Wintery Knight

…integrating Christian faith and knowledge in the public square

Hillary Clinton’s views on the economy, taxes and jobs

The video above explains Hillary Clinton’s views on how jobs get created. She doesn’t think that private companies create jobs.

Here’s the story from economist Stephen Moore writing at Investors Business Daily.

Excerpt:

Hillary Clinton is getting deservedly attacked for her imbecilic statement at a Democratic political gathering in Massachusetts on Friday about business and jobs.

“Don’t let anybody tell you that, ah, you know, it’s corporations and businesses that create jobs,” she preached, to loud applause. “You know that old theory, trickle-down economics. That has been tried, that has failed. It has failed rather spectacularly.”

It may not be too surprising that Hillary can’t connect the dots that it takes an employer to create an employee to create wages and salaries.

That’s how some 150 million Americans get paid every week. Ms. Clinton has made her millions in the cattle futures market, as a government employee and giving speeches for fees of $250,000 a pop. Nice work if you can get it. The rest of us mere mortals need a paycheck.

Hillary’s witless statement might be written off as campaign hyperbole, and some might think the Democratic front-runner for president simply got carried away speaking to her “progressive” base and didn’t really mean it. Sometimes Republicans get into the act, as when Mitt Romney’s GOP rivals attacked him in 2012 for being rich and a successful investor.

But the scary thing is she really DID mean it. Her sophomoric comment, alas, reflects a long-simmering ideologically driven war against business that has become a central platform of the modern-day Democratic party.

Her remarks were simply an extension of President Obama’s “you didn’t build that” statement denigrating businessmen and women who have created companies — large and small.

In the left mindset, economic output and jobs are achieved collectively and thanks to the beneficence of government, not because of the ambition, drive, vision, risk-taking and guts that it takes to start a new enterprise out of nothing.

So who creates jobs then? Well, if it’s not private sector businesses then the only thing left to create jobs is the government. She thinks government creates jobs. And the more government raises taxes, the more money government has to give people jobs.

But is that really how it has worked in the past?

Let’s see.

Consider this article by the Cato Institute, a libertarian think tank, which discusses how the Reagan tax cuts affected the unemployment rate.

Excerpt:

In 1980, President Carter and his supporters in the Congress and news media asked, “how can we afford” presidential candidate Ronald Reagan’s proposed tax cuts?

Mr. Reagan’s critics claimed the tax cuts would lead to more inflation and higher interest rates, while Mr. Reagan said tax cuts would lead to more economic growth and higher living standards. What happened? Inflation fell from 12.5 percent in 1980 to 3.9 percent in 1984, interest rates fell, and economic growth went from minus 0.2 percent in 1980 to plus 7.3 percent in 1984, and Mr. Reagan was re-elected in a landslide.

[...]Despite the fact that federal revenues have varied little (as a percentage of GDP) over the last 40 years, there has been an enormous variation in top tax rates. When Ronald Reagan took office, the top individual tax rate was 70 percent and by 1986 it was down to only 28 percent. All Americans received at least a 30 percent tax rate cut; yet federal tax revenues as a percent of GDP were almost unchanged during the Reagan presidency (from 18.9 percent in 1980 to 18.1 percent in 1988).

What did change, however, was the rate of economic growth, which was more than 50 percent higher for the seven years after the Reagan tax cuts compared with the previous seven years. This increase in economic growth, plus some reductions in tax credits and deductions, almost entirely offset the effect of the rate reductions. Rapid economic growth, unlike government spending programs, proved to be the most effective way to reduce unemployment and poverty, and create opportunity for the disadvantaged.

The Daily Signal describes the effects of the Bush tax cuts.

Excerpt:

President Bush signed the first wave of tax cuts in 2001, cutting rates and providing tax relief for families by, for example, doubling of the child tax credit to $1,000.

At Congress’ insistence, the tax relief was initially phased in over many years, so the economy continued to lose jobs. In 2003, realizing its error, Congress made the earlier tax relief effective immediately. Congress also lowered tax rates on capital gains and dividends to encourage business investment, which had been lagging.

It was the then that the economy turned around. Within months of enactment, job growth shot up, eventually creating 8.1 million jobs through 2007. Tax revenues also increased after the Bush tax cuts, due to economic growth.

In 2003, capital gains tax rates were reduced. Rather than expand by 36% as the Congressional Budget Office projected before the tax cut, capital gains revenues more than doubled to $103 billion.

