In a moment of unexpected and unsettling candor, Federal Reserve chairman Ben Bernanke, in his testimony on Tuesday before the House Financial Services Committee, said that he really doesn’t know what’s happening to the economy. In his best professorial manner and without blinking an eye, the chairman said, "In light of somewhat different signals received recently from the labor market than from indicators of final demand and production…it will be especially important to evaluate incoming information to assess the underlying pace of the economic recovery."
Federal regulators are proposing more intervention in the U.S. automobile industry, as new safety regulations would require automakers to furnish all new vehicles with rearview cameras by 2014. The National Highway Traffic Safety Administration (NHTSA) will be transmitting a final copy of the proposed regulation to Congress today — which is expected to be approved — after the rule was originally proposed in 2010.
Congress should reject the Anti-Counterfeiting Trade Agreement (ACTA) signed by President Obama on October 1, 2011.
As reported in The New American here, the difference in wages between Chinese and American workers is narrowing rapidly. Part of the reason is that China has passed the Lewis Turning Point.
The Washington politicians were in full self-congratulatory form recently when the Republicans and Democrats in Congress finally displayed a moment of bipartisanship and passed the payroll tax cut extension that keeps in place the two percentage point cut in the tax that funds Social Security.
JBS CEO Art Thompson's weekly video news update for February 27 - March 4, 2012.
The Group of 20 meeting in Mexico City over the weekend decided that the best course of action was inaction, putting off making any decisions on how to “rescue” the European Union from its financial and economic difficulties until next month at the earliest. The statement justifying kicking the can down the road for another month or so was breathtaking in its obfuscation: putting off any decisions, it said, “will provide an essential input in our ongoing consideration to mobilize resources…” This is how finance ministers and world economic experts explain that, after two days of meetings, the best thing to do was nothing at all.
That wasn’t a budget Barack Obama delivered to Congress. It was a campaign document. It was full of promises of “fairness,” which to our President and his cronies means taking more money from those who earn it and giving it to those whom they think deserve it. “From each according to his ability, to each according to his need.” Karl Marx said it first.
Thankfully, the twentieth GOP presidential debate has come and gone. If the American voter doesn’t know these candidates by now, he never will. Of the four remaining candidates, three are virtually indistinguishable from one another. This much has been established time and time again throughout this election season. It is true, of course, that there exist some differences between Mitt Romney, Rick Santorum, and Newt Gingrich. But such differences are negligible, both in themselves and, especially, relative to the enormity of the similarities that they share.