In their increasingly desperate effort to resuscitate Joe Biden's sagging campaign, his defenders claim…
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Image of the Day: Biden Stock Market Boom? Well...

In their increasingly desperate effort to resuscitate Joe Biden's sagging campaign, his defenders claim that stock markets vindicate "Bidenomics" (not that they call it that anymore, of course) vis-a-vis former President Donald Trump.  Well, our friends at the Committee to Unleash Prosperity show what happens when you adjust stock performance to account for out-of-control inflation under Biden:

[caption id="" align="aligncenter" width="584"] "Biden Boom?" Not So Much.[/caption]

 …[more]

July 18, 2024 • 11:02 AM

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Taxes & Economy
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1 Don't Let Calm Seas in Uncharted Fiscal Waters Fool You

The United States is full steam ahead into uncharted fiscal waters, with rapidly growing federal debt promising a choppy economic future. Candidates Joe Biden and Donald Trump have added trillions to the national debt during their recent presidential administrations, leaving America at a critical juncture that demands urgent, bipartisan action. If…

2 Deficit Soars Again Under Biden

Among his litany of other bizarre fictions, Joe Biden continues to insist that he’s some sort of deficit disciplinarian.   Biden’s deficit falsehoods, however, have become so untenable that even notoriously left-leaning pundits have started calling him out on it.   The issue was brought into new and bolder relief last…

3 The Obvious Hypocrisy of Biden’s “Strong Economy” Claim

Three years ago this month, unmistakable signs emerged that inflation was ascending out of control.   The Biden administration, however, imperiously dismissed growing concerns and even insisted that everything was heading in the “right direction.”   Consumer prices that month surged at a 5.4% annual rate, the highest…

4 Projections vs. Scenarios, and Why Politicians Should Care

Congressional Budget Office projections provide valuable insights into how a big chunk of your income is being spent and reveal the long-term consequences of our government's current fiscal policies – you may endure them, and your children most certainly will. Yet, like most other projections looking into our future, these numbers should…

5 5 Reasons to Make the Trump Tax Cut Permanent

No issue defines the diametrically opposite economic philosophies of Joe Biden and Donald Trump than their position on the Trump tax cuts. Trump wants to make those tax cuts permanent; Biden has repeatedly promised to tax America back to prosperity by repealing the Tax Cuts and Jobs Act. But there are so many factual errors swirling around regarding…

6 Making It Easier to Make Things in America

With more tariffs on electric vehicles and an election featuring two pro-tariff presidential candidates on the way, the debate about how best to support and strengthen the U.S. manufacturing sector is back. Some argue, mistakenly, that the key to protecting American industries and manufacturing jobs is a set of tariffs on industrial imports. This approach…

7 Why No Politician Can 'Fix' Prices (and Why That's OK)

Prices are threads stitching together the fabric of our economy. They guide countless producers, here and abroad, to meet the most urgent demands of countless consumers. Prices enable the economic coordination of millions of individuals – each with his or her own unique preferences, skills and resources – with no need…

8 Why Small Businesses Hate Bidenomics

If the economy is so good, why do small business leaders feel so bad? The latest Small Business Optimism Index from the National Federation of Independent Business could hardly be more depressing. It finds that the men and women who run our 33 million small businesses and hire more than half of American workers are in a somber mood. The survey finds…

9 Tax Time Myths and Truths

Another Tax Day has come and gone, and most Americans believe they pay too much. One recent poll revealed that 56% say they pay more than their fair share. Unfortunately, I fear this is just the beginning considering the insane level of debt Washington policymakers have accumulated over the years. With this in mind, here are some important facts about…

10 Paying Top Dollar and Getting Bupkis

If you pay New York state taxes, you're paying top dollar and getting bupkis. Nothing in the budget deal announced in Albany on Tuesday changes that. State tax money is supposed to provide services and improve the state's economic outlook. But a report released last week shows the state's economic prospects plunging to dead last among the 50 states…

11 Joe Biden on the Economy: I Don't Feel Your Pain

In 1992, Democratic presidential nominee Bill Clinton famously answered a voter question about how the national debt affected him personally. Clinton's response was often paraphrased as, "I feel your pain." Whether Bill was for once being sincere or not, his words resonated. Now President Joe Biden is running for reelection with the opposite…

12 IRS Numbers Shred Biden’s “Fair Share” Platitudes

Do wealthy Americans pay their “fair share” of income taxes?   If “fair” is defined as a reasonable equilibrium between someone’s share of income earned and their share of income taxes paid, then wealthier Americans actually pay more than their fair share.   That might surprise many people, but it…

13 Americans Can Tell the Difference Between Rosy Economic Data and Reality

The economy is growing, unemployment is low, wages are up, and inflation is down. However, the American people remain grumpy about the state of the economy. This puzzle was just investigated by four economists. They found that people often know that something is wrong even if statistics don't reflect the problem. In this case, people are perceiving…

14 Biden's Tax Plan That Puts America Last

I am often asked if President Joe Biden is intentionally trying to dismantle the American economy with his imbecilic energy, climate change, crime, border, inflation and debt policies. But I've always believed these policies are driven by a badly mistaken ideology – not malice. Then I watched Biden's State of the Union speech. When…

15 Biden's Corporate Tax Hike: Populism Versus Economic Literacy

In the latest volley of policy proposals that seem more rooted in populist rhetoric than economic knowledge, President Joe Biden's budget plan to hike the corporate income tax rate from 21% to 28% strikes me as particularly misguided. This move, ostensibly aimed at ensuring a "fair share" of contributions from corporate America, is a glaring…

