Categories
folly free trade & free markets general freedom meme national politics & policies

Robert Reich, Mythed Up

Consumer sovereignty is the idea that in markets consumers call the shots. In capitalism, most mass production is indeed for the masses, and the masses have a big say in what gets done. All profits and wages of successful businesses come from consumers.

But don’t take this too far.

Consumers don’t “create jobs,” for example.

Recently, Clinton-​era Labor Secretary Robert Reich has been floating this bizarre notion. To his Facebook audience, last month, he wrote that it is a myth that “the ‘job creators’ are CEOs, corporations, and the rich, whose taxes must be low in order to induce them to create more jobs.

Rubbish. The real job creators are the vast middle class and the poor, whose spending induces businesses to create jobs. That is why raising the minimum wage, extending overtime protection, enlarging the Earned Income Tax Credit, and reducing middle-​class taxes are all necessary.”

So, we have people in roles of “producers” and “consumers,” and it is the consumers who “create jobs”? And they do this by “inducing” businesses to, wait, uh, “create jobs”?

Face it: businesses create jobs — out of capital from somebody’s invested savings. Entrepreneurs brace themselves to take big risks, fronting workers’ wages as well as hiring and purchasing capital goods and material.

Before a penny is spent by consumers.

Only when entrepreneurs guess right does the flow of money come full circle.

Reich repeated his quasi-​Keynesian rap yesterday: it’s spending consumers who “get businesses to expand and hire.”

Truth is, Reich doesn’t “get” basic economics. But he does understand political equations, which is why folks on the Democratic left think he’s a genius.

This is Common Sense. I’m Paul Jacob.


For a high resolution version of today’s picture (perfect for use as a screensaver), click on the image below to open in new window. Also, please do feel free to share with your friends.

Robert Reich Doublespeak

 

Categories
general freedom meme national politics & policies too much government

Over-​Feed At Your Own Risk!

Caution: Do Not Over-​Feed Government!


Get a high-​resolution screensaver of this image. Click on the image below to open large version that you can download.

CAUTION_DontOverFeed

 

Categories
education and schooling ideological culture meme too much government

The Ignorance of Experts

Richard Phillips Feynman May 11, 1918 – February 15, 1988) was an American theoretical physicist known for his work in the path integral formulation of quantum mechanics, the theory of quantum electrodynamics, and the physics of the superfluidity of supercooled liquid helium, as well as in particle physics for which he proposed the parton model. For his contributions to the development of quantum electrodynamics, Feynman, jointly with Julian Schwinger and Sin-​Itiro Tomonaga, received the Nobel Prize in Physics in 1965.

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“Science is the belief in the ignorance of experts.”

—Richard Feynman

(address “What is Science?”, presented at the fifteenth annual meeting of the National Science Teachers Association, in New York City (1966), published in The Physics Teacher, volume 7, issue 6 (1969), p. 313 – 320)

 

Categories
meme

“Settled Science”

Sir Karl Raimund Popper  (28 July 1902 – 17 September 1994) was an Austrian-​British philosopher and professor. He is generally regarded as one of the greatest philosophers of science of the 20th century.


“The game of science is, in principle, without end. He who decides one day that scientific statements do not call for any further test, and that they can be regarded as finallyverified, retires from the game.”

—Karl Popper, The Logic of Scientific Discovery

 

Categories
ideological culture meme national politics & policies too much government

Warren and the Bogeyman State

“…the bogeyman government is like the bogeyman under the bed. It’s not real. It doesn’t exist.”

—Elizabeth Warren

 

Citation:

Categories
Accountability ballot access incumbents moral hazard national politics & policies political challengers responsibility

Vote Early & Often?

Voted yet? The Pew Research Center thinks about 50 million Americans have, representing 38.5 percent of the voter turnout forecast.

I’m for making it as easy as possible for people to cast a ballot. Who isn’t? Well, I mean who among normal people isn’t? I’m not counting politicians and their hacks.

But even I am opposed to extended “early voting.”

Here’s why:

First, the longer the voting period goes, the greater the cost — as more paid advertisements, phone calls and mailings are needed to keep reaching voters over many weeks. No problem here with more money in politics — money is essential, and my candidates and ballot issues could certainly always use more promotion. But let’s not artificially advantage big money by running the meter.

Several states now allow more than six weeks of voting prior to so-​called Election Day. Even a three-​week voting period is far more expensive than building toward a single day — or, say, a weekend through Tuesday voting period (four days).

Second, we ought to vote together, close to the same time, all of us privy to the latest public knowledge. This year’s drip of near daily “October”* surprises, thanks to WikiLeaks and the FBI, shows the potential problem should a major scandal or incident impact the race after so many folks have already voted.

Third, early voting tends to advantage incumbents. Challengers often don’t catch up to the better known and organized incumbent until the final days of the race.

As for voting often, as in more than once, that’s a crime. Plus, with these candidates, once is more than enough.

This is Common Sense. I’m Paul Jacob.

 

*Well into November, some of these surprises, eh? I mean, it is as if they saved the blood rituals for last.


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