The CBO incorrectly calculated that the post-March 2003 tax cuts would lower 2006 revenues by $75 billion. Revenues for 2006 came in $47 billion above the pre-tax cut baseline.

Here’s what else happened after the 2003 tax cuts lowered the rates on income, capital gains and dividend taxes:

  • GDP grew at an annual rate of just 1.7% in the six quarters before the 2003 tax cuts. In the six quarters following the tax cuts, the growth rate was 4.1%.
  • The S&P 500 dropped 18% in the six quarters before the 2003 tax cuts but increased by 32% over the next six quarters.
  • The economy lost 267,000 jobs in the six quarters before the 2003 tax cuts. In the next six quarters, it added 307,000 jobs, followed by 5 million jobs in the next seven quarters.

The timing of the lower tax rates coincides almost exactly with the stark acceleration in the economy. Nor was this experience unique. The famous Clinton economic boom began when Congress passed legislation cutting spending and cutting the capital gains tax rate.

So in the past, the trickle-down supply-side tax cuts that Hillary Clinton derided in her speech created lots of jobs. We have to do what is known to work.

Filed under: News, , , , , , , , , ,

Top 5 myths that old feminists pass on to young women

Christina Hoff Sommers writing in the ultra-leftist Time magazine of all places.

The list:

  1. MYTH 1: Women are half the world’s population, working two-thirds of the world’s working hours, receiving 10% of the world’s income, owning less than 1% of the world’s property.
  2. MYTH 2: Between 100,000 and 300,000 girls are pressed into sexual slavery each year in the United States.
  3. MYTH 3: In the United States, 22%–35% of women who visit hospital emergency rooms do so because of domestic violence.
  4. MYTH 4: One in five in college women will be sexually assaulted.
  5. MYTH 5: Women earn 77 cents for every dollar a man earns—for doing the same work.

I’m posting 4 and 5 below, since they were mentioned in the video above (that’s not Christina Hoff Sommers):

MYTH 4: One in five in college women will be sexually assaulted.

FACTS: This incendiary figure is everywhere in the media today. Journalists, senators and even President Obama cite it routinely. Can it be true that the American college campus is one of the most dangerous places on earth for women?

The one-in-five figure is based on the Campus Sexual Assault Study, commissioned by the National Institute of Justice and conducted from 2005 to 2007. Two prominent criminologists, Northeastern University’s James Alan Fox and Mount Holyoke College’s Richard Moran, have noted its weaknesses:

“The estimated 19% sexual assault rate among college women is based on a survey at two large four-year universities, which might not accurately reflect our nation’s colleges overall. In addition, the survey had a large non-response rate, with the clear possibility that those who had been victimized were more apt to have completed the questionnaire, resulting in an inflated prevalence figure.”

Fox and Moran also point out that the study used an overly broad definition of sexual assault. Respondents were counted as sexual assault victims if they had been subject to “attempted forced kissing” or engaged in intimate encounters while intoxicated.

Defenders of the one-in-five figure will reply that the finding has been replicated by other studies. But these studies suffer from some or all of the same flaws. Campus sexual assault is a serious problem and will not be solved by statistical hijinks.

MYTH 5: Women earn 77 cents for every dollar a man earns—for doing the same work.

FACTS: No matter how many times this wage gap claim is decisively refuted by economists, it always comes back. The bottom line: the 23-cent gender pay gap is simply the difference between the average earnings of all men and women working full-time. It does not account for differences in occupations, positions, education, job tenure or hours worked per week. When such relevant factors are considered, the wage gap narrows to the point of vanishing.

Wage gap activists say women with identical backgrounds and jobs as men still earn less. But they always fail to take into account critical variables. Activist groups like the National Organization for Women have a fallback position: that women’s education and career choices are not truly free—they are driven by powerful sexist stereotypes. In this view, women’s tendency to retreat from the workplace to raise children or to enter fields like early childhood education and psychology, rather than better paying professions like petroleum engineering, is evidence of continued social coercion. Here is the problem: American women are among the best informed and most self-determining human beings in the world. To say that they are manipulated into their life choices by forces beyond their control is divorced from reality and demeaning, to boot.

