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SENTRY JOURNAL » Economics

$16 to Serve Hamburgers on Amtrak Trains?

Yes, you read the title correctly. It costs our government $16 to serve crappy quality, microwavable hamburgers on Amtrak. However, to make up for it, they sell them for $9.50! Bloomberg has more… I live in New York City, so I’ve eaten my share of $16 hamburgers. If a hamburger costs that much, it’s usually pretty good. It had better be! But that’s not true if you’re on Amtrak. At a congressional hearing yesterday, we learned that the agency’s on-board, microwave-in-bag hamburgers cost $16 to serve, even though the agency only charges travelers $9.50 to buy one. The purpose of the hearing was to examine why Amtrak’s food service operations have lost $800 million over the last 10 years. The answer is, apparently, that it costs Amtrak a ton of … Read entire article »

Filed under: Economics

Building Something Already Gives Us More Than We Contributed

President Obama’s recent “you didn’t build that” comments have been the cause of much discussion lately. Of course, the general idea of what Obama has said is nothing new to liberal thought. Elizabeth Warren uttered a very similar sentiment last September, albeit much more eloquently. The notion that you owe much thanks to those that have contributed to your success in life is far from absurd. We all have that special teacher, friend, or loved one that has inspired us to become more. We all have benefited from the level of progress society has achieved and the hard work of those that have come before us. I don’t think anyone would argue against that, but the debt that we owe to our society and the price tag attached is something … Read entire article »

Filed under: Democrats, Economics, Elizabeth Warren, Obama, Politics

Why are More Americans Renouncing their Citizenship?

Is it a sign of oppression, or economic failure that would cause people to renounce their citizenship and leave the US? The Daily Reckoning has more… 07/03/12 Laguna Beach, California – In November, millions of Americans will trudge to their local polling places to cast votes in the hope of improving their lives here in the USA. Between now and then, a few hundred Americans will vote with their feet in the hope of improving their lives outside the USA. Last year, nearly 1,800 Americans surrendered their citizenship. In a nation of 300 million folks, 1,800 émigrés is hardly a rush for the exits. But the recent trend is, nevertheless, intriguing. This is hard to pin down. It isn’t like people are polling folks that leave. But, the fact that the … Read entire article »

Filed under: Economics

Yes Virginia, Atlas is Shrugging

Back in June, I wrote a post, Is Atlas Shrugging? Businesses not Hiring. In that post, I asked if businesses were not hiring specifically because of the Obama administration’s policies. The general conclusion was yes, businesses have no real idea on exactly how the administration is going to penalize them. They only know that from rhetoric and previous actions, that the administration WILL be penalizing them. More evidence of that assertion came today. Maggie, the proprietor of Maggie’s Notebook, wrote a post covering a terrific rant on the part of Steve Wynn, CEO of Wynn Resorts. Here is some of that rant… And I’m saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime. And … Read entire article »

Filed under: Economics

Is Atlas Shrugging? Businesses not Hiring

We’ve all heard the statist meme that the “evil” corporations and banks are holding on to tons of cash, and are refusing to hire or extend credit. For those on the left, the solution is to tax them out of existence-all in the name of “justice.” Of course, that quest for “justice” will cause more jobs to be lost, more poverty, and all the problems that go with it. However, all of those negative consequences will be someone else’s fault. On the right, we have a different explanation… Atlas is Shrugging. While this shrugging is likely reluctant, it is having an impact. To describe it further, here is an article that I found at Bloomberg, via the Maine Tea Party’s site. The man in the aisle seat is trying … Read entire article »

Filed under: Economics

Video: The Truth About Capitalism

I heard about this cleverly done video that was produced Glenn Beck this morning on his radio show. It’s so easy to understand I feel it would be a great teaching tool for Obama’s incompetent economic advisors in his administration. Enjoy. It’s so easy…a progressive can do it! Liberty forever, freedom for all! … Read entire article »

Filed under: capitalism, Economics, Glenn Beck, The Road to Serfdom Video, Trickle down economics

Arianna Huffington: Economic Buffoon

I discovered this article over at NewsBusters.  Once again the mental giant Arianna Huffington showcases her economic ineptness on ABC’s This Week.  The video below displays an exchange between George Will and her over banks and the hoarding of money.  She actually believes that the reinstatement of the Depression Era Glass-Steagall Act, will stimulate the economy. Wow!  Below is the excerpt of the exchange. ARIANNA HUFFINGTON: At the bottom of the Tea Party movement of that anger is anger at the bailout. And you know, here people, Democrats, Republicans have been given proof that the government does not work because the government spent almost $800 billion and look where we are. Wall Street is doing well. Main Street is suffering. CHRISTIANE AMANPOUR, HOST: Somebody I … Read entire article »

