Tag: Economics

Today in “What A Surprise!”

I know, I know. You’re all shocked:

This paper evaluates the wage, employment, and hours effects of the first and second phase-in of the Seattle Minimum Wage Ordinance, which raised the minimum wage from $9.47 to $11 per hour in 2015 and to $13 per hour in 2016. Using a variety of methods to analyze employment in all sectors paying below a specified real hourly rate, we conclude that the second wage increase to $13 reduced hours worked in low-wage jobs by around 9 percent, while hourly wages in such jobs increased by around 3 percent. Consequently, total payroll fell for such jobs, implying that the minimum wage ordinance lowered low-wage employees’ earnings by an average of $125 per month in 2016. Evidence attributes more modest effects to the first wage increase. We estimate an effect of zero when analyzing employment in the restaurant industry at all wage levels, comparable to many prior studies.

Now, the study does come with some legitimate concerns about methodology. Among other things, it excluded workers who work with chains (which is about 40% of low-wage jobs) because that data is provided on a state, not a city, level. But the latest of multiple studies show that the Law of Supply and Demand does, in fact, apply to low-wage labor.

The thing I keep saying about the minimum wage is that it is literally gambling the lives of people on crackpot economic theory. To quote myself:

Here’s the thing: the Democrats are claiming, based on a grand total of one study that doesn’t say what they think it says, that we can raise the minimum wage without increasing unemployment. Let’s pretend that this point is up for debate and that we are, in effect, engaging in a massive gamble on the laws of economics. What is the downside risk if they’re wrong?

As I noted in my last post, long-term unemployment is one of the most damaging things that can happen to someone. It can repress earnings for a lifetime, it can affect health and happiness and, as we’ve seen in Europe, masses of unemployed young men can become a hotbed of crime and extremism. That’s the risk if they’re wrong.

The Democrats are gambling the futures of millions of people on this will-o-the-wisp idea that the Law of Supply and Demand is magically suspend for labor because … well, because the unions want it to be. If they’ve gambled wrong, they won’t be paying the price. Millions of poor people and minorities will. If the $15 wage causes mass unemployment, the effects will last for generations. It may not be reparable in our lifetime.

I’m glad the Democrats have a few pet economists who will tell them this is a low-risk bet. But it’s yet another illustration of how the Democrats “help” people by holding their heads underwater. I have no doubt that they think they are being compassionate. But gambling someone’s life on crackpot economic ideas is not compassion.

The last time we gambled our country on Left-Wing economic theory was when we deliberately inflated our currency in the 1960’s and 1970’s based on the idea that the Phillips Curve predicted it would end unemployment. We then ended up with both high inflation and high unemployment, which the Keynesians has assured us was mathematically impossible. It never ceases to amaze me how the Left will gamble so much on economic theory.

In The News

A few stories I’m following right now:

  • I’ve been critical of some of Trump’s cabinet choices. But my first impression of Mattis, the proposed Secretary of Defense, is positive. He opposes torture, supports a two-state solution for Israel, recognizes that the Iran deal is flawed but that tearing it up would be a mistake. His approach to Iraq was a big reason the surge worked and his musings show an active and sharp mind. He has been willing to praise or criticize politicians from both sides. Moreover, Trump said that one thing that impressed him was that Mattis opposes torture, which Trump ostensibly favors, and made a good argument against it. One of the big concerns with a President is that he will surround himself with Yes Men. Mattis is definitely not a Yes Man. He’s a good choice. But the thought process behind the pick is also encouraging.
  • Of course, he’s still thinking about Bolton for State, so it’s not all roses.
  • Trump sent out a tweet the other day saying that flag burning should be banned and come with a loss of citizenship. You can pretty much guess my response to this: I’m with Scalia.
  • Of course, Hillary Clinton her own damned self once co-sponsored an anti-flag burning bill. No matter what Trump does, let’s not lose sight of what the alternative was like.
  • Neither Obama nor Biden will attend Castro’s funeral. Good.
  • Trump’s deal to keep Carrier from shipping jobs to Mexico (actually, Pence’s deal) does not impress me. It’s a $7 million tax break specifically for Carrier to keep 1000 jobs in Indiana. It’s crony capitalism and an example of what we shouldn’t be doing. We have an entire economy run on backdoor tax breaks, regulatory holidays, subsidies and special dispensations. What we need to do is make America a better place for all businesses through comprehensive and universal regulatory and tax reform.
  • However, I suspect the Carrier deal is a preview of Trump’s Presidency. He’ll make a huge fuss about little things he does like saving a thousand jobs, to give the impression that he’s doing good (which, to be fair, all Presidents do). The real good will have to come from Congress, who have the power to unshackle our economy.

