A quarterly magazine of urban affairs, published by the Manhattan Institute, edited by Brian C. Anderson.
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Wall Street, for all its malfeasance, didn't put the country 16 trillion in debt.
I would agree with this article - only I am on unemployment since being laid off and have been searching for work ever since. I have gone after jobs that pay less than unemployment. The purveyors of "programs" will never destroy my will to work and the dignity that confers. I am the exception - I want to work and I will work. Unemployment is a temporary expedient, the more temporary the better.
As this lays out,we,as a nation,need to act fast to undo these misguided policies before we breed a nation of no-can-doers instead of a nation of can-do.
Folks are acting like sheep while our countries pride and freedoms as taken away from us.
Wake up and get active before it is too late...
Big Ed- If more unemployment and poverty is what you want, free-market capitalism is not the answer.
David et al - Since I served as an officer of an company which was offshored I feel I must add one comment. Everyone says that the fat cats were offshoring to make more money. However the benefit of offshoring has almost completely gone to consumers. Prices, in real dollar and often absolte dollar terms, have declined. The $2,000 VHS tape player has now become the $20 DVD player. Have corporate profits grown over the past two decades? Yes, but most of that growth came from the finance sector. The profit margins for industries such as electonics, clothing etc. have declined or remained stagnant.
Brian has nailed it again.
If the unemployed and poor only ate less, evil government support were reduced and they accepted more menial jobs he and Casey would be happier.
Let's hear it for more unemployment and poverty. After all this is capitalism.
"Mulligan contends that since the Great Recession hit in 2008, the government has paid people not to work to an unparalleled degree—producing the weakest economic recovery since World War II."
Not sure why this history professor didn't pick up on the error, but the Great Recession began in December 2007, not in 2008. It got worse throughout 2008, hitting its worst point with GDP shrinking at a 9% annual pace in the 4th quarter of 2008 and private sector job losses of 800,000 per month.
With the passage of the ARRA stimulus in February 2009, the recession started to lose its negative momentum. The recession officially ended in June 2009 and private sector job losses ended in February 2010. Since February 2010 we have added 7.3 million private sector jobs.
The combination of TARP and ARRA stimulus spending in FY 2009 helped end the Great Recession. Unfortunately, since FY 2010 we have been cutting spending. Prior to FY 2010, we had not experienced an actual cut in nominal government spending year over year since FY 1965. We had actual cuts in FY's 2010 and 2012.
These spending cuts are consistent with the policy solutions of Professors Domitrovic and Mulligan. It is those spending cuts since FY 2009 that have led to the weak recovery.
The conclusions of this article are about 160 degrees off of reality.
Great article. Shows what happens when you pursue failed libtard policies that take away people's incentive to work. We are now on the brink of economic collapse thanks to these criminals and fools.
Lake Worth's comments are the other side of the same coin. Yes, manufacturing jobs went overseas. But why? Because unions managed to push wage levels so high and because government passed so many costly regulations that it no longer makes economic sense for companies to produce here in the U.S.. If Apple can manufacture its wares for pennies in China or SE Asia, why would it make business sense for it to move its manufacturing to the U.S. where unions will see to it that even the janitor is paid well enough to live well. (I'm not advocating that Apple shouldn't, on its own, pay its employees decent living wages. But until corporations the world over decide it's in their best interest to do so, these same corporations will go where labor is the cheapest.) Wall Street's greedy corruption pretty much destroyed this nation's economy. The flip side to this is that government policies pushed banks and mortgage companies to make questionable loans to unqualified applicants just so everybody and his brother could own their own home. So the blame for the economic collapse of 2007-2008 can be laid squarely at the feet of both government and the Wall Street suits who used government policies to enrich themselves while creating nothing of real value. But this is the past, and if Obama, Holder, and their cronies in the DOJ don't have the stones to take Wall Street to task for its behavior, well, we can only marvel that such corruption is allowed to continue. Having said this, Mulligan's piece does not place blame "on the out-of-work ex-employees getting survival level support from the federal government". Again, it's the federal government and its inane programs that draw the ire of people like Mulligan, Domitrovic, and other thinking individuals. It is intolerable that a country of our size and diversity cannot put people back to work, whether that work takes place in the private sector or is work that produces some form of public good (such as the works programs of the 30s, as mentioned in the piece). But what's even more intolerable is government creating benefits that serve as a disincentive for people to even seek employment. A safety net is one thing; handouts, in the form of government unemployment programs, are another. I agree that the economy doesn't seem to be recovering at an acceptable pace. Whether this is entirely the fault of government largesse is questionable. But creating artificial disincentives to work, as Washington seems to be doing, cannot be helping the problem. Again, like the thinking that went into mortgage loan programs that sought to put everybody (regardless of their financial status) into a home, the same kind of thinking continues coming out of Washington. Now, however, the programs being pushed give money to the unemployed without inquiry made into their ability or willingness to seek and obtain employment. Washington's mindset, like Wall Street's, is perverted. The economy will continue to limp along until such perversions are no longer deemed acceptable. I, however, won't hold my breath.
Manufacturing jobs went overseas.
1,000,000 of them.
And Wall Street destroyed the Main Street economy in 2007/2008 with corruption on a grand scale. $7.3-trillion in grift counting mortgage scams and the phony "AAA" rating-by-bribery bonds and their derivatives.
D'oh. And blaming those processes on the out-of-work ex-employees getting survival level support from the federal government simply amazes. Mulligan is a master of lies and Domitrovic is his partner in shame.
Obama knows exactly what he is doing.
People moved from low paid work to high paid non-work become part of the permanent Democratic voting majority.