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

Update on the latest sports

first_img February 21, 2020 Manager Terry Francona said Carrasco felt something in his upper leg when squatting on Wednesday.The 32-year-old pitcher made an inspiring comeback last season after being diagnosed with leukemia. He revealed that in June and returned as a reliever in September after treatment.In other MLB news:— Astros outfielder Josh Reddick says he and other players have received death threats in the wake of the team’s sign-stealing scandal. Reddick told reporters in Florida that he received threats on social media and people have commented on pictures of his infant twins, saying they hope they get cancer.PGA-MEXICO CHAMPIONSHIP — Winnipeg native Cody Eakin has been acquired by the Jets from the Golden Knights for a conditional fourth-round pick in 2021. The draft choice will become a third-rounder next year if the Jets make the playoffs or re-sign Eakin to a new contract by July 5.— The Sabres have placed suspended defenseman Zach Bogosian on unconditional waivers with the intention of terminating his contract. The move puts Buffalo in position to part ways with a disgruntled player who asked to be traded earlier this season and spent the past week refusing to report to the minors.MLB-NEWSIndians’ Carrasco day to day with mild hip flexor strainUNDATED (AP) — Cleveland Indians right-hander Carlos Carrasco has been diagnosed with a mild strain of his right hip flexor after feeling discomfort while doing squats in the weight room during spring training. The team says forward Oliver Bjorkstrand (BYOHRK’-strand) fractured an ankle in Thursday night’s loss to the Philadelphia Flyers. General manager Jarmo Kekalainen (YAHR’-moh keh-kah-LAY’-nehn) says Bjorkstrand will be out eight to 10 weeks and might need surgery.Bjorkstrand has 21 goals and 36 points in 49 games this season. He paces Columbus with five game-winning goals and 11 multi-point games.In other NHL news:— The Bruins have added an experienced forward by getting Ondrej Kase (AHN’-dray KAH’-shah) from the Ducks for veteran center David Backes (BAK’-ehs) and 20-year-old blueline prospect Axel Andersson. The move frees up cap space for the Bruins, who were still on the hook for Backes’ contract after he and the team agreed he should stay away from the club while Boston tried to work out a deal.— The Islanders have retired John Tonelli’s No. 27, although he’s given Anders Lee his blessing to continue wearing the jersey number. Tonelli scored or assisted on some of the more memorable playoff goals while the franchise was winning four straight Stanley Cups. He joins Denis Potvin, Clark Gillies, Bryan Trottier, Bob Nystrom and Billy Smith in the rafters at Nassau Coliseum, along with coach Al Arbour and GM Bill Torrey. The Avalanche have won a season-high five straight on the road and have taken 10 of their last 14 overall.Elsewhere on NHL ice:— The Bruins picked up their fifth straight win as Patrice Bergeron (pah-TREES’ BEHR’-zhuh-rahn) supplied a pair of goals in a 4-3 decision over the Flames. Bergeron has scored 21 times in 32 games since returning from a lower-body injury, one reason for Boston’s five-point lead over Tampa Bay in the Atlantic Division race.— The Islanders’ season-worst, four-game losing streak is over after Jordan Eberle notched his third career hat trick to lead a 4-1 win against the Red Wings. Leo Komarov (KAH’-mah-rahv) added an empty-netter and Semyon Varlamov (SEHM’-yuhn vahr-LAH’-mahv) stopped 21 shots for New York, which scored just twice in a just-completed, 0-4 road trip.— Jared Spurgeon scored three times and the Wild gave their fading playoff hopes a boost with a 5-3 win against the Oilers. Ryan Nugent-Hopkins had a pair of goals and an assist for Edmonton, which remains one point behind Vegas for the Pacific Division lead. — The Rangers made it eight wins in 11 games as Mika Zibanejad (MEE’-kuh zih-BAN’-eh-jad) furnished a goal and two assists in a 5-2 verdict over the Hurricanes. Artemi Panarin (ahr-TEH’-mee pah-NAH’-rihn) and Ryan Strome (strohm) each had a goal and an assist in New York’s seventh consecutive road win.