Category Archives: Economics

Miscellaneous economy stuff

Not a Bad Gig

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Who needs work when Uncle Sugar will take care of you?

Under emergency response legislation, the federal government expanded eligibility for unemployment benefits, extended the number of weeks, and gave bonuses to state unemployment benefits. The expansion will sunset in September, but congressional Democrats have pressed President Biden for an extension.

The current state of affairs according to a report by Alli Fick, a Senior Research Fellow with the Foundation for Government Accountability, is this:

An individual can receive nearly $3,700 a month—or more than $44,000 a year—by staying at home. On top of tax credits, food stamps, and state unemployment benefits, an individual can receive an additional $1,300 per month with the $300 weekly unemployment bonus.

It’s not a bad gig, and nearly anyone can get it. All courtesy of virtue-signaling politicians of both parties.

It can get worse, too. Progressive-Democrats are pushing the trap of free income—universal basic income.

Back Rent

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On the day the moratorium on rent paying, enacted during the Wuhan Virus situation, expired, the aggregated back rent owed as a result of that moratorium amounts to some $15 billion.

There is broad concern for the renters who owe the money, and that’s appropriate as far as it goes. But the concern doesn’t go far enough. What’s lacking is any concern regarding the other side of that coin: to whom all that money is owed.

“To whom” are the landlords, most of whom are mom and pop businesses and individual moms or pops who own a house, or two, that they rent out. Those $15 billion are owed to far fewer landlords than they are owed by renters.

Absent the rent payments, those small-time landlords are unable to pay their own mortgages on the rental properties for which they’re responsible, and in many cases, without that income they’re unable to pay their mortgages on their own homes.

Where’s the concern for them? Where’s the help for them?

The silence deafens.

“We stand for what is right across the world”

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In a virtual Congressional hearing last Tuesday—Corporate Sponsorship of the 2022 Beijing Olympics—there was this exchange between Senator Tom Cotton (R, AR) and Paul Lalli, Coca-Cola’s Global Vice President for Human Rights and corporate representative at the hearing:

SEN. TOM COTTON (R-AR): So your company said at the time that we will continue to stand up for what is right in Georgia and across the United States. So are we to take from your statement at the time that Coca Cola will not stand up for what is right outside the United States? Because that’s what it sounds like this morning in this testimony.
PAUL LALLI, COCA-COLA’S GLOBAL VICE PRESIDENT FOR HUMAN RIGHTS: No, Senator, we stand up for what is right across the world. We apply the same human rights principles in the United States that we do across the world.
COTTON: Do you believe that the Chinese Communist Party is committing genocide against the Uyghur people?
LALLI: We’re aware of the reports of the State Department on this issue as well. There are other departments of the US government. We respect those reports. They continue to inform our program, as do reports from other from civil society.

Think about that deliberately vapid non-response. Coca Cola stands for what’s right across the world, and Coca Cola doesn’t object to the People’s Republic of China’s abuse, much less genocide, of the Uyghurs in the PRC’s Xinjiang province.

Nor was it just Cotton that the Coca-Cola rep refused to answer. Progressive-Democrat Tom Malinowski (D, NJ) pressed Lalli specifically on whether Coca-Cola would condemn any Chinese government abuses against Uyghurs. Lalli’s carefully empty response:

We respect all human rights.

It seems pretty clear: Coca Cola considers that abuse, that genocide, to be part of what’s right across the world. Because Uighurs, in Coca-Cola’s august consideration, don’t count as human or otherwise worthy of human rights.

It’d Be All Right

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The USPS is planning on raising their first class mail rates to 58¢ from the current 55¢ and raising the rates on their other mail classes by 6.8%-8.8%.

This is another example of price-fixing by the Federal government. Maybe the increases are legitimate, maybe they’re not. But we can’t tell because market forces aren’t at work here, only government bureaucrats’ impressions are at work.

It’d be all right if we privatized all of mail delivery. Let a free, competitive market determine prices. Recognize the ubiquitousness of email, texting, Skype, Zoom, etc, etc, etc as competing communications techniques, and let a privatized snail mail system compete in that same free market.

It’s doable; our Constitution only says that

The Congress shall have Power…To establish Post Offices and Post Roads

It doesn’t require Congress actually establish Post Offices, much less have the Federal government run them. The establishment (and operation) are easily done by letting free enterprise do them.

All it takes is the political will to do so.

Fascism in Action

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The People’s Republic of China has given its instructions to two of its largest and most prosperous private companies, Ant and Tencent.

China is calling on private-sector pioneers Ant Group Co and Tencent Holdings Ltd to help it develop a state-backed digital currency that threatens the pair’s highly popular payment networks.

Private companies will be allowed to prosper and grow to their owners’ hearts content—so long as they produce what Government instructs them to produce.

Such government control of the means of production by controlling what is produced is at the core of the fascism variant of socialism.