Author Archives: eehines

Aww, You Poor Babies

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Baby Boomers are at grandparenting age, but their children aren’t having so many children of their own, so the Boomers aren’t getting to be grandparents. They’re not happy about it, either.

It’s true enough that our nation’s birthrate is well below the rate necessary to maintain, much less grow, our nation’s population, and that’s having detrimental effects on our economy and our ability to support Baby Boomers and subsequent generations of retirees in their dotage. It also makes us more dependent on immigration to fill our labor gaps.

But that doesn’t make women their parents’ baby making machines for the sake of those parents’ wishes to have grandchildren.

Professor Rachel Margolis of the University of Western Ontario:

Almost everyone grew up with at least one grandparent, and when you grow up with a grandparent around, you think about that as part of family life[.]

There’s a hint there. Children no longer want their parents living with them, for a variety of reasons both good and bad. Parents no longer want to live with their children, also for a variety of reasons both good and bad. One outcome of that is 74-year-old Ann Brenoff, whose children have no plans to have children:

I want to tell family stories to my grandkids. I want them to have memories of me. I don’t think it will happen. It’s selfish, I know.

That family life was an ideal environment for passing on family lore and for creating memories that include grandparents, especially so for the grandchildren. That family life also was instrumental in providing the mutual support of adult children for (grand)parents and vice versa along with the large advantages for grandchildren from growing up in three-generation households. Now, it’s supplanted by increasing dependency on charity, or government, or nursing homes and “retirement communities” in lieu of “family” support while actual family falls by the wayside.

For future reference (particularly today’s generation of child-bearing age, and the generation just entering that age): you want the part of family life that is grandchildren, then act like you still want to be part of a family and not like you want grandchildren as your personal entertainment. Do that from the moment you have your own children and revive a sense of family responsibility, instead of inculcating, however sub rosa, an attitude of gotta get off on my own as soon as my children are out of the house, and gotta get out on my own as soon as I’ve left my parents’ house.

You bet it’s selfish to want grandkids just for your personal entertainment.

Global Warming Throughout History

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Or, perhaps more accurately, climate change throughout history. Here’s a graph, lately generated by paleoclimatologists, that covers the last 485 million years of Earth’s history, not just the sham history since the Industrial Age to which climatistas want to limit us.

Notice how hard it is to see the recent spate of alleged human-caused global warming. Notice, too, how useful it would be to Earth life to have some actual global warming as we sit here much colder than the historical norm.

Although not explicitly shown on this graph, notice also how utterly irrelevant the concentration of atmospheric CO2 is in this temperature record.

 

H/t PowerLine via Ralf Longwalker

Borrow More and Spend More

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The People’s Republic of China economy is continuing its malaise and apparent downward spiral from falling prices and its festering real estate crisis. International trade tensions aren’t helping.

A solution:

The central government in Beijing needs to borrow and spend more to drive up growth and inflation, he said, and should give its local counterparts more freedom to use their borrowing quotas to support consumption.

“He” is Julian Evans-Pritchard, Singapore-based Capital Economics‘ Head of China Economics. He doesn’t, however, suggest from whom the PRC should borrow.

The population of potential lenders includes the good citizens of the PRC, who are reluctant to lend any further, having been burned by their own borrowing into that real estate market, and whose pullback is feeding that problem. Lenders include those who might lend to those local counterparts who already are not consuming the yuan already borrowed. More room in those local borrowing tills seems scant, and those potential lenders already are debt-strapped on their own. Lenders also include international buyers—individuals, businesses, and governments—of the various PRC government debt instruments. Those instruments already issued have lost and are continuing to lose market value to the detriment of those current lender/holders; this drives up the interest rate the government must offer on new issues, which increases the cost of that borrowing. After a point those increasingly elevated interest rates become prima facie evidence of the current and increasingly risky nature of those instruments.

Evans-Pritchard also doesn’t seem to recognize the inherent weakness of borrowing based on declining value asset collateral—which is what borrowing for consumption is.

It all adds up to the foolishness of Modern Monetary Theory, the theory that money is leaves on an infinite tree. What the People’s Bank of China has done—offering 500 billion yuan in loans to funds, brokers, and insurers to buy Chinese stocks; putting up another 300 billion yuan to finance company share buybacks—is just the first step of pulling leaves off that tree. To be sure, cutting its benchmark interest rate and lowering bank cash reserve requirements, which the PBOC also has done, ordinarily is a standard central bank move to stimulate economic activity, but when they’re done on concert with those other moves, they lose their stimulative effect and just become the sharp sugar high before the crash. The end result of this will be yet more borrowing, but this time from the futures of the PRC’s current children and of their children’s children—whose generational sizes are shrinking.

There are lessons here for us, were our politicians interested in learning them.

Will No One Rid Us of this Troublesome Candidate?—Redux

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The Progressive-Democratic Party’s politicians, even after two attempts to murder former President and Republican Party Presidential candidate Donald Trump, are continuing their deliberately inflammatory rhetoric against the opponent they hate so much.

This time, it’s Progressive-Democrat President Joe Biden’s Commerce Secretary Gina Raimondo with her carefully threatening rhetoric during an interview on MSNBC:

Like, how did we get here? Let’s extinguish him [Trump], for good.

This is Party’s action toward anyone who dares disagree with them or demur from their…policies.

This is the Party that’s so desperate to rule over us this fall.

Destruction

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Progressive-Democrat Vice President and Progressive-Democratic Party Presidential candidate Kamala Harris has committed herself to eliminating the Senate’s filibuster.

I think we should eliminate the filibuster for Roe, and get us to the point where 51 votes would be what we need to actually put back in law the protections for reproductive freedom[.]

Never mind that the filibuster is the only tool the minority party—whichever it is—has with which to be heard in the Senate and to get at least part of its priorities included in legislation that winds up enacted into law.

Aside from her pushing a national mandate for abortions, instead of letting the citizens of each of our 50 States decide that question for themselves (with many of which States deciding in favor of abortion), the elimination won’t stop there. The Progressive-Democratic Party Senators will eliminate the filibuster altogether.

That elimination will lead to a number of nationally destructive outcomes. One will be the prompt passage of new laws accelerating Federal spending and increasing taxes on us average Americans and our businesses.

Another will be the loosening of our election laws, allowing anyone to vote, including illegal aliens. Recall all those Party politicians who oppose requiring voting eligibility to be limited to those who prove their American citizenship. Recall, too, those Progressive-Democratic Party-run local jurisdictions that already allow non-citizens to vote in those local elections.

Damaging as that would be, those moves at least could be reversed at the next election—assuming the other party can overcome the loosened election laws. Far worse will be the destruction of the Supreme Court as Party moves to expand it and to get confirmed activist, progressive Justices. That destruction will last for generations; it won’t be correctable by short-term election cycles.