Posts tagged with: president

overtime-on-clocks-KATHY-CAPRINOIn announcing the Obama administration’s new overtime rule (for more on this news, see this explainer), Vice President Joe Biden says companies will “face a choice” to either pay their workers for the overtime that they work, or cap the hours that their salaried workers making below $47,500 at 40 hours each work week.

“Either way, the worker wins,” Biden said.

Biden has held political office for more than four decades, and yet he has still not learned one of the most basic and important concept in economic and political policy: consider that which is unseen.

As Frederick Bastiat explained 125 years before Biden first took office,

In the department of economy, an act, a habit, an institution, a law, gives birth not only to an effect, but to a series of effects. Of these effects, the first only is immediate; it manifests itself simultaneously with its cause—it is seen. The others unfold in succession–they are not seen: it is well for us, if they are foreseen. Between a good and a bad economist this constitutes the whole difference—the one takes account of the visible effect; the other takes account both of the effects which are seen, and also of those which it is necessary to foresee.

If Biden, President Obama, and the others in the administration were better economists, they might have forseen the following five consequences of this disastrous policy:
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rules-and-regulationsIn the Old Testament there are 613 commandments. Apparently, God deemed those to be enough to regulate almost every aspect of the lives of his people for thousands of years. You could read all of them in less than 30 minutes.

The American federal government, however, is not so succinct. There are over 1 million restrictions in the federal regulations alone (i.e., not counting the statutory law). And thousands more are added every year.

Each year the Competitive Enterprise Institute puts out annual survey — Ten Thousand Commandments — that reveals the size, scope, and cost of federal regulations. Here are some highlights from the 2016 edition:
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Obama addressing students at his town hall meeting in London. Photograph: Stefan Wermuth/Reuters

There’s not a lot of agreement when it comes to the Great Recession and the 2008 financial crisis; either about what caused it or what ended it. In a recent speech, President Barack Obama blamed the “reckless behavior of a lot of financial institutions around the globe” and “the folks on Wall Street” for causing this economic slump. Who or what finally ended this recession? According to President Obama: President Obama. While reflecting on what his presidency will be remembered for, he said, “I don’t think I’ll have a good sense of my legacy until 10 years from now when I can look back with some perspective and get a sense of what worked and what didn’t. There are things I’m proud of … Saving the world economy from a Great Depression, that was pretty good.” Acton’s director of research, Samuel Gregg, was “startled” by the president’s claim.

In a new piece for The Stream, Gregg argues that far from saving the planet, the president and government “probably mucked things up.” While he agrees that banks’ recklessness were partially to blame for the financial crisis, government agencies and their poor policies had a bigger effect:

Back in December 2007, the Nobel economist Vernon Smith warned that the activities of Freddie Mac and Fannie Mae were buttressed by the assumption that, as government-sponsored enterprises with lower capital-requirements than private institutions, they could always look to the Federal government for assistance if unusually high numbers of their clients defaulted. Both Fannie Mae and Freddie Mac, Smith underscored, had always been understood as “implicitly taxpayer-backed agencies.” Hence they continued what are now recognized as their politically driven and fiscally irresponsible lending policies until both were consigned to Federal conservatorship in September 2008.

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patriot-actWhy is the Patriot Act back in the news?

Last night three key provisions of the law were allowed to expire (at least temporarily) after Senator Rand Paul (R-KY) blocked an extension of the program during a Sunday session of the Senate.

What is the Patriot Act?

The official title of the law is the USA Patriot Act of 2001, an acronym for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism.” The 320-page law, signed a month after the 9/11 terrorist attacks and a series of bioterrorism incidents (i.e., anthrax attacks), was intended to “deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and for other purposes.”

Beginning on December 31, 2005, many provisions of the act were set to expire unless Congress reauthorized them. Out of the sixteen sections, 13 were allowed to expire while three were reauthorized. After approval by Congress, President Bush signed an extension in 2006 and President Obama signed an extension in 2011. On June 1, 2015 the last three sections expired.

