Economics, Anyone? – Thomas Sowell @ Townhall

Thomas Sowell has written another good piece this past Tuesday called Economics, Anyone? at Townhall.

Mr Sowell addresses a question asked by reader via e-mail on an explanation of the gold standard. Mr Sowell pointed us readers to the following book:

Since then, however, I have gotten around to reading a recently published book titled “The Concise Encyclopedia of Economics,” edited by David R. Henderson and published by the Liberty Fund in Indianapolis.

In further discussing economics, Mr Sowell references his recent book, Economic Facts and Fallacies. He shares some of the highlights from this book:

Some of the fallacies examined in various chapters of “Economic Facts and Fallacies” include the following:

1. Government programs are needed to create “affordable housing.” (Actually, government intervention is what has made housing so unaffordable in places where even hovels are expensive.)

2. Employer discrimination is the main reason for differences in income between women and men. (Tons of evidence point in other directions.)

3. College tuition is going up so fast because of rising costs. (Only if you call voluntary increases in spending “rising costs.”)

4. Foreign aid helps poor countries become more prosperous. (Only if you don’t look at the evidence.)

5. The rich are getting richer and the poor are getting poorer. (It all depends on whether you are talking about flesh and blood human beings or statistical brackets.)

“Economic Facts and Fallacies” is not just a demolition derby. It also brings out some facts that seldom get much attention in the media.

1. The poverty rate among black married couples has been in single digits since 1994.

2. The average income of the elderly is several times their earnings, and their wealth is far higher than among younger people.

3. Just as blacks are turned down for mortgage loans more often than whites, so whites are turned down more often than Asian Americans. (What does that do to racism as an all-purpose explanation?)

I would agree that these books would be good reads in understanding the current economic situation in our country and how our leaders should address them.

Here are the links for these books from Amazon:

The Concise Encyclopedia of Economics
Economic Facts and Fallacies

Consider reading them.

Latest Illegial Alien to enter US

From FoxNews here is a Shell Shock story. This is an illegal alien I will most welcome to our country:

Courtesy of AP / FoxNews

Yes, a turtle.

Can Mrs. Clinton Lose? – Peggy Noonan @ WSJ.com

Peggy Noonan has a good piece, Can Mrs Clinton Lose?, at the Wall Street Journal.

She writes on whether Mrs Bill Clinton can lose — with grace. She probably cannot, but examine Ms Noonan opening paragraphs:

If Hillary Clinton loses, does she know how to lose? What will that be, if she loses? Will she just say, “I concede” and go on vacation at a friend’s house on an island, and then go back to the Senate and wait?

Is it possible she could be so normal? Politicians lose battles, it’s part of what they do, win and lose. But she does not know how to lose. Can she lose with grace? But she does grace the way George W. Bush does nuance.

Some interesting questions posed in those paragraphs. In fact, Ms Noonan is right on how Mrs Bill Clinton will react — not well. And probably will not hear the end of it.

The rest of the piece focus on who really is the easier candidate for the GOP. Ms Noonan provides some interesting analysis :

With Mr. Obama the campaign will be about issues. “He’ll raise your taxes.” He will, and I suspect Americans may vote for him anyway. But the race won’t go low.

Mrs. Clinton would be easier for Republicans. With her cavalcade of scandals, they’d be delighted to go at her. They’d get medals for it. Consultants would get rich on it.

The Democrats have it exactly wrong. Hillary is the easier candidate, Mr. Obama the tougher. Hillary brings negative; it’s fair to hit her back with negative. Mr. Obama brings hope, and speaks of a better way. He’s not Bambi, he’s bulletproof.

The biggest problem for the Republicans will be that no matter what they say that is not issue oriented–”He’s too young, he’s never run anything, he’s not fully baked”–the mainstream media will tag them as dealing in racial overtones, or undertones. You can bet on this. Go to the bank on it.

The Democrats continue not to recognize what they have in this guy. Believe me, Republican professionals know. They can tell.

If Ms Noonan’s analysis is correct, the Democrats should nominate the stronger candidate, but neither one is appealing to me.