Commentary Student loan forgiveness will cost taxpayers at least $519 billion and drive up inflation and tuition costs. On Aug. 24, President Joe Biden issued an executive order forgiving up to $20,000 of student loan debt per borrower. This includes students who received federal student aid, Pell Grants, and $10,000 in debt cancellation to non-Pell…
Europe Is Bound to Collapse
September 9, 2022
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Business & MarketsBusiness Columnistseconomic crisiseconomyenergyenergy crisisEuropeinflationOpinionrecessionRussia-Ukraine WarViewpointsWorld
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Commentary I have been watching, with horror, the escalation of the economic situation in Europe since around mid-February. On Feb. 21, I published a short Twitter thread detailing the economic worst-case scenario for Europe, if the war between Russia and Ukraine would break out, as it did. The forecast had 10 stages: The West would…
When Big Money Serves ‘Woke’ Government
September 9, 2022
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BlackRockBusiness & MarketsBusiness ColumnistsDemocratseconomic policieseconomyESGETFsFederal ReserveOpinionUSViewpoints
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Commentary One of the biggest laughs in the 1977 Tony-winning Broadway musical Annie was when the President and Mrs. Roosevelt accept tycoon Daddy Warbucks’s invitation to Christmas Eve dinner, and Warbucks, having not thought they would, barks, “Call Al Smith and find out what Democrats eat.” While it’s true that during the Great Depression the…
Without Economic Freedom, We Are Sunk
Commentary Jared Kushner reports in his book on a strange conversation between Donald Trump and Anthony Fauci. It took place in the White House, April 15, 2020. The economy was in shambles. Businesses were shut. Churches and schools were closed. Rights were being trampled on all over the country. The virus police ruled the country….
American Money at Risk
Commentary Think energy prices are high? It could be a short-term low. The global economy is interconnected, with China stumbling about near its center. Nothing proves this better than the interrelation of global gas prices and China shooting its own economy in the foot through regional COVID lockdowns that persist, month after month. Gas prices are…
Collateral Chains Are the Real Tightening
September 8, 2022
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Business & MarketsBusiness ColumnistseconomyenergyFederal ReserveInvestmentjerome powelloil pricesOPECOpinionrecessionUSViewpointsWest Texas Intermediate
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Commentary It was barely a month ago when OPEC+, the group of major oil-exporting nations, had announced a small increase in production. The world economy was suffering under extreme oil price pressure. President Joe Biden traveled to Saudi Arabia, one of OPEC’s largest producing members, to personally deliver his plea for relief on behalf of…
Six Types of Bad Employees
Commentary A new Gallup survey suggests that half of American workers are quietly quitting and only 20 percent are actively engaged in their work. There are plenty of reasons for this and that could include bad bosses, substance abuse, a dopey company, or meaningless work such as that one does on contract for government. But…
Inflation Peaks During Recessions
September 8, 2022
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Business & MarketsBusiness Columnistsconsumer price indexeconomyFederal ReserveinflationOpinionquantitative tighteningrecessionUSViewpoints
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Commentary People tend to hear what they want to hear and believe what they need to believe. In no place is this more true than on Wall Street. The Federal Reserve has made abundantly clear that it will tighten monetary policy until inflation is virtually vanquished. And yet, those who have no choice but to…
They Will Flatten the Curve of Your Energy Use
September 7, 2022
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AnalysisBusiness & MarketsBusiness Columnistsclimate changeenergy billsenergy rationingfossil fuelsOpinionrenewablesU.S. economy
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Commentary My friends in the UK have been texting me wildly this week. What the heck is going on with energy bills? They are doubling, tripling, and forecast to go even higher. For this bourgeoisie, this is a budget-destroying disaster. Small businesses won’t be able to afford to open. The poor will face the choice…
Raising the Minimum Wage Leads to Job Cuts, Accelerates Automation
Commentary Proponents of a higher minimum wage believe it would reduce poverty, while economists believe it would reduce employment. Meanwhile, rising labor costs are driving automation to make workers redundant. On Aug. 16, President Joe Biden signed the $700 billion-plus Inflation Reduction Act. Some experts believe it will not help curb inflation, whereas others believe it will…
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