We have a problem. This could be “the big one”—bigger than coping with the Ahmadinejads, Kims, and Chavezes of the world and bigger than our current economic woes. Our republic, our society, may be heading for a crackup. We are bankrupt, both financially and politically. The source of the problem is democracy. Decades of so-called... Continue Reading

“There is nothing inevitable about another depression. We have a simple choice: We can repeat the errors of the past or we can avoid them.” Those were my words, Feb. 8, 2008. [Editor’s note: the original URL (link) referenced in this article is no longer valid, so the link has been removed.] It’s time for... Continue Reading

In my recent article “Checkmate,” I made the case that President Obama’s grand strategy has outfoxed the opposition, dooming us all to a massive increase in the scope and power of Uncle Sam. Is the situation hopeless? Never! If Americans who believe in individual liberty and free markets rally to the cause, then we may... Continue Reading

Some people I know react with incredulity when they hear television commentators remark on President Barack Obama’s brilliance. “How can he say that?” they expostulate. “He doesn’t understand basic economics, and he relies on a teleprompter even during news conferences. This guy is in over his head.” To which I reply: True, true … and... Continue Reading

I hear it repeatedly, even from pro-business conservatives: Hey, I have no sympathy for AIG and the automakers and banks. When you take government money, you can expect the government to tell you what to do. Besides, these companies are wasteful, charge too much, and their salaries are too high. Well, if that’s so, then... Continue Reading

President Obama says the economy is the worst since the Great Depression. Actually, it is the worst since the Reagan recession of 1982-83. Further, the 2009 market crash is not the worst since 1929 but since 1987—also on Ronald Reagan’s watch. What did Reagan do—or, more importantly, didn’t do—in response to these “crises?” How was... Continue Reading

When my friend Paul Kengor, the executive director of The Center for Vision & Values here at Grove CityCollege, asked me what three books I would recommend to students if they wanted to broaden their economic education, my answer was immediate. Every college student—indeed, every American—could benefit from a close encounter with the ideas of... Continue Reading

The biblical parable of the 10 virgins (Matthew 25:1-12) is particularly relevant today. As you may recall, the five wise virgins behaved responsibly and prudently, making sure they had enough lamp oil for the midnight arrival of the bridegroom. The five foolish virgins, by contrast, diddled around, and didn’t get oil. At the last minute,... Continue Reading

I’ve already explained the problematical economics and ethics of a federal bailout for the Big Three (see “A Bailout for Detroit”). The demise of the pillar of metro Detroit’s economy saddens me—I’m from there; in fact, I was once a janitor for Chrysler. If there can be any profit from this pending tragedy, it will... Continue Reading