by Dan Mitchell | Sep 29, 2024 | Big Government, Blogs, Economics, Socialism
Since I’m a numbers wonk, I think the most powerful evidence for the failure of Cuban socialism is comparing that nation’s growth (or lack thereof) to what’s happened in Taiwan and (pre-crackdown) Hong Kong. They all had similar levels of...
by Dan Mitchell | Sep 26, 2024 | Blogs, Economics, Taxation
On tax policy, our friends on the left are motivated by envy and hatred. As shown in this Stossel video, Robert Reich is a sad example of this mindset. John Stossel understates his argument. It’s not that Reich is wrong. He’s wildly wrong. There are four points in the...
by Dan Mitchell | Sep 24, 2024 | Blogs, Economics
Looking at measures of relative global prosperity, Chinese people are rich in Singapore. They are rich in Hong Kong. And they are rich in Taiwan. Americans of Chinese descent also are rich. So why is China not also rich? The answer is bad...
by Dan Mitchell | Sep 22, 2024 | Blogs, Economics
Economists widely agree with the theory of “convergence,” which is the (mostly true) idea that poor nations should grow faster than rich nations as they catch up (converge). But there are exceptions. Sometimes a richer country will grow faster than...
by Dan Mitchell | Sep 11, 2024 | Blogs, Economics
I’ve repeatedly cited monthly data from the Labor Department to show that workers have struggled during the Biden-Harris years because inflation has increased faster than wages. Those monthly numbers specifically show that workers...
