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

Samoura Focusing on Governance, Diversity at FIFA

first_imgMy second priority is to try as much possible to focus on the staff, who have been going through extreme stress over the last 12 months because of the corruption scandals that have had a negative impact on the morale. So I am here to boost the morale of the staff. And my third priority is to ensure that the new directives that govern FIFA, which have been recently approved at the Congress, are internalised and rightly disseminated, so that the staff really starts getting used to them.Finally, I want to inject diversity, more equity, a better governance structure, a stronger monitoring and evaluation system and an obligation to inform and report on the good deeds of FIFA.You come from a very different background. What do you think your long experience at the United Nations can bring to your new role at FIFA?FIFA is the UN of football. It really works with people coming from different cultural, religious and racial backgrounds. But, more importantly, football is one of our biggest equalisers. It is a unifier. My creative challenge when taking up this position is: how we can link the work that I was doing with the UN – to restore peace and bring cohesion between fighting parties – and football.Because football is really a sport that can overcome those social, linguistic and religious barriers. Altogether, I think that I am not doing a different job. Yes, I am in a different field, but if you look at it from a development perspective, you can see many similarities between football and the work that I was doing in the UN – which was to put the individuals at the centre of the decisions of the organisation. This is pretty much the same experience of putting football into the centre of the decisions of FIFA.How do you intend to lead this administration, which has gone through turbulent times recently?The audit forensics is ongoing, and hopefully the result of the financial audit will also be available very soon, so the legal proceedings will continue. While I know that we are only seeing the tip of the iceberg, I do not want these ongoing processes to be detrimental to the real goals and ambitions of the organisation. So I am trying as much as possible to ensure that the two aspects are dissociated, and that not everybody is focusing only on the legal aspect of the corruption matters, but that we all focus on FIFA’s day-to-day operations. It is my role to make sure that the errors of the past are not repeated by the new executive team, and for that we need to take lessons from the mistakes of the past and internalise the good practices..You are the first woman and non-European to occupy the role of Secretary General at FIFA. How do you think this will translate into your management style and priorities?For me, having a woman leading the governing body of world football, an area that has traditionally been dominated by men, is a strong signal of how the President is embracing diversity. So my touche – as we say it in French – as a woman is to ensure that there is more equity not only in the way we recruit people – which means having more females in the executive level of FIFA – but also in how a game that embraces all communities may have a special focus on women. Women are 50 per cent of humanity, and no institution can fully reach its goal if it decides to sideline 50 per cent of the population.Finally, what is your favourite football memory?Well, I guess my answer will be upsetting many French people, because as a national from Senegal my best memory in football was when the Senegalese defeated France 1-0 in the opening of the 2002 World Cup. That was when Senegal took part in this big event for the first time, and we were simply beating the team that had been crowned as world champion four years before. For my people, when we won that game it was like we had become champions of the world. So that was a very emblematic team, of great memories for Senegalese football and for the people of Senegal.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Just over six weeks after the 66th FIFA Congress – where she was appointed as the first woman and the first non-European to act as FIFA Secretary General – Fatma Samoura enjoyed her first day in the office at the Home of FIFA in Zurich on Monday.In between her first working meetings with FIFA President Gianni Infantino and members of the staff, the new Secretary General conducted an interview with FIFA.com to outline her views on some of the focal points of her administration.“I want to inject diversity, more equity, a better governance structure, a stronger monitoring and evaluation system and an obligation to inform and report on the good deeds of FIFA,” Secretary General Samoura said.What will be your main priorities in your first weeks at FIFA?My first priority is to finalise the staff review and to have the senior executive staff appointed as soon as possible. This really concerns very strategic positions, namely those of the Chef Financial Officer and the Chief Compliance Officer, but also human resources, communications and development. Those are key positions, for which we really need to identify good leaders, so that we may fully roll out the different programmes and visions of the new FIFA team.last_img read more

T&T police rescue Venezuelan child bride

first_imgTrinidad and Tobago police say they have rescued a 13-year-old Venezuelan girl after she was brought to the country to marry a 24-year-old man.In a statement, the police said that the child, who was rescued from a house in the community of Penal, is now in the case of the Child protection Unit.The authorities have given no further details regarding the marriage, but media reports said that she was married to the main “in what was described as tribal rites.”The media reports said that the child had been married to the man on a small island off the coast of Venezuela, before she was brought to Trinidad.The police said that they were conducting an exercise in south Trinidad on Wednesday when they received information and executed a search warrant at the house where the child was found.The police said they have since launched a search for the 24-year-old man.last_img read more

PaySafe launches ‘US Rapid Transfer’ seeking to deliver instant conversion dynamics

first_img StumbleUpon PokerStars begins Paysafe ‘Rapid Transfer’ Euro rollout July 16, 2019 Advancing its US position, digital payments technology firm PaySafe Group has confirmed that it will launch its ‘Rapid Transfer’ product through subsidiary Skrill USA.An established product within 18 European countries, Rapid Transfer is Paysafe’s ‘proprietary built’ instant bank transfer technology, which allows merchants to offer ‘instant secure onsite transactions’, increasing all-around customer conversions.In addition to facilitating merchant payment capacities, Rapid Transfer enables digital consumers to seamlessly upload funds from their online bank account to their Skrill digital wallet.Launching Rapid Transfer within the saturated US payments scene, Paysafe states that it seeks to bring ‘alternative transactional arrangements to US consumers who prefer  the security of online banking to standard credit card transactions.The payment technology group points to its in-house ‘2018 Lost in Transaction’ research which details that /a third of US consumers (30%) have ecommerce fraud concerns, reassuring these customers through secure payments services has become commercially important for merchants’.Commenting on proceedings, Lorenzo Pellegrino, Chief Executive of Rapid Transfer at Paysafe Group, said:“Our Q4 2018 research reveals that only a fifth of smaller US online merchants (22%) offer direct bank transfer. This suggests there is significant space for Rapid Transfer’s growth in the US market, especially considering the product’s benefits for card, not present merchants and their customers as well as its strong uptake across Europe.” Related Articles Skrill launches ‘Knect’ next-level rewards programme November 22, 2019 Submit Paysafe confirms Philip McHugh as inbound CEO May 31, 2019 Share Sharelast_img read more