|Is Bush Exhausted or Just Resting?||Saudi Jihadists Take Down Conservative Blogs|
by Christopher Chantrill
April 28, 2006 at 11:32 am
WITH THE DEPARTMENT of Commerce expected to announce a 5.0 percent annual growth rate for the first quarter the New York Times was worried this morning. Wrote David Leonardt and Vikas Bajaj
Gas prices are rising, as are mortgage rates. House prices in many once-hot markets have started slipping. The American automobile industry shows no sign of recovery. And the paychecks of most workers have not even kept up with inflation over the last four years.
Yet the national economy continues to speed ahead.
What on earth is going on? Well, it turned out that the Commerce Department reported a mere 4.8 percent annual growth in the first quarter of 2006, 0.2 percent less than the forecast. No doubt the shortfall was President Bushs fault. You can understand the New York Times disappointment. Anyway, the rich are doing well.
Spending by upper-income families appears to be driving much of the economy's growth. The average hourly wage for rank-and-file workers — who make up roughly 80 percent of the work force — has fallen by 5 cents in the last four years, to $16.49, after inflation is taken into account. Yet most well-paid workers have continued to receive raises.
Youd expect Larry Kudlow to look on the bright side, and he does.
Todays economy may be the greatest story never told. Its an American boom, spurred by lower tax rates, huge profits, big productivity, plentiful jobs, and an ongoing free-market capitalist resiliency. Its also a global boom, marked by a spread of free-market capitalism like weve never seen before.
So lets pull out all the stops.
Recent data on production, retail sales, and employment are stronger than expected. The latest durable-goods report shows huge gains in orders for big-ticket items like airplanes, transportation, metals, machinery, and computers — even cars and parts. These orders suggest that the economic boom will continue as far as the eye can see... Just what the doctor ordered.
Will angst about gas prices cost Republicans in the Fall? Who knows? But at least the mess over ethanol shortages should force the government to make some sensible decisions about energy. And maybe we could even dip a drilling bit into the sacred groves of ANWR.
Let free markets work. This is the new worldwide message of freedom, prosperity, and optimism. That is also the message from Larry Kudlow. New York Times please copy.|
When we began first to preach these things, the people appeared as awakened from the sleep of agesthey seemed to see for the first time that they were responsible beings, and that a refusal to use the means appointed was a damning sin.
Finke, Stark, The Churching of America, 1776-1990
In 1911... at least nine million of the 12 million covered by national insurance were already members of voluntary sick pay schemes. A similar proportion were also eligible for medical care.
Green, Reinventing Civil Society
We have met with families in which for weeks together, not an article of sustenance but potatoes had been used; yet for every child the hard-earned sum was provided to send them to school.
E. G. West, Education and the State
Law being too tenuous to rely upon in [Ulster and the Scottish borderlands], people developed patterns of settling differences by personal fighting and family feuds.
Thomas Sowell, Conquests and Cultures
The primary thing to keep in mind about German and Russian thought since
1800 is that it takes for granted that the Cartesian, Lockean or Humean scientific and
philosophical conception of man and nature... has been shown by indisputable evidence to be
F.S.C. Northrop, The Meeting of East and West
Inquiry does not start unless there is a problem... It is the problem and its
characteristics revealed by analysis which guides one first to the relevant facts and then,
once the relevant facts are known, to the relevant hypotheses.
F.S.C. Northrop, The Logic of the Sciences and the Humanities
But I saw a man yesterday who knows a fellow who had it from a chappie
that said that Urquhart had been dipping himself a bit recklessly off the deep end.
Dorothy L. Sayers, Strong Poison
I mean three systems in one: a predominantly market economy; a polity respectful of the rights of the individual to life, liberty, and the pursuit of happiness; and a system of cultural institutions moved by ideals of liberty and justice for all.
In short, three dynamic and converging systems functioning as one: a democratic polity, an economy based on markets and incentives, and a moral-cultural system which is plural and, in the largest sense, liberal.
Michael Novak, The Spirit of Democratic Capitalism
The incentive that impels a man to act is always some uneasiness...
But to make a man act [he must have]
the expectation that purposeful behavior has the power to remove
or at least to alleviate the felt uneasiness.
Ludwig von Mises, Human Action
[In the] higher Christian churches... they saunter through the liturgy like Mohawks along a string of scaffolding who have long since forgotten their danger. If God were to blast such a service to bits, the congregation would be, I believe, genuinely shocked. But in the low churches you expect it every minute.
Annie Dillard, Holy the Firm
When we received Christ, Phil added, all of a sudden we now had a rule book to go by, and when we had problems the preacher was right there to give us the answers.
James M. Ault, Jr., Spirit and Flesh
The recognition and integration of extralegal property rights [in the Homestead Act] was a key element in the United States becoming the most important market economy and producer of capital in the world.
Hernando de Soto, The Mystery of Capital