The Declaration and Constitution

Dr. Larry Arnn, President of Hillsdale College discusses the Declaration of Independence and the Constitution with Peter Robinson of the Hoover Institution.  Dr. Arnn offers incredible insight into the history of our founding documents.  Watch the video here, or read the transcript at the link below.

http://www.hillsdale.edu/hctools/ImprimisTool/archives/2011_12_Imprimis.pdf

Reaganomics Revisited

In a speech delivered to Hillsdale College in October 2011, former US Senator Phil Gramm presents a retrospective on Reaganomics.  Senator Gramm discusses the challenges Reagan faced and compares and contrasts those challenges with those of the current economy.  During his time in the Senate, Gramm was cosponsor of many bills aimed at cutting spending and balancing the budget.  Prior to his government service, Senator Gramm taught economics at Texas A&M University.

http://www.hillsdale.edu/hctools/ImprimisTool/archives/2011_11_Imprimis.pdf

Internet Access for the "Poor"

In a move to provide low cost high speed internet access to lower income households, a partnership between the FCC, cable companies and a computer recycler looks promising.  Could this also be the beginning of more competitive cable rates for the rest of American households?  Could there be any unintended consequences associated with this program?  Read about it here, then post your comments.

http://www.businessweek.com/magazine/providing-internet-access-to-the-poor-11172011.html?chan=magazine+technology+channel_news+-+politics+%26amp%3b+policy

Is Bill Gates a Monopolist?

Bill Gates is scheduled to testify today in US District Court in Salt Lake City in a trial against former rival Novell.  The case goes all the way back to Microsoft's introduction of Windows 95.
KSL ran this story yesterday.

http://www.ksl.com/?nid=960&sid=18161469

National Debt Hits $15 Trillion

Wednesday the US national debt soared above the $15 trillion mark with no end in sight.  Can the supercommittee make the necessary spending cuts before next Wednesday's deadline?  It's looking more and more uncertain.

http://www.businessweek.com/news/2011-11-17/debt-supercommittee-members-dig-in-with-deadline-a-week-away.html

http://usdebtclock.org/

Does This Describe You?

KSL TV is running a series on the challenges facing recent college graduates in the current economy.  Although Utah's economy is generally better than the national economy, jobs for new grads in their area of study are relatively scarce.  Read about it here.

http://www.ksl.com/?nid=148&sid=18106186&title=economic-downturn-putting-college-grads-plans-on-hold

Supreme Court to Hear Healthcare Case

The Supreme Court will review the Affordable Care Act (Obamacare), most likely next summer prior to the presidential election in the fall.  Here are the details from Forbes Magazine.

http://www.forbes.com/sites/danielfisher/2011/11/14/supreme-court-takes-on-obamacare-challenge/

Disincentives…Another Update

Disincentives…Another Update

Economic History Blog: Dorothy, the Wizard and the "Silver" Slippers

Economic History Blog: Dorothy, the Wizard and the "Silver" Slippers: Okay, so Hollywood takes a little license in it's productions--nothing new there. As we discussed in class, the slippers were silver in the...

US in Second Place?

Charles Kenny, writing for Business Week Magazine suggests that China's GDP "catch-up" growth in recent years is not necessarily all bad news for the United States. 

http://www.businessweek.com/magazine/china-vs-the-us-the-case-for-second-place-10132011.html?chan=magazine+channel_opening+remarks

More Washington Control over the Fed?

In Forbes Magazine's Current Events section, economic historian Amity Schlaes discusses Congressman Barney Frank's attempt to include all regional Fed presidents as Washington appointments.  Currently they are chosen independently by their regional bank boards.  Do we need more Washington oversight, or is this just another power grab by Frank?

http://www.forbes.com/forbes/2011/1024/opinions-amity-shlaes-current-events-policy-financial.html

Well Worth Reading!

Too often in economics we focus on the negative, or what's wrong with our economy.  In his latest issue of The Tea Leaf, local economist Jeff Thredgold presents his semi-annual "Happy Talk", the good news we sometimes ignore.

http://www.thredgold.com/tealeaf/111004.pdf

Is Wall Street to Blame?

Protesters descend on Wall Street claiming "corporate fat cats"  responsible for bad economy.  See this article from the Associated Press.
Do you agree, and is the the proper forum for protest?

http://xfinity.comcast.net/articles/news-national/20111001/US.Wall.Street.Protest/?cid=hero_media

Proud to be an American!

No folks, it wasn't Photoshopped!

New Patent Law

President Obama signed a new patent bill into law today.  Will it improve the process and spur economic growth?  Here are two articles, one from USA Today regarding signing of the bill, the other from Entrepreneur Magazine regarding how to navigate the new law.  Does the new law unfairly favor large companies over individuals and small businesses?

http://content.usatoday.com/communities/theoval/post/2011/09/obama-signs-patent-law-sells-jobs-bill/1?csp=34news

http://www.entrepreneur.com/article/220301

Jobs, Tax Reform, or More of the Same?

