Survey Says: Obama Worst President Since WWII

king-obama

While the king has certainly not been dethroned by the recent Quinnipiac University survey revealing he’s reviled as the worst president since WWII, no doubt he has suffered a blow to his overinflated ego. If only we could inflate it so far as to make the man burst like a balloon and reduce his cumbersome ideology to finely torn shreds of rubber on the White House lawn. Continue reading

Where Market Equilibrium and Coed Prostitution Meet

Seeking-Arrangement

I stumbled upon this interesting article today, ironically just one week after writing about the sexual marketplace:  Sugar daddy website has coeds justifying prostitution. Apparently young beautiful (and female) coeds at big expensive colleges can paste their biographical information up on a web site and offer their company — and presumably other services — in exchange for cold, hard cash. Continue reading

Incentives, Marriage, and Economics

marriage-supply-demand

America’s marriage rate has been on the decline for the past 50 years, leading esteemed sociologists, politicians, and economists to start evaluating the marketplace of marriage to determine the root cause behind our society’s sudden lapse into matrimonial apathy. Even the brains behind my favorite podcast, Freakonomics, have devoted their past two episodes to a discussion on why anybody should marry. Continue reading

Migration Habits of Parasitic Liberals

denver

Demographer William Frey of the Brookings Institution has analyzed Census Bureau data to determine the metropolitan areas with the most and least growth. The results will not shock those with their feet planted firmly in reality, but will garner only finger-pointing and blame-gaming from the slack-jawed liberal masses.

See if you can spot the trend: Continue reading

The Parable of Scott’s Tots

scott-tots

Awkward moments of pregnant silence, social clumsiness, and outrageous blundering comments uttered by Michael Scott will forever be hailed as the most hilarious moments of early 21st century television.  Some say that the series became a little too outrageous around the sixth season, and they may be right, but the show has bits of insightful social commentary if you dig deep enough. Continue reading

A Rolling Stone Rebuttal

jesse-myerson

“Coffee is a basic right. Everybody should have free coffee.” – Jesse Myerson

Rolling Stone recently published an article titled Five Economic Reforms Millennials Should Be Fighting For that would be laughable if it weren’t trying to be so serious.  My favorite Facebook page, Being Classically Liberal (if you haven’t checked them out yet, you should), half-jokingly posted the article with the caption “Not the Onion” because the ideas in it are so outrageous it’s difficult to discern whether the author doped up on some of that Colorado weed before taking to his keyboard or it’s just a cleverly subdued satire piece. Continue reading

Your complaints are (magically) ruining the economy

A recent Yahoo! “Finance” article written by Rick Newman states that if you’re complaining about the economy, you’re wrecking the economy.  Consider this little gem:

It’s easy to disregard what’s going right and highlight nothing but the challenges we face—which seems to be a lot of people’s preference. But gloom itself may now be a bigger economic problem than any of the traditional ones. There’s no bellyacher index I’m aware of, but if you read between the lines, there does seem to be growing evidence that we believe things are worse than they are—and maybe even want to believe that.

Continue reading

Obama’s Minimum Wage – A Lesson in How to Create Unemployment

"Nobody who works full-time in America should have to live in poverty. I'm going to keep on making the case and fighting for the fact that we need to raise our minimum wage, because right now it's in lower terms than it was when Ronald Reagan took office."

“Nobody who works full-time in America should have to live in poverty. I’m going to keep on making the case and fighting for the fact that we need to raise our minimum wage, because right now it’s in lower terms than it was when Ronald Reagan took office.”

Now that the media has once again successfully diverted national attention away from their messiah’s ever-growing list of “phony” scandals (including Benghazi, IRS, NSA, AP, and Fast & Furious — many of which are clear-cut signs of the oncoming police state that the ever-growing number of zombies in our nation fail to recognize), he has turned his sights to gun grabbing and the minimum wage (read his typical sycophantic remarks here).

Of course, his attempt to hike the minimum wage is merely another attempt to divert the national discussion, so I’ll be brief in debunking his theories that are once again heavy in ideology but light in facts. Continue reading

Obamacare – An Exercise in Unintended Consequences

jimmy-hoffa

“We have been strong supporters of the notion that all Americans should have access to quality, affordable health care. Now this vision has come back to haunt us.” – James Hoffa

I can’t help but smile in schadenfreudian pleasure as I disseminate the utterly shocking news that the very people who supported Obamacare are now deriding its pervasive regulations that incentivize businesses to mistreat the very employees it was meant to protect.  Consider the following:

  • Insurance plan costs will skyrocket
  • Employers have openly cut workers’ hours to avoid the mandate
  • Employees will find it increasingly difficult to keep their own plans (despite a strict promise otherwise)
  • Workers with employer-sponsored (or unionized) health coverage will not qualify for Obamacare subsidies

And we can’t forget that the bureaucracy that operates the DMV will now be managing our health care.  The fourth point is especially stinging to bloated union reps like James Hoffa, who are beginning to realize that the “Affordable Care Act” ultimately sterilizes the supposed effectiveness of unions (and isn’t so “affordable” after all).

The sheer ignorance is astounding, but not surprising — nor is it surprising that these same union leaders are now calling on Obama to “fix it”.  They have failed to come to the conclusion that the saner side of the populace came to back in 2009:  The ACA is Obama’s fix.  And we’re stuck with it now, including the unions who so viciously fought for its passage.

I have only one thing to say to these ignoramuses:  You’ve made your bed, now sleep in it.

And maybe we should consider the consequences of supporting bills based on their title rather than their content.

Read more:  Labor Unions: Obamacare Will ‘Shatter’ Our Health Benefits, Cause ‘Nightmare Scenarios’

An economic-beer analogy

I thought I would share this excellent analogy with my readers:

Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:

The first four men (the poorest) would pay nothing.

The fifth would pay $1.

The sixth would pay $3.

The seventh would pay $7.

The eighth would pay $12.

The ninth would pay $18.

The tenth man (the richest) would pay $59.

So, that’s what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. “Since you are all such good customers”, he said, “I’m going to reduce the cost of your daily beer by $20”. Drinks for the ten now cost just $80.

The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men – the paying customers? How could they divide the $20 windfall so that everyone would get his “fair share?”

They realized that $20 divided by six is $3.33. But if they subtracted that from everybody’s share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man’s bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

And so:

The fifth man, like the first four, now paid nothing (100% savings).

The sixth now paid $2 instead of $3 (33%savings).

The seventh now paid $5 instead of $7 (28%savings).

The eighth now paid $9 instead of $12 (25% savings).

The ninth now paid $14 instead of $18 (22% savings).

The tenth now paid $49 instead of $59 (16% savings).

Each of the six was better off than before. And the first four continued to drink for free. But once outside the restaurant, the men began to compare their savings. “I only got a dollar out of the $20,” declared the sixth man. He pointed to the tenth man, “but he got $10!” “Yeah, that’s right,” exclaimed the fifth man. “I only saved a dollar, too. It’s unfair that he got ten times more than I!”

“That’s true!” shouted the seventh man. “Why should he get $10 back when I got only two? The wealthy get all the breaks!”

“Wait a minute,” yelled the first four men in unison. “We didn’t get anything at all. The system exploits the poor!” The nine men surrounded the tenth and beat him up.

The next night the tenth man didn’t show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn’t have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.

Written by David R. Kamerschen, Ph.D., Professor of Economics, University of Georgia.