Her conclusion:

Why do these reckless claims have so much appeal and staying power? For one thing, there is a lot of statistical illiteracy among journalists, feminist academics and political leaders. There is also an admirable human tendency to be protective of women—stories of female exploitation are readily believed, and vocal skeptics risk appearing indifferent to women’s suffering. Finally, armies of advocates depend on “killer stats” to galvanize their cause. But killer stats obliterate distinctions between more and less serious problems and send scarce resources in the wrong directions. They also promote bigotry. The idea that American men are annually enslaving more than 100,000 girls, sending millions of women to emergency rooms, sustaining a rape culture and cheating women out of their rightful salary creates rancor in true believers and disdain in those who would otherwise be sympathetic allies.

But if young women learn this for four years in college, what hope is there for any kind of trust and vulnerability with men? What hope is there for marriage? They are always going to be trying to find meaning in life on their own, apart from any kind of loving partnership with a man. And the more hooking up and cohabitating they do, the less they are going to value marriage and take practical steps towards it. That is the real problem – the wasting of time and the lack of seriousness, as if getting married can be left to age 35 with no preparation and no planning. As if careers and missionary work and traveling can fill the same hole that a family fills. Yet if no one tells these young women and pushes them to be sensible and discerning, they will mess up the most important decision of their lives.

This might be a good article to share and bookmark.

Filed under: Commentary, , , , , , , , , , , , , , , ,

New York Times reporter urges “ruthless” elimination of dissent from gay agenda

National Review talks about a very striking tweet from a leftist New York Times reporter. (This is why I call them “leftist”)

Excerpt:

Last night, New York Times reporter Josh Barro tweeted out a disturbing message: “Anti-LGBT attitudes are terrible for people in all sorts of communities. They linger and oppress, and we need to stamp them out, ruthlessly.”

This is rather shocking. Barro is no angry blogger writing manifestos in his basement. He is a respected reporter from a prestigious newspaper that prides itself on equanimity in the face of heated debate. Yet he seems, by any reasonable measure, to be fomenting a campaign to rout out all dissenters from the sexual revolution.

[...]Barro’s sexual fundamentalism wants any dissent marginalized and he’s not reluctant to admit that. This attitude, which is emblematic of the increasing intolerance in many sectors of culture towards those with traditional beliefs about sexuality, penalizes citizens for their beliefs. What we see playing out, once more, is that for liberalism to take root, it must take root by authoritarian impulse where the lies of the sexual revolution, to be cemented, must be enforced through acts of social and legal coercion.

And the National Review article reminds us of the last attempt to “ruthlessly” “stamp out” traditional views on gay marriage, by convicted domestic terrorist Floyd Lee Corkins:

Consider the real-world actions against the Family Research Council (FRC), when a shooter in 2012 broke into its building with the intent of murdering staffers. How did this come about? The Southern Poverty Law Center (SPLC) labeled FRC a “hate group.” The shooter, who wounded and would have killed a brave security guard, confessed that he was influenced by the materials posted on the SPLC’s website. Similarly, Barro’s words give license to those who would seek to disparage people with traditional beliefs about sexuality. Even if Barro doesn’t actually want violence to occur, his rhetoric could help incite it.

This is why I have an alias. Because when are dealing with people who celebrate sin, anything is possible. An alias won’t protect you forever, but it’s essential if you intend to disagree with fascists like Josh Barro.

I think people should be very careful about letting their real views out to people on the secular left. There is no morality there to stop them from doing anything. When God is dismissed from a person’s worldview, anything is possible. Anything. If you took a poll among Democrats asking whether people should be fired from their jobs for believing in traditional marriage, like Brendan Eich, I have no doubt that they would affirm that he should be. This is the mainstream view now, and as you can see, people on the left are rapidly approaching the view of the anti-FRC domestic terrorist. Stamp them out ruthlessly. And with no awareness of what he’s really said, because that’s what’s really in his heart.

Filed under: News, , , , , , , , , ,

New study: college freshmen reading lists contain no conservative books

Lots of leftist books, though. Here’s the post about the study from The College Fix.

Excerpt:

Young America’s Foundation has surveyed the required reading programs for incoming college freshmen nationwide and found that, over the past three years, none of the colleges have assigned a conservative-leaning book.

None of them.

Young America’s Foundation surveyed the top 50 schools as noted by Forbes, and “found that many of the ‘required’ books only offered left-wing perspectives on topics such as race, feminism, socialism, inequality, and wealth redistribution.”

