He’s never met a government monopoly he didn’t love, or a free market service he didn’t distrust or despise…
…but don’t worry, he’s not really a socialist!
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Category: free trade & free markets
The presidential campaign officially begins in Iowa. The Hawkeye State is also the nation’s corn-growing champion. Each year, Iowans sell 47 percent of that crop to produce ethanol, which accounts for a not-insignificant 8 percent of the state’s gross product.
Ethanol has friends in Washington, too. Congressional wizards have mandated that the gasoline pumped into cars throughout the land be diluted with ethanol — talk about a market guarantee!
At National Review, Jeremy Carl explains that “energy-policy experts of all political stripes can agree . . . mandates and subsidies to promote the use of corn ethanol (a policy first implemented by Jimmy Carter) are wasteful boondoggles that harm our environment and food supply while imposing billions of dollars of hidden costs on consumers. However, most energy-policy experts are not running for president in the Iowa caucuses.”
In 2008, both Sen. Hillary Clinton and Sen. John McCain flip-flopped to support the ethanol subsidies they had previously opposed.
But, this year, Sen. Ted Cruz and Sen. Rand Paul haven’t pandered along.
When Cruz rose to first place in the polls, Gov. Terry Branstad attacked, arguing, “It would be a big mistake for Iowa to support [Cruz]” because “his anti-renewable fuel stand . . . will cost us jobs, and will further reduce farm income . . .”
Yesterday, Fox News Sunday host Chris Wallace asked Cruz, “Why should [Iowa] voters side with you over the six-term governor of this state?”
“I think there should be no mandates and no subsidies whatsoever,” Cruz replied.
In today’s Iowa caucus, can Cruz overcome the forces of crony corn?
This is Common Sense. I’m Paul Jacob.
The modern age sports an amazing feature that used to be hard to detect, because so drawn out: a shorter-than-ever-before lag between the proposal of some popular inanity and its complete debunking.
It used to take seemingly forever for a bad idea to be shown up, either in argument or evidence. Now it can be a matter of days or even hours. Call it the Buncombe/Debunking Lagtime.
Take the Flint, Michigan, water fiasco.
When the story hit the news cycle, almost immediately the progressive meme machinery began cranking out slogans imposed upon visuals — jpegs and gifs — to the effect that the poisoned water was the result of Republican “austerity” or (even) “libertarian” policy.
Somehow a Democratic mayor was less to blame than a more distant Republican governor, but in the minds of knee-jerk partisans, common sense is not as important as an in-your-face accusation.
But now, days and scant weeks into the story, it turns out that the story behind the story is not merely wrong, but entirely, upside-down wrong. The Flint water fiasco was caused by a stimulus project, and the switch from bad to worse water sources was made to promote “jobs”!
In the words of Reason’s Shikha Dalmia, “the Flint water crisis is the result of a Keynesian stimulus project gone wrong.”
Yes, another failed Big Government policy — just like progressives are always pushing.
And it didn’t take years for the truth to seep out.
Hooray for today’s accelerated history! Now, if we could only decrease the lagtime between lesson given and lesson learned.
This is Common Sense. I’m Paul Jacob.
When you systematically reward failure, incompetence and irresponsibility…what results should you expect?
QE – Toxic Asset Government Purchases
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Government failure checklist. . .
Reference:
The Government Poisoned Flint’s Water—
So Stop Blaming Everyone Else
Flint’s water crisis isn’t a failure of austerity. It’s a failure of government.
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Bernie Sanders has risen in the polls. He may even beat Hillary Clinton in the first caucus and primary contests for the Democratic presidential nomination.
A cause for celebration! Witnessing a huge hunk of Americans accept Mrs. Clinton, the consummate and corrupt insider, is too disheartening.
Bernie Sanders, for all his faults, is at least not an insider like Hillary.
And even when he’s obviously wrong, he’s a breath of fresh atmosphere. Take his recent call for turning the credit ratings institutions into non-profits, or into government-run bureaus. It’s good to hear someone on the left blame something other than the partial repeal of Glass-Steagall as the cause of the Crash of 2008, and (thus?) of the current “Great Recession.” Glass-Steagall was utterly irrelevant to the institutions that were hit hardest in 2008’s collapse; it has, nevertheless, served as leftists’ idée fixe for years now. Embarrassing.
The ratings agencies, on the other hand, did play a part in the crash.
Still, remember: their prominence and importance (and very existence) in financial sectors rests entirely upon one provision of FDR’s New Deal.
More importantly, Bernie’s favored solution — government bureaus — is no solution at all. Europe’s ratings system failed in 2008, too, as Mark A. Calabria has noted, and “it was the international financial regulators, not the rating agencies, who decided that Greek debt was ‘risk-free.’”
Earth to Bernie: government regulatory failure is normal.
Calabria agrees that we need to have a political conversation about the ratings agencies, but insists it be “based on facts,” not ideology.
I’m all for the facts, but ideologies are inevitable. And ideologies promoting Big Government inevitably fail.
This is Common Sense. I’m Paul Jacob.