16 On the Economy: Biden Needs to Go Back and Take Remedial Math

It's a good thing President Joe Biden wasn't strapped to a polygraph while giving his State of the Union speech on Thursday, because his results would have come back about as clean as O.J. Simpson's. That was especially true when he recited a lot of tall tales – and some whoppers – while touting his administration's…

17 “Bidenomics” - U.S. Falls to Record Low in Annual Index of Economic Freedom

The interrelationship between economic freedom and societal prosperity across the expanse of human history remains self-evident to reasonable minds.   It’s nevertheless invaluable to possess a tool to objectively measure economic freedom and quantify its causal relationship with societal prosperity.   That’s precisely…

18 A New Fiscal Commission Must Heed the Lesson of '97

The Republican chairman of the House Budget Committee made news recently by announcing that if his party is serious about changing the fiscal path we are on, they'll have to consider raising taxes. Politics is about compromise, so the chairman is right. Every side must give a little. However, "putting taxes on the table" is not as simple…

19 Nostalgia Versus Numbers: Challenging America's Economic Pessimism

America is celebrated for its economic dynamism and ample and generously paid employment opportunities. It's a nation that attracts immigrants from around the world. Yet Americans are bummed, and have been for a while. They believe that life was better 40 years ago. And maybe it was on some fronts, but not economically. Surveys repeatedly demonstrate…

20 What Biden Bull Market?

President Joe Biden is boasting about the recent stock market rally. He's right that stocks have been on a tear for the last 14 months. The S&P 500 hit 5,000 for the first time in history. That's up from 500 some 30 years ago.  Even with all our problems, the United States is the unrivaled alpha male nation. The dollar is the only currency…

21 Why Keep Worrying About Debt? Speculation Versus Reality

Over the years, I've offered many explanations about why the trajectory of the national debt is deeply troubling. At this point, though, my worry isn't rooted in a dogmatic adherence to the principles of a balanced budget. Nor does it come from my desire for a smaller government. Instead, I'm alarmed by politicians' unwillingness to look at the numbers…

22 Biden Economy Slowing, Not Accelerating

“Most Homes for Sale in 2023 Were Not Affordable for a Typical U.S. Household.”   That was a Christmas Eve headline from none other than National Public Radio (NPR).   As 2023 ended, the Biden Administration’s peculiar effort to gaslight American voters into believing that economic conditions were flourishing…

23 The Tyranny of the Phillips Curve

Repeat after me, class: Growth does NOT cause inflation. Write it on the blackboard 100 times. For decades, the economics profession has been trying to tell us all just the opposite. They keep shoveling out the dumbest economic concept of all time: the Phillips Curve. This was the lame-brained "theory" by neo-Keynesian economists of the…

24 America, France, and the Free Market

It's fashionable to claim that the free-market ideas of Nobel-laureate economist Milton Friedman have failed the country, and that it's time for new policies. Campaigning in 2020, Joe Biden declared that "Milton Friedman isn't running the show anymore." More recently, New York Times columnist David Leonhardt noted that people like Friedman…

25 Dems Have Now Officially Rejected President John F. Kennedy's Legacy

There's a political cartoon going around that shows John F. Kennedy and Robert F. Kennedy sitting on a couch watching a speech by Robert F. Kennedy Jr. The two hold their palms to their heads and moan that their legacy is being twisted and ruined.  This has the situation completely backward. It isn't RFK Jr. who is rejecting the Kennedy brothers…

26 Will New York Politicians Tax Wall Street Out of Existence?

Let's face it. Anyone who works in, or just visits, the Wall Street area of Manhattan can't deny the aura of power and money isn't what it was 20, 30 or 50 years ago.  The vibrancy, the financial dominance, the gusto seems to have gone missing – so have many of the Gordon Gekko high rollers. Today, Wall Street is less crowded.…

27 Here's One Way to Demand Rational Government

In a world where economic decisions are mostly driven by short-term goals and political pressures, the need for a long-term, evidence-based approach is more pressing than at any time in memory. Enter the Copenhagen Consensus – a beacon of analytical clarity conceived by Danish intellectual Bjorn Lomborg. It aims to reshape global discourse…

28 Bidenomics 2023: Inflation Down, Prices Up

The government announced Tuesday that the Consumer Price Index rose 3.2% in October from the same time last year. That is less than the 3.7% prices rose in September, leading to a lot of commentary about "good news" on inflation. "Today we saw more progress bringing down inflation while maintaining one of the strongest job markets in…

29 Congress Can Redeem Itself by Calling for Help

There's much talk today about the need for a fiscal commission. The House Budget Committee held a hearing about it a few weeks ago. Pundits are Substacking about whether using the approach to put federal finances on a sustainable path is a good or a bad idea. And according to a recent polling, voters support the idea of a commission. Great. But that…

30 Federal Reserve: Bidenomics Disproportionately Hurting Minorities

As Joe Biden’s perplexed supporters struggle to grasp his increasingly grim reelection prospects, they should digest a new Federal Reserve report exposing how Biden’s policies have disproportionately punished a core constituency:  minority voters.   As it is, Biden possesses no margin for electoral error.  In the 2020…

 
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Notable Quote   
 
"J.D. Vance touted his working-class roots and promised to fight on behalf of America's 'forgotten communities' in his first public address since being selected as former president Donald Trump's running mate. The U.S. senator from Ohio capped off day three of the Republican National Convention in Milwaukee, where the enthusiasm and lack of disorder stand in stark contrast to the Democratic Party'…[more]
 
 
— Andrew Stiles, Washington Free Beacon
 
Liberty Poll   

Should Secret Service Director Kimberly Cheatle be fired for the agency's unconscionable failures regarding the assassination attempt on President Trump?