How the West Was Won

Deirdre McCloskey has an outstanding article in the WSJ this weekend asking how America and other countries got rich. I hate to quote as the whole thing is worth your time, but here’s a few choice selections:

Nothing like the Great Enrichment of the past two centuries had ever happened before. Doublings of income—mere 100% betterments in the human condition—had happened often, during the glory of Greece and the grandeur of Rome, in Song China and Mughal India. But people soon fell back to the miserable routine of Afghanistan’s income nowadays, $3 or worse. A revolutionary betterment of 10,000%, taking into account everything from canned goods to antidepressants, was out of the question. Until it happened.

McCloskey asks how this happened, dispenses with the usual explanations and focus on this:

What enriched the modern world wasn’t capital stolen from workers or capital virtuously saved, nor was it institutions for routinely accumulating it. Capital and the rule of law were necessary, of course, but so was a labor force and liquid water and the arrow of time.

The capital became productive because of ideas for betterment—ideas enacted by a country carpenter or a boy telegrapher or a teenage Seattle computer whiz. As Matt Ridley put it in his book “The Rational Optimist” (2010), what happened over the past two centuries is that “ideas started having sex.” The idea of a railroad was a coupling of high-pressure steam engines with cars running on coal-mining rails. The idea for a lawn mower coupled a miniature gasoline engine with a miniature mechanical reaper. And so on, through every imaginable sort of invention. The coupling of ideas in the heads of the common people yielded an explosion of betterments.

OK. But then why did that happen? Why did human ideas, which had been basically celibate for a hundred millennia, suddenly start “having sex”? Well, something we’ve been on about in these very pages:

The answer, in a word, is “liberty.” Liberated people, it turns out, are ingenious. Slaves, serfs, subordinated women, people frozen in a hierarchy of lords or bureaucrats are not. By certain accidents of European politics, having nothing to do with deep European virtue, more and more Europeans were liberated. From Luther’s reformation through the Dutch revolt against Spain after 1568 and England’s turmoil in the Civil War of the 1640s, down to the American and French revolutions, Europeans came to believe that common people should be liberated to have a go. You might call it: life, liberty and the pursuit of happiness.

To use another big concept, what came—slowly, imperfectly—was equality. It was not an equality of outcome, which might be labeled “French” in honor of Jean-Jacques Rousseau and Thomas Piketty. It was, so to speak, “Scottish,” in honor of David Hume and Adam Smith: equality before the law and equality of social dignity. It made people bold to pursue betterments on their own account. It was, as Smith put it, “allowing every man to pursue his own interest his own way, upon the liberal plan of equality, liberty and justice.”

I would particularly focus on freedom of speech and property rights. Freedom of speech allowed ideas to be communicated, now at literally the speed of light. And property rights removed the fear that communicating your ideas would deprive you of their benefits.

I’ve mentioned this before, but it’s worth rehashing: my dad did the War College in the 1980’s. He argued that classifying military technology to protect us from Soviet spies was actually a bad idea. Ideas flourish under communication; progress flourishes when ideas “have sex”. The freedom of the United States meant that we could publish our military tech secrets on the front page of Pravda and the Soviet Union would still not be able to keep up. We would always be steps ahead of them technologically because our people were free to develop and exploit those ideas while the Soviets were not. And since the Cold War ended, we’ve seen our technological progress only speed up.