Filed under: Arianna Huffington, Economics, George Will, NewsBusters, This Week

Blindsided: Why the left doesn’t see it coming

Have you noticed lately that the left appears to be somewhat oblivious to the impending tsunami coming this November on all fronts?  Economically speaking many on the left want to keep throwing money at the problem instead of applying sound economic principles to kick start it.  On most of the major issues we face today the left seems to be out of step with the majority of Americans.  From out of control spending to controversial laws that encroach on our individual liberties, force unconstitutional and unsustainable federal mandates on state and threaten the very existence of beloved republic; the left’s thirst for government expansion and control over every aspect of our lives appears to be unquenchable.  Let’s be honest, all the polls are running against them and this doesn’t appear to be … Read entire article »

Filed under: 2010 elections, academia, Economics, left, liberal professors, Politics, real world

Video:The Broken Window Fallacy

We all know that Obama’s failed economic policies are rooted in Marxism.  His wealth redistribution agenda and Keynesian model are destroying our economy and killing jobs.  He is convinced that the same entity that has mismanaged the post office, bankrupted social security, and failed miserably in their response to the gulf oil spill can be more efficient than the private sector.  This is a man that is completely out of step with the American people and pretty much out of touch with reality.  Removing wealth from the private sector to redistribute it as it sees fit destroys wealth and weakens economic growth.  Increasing taxes removes wealth from the private sector and drastically slows economic growth.  Why?  Well the money that would otherwise be spent on goods and services in the private sector … Read entire article »

Filed under: Broken Window, Economics, Video, Wealth Redistribution

Surprise! Zogby survey reveals liberal/Democrats lack understanding of basic economics

Here’s a newsflash! A recent Zogby survey of 4,835 American adults reveal that those adults that self-identified themselves as either liberal or Democrat did very poorly on questions about basic economics.  In fact the conservatives and libertarians on the average incorrectly answered 18.8 percent of the time as compared to the progressives/liberals who incorrectly answered questions on basic economics a whopping 67.6 percent of the time.  So progressives/liberals don’t understand basic economics.  I wonder why this is? It’s abundantly clear to me that the progressives/liberals in Congress lack understanding of basic economics.  The policies they have put forth have done very little to stimulate the economy and create an environment that is business friendly.  Instead they have opted for crony capitalism implementing regulations that protect the established under the banner of “to big to fail” … Read entire article »

Filed under: Congress, Economics, liberals, Poll, Progressives, Zogby

A Little Humor for the Weekend

by Right Hand Man Proof the right has humor is right here. We too know how to laugh at things that are actually funny. I especially like when humor takes a change of pace and pokes fun at the left. Such has been the case with John Stewart at The Daily Show. Material has been writing itself over at MSNBC and John Stewart has taken advantage. Take a look. The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Speech Therapy – Post-Racial www.thedailyshow.com Daily ShowFull Episodes Political Humor Health Care Crisis The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Special Comment – Keith Olbermann’s Name-Calling www.thedailyshow.com Daily ShowFull Episodes Political Humor Health Care Crisis I have to throw this out to my good buddy Scott Wheeler over at his blog Scentia Ex Deo…Vel … Read entire article »

Filed under: Chris Matthews, Crunchy Con, Economics, F.A. hayek, hayek, Hitchens, John Maynard keynes, john stewart, keith olbermann, keynes, Rod Dreher, Scentia ex deo vel non, Scott Wheeler, the onion

Milton Friedman on Healthcare

The more I read about Milton Friedman, the more I believe he was one of the most brilliant economists of our time.  Early in his career he was a big advocate for the Keynesian Theory; a form of economics that supports a larger role of government in economic activity.  It wasn’t until the 1950s when he was a teacher at the University of Chicago that he opposed the Keynesian Theory and promoted monetarism.  He became a staunch capitalist and believed in minimal government intervention in economic matters.  In 1976 he won the Nobel Memorial Prize in Economics.  In 1988 he was awarded the National Medal of Science and the Presidential Freedom Medal. Milton Friedman was indeed a giant in the world of economics.  When I watched some of his interviews from the 1960s and 1970s, it became apparent to me … Read entire article »

Filed under: Economics, Government Takeover, Healthcare reform, Milton Friedman