Economists say lots of things. Many of them are wrong

first_imgThere’s plenty of evidence, in the article and elsewhere, that this kind of deregulation has plenty to do with investment and job growth.There is also plenty of evidence that econ reporters at major publications have spent the past decade propping up economists who tell them what they want to hear.That is to say, they prop up economists who obsess over “inequality” rather than economic growth, who worry about the future of labor unions or climate change or whatever policy liberals happen to be plying at the moment.There are plenty of economists out there making good arguments for the free market who will never be member of the “economists say” clique.For eight years, we consistently heard about how “economists say” everything Democrats were doing was great (even when hundreds disagreed).Unsurprisingly, “economists” were wrong about a lot.The rosy predictions set by President Obama’s Council of Economic Advisers regarding the “stimulus,” the administration’s prediction of 4.6 percent growth by 2012 and the Congressional Budget Office predictions about Obamacare were all way off base. But not to worry!Over the next few thousand words, the authors do their best to assure readers that neither deregulation nor tax cuts are really behind this new economic activity — even if business leaders keep telling them otherwise.For example, they claim that “There is little historical evidence tying regulation levels to growth.”A few paragraphs later, we again learn that “The evidence is weak that regulation actually reduces economic activity or that deregulation stimulates it.”A reporter without an agenda might have written that evidence was “arguable,” because I bet I could corral a bunch of economists to tell you that lowering the cost of doing business spurs economic activity quite often.And though the Trump administration somewhat overstates its regulatory cutbacks, it has stopped hundreds of Obama-era regulations from being enacted.Even better, it has stopped thousands of yet-to-be-invented regulations from ever being considered. Perhaps these corporations only did it all to gain favor with the administration.Hey, some people suck up to government by cutting bonus checks for their workers, and some people make electric cars no one wants.The fact is that deregulation and tax cuts matter.We already have evidence.We just don’t give voice to the economists who would tell us so.David Harsanyi is a senior editor at The Federalist and a nationally syndicated columnist.More from The Daily Gazette:EDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Find a way to get family members into nursing homesEDITORIAL: Beware of voter intimidationFoss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Thruway tax unfair to working motorists (Indeed, 36 percent of those polled gave the wholly rational answer of “uncertain.”)“We’ll be lucky to have 2 percent” growth, “economists say” regular Mark Zandi told CNN in May.Certainly, the economy doesn’t have the room to grow that it had in 2007 or 2012.But so far, Zandi is wrong about that.Neither deregulation nor tax cuts are a panacea.But businesses have already acted on deregulation and corporate tax cuts.Dozens of companies announced they would hand out bonus checks to hundreds of thousands of workers before the corporate tax cut was even signed into law. Categories: Editorial, Opinion“A wave of optimism has swept over American business leaders, and it is beginning to translate into the sort of investment in new plants, equipment and factory upgrades that bolsters economic growth, spurs job creation — and may finally raise wages significantly,” opens a recent New York Times article surveying the state of the American economy.One imagines that readers of the esteemed paper were surprised to run across such a rosy assessment after having been bombarded with news of a homicidal Republican tax plan for so many weeks. Vox, a leading light in the liberalism-masquerading-as-science genre, ran an article headlined “The Controversial Study Showing High Minimum Wages Kill Jobs, Explained.”You might wonder why incessantly quoted studies from liberal “nonpartisan” groups that falsely predicted minimum wages wouldn’t hurt cities aren’t “controversial.”Because if you want to raise the minimum wage, you will raise the price of labor and often reduce the amount of labor that’s going to be hired.That’s the trade-off.For decades, most economists agreed.While most economists I’ve known are relatively humble about forecasting, the ones who aren’t get most of the press.“Out of 42 Top Economists, Only 1 Believes the GOP Tax Bills Would Help the Economy,” a November Vox headline read. There are thousands of unknowns that can’t be quantified or computed, including human nature.But after decades of using data to help us think about goods, services, jobs, consumption and our choices, “economists say” is now used to coat liberal policy positions with a veneer of scientific certitude.And since Democrats began successfully aligning economics with social engineering, we’ve stopped seriously talking about the tradeoffs of regulations.A good example of this trend is the push for a $15 minimum wage — an emotionally satisfying, popular and destructive policy idea.Most cities that have passed the hike have experienced job losses.When researchers at the University of Washington studied Seattle’s $15 minimum-wage hike, one of the largest in the nation, they found that thousands of fewer jobs were created and thousands of people lost hours of work, making them poorer.No doubt a lot of people were surprised.last_img read more