Anyway, the article is worth your time. It’s inspiring. And it suggests that the way to get of our two-decade long economic doldrum is more freedom, not more regulation and redistribution.

Post-Scriptum: McCloskey, incidentally, is a trans woman. She had some great thoughts on the whole bathroom kerfuffle:

The bathroom “issue” is entirely phony. It has never been a problem. Anyway, if men wanted to sneak in (they don’t), they could always have done so, with or without North Carolina’s law. How is it to be enforced? DNA testing by the TSA at every bathroom door? Anyway, your house has a unisex bathroom, I presume, and in Europe they are not entirely uncommon—after all, the stalls have doors. Etc, etc. On both sides it is just a club to beat up the other side in the silly Cultural Wars, and to make people hate and disdain each other. Adam Smith would not have approved.

Again, the link is worth a clickthrough. Anything McCloskey writes, including grocery lists, is usually worth your time.

War of the Memes

This piece of crap has been spreading through my Facebook and Twitter feeds like a particularly aggressive form of gonorrhea.


There’s a lot wrong here. First of all, Clinton raised taxes on everyone, not just the rich. Second, the Clinton economy was a product of Republican budget control, NAFTA (passed with Republican help) and the .com boom (enabled by lots of deregulation). Third, Bush cut taxes for everyone. But a spendthrift administration, a real estate bubble and horrible monetary policy from the Fed wrecked the economy anyway. Sorry, liberals, it’s just not that simple.

But, hey. Two can play this mindless meme game. Here’s mine. And it has the advantage of being a little more grounded in reality (click to embiggen).


Monday Quick Hits

BLM Disses Dems; Makes Me Happy:

Last week, the Democratic Party expressed support for Black Lives Matter. Here is BLM’s heartening response:

A resolution signaling the Democratic National Committee’s endorsement that Black lives matter, in no way implies an endorsement of the DNC by the Black Lives Matter Network, nor was it done in consultation with us. We do not now, nor have we ever, endorsed or affiliated with the Democratic Party, or with any party. The Democratic Party, like the Republican and all political parties, have historically attempted to control or contain Black people’s efforts to liberate ourselves. True change requires real struggle, and that struggle will be in the streets and led by the people, not by a political party.

More specifically, the Black Lives Matter Network is clear that a resolution from the Democratic National Committee won’t bring the changes we seek. Resolutions without concrete change are just business as usual. Promises are not policies. We demand freedom for Black bodies, justice for Black lives, safety for Black communities, and rights for Black people. We demand action, not words, from those who purport to stand with us.

While the Black Lives Matter Network applauds political change towards making the world safer for Black life, our only endorsement goes to the protest movement we’ve built together with Black people nationwide — not the self-interested candidates, parties, or political machine seeking our vote.”

Again, I might take issue with some of the verbiage and emphasis. But they are forcing the Democratic Party to admit that they supported the militarization of police and the ramping up of criminal penalties. They are forcing the Democratic Party to face their long history of pandering to black votes while screwing black people. While we might disagree on policy, I applaud any movement that refuses to associate itself with a political party.

Speaking of Keynesianism:

Tyler Cowen reminds us that the growing sinkhole that is the Chinese economy was the subject of praise just a few years ago:

Remember back in 2009, and a bit thereafter (pdf), when so many people were praising China’s very activist, multi-trillion fiscal stimulus?

Yet some of us at the time insisted this would only push off and deepen China’s adjustment problems. There was already excess capacity and high debt and favored state-owned industries, and the stimulus was making all of those problems worse and only postponing a needed adjustment. The Chinese incipient contraction was based on structural problems, not a simple lack of aggregate demand.