— Alex DeBrincat’s (deh-BRIHN’-kats) second goal of the night came 4:02 into OT and sent the Blackhawks past the Predators, 2-1. Corey Crawford stopped 42 shots to backstop Chicago’s second win in nine games.NHL-NEWSBlue Jackets lose their top scorerUNDATED (AP) — The Columbus Blue Jackets have lost their top goal-scorer for the rest of the season. — Minnesota Timberwolves center Karl-Anthony Towns will sit out for at least two more weeks because of an injured left wrist that the team announced Friday is broken. Towns first had an X-ray after hurting his wrist Jan. 25 against Oklahoma City.NFL LABORUnion committee rejects NFL labor deal; player reps to voteNEW YORK (AP) — The NFL players’ union executive committee have voted 6-5 to recommend rejecting the terms of a labor deal approved by NFL owners the previous day.The owners’ proposal features a 17-game season, shorter preseason, larger rosters and limits on the number of international games. It will next be voted on by the 32 player representatives. Even if they reject it, the union is expected to bring the plan to the entire membership. Objections to an expanded regular season are considered the main stumbling block for player approval. In other NFL news:— The Bears have waived cornerback Prince Amukamara (ah-moo-kah-MOOR’-ah) and speedy receiver Taylor Gabriel. Amukamara started 42 games over the past three seasons and gave the Bears a physical presence in the backfield. Gabriel has 2,860 yards and 14 touchdown catches in six years with three teams.— The Jaguars exercised contract options on receiver Chris Conley and free safety Jarrod Wilson. The Jaguars now have Conley under contract through 2020 and Wilson through 2021. Wilson started all 16 games last season and led the team with 73 tackles and 1,186 snaps.NHL-SCHEDULEBlues pad division lead, Avs win Documents: Michigan student says he reported doctor’s abuseANN ARBOR, Michigan (AP) — Documents show a doctor continued to work at the University of Michigan for decades after a supervisor confronted him about allegations of sex abuse.According to the documents released to The Associated Press on Friday, one former student told investigators that Dr. Robert E. Anderson was known by student athletes as “Dr. Drop your drawers Anderson.” That man says he told his wrestling coach and others that Anderson molested him during a medical exam in the 1970s.The documents say a former vice president of student life told police he had no idea that Anderson had remained at the school for decades after he confronted the doctor about the allegations.PENN STATE-ABUSE UNDATED (AP) — The St. Louis Blues have put a little more distance between themselves and the Dallas Stars atop the NHL’s Central Division.David Perron (peh-RAHN’) scored his team-leading 24th goal and the Blues picked up their third win in a row by thumping the Stars, 5-1. Jaden Schwartz added his 20th goal to give St. Louis a 4-0 lead and chase All-Star Ben Bishop from the nets early in the second period.Colton Parayko (pah-RAY’-koh) collected a goal and two assists for the defending Stanley Cup champs, while Jordan Kyrou (KY’-roo) furnished a goal and an assist.The win leaves the Blues four points ahead of Dallas. The Stars have a game in hand.Colorado leapfrogged ahead of the Stars and remain three points behind St. Louis after the Avalanche earned a 1-0 win at Anaheim. J.T. Compher scored in the second period to back Pavel Francouz (FRAN-sohs), who made 26 saves in his first NHL shutout. DeChambeau birdies his way to 1-shot lead in MexicoMEXICO CITY (AP) — Bryson DeChambeau is the leader at the midway point of the Mexico Championship.DeChambeau carded seven birdies in an eight hole stretch for an 8-under 63 in this World Golf Championship event. He will enter Saturday with a one-stroke lead over Erik van Rooyen and Patrick Reed at 11 under.Justin Thomas and Hideki Matsuyama (maht-soo-YAH’-mah) are two strokes back and one ahead of Rory McIlroy.UNIVERSITY OF MICHIGAN-DOCTOR INVESTIGATION Pascal Siakam (see-A’-kam) poured in 37 points and grabbed 12 rebounds as the Raptors dumped the Suns, 118-101. Siakam connected on 12 of 19 attempts, including 5 of 9 from 3-point range.Serge Ibaka (ih-BAH’-kah) contributed 16 points, while teammates Fred VanVleet and Terence Davis each added 14 for the