The New York Times retains its bizarre obsession with the left-wing hobbyhorse of “income inequality.” Former economics reporter Binyamin Appelbaum, who betrayed liberal viewpoints in his reporting, is now free to issue unadulterated left-wing opinions from his perch on the paper’s editorial board. His latest Sunday Review piece suggests “Blame Economists for the Mess We’re In.” It began with a history lesson on how the government got over its distaste for economists in prominent positions, while getting off the paper’s latest mean-spirited crack at Nobel winning economist Milton Friedman.
WASHINGTON — Milton Friedman was not only a brilliant economist — a Nobel laureate, in fact — he was also a gifted writer. In his 1962 book "Capitalism and Freedom," he presciently explained how health care costs were going to leap out of control over the next decades. Sure enough, they did. They multiplied from roughly $1 of every $20 being spent on health care in the 1950s to roughly $1 of every $5 being spent on health care today.
Some people have called for a balanced budget amendment to our Constitution as a means of reining in a big-spending Congress. That's a misguided vision, for the simple reason that in any real economic sense, as opposed to an accounting sense, the federal budget is always balanced. The value of what we produced in 2017 -- our gross domestic product -- totaled about $19 trillion.
The New York Times ran an astonishingly ignorant op-ed on Monday by writer Katherine Stewart, using historical fallacies to smear today’s critics of public schools as rooted in racism: “What ‘Government School’ Means.” The text box got to the point: “A phrase rooted not in libertarian economics but in Confederate rage.”
The Washington Examiner reports that it's been 768 days since the Democratic-controlled Senate passed a budget. What's the big deal? It's not like the nation is facing financial difficulties or anything.
I realize it's convenient for President Obama to pretend he's a bystander on fiscal matters when it suits him and to pass the buck that never stops with him back to Congress, but how about a little leadership on the issue for a change?
CHRISTINE ROMANS, CNN BUSINESS CORRESPONDENT: You're right. And Heidi, all of those things that you mentioned are incredibly important to your money and all of them could affect you very, very near-term here. This extension of the unemployment benefits, it would be the third.
The Senate has passed it. It goes to the House. It's expected to be voted on and passed very, very quickly here. Because, remember, your Congress member and your senator, they are being inundated in their offices with questions from people saying, wait, how am I going to survive when this check runs out? Seven thousand checks running out every week.
It would be a 14-week extension nationwide, 20 weeks of unemployment. More unemployment benefits for the states with 8.5 percent unemployment or more. And this would be paid by a two-year extension of an existing -- existing tax on employers. So this would be paid for by a tax on employers.
It would not come out of your pocket and my pocket. But it would be the third extension here, Heidi. And it's critically important. Like I said, so many people are losing their unemployment benefits right now. Some 200,000 have lost their jobless benefits just as the Senate has been negotiating this.
Several years ago, the Media Research Center joined with then-Cato economist Stephen Moore (now with the Wall Street Journal) on a book “Dollars and Nonsense” debunking the news media’s top ten economic myths. First on the list was the canard that government spending and deficits stimulate the economy, a premise demolished in an essay written by the Nobel-prize winning economist Milton Friedman.
But as President Obama and the Democrats push a big government spending package that promises to “stimulate” the economy, journalists are once again accepting the idea that such spending can really cause the economy to grow. “How soon will jobs show up? And what kind of jobs?” ABC’s Diane Sawyer eagerly asked White House press secretary Robert Gibbs on Thursday’s Good Morning America.
NBC reporter John Yang also presupposed that the spending plan would boost economic growth. “The recession Mr. Obama inherited is deepening,”Yang intoned on the January 24 Nightly News. “And as the urgency for the stimulus package grows, the president promised the money would be spent carefully.”
As Milton Friedman pointed out, the government can only get the dollars it spends in one of three ways: taxing, borrowing, or creating new money. Taxing and borrowing take from the economy, essentially canceling out the effects of the spending or worse. Creating new money amounts to monetary stimulus, which could boost economic activity whether the new money is spent by government or by the private sector.
Well, the New York Times certainly can't be accused of excessive free market idolization.
As Islamic scholar Robert Spencer can tell you, the mainstream media has barely noticed that Google, the Internet search engine giant, is now deciding for its users which ideas are acceptable and which are not. It’s never been a secret that Google leans left and won’t tolerate ideas it doesn’t agree with. The company hired global warming profiteer Al Gore as senior advisor and has a history of purging content based on ideology. More evidence of the company’s thinly-veiled, warm and fuzzy politically correct authoritarianism keeps popping up.
Now Google Video has suppressed a video of a speech that Spencer, author of The Politically Incorrect Guide to Islam (and the Crusades), made at Dartmouth College. Spencer, whose family comes from the Muslim world, sees his work as “calling attention to the roots and goals of jihad violence.” He carefully explains his belief that “Islam is not a monolith,” and says that he has “never” characterized all Muslims “as terrorist or given to violence.”