How’s that debate going? While the final outcome remains uncertain, Austrian-like perspectives on China are looking pretty good these days.

Just as you go to war with the army you’ve got, so must a country conduct fiscal stimulus with the policy instruments it has. And most forms of Chinese fiscal stimulus make their imbalances worse rather than better. Yet dreams of fiscal stimulus as an answer to the macro problems on the table never die.

To the Keynesians — or, as I call them, the pseudoKeynesians — it is always time to spend money.

Was Segregation Made or Did it Just Happen?:

I’ve been sitting on this link for weeks but there’s not much I can add. It details how our inner city slums didn’t just happen. They were made and the men who made it were Democrats.

Hmm. I should pass that on the BLM folks.

Denali Denial

Obama officially reverted Mt. McKinley back to being named Denali. A few people are trying to whip up some outrage but I don’t see the point. Everyone in Alaska calls it Denali and Congress appears to have punted this kind of authority to the bureaucracy long ago.

Greece Folds

Well, that didn’t take long.

It turns out that math is not subject to a referendum.

Greece and its European creditors announced an agreement here on Monday that aims to resolve the country’s debt crisis and keep it in the eurozone, but that will require further budgetary belt-tightening that Prime Minister Alexis Tsipras could have trouble selling back in Athens.

The agreement does not guarantee that Greece will receive its third bailout in five years. But it does allow the start of detailed negotiations on a new assistance package for Greece.

The total commitment of money has not been disclosed. But a document by the eurozone leaders noted that experts had estimated that Greece might need from 82 billion to 86 billion euros more — $91 billion to $96 billion — to shore up its economy, rebuild its banks and meet its debt obligations over the next three years. The document said Greece and its creditors should seek to “reduce that financing envelope,” if possible.

As part of Greece’s commitments, Ms. Merkel said, a fund will be created to use the proceeds from selling off assets owned by the Greek government to help pay down the country’s debt. That fund would be “to the tune of” €50 billion, she said.

Greece will also be required to seek assistance from the International Monetary Fund and to agree to let the organization continue to monitor the country’s adherence to its bailout commitments. The Greek government had resisted a continued role for the I.M.F., seeing the fund’s involvement as unwanted meddling.

The agreement will call for Greece to raise taxes in some cases, pare pension benefits and take various other measures meant to reduce what critics see as too much bureaucracy and too many market protections that keep the Greek economy from operating efficiently.

In other words, Greece has to do what they’ve always had to do: fix their broken tax system, fix their broken pension system, stop spending money they don’t have, sell off bloated Greek government assets and clean up the corruption.

It’s not clear that this will happen: the Greek parliament still needs to approve it. But it is clear that Greece’s left-wing government has accomplished very little other than making the pain worse for their citizens, all to the cheers and plaudits of comfy Western liberals who see this as some kind of experiment in economics and an opportunity to show those damned austerians what’s what.

The alternative for Greece in exiting the Euro. Virtually the entire American Left, who are apparently fine with the idea of a government weaseling out of its debt, thinks this is a better option. The BBC has a great summary of what a Grexit would mean:

The previous Greek Prime Minister, Antonis Samaras, warned that living standards could fall by 80% within a few weeks of exit.

Unable to borrow from anyone (not even other European governments), the Greek government would simply run out of euros.

It would have to pay social benefits and civil servants’ wages in IOUs (if it pays them at all) until a new non-euro currency can be introduced.

The government would not be able to repay its debts, which now amount to a total of about €320bn (£237bn), most of it owed to European governments and agencies and the International Monetary Fund.

The government would have to impose a freeze on withdrawals and on people taking money out of the country. This could lead to queues of ordinary Greeks trying to empty their bank accounts before they get converted into a new currency worth substantially less than the previous one.

In the longer run, Greece’s economy should benefit from having a much more competitive exchange rate.

But the devaluation would not solve underlying problems in the economy, including poor tax collection and a struggle to control government spending.

