1. Imbued with the learned desire to be taken care of, 'from cradle to grave' - as the Left has promised its voters- many simply turn over every life decision to the socialist/communists.
Astounding though it is, supposedly sensible Americans leave business regulation to politicians who have never run a successful lunch counter, much less a nation!
Here is an admission to that effect from a successful Democrat pol who finally saw the light:
a. "In 1988, I invested most of the earnings from this lecture circuit acquiring the leasehold on Connecticuts Stratford Inn. In retrospect, I wish I had known more about the hazards and difficulties of such a business, especially during a recession of the kind that hit New England just as I was acquiring the inns 43-year leasehold. I also wish that during the years I was in public office, I had had this firsthand experience about the difficulties business people face every day. That knowledge would have made me a better U.S. senator and a more understanding presidential contender."
George McGovern How To Create Jobs, By George McGovern - Forbes
2. Each day, Donald Boudreaux, professor of economics at George Mason University, writes a letter to the editor of a major American publication. Often, he writes in response to an absurdity offered up by a columnist or politician, or an eye-catching factoid misleadingly taken out of context. This guy is da' bomb!
Here, he continues with the above theme, skewering Robert Reich:
3. " Thanks for sending me Robert Reichs blog post detailing his case for raising the minimum wage. You read Reichs argument as settling the issue in favor of raising the minimum wage; I read only a torrent of internal contradictions and economically uninformed nonsense.
4. Ill content myself here to expose just one example of Reichs penchant for poor reasoning - an example so stunning that it should discredit everything the man says about any matter touching on economics.
5. Reich writes that A $15/hour minimum is unlikely to result in higher prices because most businesses directly affected by it are in intense competition for consumers, and will take the raise out of profits rather than raise their prices.
6. .... businesses are in intense competition for consumers. What he misses, however, is the fact that, precisely because of this intense competition, businesses have none of the excess profits that Reich presumes will be tapped into to pay the higher mandated wages.
7. This error exposes Reichs inability to grasp even the most elementary economic concepts. Intense competition eliminates excess profits...
8. Firms instead must respond to a higher minimum wage by some combination of hiring fewer low-skilled workers, working their remaining low-skilled workers harder and reducing these workers non-wage pay, and charging higher prices for their outputs.
9. ... the fact that he does not understand that intense competition ensures that firms cannot possibly react to a higher minimum wage by tapping into their profits tells any thinking person all that he or she needs to know about Reichs analytical skills." Competition, Job One - The New York Sun
So, friends, who are the indoctrinated who accept such poor insight, e.g., Reich, Obama, and the rest of the frauds masquerading as 'leaders'?
The ones taught not to think, but to simply accept what they are told.....they are called university grads.
There are some ideas so absurd that only an intellectual could believe them.― George Orwell
Astounding though it is, supposedly sensible Americans leave business regulation to politicians who have never run a successful lunch counter, much less a nation!
Here is an admission to that effect from a successful Democrat pol who finally saw the light:
a. "In 1988, I invested most of the earnings from this lecture circuit acquiring the leasehold on Connecticuts Stratford Inn. In retrospect, I wish I had known more about the hazards and difficulties of such a business, especially during a recession of the kind that hit New England just as I was acquiring the inns 43-year leasehold. I also wish that during the years I was in public office, I had had this firsthand experience about the difficulties business people face every day. That knowledge would have made me a better U.S. senator and a more understanding presidential contender."
George McGovern How To Create Jobs, By George McGovern - Forbes
2. Each day, Donald Boudreaux, professor of economics at George Mason University, writes a letter to the editor of a major American publication. Often, he writes in response to an absurdity offered up by a columnist or politician, or an eye-catching factoid misleadingly taken out of context. This guy is da' bomb!
Here, he continues with the above theme, skewering Robert Reich:
3. " Thanks for sending me Robert Reichs blog post detailing his case for raising the minimum wage. You read Reichs argument as settling the issue in favor of raising the minimum wage; I read only a torrent of internal contradictions and economically uninformed nonsense.
4. Ill content myself here to expose just one example of Reichs penchant for poor reasoning - an example so stunning that it should discredit everything the man says about any matter touching on economics.
5. Reich writes that A $15/hour minimum is unlikely to result in higher prices because most businesses directly affected by it are in intense competition for consumers, and will take the raise out of profits rather than raise their prices.
6. .... businesses are in intense competition for consumers. What he misses, however, is the fact that, precisely because of this intense competition, businesses have none of the excess profits that Reich presumes will be tapped into to pay the higher mandated wages.
7. This error exposes Reichs inability to grasp even the most elementary economic concepts. Intense competition eliminates excess profits...
8. Firms instead must respond to a higher minimum wage by some combination of hiring fewer low-skilled workers, working their remaining low-skilled workers harder and reducing these workers non-wage pay, and charging higher prices for their outputs.
9. ... the fact that he does not understand that intense competition ensures that firms cannot possibly react to a higher minimum wage by tapping into their profits tells any thinking person all that he or she needs to know about Reichs analytical skills." Competition, Job One - The New York Sun
So, friends, who are the indoctrinated who accept such poor insight, e.g., Reich, Obama, and the rest of the frauds masquerading as 'leaders'?
The ones taught not to think, but to simply accept what they are told.....they are called university grads.
There are some ideas so absurd that only an intellectual could believe them.― George Orwell