defending NBA champs.The outcome leaves the Raptors with a 41-15 record and a 1 ½-game lead over Boston in the Atlantic Division.The Celtics kept pace as Gordon Hayward scored a team-high 29 points in a 127-117 win at Minnesota. Daniel Theis (tys) had career highs with 25 points and 16 rebounds to help the Celts win for the ninth time in 10 games.Jalen Brown accounted for 25 points for Boston, and Jayson Tatum added 28 with 11 rebounds while fellow All-Star Kemba Walker sat out because of a minor knee injury. Share This StoryFacebookTwitteremailPrintLinkedinRedditNBA-SCHEDULERaptors, Celtics winUNDATED (AP) — The Toronto Raptors bounced back nicely after their team-record, 15-game winning streak was stopped by a 20-point loss at Brooklyn before the All-Star break. Update on the latest sports In other Friday night NBA action:— The Mavericks cruised to a 122-106 win at Orlando behind Luka Doncic (DAHN’-chich), who furnished 33 points, 10 rebounds and eight assists. Max Kleber added a career-high 26 points off the bench as the Mavericks improved to 19-8 away from Dallas this season, bettering their road victory total from last year.— Chris Paul furnished 20 of his 29 points in the second half of the Thunder’s 113-101 triumph over the Nuggets. Steven Adams chipped in 19 points and 17 rebounds to Oklahoma City’s 14th victory in 17 games.— The Pacers were 106-98 winners over the Knicks as T.J. Warren provided 27 points and eight rebounds for Indiana. Domantas Sabonis (doh-MAHN’-tahs sah-BOH’-nihs) added 24 points and 13 boards to Indiana’s second straight win.— Dejounte (dih-ZHAHN’-tay) Murray’s 23 points and seven rebounds led the Spurs’ balanced attack in a 113-104 downing of the Jazz. DeMar DeRozan added 18 points and seven assists, while LaMarcus Aldridge chipped in 15 points and eight rebounds as San Antonio stopped Utah’s four-game winning streak. American women seek more than $66M in damages from US SoccerUNDATED (AP) — Players on the U.S. women’s national team are seeking more than $66 million in damages as part of their gender discrimination lawsuit against the U.S. Soccer Federation.Players on the women’s national team sued the federation last March alleging institutionalized gender discrimination.Documents show federation lawyers repeatedly pushed members of the champion U.S. women’s team to detail distinctions between their sport, which they dominate, and the men’s game, where the Americans struggle. Associated Press Penn State settles ‘outstanding issues’ with Paterno familyHARRISBURG, Pa. (AP) — Penn State and the family of the late head football coach Joe Paterno announced Friday they have resolved “outstanding issues” that had divided them, eight years after he was fired following assistant coach Jerry Sandusky’s child molestation arrest. Sandusky was convicted of 45 counts of child sexual abuse in 2012 and is serving a 30- to 60-year prison sentence.The deal ends a lawsuit against the university by the Paternos’ son Jay Paterno, who is currently a member of the Penn State board. Jay Paterno had claimed the university-commissioned report into the scandal had unfairly tarnished him and made him unable to find work as a football coach.Joe Paterno was 85 when he died of cancer-related complications in January 2012.WOMEN’S SOCCER-EQUAL PAY — The Cavaliers won their first game under interim coach J.B. Bickerstaff as Colin Sexton scored 14 of his 25 points in the fourth quarter of their second consecutive victory, 113-110 against the Wizards. Cedi Osman added 16 points and Darius Garland had 15 to help Cleveland win for the third time in 16 games since their previous two-game winning streak.NBA-LAKERS-RESCHEDULESNBA reschedules Lakers gamesUNDATED (AP) — The game between the Los Angeles Lakers and Clippers that was postponed following Kobe Bryant’s death has been rescheduled for April 9. The game was originally scheduled for Jan. 28, two days after Bryant’s death in a helicopter crash. The Lakers will play at home on three straight nights, with the NBA saying Friday that the game against Golden State scheduled for April 9 will be played April 7 and the game against Chicago set for April 7 will be played April 8.In other NBA news:last_img read more