There is also a real possibility of a surge in inflation.
Tax receipts would probably fall as the economy contracted, so the government might finance spending by printing money.

The likely currency depreciation would also be inflationary. It would make imported goods – which in Greece includes a lot of its food and medicine – more expensive.

That’s just the effect on Greece. It might also encourage other countries like Spain to leave. And worldwide, the effects would be very unpredictable.

That’s what the people glibly talking about a Grexit are contemplating. Seems a steep price to pay so that you can side with the deadbeats against the Germans.

The Minimum Wage Kills Jobs, Part 5529

Of all the sounded-clever-but-was-actually-idiotic things Obama said in the State of the Union address, this was the most cleverly-sounding-but-really-stupid:

And to everyone in this Congress who still refuses to raise the minimum wage, I say this: If you truly believe you could work full-time and support a family on less than $15,000 a year, go try it. If not, vote to give millions of the hardest-working people in America a raise.

As I said, sounds clever. A bunch of liberals in my Twitter feed said the equivalent of, “Oh, snap!” But the reality is that you’re not supposed to be raising a family on minimum wage. Minimum wage is an entry level wage, a wage to get your foot in the door for future better-paying jobs. I made minimum wage once. Actually, I made less than minimum wage because I was paid in cash under the table. But I was a teenager, so it was fine.

The biggest reason to oppose the minimum wage, of course, is the Law of Supply and Demand. If you artificially set the price of something high (low-skill labor), you will find that people learn to live without it (i.e., they stop hiring people). We’ve been told this is a myth, despite clear evidence that it’s not. Well, here’s another example of this thing that supposedly never happens:

In November, San Francisco voters overwhelmingly passed a measure that will increase the minimum wage within the city to $15 per hour by 2018. Although all of us at Borderlands support the concept of a living wage in principal and we believe that it’s possible that the new law will be good for San Francisco — Borderlands Books as it exists is not a financially viable business if subject to that minimum wage. Consequently we will be closing our doors no later than March 31st. The cafe will continue to operate until at least the end of this year.

Many businesses can make adjustments to allow for increased wages. The cafe side of Borderlands, for example, should have no difficulty at all. Viability is simply a matter of increasing prices. And, since all the other cafes in the city will be under the same pressure, all the prices will float upwards. But books are a special case because the price is set by the publisher and printed on the book. Furthermore, for years part of the challenge for brick-and-mortar bookstores is that companies like Amazon.com have made it difficult to get people to pay retail prices. So it is inconceivable to adjust our prices upwards to cover increased wages.

The change in minimum wage will mean our payroll will increase roughly 39%. That increase will in turn bring up our total operating expenses by 18%. To make up for that expense, we would need to increase our sales by a minimum of 20%. We do not believe that is a realistic possibility for a bookstore in San Francisco at this time.

I will point out something else that they gloss over. It’s true that businesses like the cafe side of Borderlands can cover the minimum wage hike by increasing prices. But you know who pays those increasing prices? Primarily poor and middle class people who go to the kind of places — fast food restaurants, cheap bookstores, etc. — that pay their employees minimum wage. So you’re giving them money with one hand while taking it with the other.

This is a liberal bookstore ownership. That’s clear from the way they talk about this. But they point out that the minimum wage hike will increase their operating costs by 18%. Other business will see similar hikes. Do you know how many business are operating at an 18% profit margin? Very very few. And certainly none that are patronized by the poor and middle class.

Minimum wage hikes sound good and make liberals feel good. But they are a nightmare for the job market. If you don’t believe me, believe the guys at Borderlands. They have no reason to spew “right wing propaganda”.

A Recovery About Nothing

As you know, there are signs — tentative ones — that our economy is beginning to recover from Great Depression II. It’s about on schedule — I thought we would need about five years to crawl out of the hole we were in. But we had 5% growth in Q3 and unemployment continues to edge down (although the U6 remains high). Projections for 2015 are cautiously optimistic, barring a major war or something (which, with Obama, is always on the cards).

