Posts tagged with: The Wall Street Journal Online

It has become a regular occurrence at conservative publications to note the strong correlation between traditional marriage and family and higher income levels. Take, for example, Ari Fleischer, who wrote the following in the Wall Street Journal last June:

If President Obama wants to reduce income inequality, he should focus less on redistributing income and more on fighting a major cause of modern poverty: the breakdown of the family.

He continues, “One of the differences between the haves and the have-nots is that the haves tend to marry and give birth, in that order.”

Despite my traditionalist leanings, I’ve always been a bit skeptical of these sorts of editorials. For example, contrast this with Ben Steverman’s recent article in Bloomberg:

Divorce among 50-somethings has doubled since 1990. One in five adults have never married, up from one in ten 30 years ago. In all, a majority of American adults are now single, government data show, including the mothers of two out of every five newborns.

These trends are often blamed on feminists or gay rights activists or hippies, who’ve somehow found a way to make Americans reject tradition.

But the last several years showed a different powerful force changing families: the economy.

He goes on: (more…)

Earlier this month, I wrote a two part article for the Library of Law & Liberty, critiquing the uncritical condemnation of income inequality by world religious leaders.

In part 1, I pointed out that “while the Pope, the Patriarch, the Dalai Lama, and others are right about the increase in [global income] inequality, they are wrong to conclude that this causes global poverty—the latter is demonstrably on the decline. And that, I would add, is a good thing.”

F. A. Hayek

In part 2, drawing on the work of F. A. Hayek, I noted, “As societies learn to use their resources ‘more effectively and for new purposes,’ the cost of manufacturing luxury goods decreases, making them affordable to new markets of the middle class and, eventually, even for the poor.” I continue, “Such inequality not only accompanies the very economic progress that lifts the poor out of poverty, it is one essential factor that makes that progress possible.”

We may add to this two more ways in which focusing solely on income inequality can be misleading from article in the Wall Street Journal yesterday by Nicholas Eberstadt: increased equality in lifespan and education. He writes,

Given the close correspondence between life expectancy and the Gini index for age at death, we can be confident that the world-wide explosion in life expectancy over the past century has been accompanied by a monumental narrowing of world-wide differences in length of life. When a population’s life expectancy rises from 30 to 70, the Gini index drops by almost two-thirds—from well over 0.5 to well under 0.2.

This survival revolution—and the narrowing of inequalities in humanity’s life chances—is an epochal advance in the human condition. Since healthy life expectancy seems to track closely with overall life expectancy, a revolutionary reduction in health inequality may also have occurred over the past century. Improvements in global mortality for the poor have contributed to the very “economic inequality” so many now decry. This is another reason such measures can be deceiving.

The spread and distribution of education has had a similar impact. In 1950 roughly half of the world’s adults—and the overwhelming majority of the men and women from low-income regions—had never been exposed to schooling. By 2010 unschooled men and women 15 and older account for a mere one-seventh of the world’s adults, and about one-in-six from developing areas. (more…)

WalmartOn Friday, June 6, shareholders of Wal-Mart Stores, Inc., will gather at the Bud Walton Auditorium on the University of Arkansas campus in Fayetteville, Ark. Among them will be As You Sow member Zevin Asset Management, which is pushing a resolution demanding the retailer issue annual reports on its policy, lobbying and membership expenditures. All of this, of course, is intended to embarrass Walmart in the same-ol’ name-and-shame game employed so often by shareholder activists advancing a progressive agenda.

What apparently bothers Zevin is Walmart’s exercise of its voice in policy issues directly impacting the company, its shareholders and – most important – its customers. Zevin’s resolution goes even further by requiring Walmart divulge its contributions to such tax-exempt groups as the American Legislative Exchange Council, the U.S. Chamber of Commerce or the Business Roundtable. Why? Well – to Zevin and other shareholders cut from the same sackcloth — it’s unseemly that the world’s largest company engages with a group that writes model legislation. Never mind that the company employs more than 2 million people worldwide and donates more than $1 billion each year to charities, it’s the incorrectly perceived unsavory political nature of anything that drifts right-of-center. (more…)

Blog author: jcarter
Monday, March 3, 2014

“Most CEOs now spray the word ‘innovation’ as if it were an air freshener,” says Dennis Berman in the Wall Street Journal, “A little spritz can’t hurt.” A prime example, notes Berman, is what Kellogg’s CEO John Bryant described as one of their company’s most important “innovations”: a peanut butter Pop-Tart.

Most of us would probably agree that a new flavor of breakfast pastry isn’t as innovative as, say, the iPhone. But how do we know? What exactly is innovation?

As David Brier explains, innovation is about “seeing and connecting the dots.”

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.

As noted here and here, Interfaith Center on Corporate Responsibility Executive Director Laura Berry was one representative of several groups asking the Securities and Exchange Commission to adopt new corporate political disclosure rules in October. Ms. Berry was joined by Sen. Elizabeth Warren (D-Mass.) and numerous other liberal/progressive advocates who wanted to put up regulatory roadblocks to corporate political speech guaranteed by the U.S. Supreme Court’s Citizens United ruling.

The SEC, however, determined it would not proceed with stifling free speech despite what the Washington Post described as

A groundswell of support … with retail investors, union pension funds and elected officials at the state and federal levels writing to the agency in favor of such a requirement. The idea attracted more than 600,000 mostly favorable written comments from the public — a record response for the agency. And with Mary Jo White’s arrival as SEC chairman in April, the initiative’s supporters hoped for action.

‘But she obviously did not really recognize the significance of this,’ said Bruce Freed, president of the Center for Political Accountability, which has pioneered the push for political spending disclosures. ‘She is not looking at investor protection and corporate governance broadly. You do not see those as primary drivers of her agenda.’ (more…)

Arthur Brooks, president of the American Enterprise Institute, has an op-ed in today’s Wall Street Journal that every conservative should read—and heed:

Conservatives are fighting a losing battle of moral arithmetic. They hand an argument with virtually 100% public support—care for the vulnerable—to progressives, and focus instead on materialistic concerns and minority moral viewpoints.

The irony is maddening. America’s poor people have been saddled with generations of disastrous progressive policy results, from welfare-induced dependency to failing schools that continue to trap millions of children.

Meanwhile, the record of free enterprise in improving the lives of the poor both here and abroad is spectacular. According to Columbia University economist Xavier Sala-i-Martin, the percentage of people in the world living on a dollar a day or less—a traditional poverty measure—has fallen by 80% since 1970. This is the greatest antipoverty achievement in world history. That achievement is not the result of philanthropy or foreign aid. It occurred because billions of souls have been able to pull themselves out of poverty thanks to global free trade, property rights, the rule of law and entrepreneurship.

Some say the solution for conservatives is either to redouble the attacks on big government per se, or give up and try to build a better welfare state. Neither path is correct. Raging against government debt and tax rates that most Americans don’t pay gets conservatives nowhere, and it will always be an exercise in futility to compete with liberals on government spending and transfers.

Instead, the answer is to make improving the lives of vulnerable people the primary focus of authentically conservative policies.

Read more . . .