The moment when Europe begins to suspect the progressive, welfare-state, open-borders, post-national cultural marxist technocratic fantasy was a fantasy. Was unreal. Was juvenile. Was irresponsible. Was a world-historical blunder. Read the rest of this entry »
Yes, Reaganomics Needs a 21st Century Update
“The GOP is debating whether Reaganomics needs an update” is a must-read piece by Washington Post reporter Jim Tankersley. One side answers the “What would Reagan do?” question by offering a nostalgic return to the 1980s Reagan agenda. Another prefers to apply the Reagan principles — a dynamic private sector, strong families and neighborhoods, upward mobility, work — to modern economic reality with different conservative policy results. Tankersley:
Leading Republicans are clashing over a signature issue the party has treated as gospel for nearly 40 years: the idea that sharply lower taxes and smaller government are enough by themselves to drive a more prosperous middle class — and win national elections. That simple philosophy has been the foundation of every GOP platform since the days of Ronald Reagan. Now, some of the party’s presidential hopefuls — along with some top conservative economists and strategists — are sending strong signals that they believe today’s beleaguered workers need more targeted help, even if growth speeds up.
For some context, here are a few then-and-now stats:
1.) When Reagan was elected president in 1980, the top income tax rate was 70%. Today, the top income tax rate is 40%.
3.) When Reagan was elected, the bottom 90% paid just over half of all federal income taxes. Today it’s around 30% with 40% of households paying no federal income taxes.
5.) When Reagan was elected, 8% of national income went to the top 1%. Today, it’s nearly 20%.
6.) When Reagan was elected, inflation had averaged nearly 9% over the previous eight years. Today, inflation is less than 2% and has averaged around 2% the past 15 years.
7.) When Reagan was elected, US publicly held debt was 26% of GDP. Today, it’s 74% of GDP with a whole lot of entitlement spending quickly headed our way.
8.) When Reagan was elected, more than 19 million Americans worked in manufacturing. Today, just under 12 million Americans work in manufacturing.
9.) When Reagan was elected, health care spending was 10% of GDP. Today, it’s 17% of GDP.
10.) When Reagan was elected, China’s GDP, in nominal terms, was 3% of America’s. Today, China’s GDP is over half of America’s and about the same based on purchasing power.
Let me also add (a) there is good reason to believe that faster GDP growth is not lifting all boats, (b) upward mobility is stagnant, (c) slowing labor force growth and productivity suggest it will be harder to generate fast growth in the future than in the past, (d) automation has taken a toll on middle-class income and jobs, (e) labor force participation by high school-only graduates has fallen by 10 percentage points over the past 25 years, and (f) inflation-adjusted market income for the top 1% has risen by 174% since 1979 vs. 16% for the bottom 80%. Read the rest of this entry »
It’s time for the Republican Party to nominate a JFK-style conservative for president
Ira Stoll writes; The most influential figure in the Republican presidential contest just may be a Democrat who died more than 50 years ago, John F. Kennedy.
When Fox News commentator Charles Krauthammer recently predicted Marco Rubio as the eventual 2016 winner, Krauthammer praised the senator from Florida with a label encapsulating political vigor, pro-growth ideas, and a robust foreign policy of peace through strength: “Kennedyesque.”
The former governor of Florida, Jeb Bush, another Republican with eyes on the White House, is, as Kennedy was, a Catholic from a wealthy and politically active family with bases in both New England and Florida. Jeb Bush even wrote a book, Profiles in Character, with a title that is a conscious imitation of JFK’s Profiles in Courage. Bush and Kennedy also both wrote books extolling immigration; Bush’s was Immigration Wars, Kennedy’s was A Nation of Immigrants.
And don’t forget Ted Cruz, the senator from Texas. Cruz’s Senate Web site hosts a video featuring Fox News’s Neil Cavuto and a historic clip from Kennedy under the headline “The Success of President John F. Kennedy’s Tax Cut.” On the 50th anniversary of Kennedy’s assassination, Cruz published a remarkable piece in National Review Online crediting Kennedy with laying the foundation for Ronald Reagan’s tax cuts and Cold War victory.
At a forum last month with Jonathan Karl of ABC News that was sponsored by the Freedom Partners Chamber of Commerce, Senator Cruz placed Kennedy with Reagan and Calvin Coolidge in the pantheon of conservative tax-cutters: “Every single time in our history that we have simplified taxes, reduced the burden, reduced the compliance cost, simplified regulation …. We’ve seen an economic boom, we’ve seen people climb out of poverty into prosperity. That was true in the 1920s, it was true in the 1960s, it was true in the 1980s.”
When another Republican presidential candidate, retired neurosurgeon Benjamin Carson, spoke to me about his opposition to the wars in Iraq and Afghanistan, he said he would have responded instead to the terrorist attacks of September 11, 2001, with “a Kennedy-esque moment,” launching a “national project” to become petroleum independent. Read the rest of this entry »
Barry Goldwater Ran 50 Years Ago
He carried just six states and received only 38 percent of the popular vote. Not only had Democrats worked against him, but many in his own party disavowed him because he was true to his conservative principles.
“The mere idea that ‘Barry might make it’ is enough to give the Establishment the galloping colleywobbles,” wrote the Saturday Evening Post at the time.
And when he lost, the New York Times wrote that Goldwater “not only lost the presidential election yesterday but the conservative cause as well.”
Yet 16 years later, Ronald Reagan, his political heir, won the presidency in a landslide.
He had not lost the conservative cause. Columnist George Will argued that Goldwater “lost 44 states but won the future.”
[Heritage Event: The Barry Goldwater 1964 Campaign 50th Anniversary Forum]
In fact, Lee Edwards, who worked as director of information for the Goldwater campaign and serves as a distinguished fellow in conservative thought at the B. Kenneth Simon Center for Principles and Politics at The Heritage Foundation, has called Goldwater “the most consequential loser in American politics.” Read the rest of this entry »
Facing adversity, Obama has no idea how to respond
This came to mind when contemplating President Obama. After a devastating election, he is presenting himself as if he won. The people were not saying no to his policies, he explained, they would in fact like it if Republicans do what he tells them.
You don’t begin a new relationship with a threat, but that is what he gave Congress: Get me an immigration bill I like or I’ll change U.S. immigration law on my own.
“He had family challenges and an unusual childhood, but as an adult and a professional he never faced fierce, concentrated resistance. He was always magic. Life never came in and gave it to him hard on the jaw. So he really doesn’t know how to get up from the mat. He doesn’t know how to struggle to his feet and regain his balance. He only knows how to throw punches. But you can’t punch from the mat.”
Mr. Obama is doing what he knows how to do—stare them down and face them off. But his circumstances have changed. He used to be a conquering hero, now he’s not. On the other hand he used to have to worry about public support. Now, with no more elections before him, he has the special power of the man who doesn’t care.
“In the meantime he is killing his party. Gallup this week found that the Republicans for the first time in three years beat the Democrats on favorability, and also that respondents would rather have Congress lead the White House than the White House lead Congress.”
I have never seen a president in exactly the position Mr. Obama is, which is essentially alone. He’s got no one with him now. Read the rest of this entry »