Acton Institute Director of Research Samuel Gregg sat down with Daniel McInerny, the Editor of the English edition of Aleteia, to discuss his latest book, Tea Party Catholic. McInerny and Gregg explore what Catholics should believe regarding limited government, free markets and capitalism. Check out Sam’s book here, and view the interview below.
In yesterday’s edition of The Transom, which I highly recommend, Ben Domenech included a discussion that places the debates over raising the minimum wage within the broader context of the effects of inflation more generally.
Here’s a section:
There shouldn’t be any debate about the reality of the problem that the costs of basic staples, health care, and higher education are chewing up ever-increasing portions of the median family budget which is, in inflation-adjusted terms, smaller than it’s been since 1995. According to the Bureau of Labor Statistics, over the past five years, the average prices for all goods are 7.7% higher; the average price of bread is 10.4% higher; and the average price of meat/poultry/fish/eggs is 16.2% higher. In the past decade, the average worker has paid 89 percent more toward their health care benefits, while their wages grew 31 percent. The rising costs of the government-fueled higher education bubble makes American parents concerned they can no longer afford to send their kids to college. On top of it all, Americans no longer feel confident about their ability to find a new job which can pay them enough to make up for the costs of these goods and services.
The problem is not that the cost of unskilled labor is too low. The problem is the costs of what workers can buy with the fruits of that labor are too high. And the reason for that is largely due to government and systems which socialize risk and insulate producers from reality, not the realities of a competitive marketplace. http://vlt.tc/16×9 Those who favor a free market response to these inequality-related concerns ought to view the minimum wage push as an opportunity to put forward an agenda that speaks to these real concerns with a gas & groceries agenda. This is not going to be solved by more government requirements which raise the cost of labor and will absolutely lead to more low-skilled unemployment: it is with an agenda that would smash the insulated systems which have led to these higher costs.
Ben goes on to outline in some detail what an agenda might look like, which includes “ending the government’s management Soviet-style programs of dairy and raisins.” Horror of horrors, the Daily Beast and dairy producers would have us believe that the result would be $8/gallon milk. I can’t be the only one who wonders what the market price of commodities from milk to oil and sugar might be without various protectionist measures and subsidy schemes.
Ben ends the section with a key question: “Some Republicans have taken up more populist anti-corporatist and anti-cronyist arguments in recent months, because they can read the same polls we do. But will they stand up to cronyism, or are they just interested in demagoguery on the issue until they hold the reins of power again?”
Did you miss Acton on Tap? You really shouldn’t miss Acton on Tap. That’s a bad idea. For instance, if you missed last night’s event, you passed up an opportunity to hear Jordan J. Ballor, Executive Editor of the Journal of Markets & Morality and author of Get Your Hands Dirty: Essays on Christian Social Thought (and Action), speak at San Chez Bistro in Grand Rapids, Michigan on the topic of the economics of the Heidelberg Catechism. He focused on Lord’s Days 50, 42, and 38 as the origin, essence, and goal of economic activity, and it was a really worthwhile talk.
But we’re nothing if not forgiving here at Acton, so if you weren’t able to be there, we’re posting the audio of Jordan’s talk below. Enjoy, and watch this space for info on our next Acton on Tap event!
…the pope here has now gone beyond Catholicism here, and this is pure political. I want to share with you some of this stuff.
“Pope Francis attacked unfettered capitalism as ‘a new tyranny’ and beseeched global leaders to fight poverty and growing inequality, in a document on Tuesday setting out a platform for his papacy and calling for a renewal of the Catholic Church. … In it, Francis went further than previous comments criticizing the global economic system, attacking the ‘idolatry of money.'”
I gotta be very careful. I have been numerous times to the Vatican. It wouldn’t exist without tons of money. But regardless, what this is, somebody has either written this for him or gotten to him. This is just pure Marxism coming out of the mouth of the pope. Unfettered capitalism? That doesn’t exist anywhere. Unfettered capitalism is a liberal socialist phrase to describe the United States. Unfettered, unregulated.
You can read his complete critique at the link above. The Catholic Channel on Sirius XM Satellite Radio responded by calling upon Acton President Rev. Robert A. Sirico to provide a critique of Limbaugh’s statements. You can listen to that interview via the audio player below:
No, it’s not a Sherlock Holmes book. It’s reality: American is losing doctors.
When most of us have a medical concern, our first “line of defense” is the family physician: that person who checks our blood pressure, keeps on eye on our weight, looks in our ears and our throat for infections, and does our annual physicals. And it’s these doctors that are becoming scarce.
After reading a comment thread in which her online friends were complaining about poor people’s self-defeating behavior, Linda Walther Tirado wrote an articled titled “Why I Make Terrible Decisions, or, Poverty Thoughts,” which chronicled her struggles with near abject poverty.
I think that we look at the academic problems of poverty and have no idea of the why. We know the what and the how, and we can see systemic problems, but it’s rare to have a poor person actually explain it on their own behalf. So this is me doing that, sort of.
Tirado’s article went viral. A literary agent contacted her, and after a few readers emailed offers to contribute to a book project, Tirado started a GoFundMe page. Her initial goal was $10,500; she raised more than $60,000.
But there was a problem with her story: it wasn’t true.
As Angelica Leicht of the Houston Press discovered, Tirado doesn’t fit the mold of the working poor: She went to a fancy boarding school, speaks both German and Dutch, works as a political consultant, and is married to a Marine. Tirado eventually clarified that her piece was “taken out of context, that I never meant to say that all of these things were happening to me right now, or that I was still quite so abject. I am not.”
While the article seemed to confirm what many people already believed, for those who are actually poor – or at least once were — the article likely didn’t resonate. It doesn’t even live up to the title’s claim of an explanation for why those in poverty “make terrible decisions.”
The fact is that the working poor do tend to make terrible financial decisions — and not just because they lack resources. The working poor think about money differently than other economic classes. I’d like to take a crack at explaining why that’s the case.
Acton Institute Director of Research Samuel Gregg has been busy on the interview circuit over the past few days as news organizations look for intelligent analysis of Evangelii Gaudium, Pope Francis’ Apostolic Exhortation that that was released last week. On Monday, the Wall Street Journal called upon Gregg to provide his thoughts on the economic content in the exhortation on Opinion Journal Live; we’ve embedded the video below.