President Obama unveiled his plan for creating jobs following his speech to Congress last week.  Will it create jobs, or is it more stimulus spending to pay for another government program?  Read the article from the Wall Street Journal and you decide.

Obama Jobs Bill

Economic Humor

Some cartoons to lighten your mood.

Crisis of the European Union

Vaclav Klaus, President of the Czech Republic, who also has a PhD in economics, has an interesting and straightforward take on the economic crisis that is impacting the European Union.  This article is from a speech given in Berlin, Germany in June of this year.

Klaus: European Crisis

The Limits of Government

Ambassador Terry Miller, writing for the Heritage Foundation's Index of Economic Freedom has some interesting insights on the role of government in stimulating economic growth.  What are the policies that best promote economic growth, and what is your take on this issue?  Read the article here.

The Limits of Government

http://heritage.org/index

Students Descend on Federal Reserve--Leave with Money

Twenty-six students and guests met at the Federal Reserve Bank in Salt Lake City today, and all left with an undisclosed amount of money.  However, there was not a "shred" of evidence that anything illegal took place.  If you missed it, you missed out!

Maybe next time!

Greek Tragedy?

In the latest issue of Forbes Magazine, Editor-in-Chief Steve Forbes recounts his recent experience in Greece at a business summit arranged to help Greece rebuild its economy.
Are they listening?  Read the article to find out.

For Whom the Greek Bell Tolls

Would Killing the Minimum Wage Help Create Jobs?

According to this article from Bloomberg Businessweek, Congresswoman Michele Bachmann believes it will.  Read the article and see if you agree.

Killing the Minimum Wage

Will Congress Ever Fix the Debt Problem?

Misery Index Hits 28 Year High

The "Misery Index" which measures the combined impact of inflation and unemployment hit a 28 year high in May.  Read about it here.

May 2011 Misery Index

Bill Gross: Debt Worse than Greece

Noted bond investor Bill Gross says US debt is far worse than that of Greece.

Gross on debt

Bernanke: " Stop Holding Debt Ceiling Hostage"

Fed Chairman Ben Bernanke urges Congress to stop holding the debt ceiling hostage.  Here is an article from Yahoo Finance.  What do you think?

Bernanke Debt Ceiling

Greek Debt Downgrade

The national debt for Greece has just been downgraded from B to CCC, one step away from default.  How does this affect Europe's economy, and is this the track the United States is currently on?  Read these articles from the Wall Street Journal and judge for yourself.

Greek Debt Downgrade

Dangers of Default

End of Semester Humor

Here's a little end of semester economic humor.  Hope it puts a smile on your face!

A Real Yawner?

Vice President Joe Biden appears asleep (as do the people around him) for a full 30 seconds during President Obama's speech on the debt and deficit. Watch the video here.

http://www.knrs.com/cc-common/news/sections/newsarticle.html?feed=104768&article=8431334

The President's Deficit Reduction Proposal

Here is a link to the transcript of President Obama's speech on deficit reduction.  The link is directly from the White House website and includes video of the speech as well.  With a proposed $1 trillion in tax increases (all you wealthy students hang on to your wallets!), how does this compare with Congressman Ryan's proposal?  Compare, contrast and draw your own conclusions.

http://www.whitehouse.gov/the-press-office/2011/04/13/remarks-president-fiscal-policy

Path to Prosperity document

Some of you asked for the actual document Congressman Ryan created for his "Path to Prosperity" budget proposal.  Here is a link to the pdf file with the entire document.

http://paulryan.house.gov/UploadedFiles/PathToProsperityFY2012.pdf

Congressman Ryan's "Path to Prosperity"

Congressman Paul Ryan, chairman of the House Budget Committee, submitted a proposal to cut over $6 trillion from the federal budget over the next 10 years and balance the budget.  From the Wall Street Journal, here is his proposal:

http://online.wsj.com/article/SB10001424052748703806304576242612172357504.html

Is Utah Back on the Gold Standard?

Here's an interesting article submitted by a student from one of my economic history classes regarding a recent bill passed in the Utah State Legislature, re-establishing gold and silver as legal tender in the state.

http://www.thenewamerican.com/economy/markets-mainmenu-45/6894-gold-silver-now-legal-tender-in-utah

Is South Carolina Seceding from the Union Again?

The South Carolina state legislature is debating a bill that would allow continued production of incandescent light bulbs in spite of the federal law which phases them out beginning next year.  Here is the article from The Daily Breeze.

http://www.dailybreeze.com/latestnews/ci_17720269

My only question is, will the TSA confiscate these bulbs when discovered in my luggage leaving South Carolina?  :)

$$$ Students Get Access to Millions at the Fed $$$

So, what did you do on Spring Break?  Forty-eight SLCC students took the opportunity to view millions of dollars (and even take some of it home) during their break.  When tour guide Ruth Aniceto commented on their dedication for coming during spring break, one student exclaimed, "no, it's extra credit!"  Students were encouraged to take "a sample of genuine...U.S. currency" home with them, and all readily accepted.  Their instructor even took a few extra samples--gotta keep the wife happy!
You had to go to get the dough, but ask any student who participated, and they will tell you there is hardly a "shred" of evidence that the Fed is missing any of the money.
A truly unforgettable event--ahh, the smell of money!

