Monday night, Bernanke delivered a third speech in which he took an even stronger stand against further rate cuts. The recent unemployment figures “have affected the outlook for economic activity only modestly,” he said. Sounding tough on inflation, Bernanke said the Fed “will strongly resist an erosion of longer-term inflation expectations.”
Bernanke has staked out the right approach. A strong signal that U.S. policymakers are committed to fighting inflation is the key to putting the brakes on out-of-control energy prices. By contrast, the federal gas-tax holiday that John McCain has proposed is unlikely to have any effect on gas prices, which recently reached a national average of $4 per gallon.
Instead of pushing this gimmicky idea, McCain should be voicing his support for a strong dollar and advocating pro-growth tax policies as an alternative to incessant interest-rate cuts. We understand the difficulty of selling a cut in the corporate tax rate in the current political environment, but such a tax cut would boost employment and make American products more internationally competitive, without weakening the dollar.
Campaigning for president in 1980, Ronald Reagan understood the importance of combating the stagflation of the 1970s. As a solution, he offered to cut taxes, reduce spending and decrease regulation. John McCain frequently says he was “proud to be a foot soldier” in Reagan’s pro-growth revolution. Now that it’s McCain’s turn to lead, he would do well to remember Reagan’s approach and emulate it.
The U.S economy is aching for many more highly skilled, technically trained people. But what if men end up limiting their eventual marriage prospects if they pursue careers in the trades or other jobs that don’t require a four-year degree? Some proportion of women who have bachelor's and post-baccalaureate ... Read More
B uzzFeed published an explosive allegation that the president of the United States ordered his former lawyer, Michael Cohen, to lie to congressional committees investigating Russia’s interference in the 2016 election. Specifically, in a news story sourced to two anonymous law-enforcement officials said to ... Read More
She's not holding back. Read More
In a statement on the Senate floor yesterday, Mazie Hirono (D., Hawaii) doubled down on her attacks against the Catholic group the Knights of Columbus and accused her colleague Senator Ben Sasse (R., Neb.) of “embrac[ing] the alt-right position” by offering a resolution rebuking the use of unconstitutional ... Read More
Whatever the significance of the BuzzFeed story, it’s not that Trump is getting impeached. That was going to happen regardless. If the BuzzFeed story is true (and everyone should be cautious about that given the fate of some past Trump-Mueller bombshells) it tells us what one of the impeachment counts will be, ... Read More
A ruling issued tonight by the Fifth Circuit Court of Appeals has torpedoed several of the abortion-rights movement’s key talking points in defense of Planned Parenthood. The case dealt with the Texas Health and Human Services Commission’s decision to terminate the state’s Medicaid provider agreements ... Read More
Karen Pence is a believing Christian woman. She took a part-time job at a private Christian school. And this, believe it or not, is a scandal. Don’t believe me? Her job has already merited not just one, but two critical Washington Post stories. There’s the obligatory CNN report, accompanied by a piece of ... Read More