Automation
replacing service, white collar workers. While nobody wants to lose a job, this is a good thing for people over all. It means people are creating wealth at lower price. That means more productivity and more wealth for everybody.
In another sign that it's 2007 all over again, the jobless rate in Ohio is
lowest since 2008.
Lew Rockwell
praises David Stockman's upcoming book entitled "The Great Deformation". He explains how the Fed and government intervention created the 2008 bust, and he goes back to the New Deal for his explanations. The New Deal is still harming Americans today. He explains the 2008 crash was a culmination of bad policy that had been predicted for a long time.
"If the monetary
central planners have been trying to create jobs through the roundabout
method of "wealth effects," they ought to be profoundly
embarrassed by their incompetence. The only thing that has happened
on the job-creation front over the last decade is a massive expansion
of the bedpan and diploma mill brigade; that is, employment in
nursing homes, hospitals, home health agencies, and for-profit
colleges. Indeed, the HES complex accounts for the totality of
American job creation since the late 1990s."
Yikes. I look forward to
"The sudden
emergence of enormous budget deficits in recent years, Stockman
explains, simply made manifest what the bubble conditions of the
Bush years had concealed. The phony wealth of the housing and consumption
booms temporarily lowered the amount of money spent on safety-net
programs, and temporarily increased the amount of tax revenue received
by the government. With this false prosperity abating, the true
deficit, which had simply been suppressed by these temporary factors,
began to appear."
Stockman also shatters the myths about Reagan's military build-up.
"At the heart
of the Reagan defense buildup…was a great double shuffle. The
war drums were sounding a strategic nuclear threat that virtually
imperiled American civilization. Yet the money was actually being
allocated to tanks, amphibious landing craft, close air support
helicopters, and a vast conventional armada of ships and planes.
These weapons
were of little use in the existing nuclear standoff, but were
well suited to imperialistic missions of invasion and occupation.
Ironically, therefore, the Reagan defense buildup was justified
by an Evil Empire that was rapidly fading but was eventually used
to launch elective wars against an Axis of Evil which didn’t even
exist."
"What would
actually bring the Soviet Union down was its command economy itself
– a point, Stockman notes, that libertarian economists had been
making for some time. "
That's a point I've made for some time, but I didn't realize it in advance. Now I realize we could have ended the Cold War as soon as it started by shrinking the burden of government instead of growing it.
"Thanks to The
Great Deformation, not a shred of the regime’s propaganda is
left standing. This is truly the book we have been waiting for,
and we owe David Stockman a great debt."
I'm buying this book as soon as it's published.
Entertaining lessons in economics.
Tom Smith and His Incredible Bread Machine.