Posts tagged with: James Pethokoukis

Blog author: ehilton
posted by on Monday, September 30, 2013

Obamacare-trainTomorrow is the big day for Obamacare, despite the fact that even the Obama Administration admits it’s “glitchy.” The president is cheerleading the program, reminding us that he’s been right all along:

Reforming health care will help the economy over the long-term,” by curing health-care costs and free individuals to start small companies, he said.

Through his speech, Obama ridiculed critics of his plan, which imposes far-reaching federal requirements on one-sixth of the nation’s economy. (more…)

As we noted yesterday, rock star Bono is now preaching the good of capitalism in alleviating poverty. James Pethokoukis at AEI illustrates exactly what happened in China when the power of entrepreneurial capitalism was unleashed.

china

Bono spoke on the topic of capitalism and poverty at the 2012 Global Social Enterprise Event at Georgetown University:

James Pethokoukis of AEI says that this is the most important economic chart in Western civilization. I completely agree.

042313growth

The concept is so important that no student should receive a passing grade in any economics class—whether in high school or college—unless they can explain why economic growth matters (ideally, every educated Christian would be able to do so too since it has theological implications).

Yet, sadly, few Americans recognize its importance despite the fact, as Pethokoukis notes, that in real terms, the average income of Americans over the past two centuries went from $2,000 per person to $50,000. Pethokoukis credits the change to a shift in thinking: Respect and reward innovators and innovation. He includes a great quote by Deirdre McCloskey on how the West became a business-admiring civilization:

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