On Tuesday, President Obama declared this week Captive Nations Week. The first Captive Nations Week was in 1959, proclaimed by President Eisenhower to call attention to the oppression of several countries in the Soviet Bloc and to encourage Americans to support fight for democracy and liberty worldwide. Enjoy the six quotes below as we observe a week dedicated to the beauty of freedom and decrying the continued existence of tyranny:
Sometimes predicting the future is difficult (ask anyone who thought we’d have flying cars by now). But sometimes foreseeing what is going to happen — at least to a high degree of probability — is all too easy.
For example, it’s fairly simple to ascertain that sometime in 2017 or 2018 we will see a huge spike in the unemployment for the working poor and increasing the replacement of low-skilled jobs with automation (i.e., robots). The reason: the $15 minimum wage.
Earlier this year the first and fourth most populous states in the U.S. — California and New York — adopted the increase to $15. Numerous cities have also adopted the higher wage floor. But perhaps the most significant step forward for the “Fight for $15” movement is that it is being adopted by the entire Democratic Party.
On Friday, the Democratic National Committee released a draft of the proposed party platform that includes a number of economically destructive proposals, including a federal minimum wage of $15:
In 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:
In 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:
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.
Why 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:
1. 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.