I mentioned in Episode V that infrastructure is important to secure and grow manufacturing. In fact, it is essential. You must be able to transmit energy, move goods and services, and have access to water and internet and all kinds of things in order to have an efficient manufacturing process. Regardless of what you are producing, infrastructure is key. And, at the risk of adding to the overusage of this trite phrase, our infrastructure is crumbling. One needs only to drive one’s car in Washington, DC or Los Angeles, California (as I do frequently) to feel that infrastructure crumbling beneath your tires. Our support systems in DC, LA, or wherever you live are in bad shape because the priorities for federal spending have shifted over the last 50 years. Social programs now eat up the bulk of government spending at the federal, state, and local levels. The cost of these social programs crowds out what used to be spent on infrastructure. In some cases, taxes or fees that were sold as “user fees” to pay for infrastructure have been diverted for social programs or used to try to maintain exorbitant government employee pensions. My home state of California has… Read More

Sing again: The last laptop report, entitled “Song of the Shopkeeper”, engendered more positive responses than anything I have written in a couple of years. It wound up being published as a front section editorial in The Washington Times, and received some radio coverage as well. It seems that almost everyone has a “shopkeeper” in their family’s past or present or knows of one. I thank you all for your comments and stories. I am honored to give voice to all you shopkeepers out there. One regular reader of these missives suggested a quote that I should have put in the original tome. Napoleon Bonaparte is said to have once derisively described England as, “a nation of shopkeepers”. It was meant as an insult. I wonder if Napoleon remembered these words when his army was later defeated by those very same “shopkeepers” at the Battle of Waterloo?

The Numbers are In: The federal deficit for the fiscal year ending September 30, 2012 was $1.298 trillion. That is the second highest deficit ever. Here is a chart of the deficits for the last 5 years, in billions of dollars:… Read More

During the August recess, the captivating Mrs. Campbell and I always go to Carmel for the annual car show. Early one morning up there, I watched several shopkeepers sweeping the sidewalk in front of their stores. I got to thinking that shopkeepers must have been doing this for centuries, if not millennia. Several weeks later, I was down in Fredericksburg, Virginia and watched another shopkeeper carefully rearranging a display in the window. It struck me that these acts represented pride in one’s work and one’s place of work. No work rules made them do it. They just did it because those shops were theirs and they take pride in what is theirs. And, I thought, it has ever been thus.

When Mr. Obama talks about the economy and jobs, he invariably mentions teachers and firefighters. Fine. Those are noble professions. But, I can’t help but think that he does so because teachers and firefighters almost always are employees of some government entity and are almost always compelled by law to join a union as a condition of having the job. And, they pay forced union dues, some of which will be involuntarily sent to the campaign… Read More

“The inherent vice of capitalism is the unequal sharing of its blessings. The inherent virtue of socialism is the equal sharing of its miseries.” – Sir Winston Churchill

Socialism Has Failed………Again: The last month has not been a good one for the now highly interconnected world economy. Certainly, we have many problems in the US, with crushing debts and deficits and no job growth or really any growth in the economy at all. Expectations that the future looks bleak add to a lack of investment and risk-taking as more and more people stick their financial heads in the sand. But, it’s even worse in Europe and other places around the world. The huge fiscal problems in countries like Greece, Portugal, Ireland, Italy and Spain may result in debt defaults and are affecting not just their growth, but ours as well.

If you look at the problems in this country and those in Europe, you find that they are really just differing degrees of the same problem. Our governments (federal, state and local) in the US have spent too much money and borrowed too much money and now don’t have enough… Read More

Today, economic issues dominate the scene in America. We have record-breaking, unsustainable deficits and face credit downgrades and a looming debt crisis. We are supposedly in the middle of economic recovery, but no one can really feel it. Unemployment is stubbornly high and shows no signs of coming down any time soon. Inflation is now running over 3%, which is relatively low, but since savings accounts pay essentially nothing, the wealth of Americans is being eroded. Europe and, yes, even China have economic challenges. Decisions about issues as diverse as national defense, the environment and immigration are all now impacted by the economic prospects and our current fiscal situation.

President Obama has been the major contributor to these problems. He has massively grown spending, deficits and debt in a misguided and failed Keynesian attempt to fix the economy. His strong and very liberal ideology continues to churn out job-killing policies in the areas of health care, energy, finance and manufacturing. He claims to love the jobs created by these industries, but his administration does whatever it can to restrict the products that these industries make and to punish… Read More