The Broken Window Fallacy

We discussed the Broken Window Fallacy Friday as it relates to the disaster in Japan.  Here is a blog posting from Forbes Magazine with additional examples.  Enjoy!

http://blogs.forbes.com/artcarden/2011/03/12/walking-on-broken-glass/

Fiscal Stimulus

This article was written about a year and a half ago, but is still relevant to understanding fiscal stimulus and the multiplier effect that results.  Harvard professor and macroeconomist Robert Barro presents his view.

http://online.wsj.com/article/SB10001424052748704471504574440723298786310.html

Utah Immigration Reform

A group of Utah economists wrote a letter to the state legislature this week outlining their reasons for taking a careful, balanced approach to immigration reform.  Do you agree or disagree with their point of view?  The entire letter including statistical sources cited is at the link below.

http://media.bonnint.net/slc/2490/249018/24901859.pdf

Japanese Debt Downgraded

Curtis Miller, a student in one of my ECON 1010 classes sent me this article from BBC News regarding Japan's government debt rating.  Could we be headed in the same direction?  Read and decide for yourself.

http://www.bbc.co.uk/news/business-12533405

Food for Thought

Here's an interesting take on the traditional economic tradeoff of "guns or butter".  Brian Kennedy, President of the Claremont Institute spoke last month at Hillsdale College's Kirby Center for Constitutional Studies and Citizenship in Washington, D.C.  In the speech, Mr. Kennedy takes on radical Islam, China and Russia as current threats to our American way of life.

http://www.hillsdale.edu/images/userImages/mvanderwei/Page_6907/Imprimis_Jan11.pdf

Karl Rove on the Budget 2012

This is an opinion piece in today's Wall Street Journal by Karl Rove, former aide to George W. Bush.  You may find it helpful in contrasting what you are hearing in other media regarding President Obama's 2012 budget.

http://online.wsj.com/article/SB10001424052748703373404576148334016891372.html?mod=WSJ_Opinion_LEADTop

The Budget, Real Reform or More of the Same?

President Obama just released his proposed budget for fiscal year 2012.  Is he serious about cutting spending, or is this just more spending disguised as "investment"?  Here is an article from the Wall Street Journal.  Read it and come to your own conclusions.

http://online.wsj.com/article/SB10001424052748704081604576144724223994258.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsSecond

GM Employee Bonuses--Too Much, Too Soon?

GM has appproved bonuses to 45,000 hourly workers of $4,000 each.  This article discusses the details.  Is this a wise decision right now considering the extensive bailout given by the taxpayers?  You read and decide.

http://www.comcast.net/articles/finance/20110214/US.General.Motors.Bonuses/

New Job Numbers

Even though unemployment dropped last week to 9.0%, Dilbert (or his pointy-haired boss) puts it in perspective.

Judge Declares Healthcare Law Unconstitutional

A federal judge in Florida hears the case filed by 26 states against the Healthcare law and declares it unconstitutional.  It looks like it is bound for the Supreme Court.
Read about it here:

http://blogs.forbes.com/davidwhelan/2011/01/31/breaking-news-florida-judge-rules-against-obamacare-individual-mandate-unconstitutional/

State of the Union Transcript

Here is the transcript of President Obama's 2011 State of the Union Address.  Did the President adequately address issues of jobs, the economy or reduction in federal spending?  You be the judge.

http://www.npr.org/2011/01/25/133224933/transcript-obamas-state-of-union-address?ps=cprs

Walter E. Williams and Economics for the Citizen

Walter E. Williams, Professor of Economics at George Mason University, wrote a ten-part series called "Economics for the Citizen".  These are all basic, common sense economic concepts that most people could benefit from reading.  Here is the series in its entirety:

http://econfaculty.gmu.edu/wew/misc/EconomicsForTheCitizen.pdf

Donald Trump and China

Donald Trump says it is impossible to compete with China.  Do you agree?  See what "the Donald" has to say about it.

http://www.moneynews.com/StreetTalk/TrumpIt-s%27Impossible-forUStoCompeteWithChina/2011/01/20/id/383361?s=al&promo_code=B81E-1

WSJ Surveys Economists on 2011 Outlook

Here is the Wall Street Journal's annual survey of economists regarding their outlook for the economy in 2011.

http://online.wsj.com/article/SB10001424052748704307404576079870784741108.html?mod=WSJ_hp_LEFTWhatsNewsCollection