[...]“Young America’s Foundation believes young people should be exposed to a true liberal education-one that includes both liberal and conservative ideas, but there appears to be no balance in these readings that are required by colleges and universities,” YAF states. “From the moment students enroll in college through graduation day, they are exposed to liberal themes-and few, if any, will read a conservative book or heard from a conservative professor.”

That’s not all, check this out from National Review.

Excerpt:

Although it has barely registered yet in our public debates, the teaching of American history in our high schools has just been seized in what a few sharp-eyed critics rightly call a “curricular coup.” The College Board, the private company that creates the SAT test and the various Advance Placement tests, has issued a new set of guidelines that is about to turn the teaching of American history into exactly the sort of grievance-based pedagogy that D’Souza decries in his film.

Leftist academics have finally figured out a way to circumvent state and local control over America’s schools and effectively impose progressive political indoctrination on the entire country. Once the AP U.S. History test demands blame-America-first answers, public and private schools alike will be forced to construct an American history curriculum that “teaches to the test.”

Up until the last few months, the College Board has provided high school teachers with only a brief topical outline for the AP U.S. History test. The brevity of this outline has permitted states, school districts, and teachers across the country to approach American history in their own way.  Now, however, the College Board has created a lengthy and detailed “framework” for their AP U.S. History test.  That framework effectively forces teachers to adopt an ideologically left-leaning approach to American history, heavily emphasizing our country’s failings while giving short shrift to our founding principles.

If you’re going to send your kids to college, try to keep them in a STEM field. If not STEM, then trade school. Non-STEM programs are just swimming in left-wing propaganda. You don’t went to go 30K into debt just to pay for brainwashing by narrow-minded academics.

Filed under: News, , , , , , ,

Dennis Prager: why the left doesn’t care about bad economic news

This was posted last night on Investors Business Daily.

Excerpt:

Almost everywhere the left is in control — in California, for example — the economic news is awful. But this has no effect on the ruling Democrats, the Los Angeles Times editorial page, New York Times economics columnist Paul Krugman or others on the left.

There is one overriding philosophical reason and one political reason for this.

He lists a number of the economic problems in California – a state that is controlled top to bottom by Democrats.

Why doesn’t it bother Democrats that economies decline when they are in control?

He writes:

Why do these state-crushing economic statistics — nearly every one of which is the result of left-wing policies — have no effect on California’s Democrats, the Los Angeles Times editorial page, New York Times economics columnist Paul Krugman or almost anyone else on the left?

The answer is that they don’t care.

Yes, of course, as individuals with a heart, most people, right and left, care about people losing their jobs.

But in terms of what matters to the left and the policies they pursue, they don’t care. The left and the political party it controls do not care if their policies force companies to leave the state (or the country).

They don’t care about the coming high inflation caused by quantitative easing (printing money) — Krugman calls it the inflation obsession — or the job-depressing effects of high taxes or energy prices that hurt the middle class or compelling businesses to leave.

They don’t care because the left is not interested in prosperity; the left is interested in inequality and in the environment.

Furthermore, the worse the economic situation, the more voters are likely to vote Democrat. The worse the economic situation, the greater the number of people receiving government assistance; the greater the number of people receiving government assistance, the greater the number of people who will vote Democrat.

Therefore, both philosophically and politically, the left has no reason to be troubled by bad economic news. And it isn’t. It is troubled by inequality and carbon emissions.

He could have done the same analysis in Detroit, where Democrats govern unopposed by Republicans, and have for years.

The main problem of the left is “inequality”. If they put in place policies that make everyone earn minimum wage, regardless of what they do, that would be a great victory for them. If the price of prosperity is “economic inequality”, then so much the worse for prosperity. If you tax people who produce more value than a minimum wage worker so that they make the same as a minimum wage worker, you can forget about the kinds of businesses that produce cars, computers and appliances. People invent these things and start businesses in order to make a profit. That’s why they spend their savings and take the risk to start a business. But if everything they earn is taxed away, then we will have to do without new products and services. This is understood in the private sector, but not by the government, nor by the low-information voters who vote for bigger government.

We have to stop allowing the Left to pain themselves as saints because they talk about the poor. What they don’t like about the poor is the rich. If everyone were poor, they wouldn’t talk about the poor – because everyone would be equal. That’s their goal.

Filed under: Commentary, , , , , , , , ,

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