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.
After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years...
"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."
This is the endgame of welfare economics: What good is Medicaid if there are no doctors? What good are food stamps where there is no food? What good are “free” schools if you’re so afraid to send your children there that you feel it prudent to arm them first?
Detroit is what Democrats do.
-Kevin D. Williamson
Did you know that Democratic presidential nominee Hillary Clinton and her running mate Tim Kaine wrote a book?... Too bad for Clinton and Kaine, but it seems almost no one wants to read their book of dry policy proposals and life lessons.
After a week on the shelves, the book has sold fewer than 3,000 copies.
Democrat, Liberal, Incompetence, Obama, Financial, Oops, Economy, Jobs
An Obama appointee and the CEO of Pacific Investment told a crowd at the National Press Club that Obama’s economic policies have fostered income inequality and that political squabbling is stalling economic recovery. Mohamed El-Erian, CEO of Pacific Investment and chairman of the White House Global Development Council, blamed the administration’s reaction to the Great Recession for increasing income inequality... El-Erian said the failure of the weak recovery is evident in the youth unemployment rate, which has bounced around from 40 to 25 percent among the most inexperienced workers, as well as the long-term unemployment rate.
Democrat, Character, Degeneracy, Narrative, Oops, AntiAmerican
The dream is gone for Democrats, the American Dream that is. In a new YouGov poll, 53 percent of Democrats say that the American dream is no longer achievable. By comparison, 55 percent of Republicans say the dream is still achievable.
Baltimore mayor Stephanie Rawlings-Blake made a stunning admission Saturday in the aftermath of violent protests over the recent death of Freddie Gray, saying she wanted to give space to those “who wished to destroy.”
Democrat, Character, Degeneracy, Narrative, Oops
In his speech at the @Large Conference in Baton Rouge, Guillory repeatedly referred to the Democrats as 'the party of disappointment." He brought up his growing disgust with Democrats over issues like abortion, Benghazi, and immigration. He accused Democrats of advocating policies that encourage a high teen birthrate, a high unemployment rate, and a high incarceration rate in the black community.
Democrat, Liberal, Government, Incompetence, Narrative, Oops, Waste, Debt
“[S]ince President Obama took office [in January 2009], federal welfare spending has increased by 41 percent, more than $193 billion per year,” the study says. Federal welfare spending in fiscal year 2011 totaled $668 billion, spread out over 126 programs, while the poverty rate that remains high at 15.1 percent, roughly where it was in 1965, when President Johnson declared a federal War on Poverty.
Emphasizing the importance of Millennial voters in upcoming elections, progressive activists spoke to a nearly empty auditorium at the College Democrats of America annual conference on Friday.
Despite offering a full day of activities, speakers like Julian Castro, and campaigning advice from top political operatives, the College Democrats of America were barely able to fill the first couple rows with young attendees. -Mariana Barillas
Democrat, Liberal, Incompetence, Financial, Oops
Jon S. Corzine, the former U.S. senator and New Jersey governor who presided over the collapse of the commodities brokerage MF Global, says he cannot explain what happened to “many hundreds of millions of dollars” that the firm was holding for customers.
Democrat, Liberal, Incompetence, Financial
Besieged broker MF Global is expected to file for bankruptcy today after a frantic effort over the weekend by CEO John Corzine to strike an out-of-bankruptcy appeared to come up came up short, The Post has learned. Corzine is not expected to stay on at MF Global — an embarrassing outcome for a Wall Street titan who led Goldman Sachs before being ousted in 1999.
Democrat, Liberal, Obama, Brilliance, Oops, Economy
“Some time in the next couple of months we’re going to be creating between 250,000 jobs a month and 500,000 jobs a month,” Biden said at a fundraiser today in Pittsburgh. Next month, Biden predicted, the nation’s employers will add between 100,000 to 200,000 jobs to their payrolls.
Democrat, Liberal, Incompetence, Obama, Financial, Energy, Economy, Jobs
A $500 million green jobs program at the Department of Labor has so far provided only 15 percent of current participants with jobs, leading the agency's inspector general to recommend that the bulk of the money be returned to the Treasury.
Not since the disintegration of the Soviet Union in 1991, and prior to that the fall of France in 1940, has there been so swift an erosion of the world influence of a Great Power as we are witnessing with the United States. -Conrad Black
Democrat, Editorial, Incompetence, Financial, Oops
In March 2010, the accounting firm PricewaterhouseCoopers issued a standard but stern warning about Solyndra, a California solar panel manufacturer: The company wasn't making money and never had, which raised "substantial doubt about its ability to continue as a going concern." Yet when President Obama visited Solyndra's plant in Fremont two months later, he gave a rousing pep talk and declared that "the future is here."
There Are Three Kinds of Men
Psst... Liberals - you're third on the list.
Democrat, Liberal, Incompetence, Obama, Economy
WASHINGTON (AP) — The ranks of America's poor swelled to almost 1 in 6 people last year, reaching a new high as long-term unemployment left millions of Americans struggling and out of work. The number of uninsured edged up to 49.9 million, the biggest in more than two decades.
Democrat, Liberal, Government, Incompetence, Obama, Financial, Oops, Education
Chicago's former schools chief has flunked the education foundation headed by Barack Obama and founded by 1960s terrorist Bill Ayers - saying it failed to monitor projects and funded school "reform" groups that campaigned against boosting academic standards. "There was a total lack of accountability. If you went back and asked, you'd be hard-pressed to find out how the money was spent," said Paul Vallas, the city's school superintendent when Obama chaired the Chicago Annenberg Foundation from 1995 to 1999.
Democrat, Incompetence, Oops, War
WASHINGTON — Former President Jimmy Carter felt his efforts to rescue U.S. diplomats held hostage by Iran should have worked but were thwarted by a "strange series of mishaps," and the mission's failure played a major role in his 1980 re-election defeat, the Democrat writes in "White House Diary," a new book assembled from his diary entries.
Yet again, we have an example of Democrats simply not managing the government properly and with discipline. This is just poisonous at a time of skepticism about the efficacy of government. And the President should know this: the absence of scandal is not the presence of competence. His unwillingness to concentrate–and I mean concentrate obsessively–on making sure that government is managed efficiently will be part of his legacy. -Joe Klein
Democrat, Liberal, Incompetence, Funny, Oops
California Sen. Dianne Feinstein had to turn to Google during an interview earlier this week when asked to name her former colleague Hillary Clinton’s accomplishments in the Senate. Feinstein, who met with The San Francisco Chronicle’s editorial board on Tuesday, ultimately said that Clinton was not in the Senate “long enough…to do more.” Clinton was elected to the Senate from New York in 2000. She left in January 2009 to serve as secretary of state.