I have noted, however, that this recovery runs against the dogma we’ve been hearing from the Keynesians and pseudo-Keynesians on the Left Wing. According to them, the “austerity” of the last few years (i.e., flat spending) should have caused us to have a double-dip recession. David Harsanyi expands on this:

But if activist policies really have as big an impact on our economic fortunes as Washington operatives claim, I only have one question: What policy did Barack Obama enact to initiate this astonishing turnaround? We should definitely replicate it.

Because those who’ve been paying attention these past few years may have noticed that the predominant agenda of Washington has been to do nothing. It was only when the tinkering and superfluous stimulus spending wound down that fortunes began to turn around. So it’s perplexing how the same pundits who cautioned us about gridlock’s traumatizing effects now ignore its existence.

For instance, Paul Krugman wrote a column titled “The Obama Recovery.” The problem is that the author failed to justify his headline. It begins like this:

“Suppose that for some reason you decided to start hitting yourself in the head, repeatedly, with a baseball bat. You’d feel pretty bad. Correspondingly, you’d probably feel a lot better if and when you finally stopped. What would that improvement in your condition tell you?”

Suppose you tell us what the bat represents, because spending in current dollars has remained steady since 2010, and spending as a percentage of GDP has gone down. In 2009, 125 bills were enacted into law. In 2010, 258. After that, Congress, year by year, became one of the least productive in history. And the more unproductive Washington became the more the economy began to improve.

Krugman argues that the recession lingered because government hadn’t hired enough people to do taxpayer-funded busywork. The baseball bat. But then he undercuts this notion by pointing out that there was an explosion of public-sector hiring under George W. Bush—the man he claims caused the entire mess in the first place. Krugman also ignores the stimulus, because it screws up his imaginary “austerity” timeline. He then spends most of the column debunking austerity’s success in Britain.

Britain’s “austerity”, incidentally, was called austerity when the UK economy was stagnant. When it began to recover, the exact same budgets were described as having abandoned austerity. With the Keynesians, it’s always heads they win, tails we lose.

This recession was not about a lack of demand or a lack of spending. It was about the huge amount of debt that the American people had dug themselves into. That debt has declined — mortgage debt is down and consumer debt is down. Student and public debts have risen but not as sharply. In short, we’re finally getting out from under the 16,000 pound boulder that was the Housing Bubble. And, who knows? Maybe things would be better if we didn’t have the 10,000 pound boulder of federal debt and the 2,000 pound barbell of student loans.

OK, I’m letting that metaphor get away from me.

Anyway, our gridlocked do-nothing Congress has failed to pass a “jobs” bill, has failed to enact “temporary” stimulus and has cut programs to “build the economy”. And the result is the healthiest economic numbers in a decade.

Funny how well we can do when our government stops “helping” us. Now imagine if we could get them to stop giving us “free” healthcare and regulating our every move.

The Definition of Insanity

Is government housing policy:

Recent steps by federal regulators make it clear: low down-payment loans, a feature of the housing market’s boom, are coming back.

On Monday, Federal Housing Finance Agency Director Mel Watt announced that mortgage-finance companies Fannie Mae and Freddie Mac would start backing loans with down payments as low as 3%.

And on Tuesday, three federal agencies approved a loosened set of mortgage-lending rules, removing a requirement for a 20% down payment for a class of high-quality loan known as a “qualified residential mortgage.”

Loans with little to no down payment were a common feature of the lax lending practices that were prevalent during the housing market’s bubble years.

Yes, my friends. Not content with easy mortgages wrecking the economy and destroying what little wealth the poor and middle class had accumulated, our government is back for more.

Why on Earth would they want to do this? McArdle:

Because, I think, most of us still haven’t managed to shed the idea that buying a house is a good way to get some unearned bonus wealth. Too many people managed to do just that for too many years. We think of 2008 as an aberration, rather than reversion to the mean. And that’s a costly mental error.

