Recommended Reading – Thursday, August 2nd
How Times Have Changed (Walter Williams)
“Having been born in 1936 has allowed me to witness both societal progress and retrogression. High on the list of things made better in our society are the great gains in civil liberties and economic opportunities, especially for racial minorities and women. People who are now deemed poor have a level of material wealth that would have been a pipe dream to yesteryear’s poor. But despite the fact that today’s Americans have achieved an unprecedented level of prosperity, we have become spiritually and morally impoverished compared with our ancestors.
Years ago, spending beyond one’s means was considered a character defect. Today not only do people spend beyond their means but also there are companies that advertise on radio and TV to eliminate or reduce your credit card and mortgage debt. Students saddled with college loans have called for student loan forgiveness. Yesterday’s Americans would have viewed it as morally corrupt and reprehensible to accumulate debt and then seek to avoid paying it. It’s nothing less than theft. What’s worse is there’s little condemnation of it by the rest of us.” (Click here to read more)
Counsel of Despair? (The Independent Institute)
“If the government props up unprofitable firms with bailouts and cheap loans and subsidizes unemployed workers with extended unemployment-insurance benefits and other income supports, it only obstructs and delays the necessary restructuring of the economy’s resource allocation. Although it may appear to be relieving people’s pain—and, indeed, it is doing so for those fortunate enough to receive booty at the public’s expense—it is only ensuring that by falsifying the price and profit signals that tell economic actors how to act most rationally in the society’s long-term benefit, it is preserving an economically irrational allocation of resources and thereby planting a time bomb that will explode later in the form of an even worse bust.
Thus, what seems to be governmental “compassion” is scarcely true compassion, but only a spurious assistance to some at the present expense of others and, ultimately, to the detriment of almost everyone. The true counselors of despair are those who insist that the government act even though the government cannot act constructively and its actions will, at best, only produce short-term improvement in the patient’s symptoms while ensuring that in the long term, he will fall victim to an even more painful malady. If the patent is bleeding, it is scarcely compassionate to attach government leeches so that he loses blood even more rapidly. The true counselors of despair are those who hope against hope—and historical experience—that the government can and will act constructively.” (Click here to read more)
Who Are The 1 Percent (Thomas Sowell)
“It was either Adolf Hitler or his propaganda minister, Joseph Goebbels, who said that the people will believe any lie, if it is big enough and told often enough, loudly enough. Although the Nazis were defeated in World War II, this part of their philosophy survives triumphantly to this day among politicians, and never more so than during election years.
Perhaps the biggest lie of this election year, and the one likely to be repeated the most often, is that the income of “the rich” is going up, while other people’s incomes are going down.” (Click here to read more)