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

Rare materials make Gold Coast mansion unique

first_img An intricate floating staircase connects the two levels.Topping off a long list of features is the home gym room, an office, an ecosmart fireplace, an intricate floating staircase and a pontoon with power and water connected. Besides the house, Mr Mann said they appreciated the sense of community and convenience of life in Isle of Capri.“We’re just down the road from Capri on Via Roma and spend half our time down there every weekend, we love it,” he said.“Isle of Capri is the sort of place where people know each other, you can easily walk to the beach, and it’s just a really family-friendly place to live.”Kollosche agents Eddie Wardale and Michael Kollosche are marketing the property in an expressions of interest campaign closing on April 22. On the market: 85 Gibraltar Drive, Isle of Capri.IF recent global events have taught us nothing else, it’s that life is full of surprises that may lead us down a different path than the one we had planned. Such is the case for the Manns, who are selling their dream home to find more space for their growing family — and their friends. The two-level home is an imposing sight at night.“Baby number three wasn’t part of the plan,” said Ben Mann, who purchased 85 Gibraltar Drive, Isle of Capri with wife Jane in June, 2018 as a then family of four.“Our house is the centre of activity with the kids’ friends over all the time so we’re now needing something bigger.”Parting will be sweet sorrow for the Manns who fell in love with the detailed design and unique features inside this remarkable waterfront home. The media room features carpet from Monte Carlo Casino and tiny fibre optic lights.But it’s the media room, featuring carpet from the Monte Carlo Casino, that the Manns have enjoyed the most.“We’ve really loved the movie room, it’s a great place for the family to hang out,” he said.“We also like how every room has its own ensuite so you’ve all got your privacy.“Even though it’s a big house, it’s still cosy and you feel like you’re all together.”“Full kudos to the previous owners, they’ve done an amazing job.” Mr Mann said they had made some minor changes to suit their own tastes and lighten up the colour palette.“We engaged a designer to create a more coastal feel,” he said.“We changed the kitchen benchtops and updated the kitchen to lighten the area up a bit and make it more family friendly.” Views of the water and the city skyline.The spacious lounge room flows onto an alfresco terrace and undercover area overlooking the heated pool and spa with a sandy beach beyond.Entertaining is easy thanks to the built-in outdoor kitchen and a servery window connected to the main kitchen inside. MORE NEWS: Backyard bungalows offer an ideal escape More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago Rents slashed on luxury holiday homes The home features 120-year-old telegraph poles from a NSW mill.No expense was spared by the previous owners who took two years to build the house, hand-picking materials including 120-year-old, eight metre-high telegraph poles from a mill in rural NSW and spotted gum timber flooring, ceiling and cabinetry.Award-winning designer Tony Dowthwaite was commissioned to design the lighting, which includes rare fittings imported from Italy.last_img read more