What were those last three sections that just expired?

The three sections that recently expired were:
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MOTHERS-DAY11. In 1914, President Woodrow Wilson issued a presidential proclamation that officially established the first national Mother’s Day holiday to celebrate America’s mothers. Many individual states celebrated Mother’s Day before then, but it was not until Wilson lobbied Congress in 1914 that Mother’s Day was officially set on the second Sunday of every May.

2. President Wilson established Mother’s Day after years of lobbying by the mother of the holiday, Anna Marie Jarvis and the World’s Sunday School Association. Anna Jarvis’ mother, Ann Jarvis, had attempted to establish a version of Mother’s Day during the Civil War as a time for remembrance. By the 1920s, though, Anna Jarvis became disgusted by the commercialization of the holiday. She incorporated herself as the Mother’s Day International Association, trademarked the phrases “second Sunday in May” and “Mother’s Day”, and was once arrested for disturbing the peace at a Mother’s Day carnation sale. According to her New York Times obituary, Jarvis became embittered because too many people sent their mothers a printed greeting card. As she said, “A printed card means nothing except that you are too lazy to write to the woman who has done more for you than anyone in the world. And candy! You take a box to Mother—and then eat most of it yourself. A pretty sentiment.”

3. Mother’s Day was the most important Sunday on the organized crime calendar. According to Joe Pistone, an FBI undercover agent, the mafia often closed for business when Mother’s Day arrived each May.
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Blog author: jballor
Wednesday, April 29, 2015
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DSC_0700This is a post about that time that President Obama quoted Luther (Martin, the reformer, not the anger translator). Okay, maybe the President didn’t quote the monk with a mallet, but suspend your disbelief for a few more paragraphs at least.

Remember the kerfuffle when President Obama uttered those infamous words, “You didn’t build that”? It was, granted, a long time ago (3 years, in fact). But as I argued at the time, there was some truth in the basic sentiment, even if there was some ambiguity about the President’s intended antecedent.

Lately I ran across this striking passage from one of Martin Luther’s sermons, where he raises the stakes, so to speak, regarding the necessity of civil government for social flourishing. In a 1528 sermon on the Lord’s Prayer, Luther has this to say about the petition, “Give us this day our daily bread”:

When you pray this petition turn your eyes to everything that can prevent our bread from coming and the crops from prospering. Therefore extend your thoughts to all the fields and do not see only the baker’s oven. You pray, therefore, against the devil and the world, who can hinder the grain by tempest and war. We pray also for temporal peace against war, because in times of war we cannot have bread. Likewise, you pray for government, for sustenance and peace, without which you cannot eat: Grant, Lord, that the grain may prosper, that the princes may keep the peace, that war may not break out, that we may give thanks to thee in peace. Therefore it would be proper to stamp the emperor’s or the princes’ coat-of-arms upon bread as well as upon money or coins. Few know that this is included in the Lord’s Prayer. Though the Lord gives bread in sufficient abundance even to the wicked and godless, it is nevertheless fitting that we Christians should know and acknowledge that it comes from God, that we realize that bread, hunger, and war are in God’s hands. If he opens his hand, we have bread and all things in abundance; if he closes it, then it is the opposite. Therefore, do not think that peace is an accidental thing; it is the gift of God. (LW 51:176-177)

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rights-are-not-gitsIn his recent announcement that he was running for president, Sen. Ted Cruz’s said “our rights don’t come from man, they come from God Almighty.”

That raised some eyebrows in our secular culture. For example, Meredith Shiner, a Yahoo reporter, tweeted:”Bizarre to talk about how rights are God-made and not man-made in your speech announcing a POTUS bid? When Constitution was man-made?”

The idea that the “unalienable Rights” mentioned in the Declaration of Independence don’t come from God is considered obvious to many secularists. But if our rights don’t come from God, where do they come from? The obvious answer is “the State.” And as Matt Lewis points out, that means the state can take them away:
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