Bielema, seniors avoid repeat in Champs

first_imgORLANDO, Fla. — Embarrassed 42-13 at the hands of Florida State in last season’s Champs Sports Bowl, the Wisconsin football team used the humiliating loss that capped off a disappointing 7-6 season as motivation for what to improve upon in 2009.Simply put, it worked.In a game of redemption so literal the Badgers were placed in Orlando for the second year in a row, UW took down the No. 14 Miami Hurricanes 20-14 to improve to 10-3 and secure a spot at No. 16 in the final national rankings. Sick of hearing questions about bouncing back from 2008 for most of the year, UW head coach Bret Bielema happily answered the final query he should hear for quite some time about the 2008 campaign.“To get to 10 wins from where we were a year ago, what people thought of us, I think we looked within ourselves first, then we just kind of moved ourselves forward,” Bielema said.From the first play of the game, it didn’t seem quite that rosy.With the Badgers pumped for the last game of the season, the Hurricanes used UW’s aggressiveness against them, employing a reverse on the kickoff that ultimately went for 84 yards and crested with Miami running back Graig Cooper punching in a 16-yard touchdown run on the next play.Still, the Wisconsin defense held firm on the next possession, forcing a three-and-out and the Badger offense struck quickly, evening the game up with a deep pass to junior tight end Lance Kendricks — a recurring theme for the game — and two runs from game MVP John Clay inside the five yard line.Steady behind center all season, junior quarterback Scott Tolzien never doubted how his team would respond to the early hole.“We scrapped and we had some things that didn’t go our way in this game and we were able to overcome adversity,” Tolzien said.With Clay adding another touchdown midway through the second quarter — for the game Clay totaled 121 yards for a 5.5 average — the Badgers seized a seven-point lead and started to impose their will on the “faster” Miami team.Playing prototypical Wisconsin ball, the Badgers rushed 42 total times and passed merely 26, with many drop backs coming off play-action.“Our offensive line, we got big guys up front,” Clay said. “We know that. They punish the guys up front, the D-line up front. Coming to me off the backfield, 230 plus (insert laughter from Bielema about Clay’s proclaimed weight) that’s just wearing down the defense. We see. That’s what we do. Wisconsin football, we just run the ball. Third, fourth quarter, you could see them sucking air.”With the way the Badger defense harassed ballyhooed quarterback Jacory Harris, it wouldn’t have been a surprise to see the Miami signal caller ‘sucking air’ in the fourth quarter as well.To politely put it, the sophomore quarterback was ineffective. His deep balls were too deep, his short passes off the mark and his scrambles went side to side instead of north and south.Led by defensive ends O’Brien Schofield (two sacks and forced fumble) and J.J. Watt (critical fourth quarter sack and fumble recovery), the Wisconsin pass rush brought down Harris five times in the backfield and knocked him down at least double that.Though he avoided the interception bug that has plagued him all season, Harris finished with a lowly 188 yards on 16 of 29 passing and only looked effective on the late desperation drive in the fourth quarter where he notched his only touchdown of the day.“Every time I saw [Harris] limping it made me want to get back there that much more,” Schofield said. “They don’t really have a backup, so we were just trying to get him out of the game.”Hanging on to win despite Miami recovering an onside kick, the Badgers did what they had held back on for four straight months — they celebrated. Bielema was splashed with Gatorade, hugs were given all around and as center John Moffitt put it, “I am going to celebrate until the day I start back in school.”In a game built around redemption — whether the players would admit it or not — 2008 was finally put to bed.“Our seniors, I’ve said it a million times, but it would do injustice to our senior captains,” Bielema said of the bowl win. “The main reason we wanted to win the football game today was for each other.”last_img read more