “making your vocation your vacation,’ I had a holiday of sorts this week: Interviewing former Secretary of State George Shultz for a podcast at a Hoover Institution policy boot camp for college students.
A new exhibition at the Hoover Institution highlights Overseas Weekly, a civilian-run, women-led newspaper for American GIs abroad that defied top military brass and defended freedom of the press during the Korean and Vietnam wars.
Perhaps you missed the memo from the President’s Council of Economic Advisers. The War on Poverty, declared by President Lyndon Johnson in 1964, is largely over, they say, and we won. Amazing, since a lot of people obviously still live in poverty.
On August 17, Reuters reported that in a court case proceeding under seal in California, the “U.S. government is trying to force Facebook Inc to break the encryption in its popular Messenger app so law enforcement may listen to a suspect’s voice conversations in a criminal probe.” This immediately calls to mind the 2016 court battle between the government and Apple over access to data on the iPhone used by one of the San Bernardino attackers.
Despite these intensifying annual warnings, lawmakers have not acted. One reason they have not is the presence of an accounting phenomenon known as the Social Security trust funds. The assets held by these combined trust funds appear massive ($2.9 trillion in the latest report) while the projected date of their depletion seems to be distant (2034).
China’s growing influence in Thailand, middle class support for the junta, a royalist ideology and the West’s declining interest in human rights abroad have led to the ruling junta’s long stay in power, a group of academics said Thursday.
Some Dr. Thomas Sowell food today: To believe in personal responsibility would be to destroy the whole special role of the anointed, whose vision casts them in the role of rescuers of people treated unfairly by ‘society.’