The long, steep increase in American home prices from 1946 to 2008 was driven by a whole lot of trends that are hard to repeat: the invention of the 30-year, fixed-rate, self-amortizing mortgage, which allowed people to pay more for a house by lowering the monthly payments. The securitization revolution, which lowered mortgage risk by bundling the loans into large, diversified portfolios, thereby lowering rates. Rising inflation, which pushed up the price of houses. Falling inflation, which lowered interest rates and monthly payments still further and allowed people to pay even more for those houses. The credit-scoring revolution, which allowed banks to offer loans to more people, increasing demand for the existing housing stock. And in dense coastal areas, you also had the rise of NIMBY zoning laws, which made housing scarcer and therefore more expensive.

The problem is, these things have already happened. Most of them cannot happen again — interest rates can’t really go much lower.

Out government is consumed with the idea that home ownership is the path to wealth for the poor and lower middle class. But nothing could be further from the truth, as the last decade proved. The housing bubble hurt the wealthy … a bit. But it completely burned what little wealth existed in the lower quintiles of our society.

The reason is that houses aren’t a great investment. They’re a good investment … if you have a stable income and employment situation and can manage money well. They’re a stable investment … if you have some equity. But people are besotted with idea of real estate as the gate to wealth.

Low down-payment loans are especially dangerous for people trying to climb the economic ladder. They can allow people to make a quicker entry into housing. The danger, however, is that a house with low equity is a highly leveraged investment. If you make a down payment of 3% and housing prices fall 3%, 100% of your equity goes up in smoke. The reason so many people ended up in underwater mortgages with negative wealth was because they had such a thin margin of equity.

But … they never learn. This will happen again and they still won’t learn. The people running our government and their cheerleaders in places like the Center for American Regress will continue to believe that there is a alchemical formula for creating middle-class wealth out of thin air. I guess you have to believe in something when you think that businesses don’t create jobs.

Monday Roundup

For reasons that I hope I’ll explain one day, this week is going to be a bit crazy. So here are a few stories I’ve been sitting on, awaiting longer commentary:

A few weeks ago, Marvel comics unveiled an alternative Spiderwoman cover which was immediately decried as sexist because of her pose. I suspected that this criticism was largely coming from people who weren’t terribly familiar with the medium. And indeed, Maddox easily found a spiderman cover that was almost identical. As a general rule, if you ask a rhetorical question like, “Would they draw Spiderman like that?” you should probably do a little bit of research to make sure the answer isn’t “yep”. I don’t agree with everything Maddox says, but his point is well taken.

Another video you want to take in is Matt Ridley talking about global greening — the apparent rise in plants that has resulted from global warming. I disagree with parts of what he says, but toward the end he hits a very important point: Europeans are now planning to burn zillions of tons of trees under the belief that this is “green energy”. There’s a reason we stopped burning trees for fuel.

A few months ago, the town of Peoria launched a SWAT raid into the home of Jon Daniel. This incredibly dangerous man had … uh … created a parody Twitter account of Mayor Jim Ardis. During the raid, the cops found some pot on one of Daniel’s roommates. A judge has decided that the raid was lawful and they can proceed with the felony possession charges. I have no idea how the raid could be lawful when the prosecutor is not bringing charges because mocking someone on Twitter is not illegal. We have now gotten to the point where cops can raid your house based on something that isn’t a crime.

Obama has unveiled a plan to deal with drug-resistant bacteria, mainly by curtailing the massive overuse of antibiotics in farming and creating incentives for companies to develop new antibiotics. All things considered, this could be the biggest accomplishment of his administration. I mean, he’s not actively making things worse, so it’s got to be one of the top five things he’s done, at least on par with the Great Deckchair Rearranging of 2011.

Just a reminder if you need one: slavery did not make America rich.