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  • Commentary posted September 24, 2014 by Stephen Moore The Enduring Myth of FDR and the New Deal

    My seventh-grade son recently wrote a U.S. History paper extolling the virtues of President Franklin Roosevelt’s New Deal. “It ended the Great Depression,” he wrote with great certainty. He’s only 12 and parroting what the history texts and his teachers told him. That’s his excuse. What’s Ken Burns’? Mr. Burns’ docudrama on the Roosevelts — for those who weren’t…

  • Commentary posted September 24, 2014 by Stephen Moore The Return of King Dollar

    Maybe the U.S. economy, a weakling for the last six years, is finally starting to flex some muscle. We’re referring to the return of King Dollar. For those who haven’t been paying attention, the greenback is in the midst of a rally not seen since the 1990s. It’s racing past the euro, the yen, and other currencies. Investors worldwide are buying the equivalent of stock…

  • Commentary posted September 24, 2014 by Stephen Moore, Joel Griffith Alaska's Lessons for the Keystone XL Pipeline

    Earlier this year the Obama administration again delayed a decision about the Keystone XL pipeline. The 1,200 mile, $5.2 billion pipeline could increase North American energy security and create more than 15,000 jobs. But behind the White House's unwillingness to move forward are environmental groups that vehemently oppose the project. Groups like the Sierra Club warn…

  • Commentary posted September 23, 2014 by Stephen Moore Obama, Unions, Trial Bar Take Aim At Franchise Model

    If the Obama Administration has its way, Ronald McDonald may soon have to wipe that grin off his face as he stands beneath the Golden Arches. One of the most successful models for expanding small-business ownership in America is under full-scale attack from unions and the White House. The political strategy is to fundamentally change the legal relationship between…

  • Commentary posted September 16, 2014 by Stephen Moore Obamanomics victimizes president’s biggest supporters most

    Politics is often filled with paradoxes, and here is one that nearly defies explanation. The demographic groups that voted most heavily for Barack Obama in 2012 have suffered the most from this president’s economic policies. Maybe the people in these demographic groups — blacks, Hispanics, single women and young people — are economically uninformed, or maybe for these…

  • Commentary posted September 11, 2014 by Stephen Moore In Japan's Economic Folly, A Lesson For U.S.

    Japan is flush with national pride this week, thanks to Kei Nishikori, the tennis phenom who knocked off seemingly indestructible Novak Djokovic to reach the U.S. Open finals and become the first Japanese to reach a grand slam final ever. If only Japan's economy could perform half as well. For also this week, Tokyo announced that second-quarter GDP shrank by an…

  • Commentary posted September 8, 2014 by Stephen Moore Why is dependency rising, and can it be reversed?

    Often during an economic recovery, welfare caseloads fall as jobs return. In this recovery, welfare caseloads kept climbing through 2012. That’s the message of a new Census Bureau report released last week, which found that, at the end of 2012, the number of Americans in households collecting “means tested” welfare assistance was officially 109 million. That’s close to…

  • Commentary posted September 8, 2014 by Stephen Moore, Norbert J. Michel, Ph.D. The Fed Can’t Fix the Economy

    A strange thing happened at the Federal Reserve Bank’s summer-end conference in Jackson Hole, Wyo. Usually these are boring affairs, but liberal protesters crashed the party this time, and demanded that the Fed help the poor by holding interest rates close to zero and injecting more dollars into the economy. An exchange between Reggie Rounds of Ferguson, Mo., and Fed…

  • Commentary posted August 25, 2014 by Stephen Moore Secular Stagnation Is a Cover-Up: Failed Keynesian Policies Have Blocked Growth

    John F. Kennedy campaigned for president in 1960 by belittling Dwight Eisenhower's three recessions and declaring, "We can do bettah." He was right. In the 1960s, after the Kennedy tax cuts were implemented, prosperity returned, the economy grew by almost 4 percent annually, unemployment sank to record lows, and a gold-linked dollar held down inflation. But…

  • Commentary posted August 25, 2014 by Stephen Moore Low-Tax States Create More Jobs Than High-Tax States

    First, an apology. In a July 2 article on this page, I erred in citing Bureau of Labor Statistics numbers comparing the superior job-creation performance of no-income-tax Texas and Florida to the states with the highest income-tax rates, California and New York. My errors set off a brouhaha in the media — though the errors in no way change the conclusion that low-tax…

  • Commentary posted August 25, 2014 by Stephen Moore California's Miracle Will Turn Out To Be A Mirage

    News media from coast to coast are celebrating a "California comeback" after a near-decade-long Golden State economic collapse. But even this latest recovery may be much more fragile than has been reported, and the state's structural defects still imperil the left-coast economy. Certainly there are reasons for optimism. Tax collections were way up last year, and the…

  • Commentary posted August 25, 2014 by Stephen Moore What economic recovery?

    President Obama was doing a little jig on the tables last week at the White House – figuratively, or course – when we got a decent jobs and GDP report. Mr. Obama even chided those who would dare question his economic stewardship by saying: “Since I have come into office, there’s almost no economic metric by which you couldn’t say that the U.S. economy is better and that…

  • Commentary posted August 21, 2014 by Stephen Moore America's worker shortage: One million and counting

    America has a deficit of workers. Willing workers. Capable workers. Skilled, or at least semi-skilled workers, who can do a job and do it well. There are at least one million jobs that go begging day after day if only employers could find workers to fill them. This probably seems hard-to-believe. After all, how can America have a worker shortage when we have about 18…

  • Commentary posted August 14, 2014 by Stephen Moore Yes, Low-Tax States Are Out-Competing High Tax States

    First, an apology. In a July 2 article in this newspaper [Investors Business Daily] I erred in citing Bureau of Labor Statistics numbers comparing the superior job creation performance of no-income-tax Texas and Florida with the two states with the highest income-tax rates, California and New York. This set off a brouhaha in the media — although the errors in no way…

  • Backgrounder posted August 14, 2014 by Norbert J. Michel, Ph.D., Stephen Moore Quantitative Easing, The Fed’s Balance Sheet, and Central Bank Insolvency

    More than five years after the 2008 financial crisis, the Federal Reserve’s role is still the subject of much debate. One source of controversy has been the extent to which the Fed allocated credit directly to possibly insolvent institutions. Critics argue that the Fed should have allowed insolvent firms to restructure through bankruptcy and should have provided credit…