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

1 nabbed as Police seize fire crackers in Essequibo Coast

first_imgIn an exercise aimed at clamping down on fire crackers that flood the markets around this time of year, Police in G Division (Essequibo Coast-Islands) have arrested a young man after he was found in possession of a quantity of explosives.The suspect, a 21-year-old from Kitty, Georgetown, was taken into custody at about 16:00h on Saturday on the Essequibo Coast.Based on information reaching Guyana Times, a party of Policemen conducted a raid for explosives at the Anna Regina and Charity Markets, where a total of 10 stalls were searched.During the exercise, a total of 47 boxes of mini ‘Cicciolo’, 97 ‘Golden Blaze’, 36 ‘Shark’ and 40 boxes of ‘Mini Beng’ were found in the suspect’s possession at the Charity Market.The man was subsequently arrested and taken to the Charity Police Station. Meanwhile, the fire crackers found were lodged with the subordinate officer in charge of the station.last_img read more

Mukumu, Lugari to clash in Chapa Dimba Na Safaricom Boys Western Final

first_imgLugari survived a late scare to secure a ticket to the final after Kapswokony pulled back two goals late in the match.Lugari should have gone ahead in the opening quarter hour but they fluffed their chances after Brian Lusamukha blazed over from close range.Lugari overcame a late scare from Kapswony to win 3-2 and qualify to the final. Photo/GERALD ANDERSONHowever, the goal final came in the 23rd minute when Denis Atsenga weaved through the Kapswokony defence to slam home past keeper Kibet Haron from close range for the opener.The goal inspired them to surge forward and they got the second in the same fashion through substitute Noel Kipleting in the 41st minute to make sure the scoreline read 2-0.Lugari had to thank their custodian Kevin Mumia who produced back-to-back saves, denying Oliver Kiruto to see his side keep a clean sheet and lead by two goals at half time.Kapswokony were the better team in the final half with Kelvin Tendet pulling one back in the 66th minute before Collins Kiteywo scored the second three minutes to stoppage time.-Mukumu reign supreme-Mukumu Boys player thanking Gor before the match. Photo/GERALD ANDERSONIn the opening semi-final, Mukumu Boys did not disappoint as Brian Chala produced a man of the match performance, notching a brace before Michael Odhiambo completed the rout.Chala who gave the Emanani defence hard times found the opener in the 17th minute when he headed the ball over an on rushing keeper, Samuel Musotsi to enable Mukumu Boys hold a 1-0 lead at half time.Mukumu Boys will face Lugari Blue Saints in the final of the Western Region Chapa Dimba Na Safaricom. Photo,/GERALD ANDERSONThe second goal for Mukumu Boys came in the in the 65th minute through Chala who unleashed a fine shot from a tight angle for his second goal.Emanani soaked in the pressure, forcing their defence to concede a penalty two minutes later which Michael Odhiambo stepped up to convert for a 3-0 victory.0Shares0000(Visited 2 times, 1 visits today) 0Shares0000Mukumu from Kakamega County eliminated Emanani from Bungoma 3-0 while Lugari also from Kakamega beat home team Kapswokony 3-2 to see the two teams set a date for the anticipated final. Photo/GERALD ANDERSONBUNGOMA, Kenya, Feb 3 – Mukumu Boys and Lugari Blue Saints set-up a mouth watering clash in the Boys Chapa Dimba Na Safaricom Western Region final to be hosted at the Kanduyi Stadium in Bungoma County on Sunday.Mukumu from Kakamega County eliminated Emanani from Bungoma 3-0 while Lugari also from Kakamega, beat home team Kapswokony 3-2 to see the two teams set a date for the anticipated final.last_img read more