Posts Tagged Economy

Economic Freedom Report Knocks U.S.

Economic Freedom Report Knocks U.S.

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Canada’s Fraser Institute recently released its 2013 Economic Freedom of the World report, and the results are discouraging for the U.S. First, the definition of economic freedom: “Individuals have economic freedom when (a) property they acquire without the use of force, fraud, or theft is protected from physical invasions by others and (b) they are free to use, exchange, or give their property as long as their actions do not violate the identical rights of others.” As ideal as that sounds, it’s becoming more difficult and rare.

It wasn’t that long ago that the U.S. was a world leader in economic freedom. According to the report, “Throughout most of period from 1980 to 2000, the United States ranked as the world’s third-freest economy, behind Hong Kong and Singapore.” However, “By 2005, the US rating had slipped to 8.21 and its ranking fallen to 8th. The slide has continued. The United States placed 16th in 2010 and 19th in 2011,” the latest year considered in the report. It’s worth noting that the decline began under George W. Bush, though it has accelerated under Barack Obama.

The report notes in ranking states and provinces that Canadian provinces fair better than U.S. states. The top two in North America are Alberta and Saskatchewan, and four of the top seven are Canadian provinces. Delaware is the highest ranked U.S. state at number three; Texas and Nevada are the next highest U.S. states. It’s telling that the states with no income tax tend to score higher. Unfortunately, the trend is going in the wrong direction, and Canada is not winning by becoming more free but by not being as bad as the U.S. The prescription for our sluggish economy is obviously to get back to the fundamentals of economic freedom.

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Economic Freedom of the World | Cato Institute

Economic Freedom of the World | Cato Institute.

ECONOMY

Sliding Farther Down the Freedom Scale

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It’s becoming an annual lament: Once the United States was among the most economically free nations on the planet, but now we barely crack the top 20. According to the 2013 Economic Freedom of the World report, now co-published by the Cato and Fraser Institutes, we rank not only behind the usual leaders Hong Kong and Singapore, but Jordan and the United Kingdom as well. Jordan? Are you kidding us?

Apparently they’re serious, and a key reason for the decline is the ever-growing role of our government in shaping the economy. At the turn of the century, the United States was generally just behind Hong Kong and Singapore atop the rankings, but that was before the size and scope of government grew thanks to the 9/11 terrorist attack and its resulting “enhanced” security measures, new and exploding entitlement programs, and — particularly in the last five years — a new regulatory state in response to economic crisis. “I’ve abandoned free market principles to save the free market system,” said George W. Bush in 2008, and with that our economic freedom continued its plunge.

One piece of good news, if any can be found, is that the U.S. has stabilized its ranking at 19th after plunging eight spots from 10th to 18th between 2009 and 2010 — the current edition of Economic Freedom of the World is based on 2011 data, which is the latest available. The value assigned by the study showed we actually improved our lot from a 7.70 score (out of a possible 10) in last year’s report to 7.74 this time. But that’s a long way from the 8.65 rating we attained in the year 2000, and it may be at least a half-decade before we claw our way back over the 8-point barrier.

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Is Obama the Next Fidel Castro?

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Say Goodbye To The U.S. Economy: ROOT For America

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Get far away from USA…its collapse will be messy: Jeff Berwick

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Digital ‘bitcoin’ currency surpasses 20 national currencies in value | Fox News

Digital ‘bitcoin’ currency surpasses 20 national currencies in value | Fox News.

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Lost in translatio​n: Ben Bernanke-s​peak

