What do Dr. Victor Frankenstein and the architects of the euro currency have in common? Answer: They both created monsters. The euro is not “money” any more than the monster created by Dr. Frankenstein was a man. Whatever resemblances there may be to the genuine article are merely superficial. Nor is government needed to create … Read more
Theoretically, the elemental political choice in a democratic system is between more government or less—more government control over our lives and livelihood, or less; more government spending and programs than the year before, or less; more government power, or less. In practice, for as long as I can remember, the choice for Americans has been … Read more
What interesting timing. I had recently planned a column on my observations about Mitt Romney at Cranbrook. Why? Not because of anything in the news related to Cranbrook—at least not yet—but because our careers there (mine and Mitt’s) overlapped. Then The Washington Post released its story about the young, alleged bully, Mitt Romney. Now my … Read more
The election of Socialist Party candidate Francois Hollande to the presidency of France epitomizes the sorry state of contemporary democracy. By that, I don’t mean to imply that the French people should have voted for the incumbent, Nicolas Sarkozy. Neither would be capable of solving France’s intractable problems in a way acceptable to French voters, … Read more
With Rick Santorum having dropped out of the race, Mitt Romney is apparently the Republican nominee for POTUS, barring a “black swan” event swooping down out of nowhere. Why has the Republican Party taken so long to decide upon its presidential nominee? The two most common explanations given have been the structure of the primaries … Read more
Reforming America’s public schools occurs with seemingly glacial slowness. In the private sector, businesses (including schools) that provide a lousy product quickly lose customers. They either correct their deficiencies or they eventually close. Similarly, if the problem is poor performance by a private enterprise’s workers, then either the employees start doing a better job ormanagement … Read more
Those of you past a certain age may remember the old Art Linkletter show “Kids Say the Darndest [sic] Things.” The one I still remember was when Linkletter asked a little boy if he looked like his daddy. “No,” replied the boy innocently, “I look like the mailman.” Well, adults say the darnedest things, too. … Read more
Chances are, you’ve heard economics referred to as “the dismal science.” That unflattering description is glib and catchy; it is also 100 percent wrong. Let me set the record straight and explain why economics—far from being dismal—is cause for hope, joy, cheer, and optimism. Thomas Carlyle, a 19th-century Scottish essayist, coined the phrase “the dismal … Read more
When Republican presidential candidate Mitt Romney casually estimated that his effective tax rate is around 15 percent, progressives immediately pounced on the issue. To this ideological minority with its Ahab-like obsession on class warfare, a rich American paying an effective tax rate of “only” 15 percent is, a priori, a scandal of the first order. … Read more
On Tuesday evening, I had the honor of attending the State of the Union address as the guest of Congressman Mike Kelly (PA-03). Here are my impressions in abbreviated form. The address seemed more like a rewrite of previous speeches than an original work. Sure, there were new anecdotes and fresh twists on old policy … Read more
In a recent piece for The Wall Street Journal, Andy Stern, an Obama insider and one of organized labor’s more aggressive personalities, praised what he called “China’s superior economic model.” Does China have a superior economic model? That depends: Superior to what? Mr. Stern, who headed the Service Employees International Union, cited Andy Grove, founder … Read more
On Tuesday, November 15, Supreme Court Justice Clarence Thomas visited Grove City College. I had a choice to make—whether to meet him or attend to the tons of work I had to finish before several looming deadlines. I don’t share our society’s fascination with famous people. I never go out of my way to meet … Read more
A barrage of news headlines on the Solyndra scandal continue to remind us that President Obama made green jobs one of his administration’s priorities. Those headlines also reveal this initiative to have been a costly mistake. The bankruptcy of Solyndra, the solar-panel manufacturer that has collapsed despite receiving half a billion dollars from the federal … Read more
In economics, the first lesson I teach my pupils is the lesson of things that are seen and things that are not seen. Actions have some effects that are readily apparent and others are overlooked or not perceived. It’s the same with our military veterans. We see the obvious price they’ve paid—the time they spent … Read more
The Greek government is in a gigantic financial hole and is teetering on the brink of defaulting on its debt. It has been able to limp along since last year only with bailouts from outside of Greece. According to the latest reports, the Greek government will run out of money in October unless it receives … Read more
This past Fourth of July marked 235 years since the Declaration of Independence was published. In this immortal document, the Spirit of ’76 was given its fullest, most eloquent expression. The Declaration is a timeless document, espousing eternal principles that, while forever historically identified with America, are universal in their application. The Fourth provided an … Read more
In 2010, there was a “tax gap” — i.e., the difference between federal taxes owed and those actually paid — of $410-$500 billion. Some of the gap stems from the complexity of the tax code. Much of it, though, is deliberate: self-employed individuals working for cash, table-servers under-reporting tips, taxpayers claiming unauthorized credits and deductions. … Read more
As chairman of our country’s central bank, the Federal Reserve Board, Ben Bernanke is expected to put the economy on a sound footing and foster strong economic growth. Unfortunately, Bernanke faces “mission impossible”—partly because the policies implemented by Congress, the president, and bureaucrats account for much of what happens to the economy, and partly because … Read more
Being a congressman can be a great job. It can be attractive for someone who relishes the ersatz virtue of playing Santa Claus with other people’s money, who finds a year-round routine of fund-raising social events enjoyable, and who covets receiving one of the most generous pensions on the planet. It can also be a … Read more
Father’s Day is a poignant occasion for me, as for many. I never knew my biological father, who died in an accident. Mom and I lived near Detroit with her oldest sister and her husband, who were childless. That’s how I got a Pop. Pop was larger-than-life. Born in Nebraska in 1904, he epitomized the … Read more