Economist Brian Wesbury has called them Pouting Pundits of Pessimism. These are the members of the media who seem to be focused on the negatives and cant find the positives in the economic news. And the positives are really quite startling. Despite a series of hurricanes that did record-setting amounts of property damage, flooded a major city, wiped out many communities along the Gulf Coast, and damaged our oil-producing and refining infrastructure leading to spikes in oil and gas prices the economy continues to move ahead. The media, however, prefer to focus on pockets of trouble like Delphis bankruptcy and... continue reading
Housing prices are going through the roof. After the dot-com bubble, we need to be extremely cautious with our money and steer clear of something risky like purchasing homes. We need to avoid having the housing bubble explode all over us. Sound like sage advice? Well, it certainly should sound familiar. If youre like most people, youve heard it all before, dozens or hundreds of times. The term housing bubble is so common that it can choke a normal Lexis-Nexis search and can be found on all broadcast TV networks and in every one of the nations major newspapers. Theres... continue reading
This holiday season is a bittersweet one for the entire country. For most people, the theme for this Thanksgiving will certainly be strength in the face of adversity. America has weathered a season of violent hurricanes that cast a once vibrant city into emptiness and despair. In response, individuals opened their wallets as businesses cleaned out their inventories with the goal of helping hurricane victims, and the economy, back on their feet. However, the media are having a difficult time absorbing the spirit of the season. When the Federal Emergency Management Agency announced that it would stop paying for hurricane... continue reading
In case you didnt know, Wal-Mart not only wants to take over the world, destroy communities and stick it to workers it wants to let you die in its parking lot. Thats the picture of the successful retailer painted in the new attack-umentary, Wal-Mart: The High Cost of Low Price, produced by Robert Greenwald. Greenwald used the familiar liberal template of emotional appeals that ignore vital facts. Never mind that Wal-Mart provided low prices that allowed lower-income Americans to afford items they couldnt otherwise, raising their standard of living. No, never mind that, as This Land Is Your Land played... continue reading
The climate is changing right before our very eyes. Its not the weather Im talking about its the media climate. On Sunday, November 14, Fox News set aside its status as the best network for coverage of the global warming debate and for one night became one of the worst. According to the Fox special The Heat Is On, The earth is sending out a desperate alarm. Now, conservative and free-market groups as well as climate change skeptics are sending out their own alarm. Climatologist Patrick J. Michaels has pointed out that predictions of climate disaster are overblown and we... continue reading
In his November 14 Washington Post column, Sebastian Mallaby released what must have been hours of pent up frustration about everything from inequality in the United States to legislators planning to cut Medicaid, food stamps, free school lunches, and child-care subsidies. He detailed dismal number after number to make some startling, yet erroneous, claims. Mallaby could have at least citied authorities or studies that could back up his rant. Instead, he simply tossed one-liners onto the wall and hoped they would stick. Here are a few snippets from Mallabys diatribe: In response to President Bushs speech in New Orleans, Mallaby... continue reading
History has proven the efficacy of market capitalism in producing wealth for the masses. The fall of the Soviet Union, the movement of China and India to market economies, and the influx of immigrants into capitalist countries all offer empirical evidence to support the theoretical conclusions of Ludwig von Mises and F.A. Hayek that only the free market can result in a high standard of living. However, it is important to realize that market capitalism can exist only within a political structure that is based on individual freedom and rule of law. Even within the United States, this must be... continue reading
One of the great things about America is that a small businessman may wake up one day and find himself a multimillionaire, if he takes some risks and works hard. Its that dream that starts businesses. Its that dream that keeps people going when times get tough. And its that dream that brings millions of people to this country. Every day, hard-working Americans sweat to create more opportunities for themselves and their children, just like my father did. But what makes these folks work so hard? Sure, many of them love what they do. But even so, if it didnt... continue reading
The health care community is worried about the chance of a deadly flu outbreak. This isnt just the media trying to scare us to death. Medical professionals are genuinely concerned and it shows. While this danger is important, the folks in Washington need to ensure they dont jeopardize our ability to protect ourselves in the future. The avian flu has been migrating across the world from China in recent weeks. Authorities have destroyed 140 million birds to try to stop the spread. Already the virus has infected 117 people in Asia and killed 60 since December 2003. Those numbers dont... continue reading
The presidents tax panel is close to issuing its recommendations, but we already know enough of the result to call it a failure. The panel is missing an opportunity to fix a system that everyone in America knows is broken everyone, it seems, but them. President Bush set up the Presidents Advisory Panel on Federal Tax Reform early this year to assist in reforming the Federal Internal Revenue Code to benefit all Americans, according to the executive order that created it. Reform is desperately needed but not if it misses the point entirely. Benefiting all Americans doesnt mean artificially creating... continue reading