More wealth for everyone

(HT Steve Horwitz via Carpe Diem)

In the US, wealth is increasing at every income stratum. But, as all of our fathers told us as we were growing up, money doesn't grow on trees. Best we learn just what conditions promote prosperity and well-being before voting on the current health-care and climate change legislation. We stand on the precipice of self-destruction.


More from Carpe Diem:

The reasons for the significant improvements in living standards for all Americans (at all income levels) include innovation, technology improvements, supply chain efficiencies, increases in productivity and other market-driven efficiencies that drive prices lower and lower year by year, measured in what is most important: our time, and the amount of labor it takes to earn the money to purchase household appliances and other goods and services.

Bottom Line: As much as we hear about declines in median income, economic stagnation, the disappearance of the middle class, falling real wages, increasing income inequality, the data tell a much different story: The rich are getting richer and the poor are getting richer.

Wealth is not the problem.

Wealth is the solution.

Hide the Decline

If you haven't heard about Climategate, you aren't paying attention. But then, if you thought the "science is settled" and that there is a "consensus" agreement on anthropogenic global warming, you haven't been paying attention either. If you get you information from Wikipedia, I can understand why you might not be aware of scientific work that challenges the conventional "wisdom." The recent bruha over the science only confirms the importance of keeping science separate from politics and political funding--but the "truth about climate change science" is irrelevant in deciding the proper role of government in climate matters.

You can read about how their goose is cooked while I cook a turkey today (for a second Thanksgiving, as there is so much to be thankful for one wasn't enough this year.)

On a more serious note, a lot more work must be done to carefully read through all the emails, making the best effort possible to not take them out of context. Even then, the exposed emails are not the complete record of correspondence. Private emails contain meaningless venting more often than evidence of criminal activity and conspiracy.

That said, the emails I have read are disturbing and the authors have some serious explaining to do. The authors and the recipients are major players in the Global Warming debate and significant contributors to the IPCC: Michael Mann (the "hockey-stick" guy) James Hansen, Gavin Schmidt, Stephen Schneider (of "being honest vs. being effective" fame), Ben Santer, Tom Wigley. Some of their view point can be read on RealClimate. (Do check the links to these scientists, as some are quire amusing.)

Climategate: The Fix is In Robert Tracinski , RealClearPolitics

Real Climate Spin Marlo Lewis, OpenMarket.org

Climate Science and Candor WSJ (unedited emails)

Three Things You Absolutely Must Know About Climategate Iain Murray, pajamasmedia.com

And to understand the video clip below, read Mike's Nature Trick Watts Up with That?, and then enjoy:




On a more serious note, here's a Who's Who in Climategate and a few of their quotes:

Woe to the people who can not limit the state.

"The state tends to expand in proportion to its means of existence and to live beyond its means, and these are, in the last analysis, nothing but the substance of the people. Woe to the people that cannot limit the sphere of action of the state! Freedom, private enterprise, wealth, happiness, independence, personal dignity, all vanish."

-- Frederic Bastiat (1801-1850) French economist, statesman, and author. He did most of his writing during the years just before -- and immediately following -- the French Revolution of February 1848. Source: Sophisms, 141 (HT Liberty Quotes)

Note:
I am currently just posting good quotes to contemplate while I am researching for a detailed post on the number of uninsured Americans. Where does the figure 47 million come from? How much confidence should we place in that number? The size of the problem tells us nothing about the solution, but it does provide a measure by which we can gauge the degree of urgency appropriate to the problem. Stay tuned!

Ancient Wisdom

"The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane."

-- Marcus Aurelius (121-180) Roman emperor (161-180)

(HT Liberty Quotes)

Emerson Electric Shrugs

From Manufacturing and Technology News:

Emerson Electric Votes With Its Feet, Saying The Government Is Destroying American Manufacturing Nov. 17, 2009

The federal government is "doing everything in [its] manpower [and] capability to destroy U.S. manufacturing," says David Farr, chairman and CEO of Emerson Electric Co., in a presentation at the Baird 2009 Industrial Conference in Chicago Ill., on Nov. 11. In comments reported by Bloomberg, Farr added that companies will continue adding jobs in China and India because they are "places where people want the products and where the governments welcome you to actually do something. I am not going to hire anybody in the United States. I'm moving. They are doing everything possible to destroy jobs."

In his Powerpoint presentation available on the Emerson Electric Web site, Farr notes that the federal government is damaging prospects for U.S. economic growth with a $1.41 trillion federal deficit (10 percent of GDP); $12 trillion in government debt that will grow to $20 trillion in 10 years; a policy of printing money; a "non-targeted $800-billion stimulus"; bailouts for Wall Street and the automobile companies; the prospect for cap and trade legislation; a "government takeover" of health care to the tune of more than $1 trillion; increasing taxes and regulations; and a "lack of U.S. $ support" for manufacturing. The global stimulus "soon will fade," says Farr.

Emerson Electric did major down-sizing in response to the recession (14% decrease in headcount and shut down 75+ facilities) and plans to build back up over seas, leaving the increasingly interventionist U.S. Government behind, and unfortunately U.S. workers as well.

A few choice slides from his PowerPoint presentation:

Slide #7

Slide #11

Slide #13