PwC: Asset management costs to drop 20% by 2025

first_imgPatrick Heisen, partner at PwC, said this was likely to reverse as fees came under more pressure.“This is in part thanks to the regulation of the European Markets in Financial Instruments Directive (MiFID II), which has lead to greater cost transparency, but also to institutional investors becoming more cost-conscious,” he said.Heisen added that the introduction of cheap passive investment products had accelerated this trend.“Although interest in active products is to remain, their added value must be better demonstrable to institutional investors,” he said.PwC concluded that costs would come down across all asset classes, and would affect cheaper passive products and more expensive hedge funds.Fees for passive investments were expected to drop from 0.15% to 0.12%, PwC predicted, while costs for active equity mandates would fall from 0.54% to 0.44%.“At these funds, we see the emergence of alternative fee structures, with the fee in part linked to outperformance,” Heisen said.PwC indicated that the predictions applied to worldwide investments, but said it expected that decreases would be more significant in Europe and Asia, as the fees were higher relative to those in the US.According to Heisen, asset managers should adjust their fee policy to the wishes and goals of institutional investors, adding that variation in fee models was still limited.Innovation and rationalisationPwC also recommended asset managers intensify product innovation, such as passive smart beta funds or funds investing in illiquid classes, including private loans.“Moreover, asset managers should made clear choices, for example through rationalising their propositions,” the group said.It said it expected a quarter of investment funds currently available to investors to disappear in the next few years.Asset managers should also focus on retaining talented staff with an attractive working environment, PwC added, as technology was required to reduce costs.However, Heisen also warned pension funds not to be too fixated on costs “as pension funds are long-term investors who also want asset managers still to exist in five years’ time”.“Therefore, it is also important to check whether an asset manager is also preparing for the future, for example through sufficient investments in technology and digital infrastructure,” he said. Asset management costs for all asset classes are expected to drop by 20% by 2025 as fees are increasingly based on performance, according to PwC.In a new report – Asset and Wealth Management Revolution: Pressure on Profitability – the consultancy argued that asset managers must embrace new technologies in order to cushion decreasing income.PwC based its forecast on an analysis of the annual reports of 64 asset managers with combined assets under management of €40trn.The past five years were a golden period for large asset managers, PwC said, as margins rose by almost 16% and costs fell almost 16% relative to an income decline of almost 10%.last_img read more

Kid-Friendly Zombie Bash Oct. 19 in Middletown

first_imgMIDDLETOWN – The Middletown Arts Center (MAC) will host the family-friendly Zany Zombie Bash, suitable for all ages from 6 to 8 p.m. Friday, Oct. 19, at the arts center, 36 Church St.Attendees will enjoy Halloween crafts, face painting and glow-in-the-dark drawing fun with arts center instructor Laurie Ruggeri and friends. The event will also feature a costume parade, a Monster Mash dance freeze and a pre-event concert performance by Miss Sherri, award-winning children’s singer and songwriter.Prior to the Zany Zombie Bash, Miss Sherri will host a Dress Up Fun concert in the theater from 4:30 to 5:30 p.m. Attendees can join Miss Sherri, Dancing Deena, Go Go Green and International kids music sensation Mr. Ray for a live concert filming where children of all ages are invited to dance and sing in their costumes. Mr. Ray has performed with Bruce Springsteen, Meat Loaf and many other celebrity rockers, but he has always said his toughest critics are the kids. The concert is $5 for kids and adults, children under 1 are free.The cost to attend the Zany Zombie Bash is $5 per person, $20 per family. Attend both the Miss Sherri Concert and Zombie Bash and pay a discounted rate of $8 per child or adult. Post a picture and instructions for your very own creative DIY Halloween Arts and Craft on the Middletown Arts Center’s Facebook page wall by Oct. 15 and receive a special gift from the Zombie Bash’s Cauldron of Goodies.For more information, visit www.middletownarts. or call 732-706-4100.“With so much Zombie action happening across Monmouth County this October, all of us at the Middletown Arts Center (MAC) are thrilled to offer families a less scary option that celebrates the spooky season, but remains kid-friendly,” said Maggie O’Brien, executive director, Middletown Arts Center. “Join us for this fun-filled fundraiser fit for ghouls, ghosts and princesses of all ages.”last_img read more

While the Sikki and

While the Sikki and Pranaav have shown quality attacking and court coverage in the three rounds so far,But thats December which has reporters at BPM.

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