American Elephants


Economics Can Be Fun, Honest! Short Lessons: by The Elephant's Child

If I am complaining about someone’s lack of knowledge about economics, it seems only fair to try to remedy that. For your own value or to share, I always enjoyed this brief series.+

Dr. Madsen Pirie, President of the Adam Smith Institute is explaining how basic economics is based on fundamental understanding of human nature.

Economics often seems too complicated for us everyday mortals, but it’s just based on understanding the real world. The workings of the market, the everyday buying and selling, profit and loss, tell us, if we choose to pay attention, how money, trade and markets really work.

Never fear, these are all really, really short, and worth your time.

Economics can be fun, and here’s another lesson: Economics is fun, Part 2. All about Price. How do products get priced, and what is the right price?

Part 3 is about Specialization. This is not about those puzzling charts and graphs,  and how Money, Trade and Markets really work.

Part 4 is about Trade and how countries become rich.

Part 5 is about Time and Investment.

Part 6 of Economics is fun is about Money:

There are more, but so far you have invested around ten minutes. If you want more, go to You Tube and enter “Economics is fun” and start with lesson 7. You are better armored against the  remarkable statements of our politicians on the stump. A little knowledge, as they say, is a dangerous thing. You might try them out on your kids if they are the right age.

 

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Oh my, We Need Some Remedial Economics 101 here. by The Elephant's Child

This one is also from the archives, July 24, 2009. Mean spirited, but enjoyable:

I was still giggling over Nancy Pelosi’s comment on Progressive Health Care: “We will have a cap on costs,  and we will have no cap on benefits, ” when I learned that in Michigan, suffering from some of the highest unemployment  in the country, State Democratic Party Chairman Mark Brewer wants to test support for potential ballot initiatives that will:

“give voters the chance to circumvent recalcitrant politicians in Lansing, he said, demonstrating that Democrats are “on the side of the people.”

The brilliant ideas they are proposing consider:

  • Hiking the minimum wage to $10 an hour for all workers.
  • Cutting utility rates 20% across the board.
  • Imposing a blanket moratorium on home foreclosures for 12 months.
  • Requiring all employers to provide health care to their employees.
  • Hiking, by $100 a week, and extending, for 6 months, unemployment benefits.

Raising the minimum wage will increase the unemployment rate.  Cutting utility rates will cripple Michigan power companies.  Mandating health insurance should shut down any small businesses who were considering staying in Michigan, and no small employer would consider relocating to Michigan. Remaining would be the Democrats and the unemployed, but who would pay for their additional unemployment benefits remains a mystery.

Then Michigan governor Jennifer Granholm has mandated that 20 percent of the state’s power come from renewable resources — and now she wants utilities to cut consumer rates by 20 percent. Yes, she wants utilities to provide more costly power, and cap the prices that customers pay for it.

Last year, Barack Obama named Ms. Granholm to his 17-member economic advisory board.  According to Edward John Craig, she seems to still be active in that role.  At least the climate bill, the budget, the stimulus and the health care reform agenda would seem to indicate that she is.

I knew that Democrats don’t much like the free market, nor do they understand it.  They are deeply suspicious of the profit motive, and antagonistic to business.

That is why we have a stimulus bill that is going to wait a year or two to attempt to stimulate.  That is why, in spite of warnings that fiscal stimulus seldom works, they were sure that more money would make it work.  That is why they are quite sure that dumping large amounts of federal funds into wind turbines and solar panels to produce “clean” electricity will somehow reduce our dependence on foreign oil; and by making the cost of energy far more expensive will somehow create more jobs.  And as Nancy Pelosi claims, by capping costs and making all health care benefits available to millions more people, we will save money.

It seems that we have all stumbled down the rabbit hole, and are lost in a make-believe world.

 



Poof! Nancy Pelosi Solves the Oil Crisis! by The Elephant's Child

2018-06-01_9-25-14

I was looking in my archives for something or other, and found the following, which I found of interest: Notice the date.

June 20, 2008, 6:34 pm |

Democrats are at it again, trying to trick you with fast action. Nancy Pelosi decides to stick it to the oil companies because they aren’t producing oil from the 68 million acres they already have. Why should Congress give them more land to do nothing with. (See, it is now not Congress’ fault for irresponsibly refusing to open onshore and offshore lands to exploration. We gave them 68 million acres and WHERE IS THE OIL?)

Well, Congress will fix that!

Congress will just compel them to produce oil. So there!

Red Cavaney, president and CEO of the American Petroleum Institute, responds in today’s Wall Street Journal:

If only it were that easy to find and produce oil. Imagine, an act of Congress that could do what geology could not.

These lawmakers ask why oil and gas companies want more access to federal lands to drill if they aren’t using all of the 68 million acres they already have? Anyone with even the most basic understanding of how oil and natural gas are produced — and this should include many members of Congress — knows that claims of “idle” leases are a diversionary feint.

A company bids for and buys a lease because it believes there is a possibility that it may yield enough oil or natural gas to make the cost of the lease, and the costs of exploration and production, commercially viable. The U.S. government received $3.7 billion from company bids in a single lease sale in March 2008.

Pelosi is getting so silly that she just makes me laugh. YOU — Produce oil now!!! That’ll do it. Our gas crisis is solved.

It is always fascinating when Congress takes on business and industry. It is such unfamiliar territory for members of congress, and they know so little, yet are so completely condescending. Businessmen are so polite and so knowledgeable that it never reflects well on their inquisitors. But nobody ever watches committee meetings anyway, and far too often, never reads the response of industry to unfortunate lawmaking.



We’re Having a Little Global Warming Today! by The Elephant's Child
February 3, 2019, 5:46 pm
Filed under: Domestic Policy, Environment, History, Humor, News | Tags: , ,

Our very first snow of the season! It “feels like” 28º the weather service says. Wet, and won’t stick for long, but it makes the trees pretty, and it’s quite wooded here. (Douglas Fir and Cedar) When we have real snow, it’s a very big deal. Seattle is famously the city built on seven hills, but they plowed some of them down, and nobody counts anyway. My house has hills (down) in every direction, and I just hope that I have no need to go out. I grew up with lots of snow, usually 3′ to 6′, splendid sledding hill, and our own snowplow. Have been snowed in with a slide down around the corner. Here, in the past 30 years, it has rained on 24 of the February 3rds.




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