Tuesday, November 22, 2016

Just Because "our guy" Won, Economics 101 Hasn't Been Repealed

Donald Trump is still a populist, not a fiscal conservative or a states' rights federalist.
Trump's waffling on minimum wage is as disturbing as him saying, as he did on "60 Minutes," that we should keep "the strongest assets" of ObamaCare — coverage for pre-existing conditions and "children living with their parents for an extended period." Insurance, by definition, guards against unknown risks, not known ones.
And what's the difference between Donald Trump's proposal for "infrastructure investing" and President Barack Obama's "stimulus"? I'm old enough to remember when we called it "pork." President Ronald Reagan had no such spending program, and when President Bill Clinton attempted a "stimulus," Congress stopped him. Government spends. It does not "invest." As a percent of GDP, we already spend more on infrastructure than does the European Union. And Trump wants to "invest" more?!
Recall Obama's "stimulus" lament, "There's no such thing as shovel-ready projects." Calling it "infrastructure investment" — rather than "stimulus" — doesn't change the fact that it's not the fed's job to do the states' work.
If Keynesian economics (government spending to jump-start the economy) actually worked, the last eight years should've been an economic blockbuster. And isn't it interesting — and hypocritical — that when China fiddles with its interest rates and money supply, it's "currency manipulation." When we do it, it's "quantitative easing."
Trump implied his Supreme Court justices would reverse Roe v. Wade, sending the issue "back to the states." But when asked about gay marriage, Trump said SCOTUS has "settled" the issue. By that reasoning, SCOTUS "settled" the issue of abortion 40 years ago.
Read the rest from Larry Elder HERE.

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