Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt...
"High wages and high prices in an economic slump run contrary to everything we know about market forces in economic downturns," Ohanian said. "As we've seen in the past several years, salaries and prices fall when unemployment is high. By artificially inflating both, the New Deal policies short-circuited the market's self-correcting forces."
United Nations Climate Chief Christiana Figueres explained her job this way: “It is the most inspiring job in the world because what we are doing here is we are inspiring government, private sector, and civil society to [make] the biggest transformation that they have ever undertaken. The Industrial Revolution was also a transformation, but it wasn't a guided transformation from a centralized policy perspective. This is a centralized transformation that is taking place because governments have decided that they need to listen to science. So it's a very, very different transformation and one that is going to make the life of everyone on the planet very different.”
The most dysfunctional aspects of the American economy are those in which the government actually operates enterprises (public schools, VA hospitals, housing projects, etc.) or in which its financial role is so pervasive that it is effectively a business manager (Medicaid). Government-run schools in Philadelphia fail for the same reason as government-run groceries in Caracas: Central planning is an impossibility. -Kevin D Williamson
Liberal, Government, Incompetence, Financial, Oops
Other escalators are often on the fritz. Metro's designers didn't put canopies over all of the escalators but left them out in the open. It turns out that it rains and even snows sometimes in Washington, and that water corrodes the metal escalator.