|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.|
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
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
At first, we thought [the power of the West] was because you had more powerful guns than we had. Then we thought it was because you had the best political system. Next we focused on your economic system. But in the past twenty years, we have realized that the heart of your culture is your religion: Christianity.
David Aikman, Jesus in Beijing
[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
Civil Societya complex welter of intermediate institutions, including businesses, voluntary associations, educational institutions, clubs, unions, media, charities, and churchesbuilds, in turn, on the family, the primary instrument by which people are socialized into their culture and given the skills that allow them to live in broader society and through which the values and knowledge of that society are transmitted across the generations.
Francis Fukuyama, Trust
In England there were always two sharply opposed middle classes, the academic middle class and the commercial middle class. In the nineteenth century, the academic middle class won the battle for power and status... Then came the triumph of Margaret Thatcher... The academics lost their power and prestige and... have been gloomy ever since.
Freeman Dyson, The Scientist as Rebel
Conservatism is the philosophy of society. Its ethic is fraternity and its characteristic is authority the non-coercive social persuasion which operates in a family or a community. It says we should....
Danny Kruger, On Fraternity
What distinguishes true Conservatism from the rest, and from the Blair project, is the belief in more personal freedom and more market freedom, along with less state intervention... The true Third Way is the Holy Grail of Tory politics today - compassion and community without compulsion.
Minette Marrin, The Daily Telegraph
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
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
There was nothing new about the Frankish drive to the east... [let] us recall that the continuance of their rule depended upon regular, successful, predatory warfare.
Richard Fletcher, The Barbarian Conversion
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