[R]elative shares in national income have remained substantially constant over the last hundred years. This, however, is true only if we measure them in money. Measured in real terms, relative shares have substantially changed in favor of the lower income groups. This...
Economics
TGIF: Hurray for the Industrial Revolution!
Unbelievably, in 2025, walking among us are people, many of them young and college-educated, who believe the Industrial Revolution (spawned by the liberal Enlightenment) was a disaster for most of mankind. They yearn for what they imagine was the tranquil, plentiful,...
Trump White House Flips Script at FTC
On August 13, 2025, President Donald Trump signed an executive order repealing predecessor Joe Biden’s July 2021 executive order “Promoting Competition in the American Economy.” The Biden order called for greater enforcement of antitrust laws and other efforts to...
TGIF: Trump and the Separation of Powers
The U.S. Court of Appeals' rejection last week of the Trump administration's global "emergency" tariff program was a welcome affirmation of the separation-of-powers doctrine. Next stop: the U.S. Supreme Court. I'm keeping my fingers crossed for a 9-0 ruling that Trump...
Washington’s Fiscal Doom-Loop
With U.S. gross debt now at a staggering $37 trillion—roughly equivalent to the combined debt of all other major advanced economies—Washington is trapped in a fiscal doom loop of its own making. Decades of bipartisan overspending have pushed the nation to a point...
Capitalism Isn’t Responisble for Society’s Flaws; You Are
“Capitalism is killing the planet—it’s time to stop buying into our own destruction.”- The Guardian The more disordered modern society becomes the more loudly we hear a common diagnosis: capitalism wanted this. Blaming capitalism has long been the status quo for the...
TGIF: The Chicanery Behind Inequality Data
If self-described progressives decry anything more fiercely than poverty, it is income and wealth inequality. Some have even suggested that they would prefer low-income equality to inequality, regardless of how affluent the lowest level was. What counts is the gap....
TGIF: The Poverty of Poverty Data
"Poverty has no causes; prosperity has many. As history attests, poverty is humanity’s default condition.... But prosperity is not natural; it does not just happen." —Phil Gramm and Donald J. Boudreaux To hear some people tell it, America is in the grip of a vast...
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