Sovereign Man
 

February 28, 2013 Santiago, Chile
I really hate to beat a dead horse, but I wouldn’t be doing my job for you if I didn’t point out some of the most intellectually dishonest, self-aggrandizing Bernanke-speak to come out of the Fed Chairman’s testimony yesterday:
1. “[The Federal Reserve has] 25 years of success in keeping inflation low and stable, not just in the United States but around the world.”
Translation: “I have not set foot in a grocery store or gas station in decades.”
2. “Our estimates are that we’ve helped create many private sector jobs, government jobs to support the economy quite significantly.”
Translation: “In my sole discretion where I get to completely ignore all data points I don’t like, I am doing a heck of a job.”
3. “I am very much in favor of getting our fiscal house in order but I think it’s a long run issue and I would be supportive of a less front-loaded set of measures.”
Translation: “Feel free to continue kicking the can down the road.”
4. “The best way to get interest rates up is to not raise them too quickly.”
Translation: “No matter what, I’m going to continue printing money and justify it with puzzling drivel.”
5. “I don’t see any sign that that’s happening (the U.S. dollar losing status as world’s reserve currency).”
Translation: “I pay absolutely no attention to what’s going on in Russia, China, the Middle East, or the gold market.”
6. “[S]avers have many hats. They may own fixed income instruments, like bonds, but they also may own stocks or a house or a business. . . And those values have gone up, the stock market has roughly doubled, as you know, in the past few years.”
Translation: “In order to not get eaten alive by inflation, I will force responsible savers to assume unnecessary risks in an overinflated stock market that has just now, finally, reached its nominal highs from 2007 thanks to my money printing.”
I know this goes without saying, but entrusting this man with your life savings is a dangerous course of action. I strongly urge you to consider diversifying into precious metals, productive farmland, or even a digital currency like Bitcoin.
After all, you know the old saying– it’s time to be very concerned when the politicians and bureaucrats tell you to not be concerned.

Until tomorrow,
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Simon Black
Senior Editor, SovereignMan.com

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Washington76

Here is my study and proudly did with my time and nobodies dime!

Where shall we get the money to pay our debts….

Lets look at the following list of departments, NONE of which are authorized by the Constitution as a function of government:

The Department of Labor, which does no actual labor, has spent $102,157,000,000 this fiscal year; as of June 2011 The Dept of Education, which educates nobody: 46,058,000,000 The Dept of Energy, which produces no energy:  25,766,000,000 The Dept of Housing & Urban Development; which build our fine urban slums: 46,149,000,000 The Dept of Justice, which produces no justice: 23,084,000,000 The Dept of the Interior, which does…? What?: 9,862,000,000 The Dept of Transportation, which subsidizes Amtrack: 54,766,000,000 The International Assistance Program, which apparently mostly assists warlords and terrorists: 15,876,000,000 NASA, which seems to be pretty much out of a job now: 13,034,000,000 The National Science Foundation, which doesn’t seem to produce any actual science: 5,037,000,000

Let’s see….

102,157,000,000   46,058,000,000   25,766,000,000   46,149,000,000   23,084,000,000     9,862,000,000   54,766,000,000   15,876,000,000   13,034,000,000    5,037,000,000 ============ 341,789,000,000

There ya go! Problem Solved! I just wish I had the numbers on all of the golden parachute, and early retirement benefits provided by U.S. slaves!

Washington has a spending problem. Tax cuts don’t increase deficits anymore than tax increases decrease deficits. Deficits are decreased by spending less. I wonder how many of the folks who quote this nonsense have ever budgeted their own money. If they find they are spending more than they take in, do they demand raise from their boss?

No President of the United States can create either a budget deficit or a budget surplus. *All spending bills originate in the House of Representatives* and all taxes are voted into law by Congress. This means Bill Clinton did not balance the budget, the Republicans did.

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Why God Created the GOP

By Patrick J. Buchanan

Friday – December 21, 2012

“God put the Republican Party on earth to cut taxes. If they don’t do that, they have no useful function.”

Columnist Robert Novak was speaking of the party that embraced the revolution of Ronald Reagan, who had hung a portrait of Calvin Coolidge in his Cabinet Room and set about cutting income tax rates to 28 percent.

But, to be historically precise, the GOP was not put here to cut taxes. From infancy in the 1850s, its mission was to halt the spread of slavery. From 1865 to 1929, it was the party of high tariffs. Mission: Build the nation and protect U.S. industry and the wages of American workers.

And if the Deity commanded the GOP to cut taxes, the party has had an uneven record. Warren Harding and Coolidge cut Woodrow Wilson’s wartime tax rates by two-thirds, but Herbert Hoover nearly tripled the top rate.

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