A survey conducted by Harvard University indicates that a majority of Millennials do not support capitalism. While the results may be troubling, however, some contend that the Millennials’ antipathy toward capitalism is misplaced frustration at the crony capitalism, corporatism, and socialistic systems that have hijacked a once free market. Furthermore, the study’s findings may simply underscore what has already been revealed in previous surveys — that Millennials do not actually know what capitalism or socialism mean.
While the media-manufactured “scandal” of “rich people” allegedly hiding money from politicians in offshore accounts continues to be exposed as largely bogus, there have been some interesting revelations of alleged corruption among politicians and dictators to emerge from the so-called Panama Papers. The ruthless Communist Chinese dictatorship, which is censoring all news about the leak in domestic outlets, appears to be the regime with the most top level officials implicated.
Hundreds of other tyrants, politicians, bureaucrats, judges, crony bankers, officials, and their family members have also been ensnared, according to news reports about the leaked documents. Despite the lack of media attention, even the Hillary Clinton campaign, via senior Democrat operatives John and Tony Podesta and the Kremlin bank their firm represents, has been indirectly caught up in the maelstrom.
A $15 minimum wage law was passed in California, and New York's will soon follow. But high minimum wages only end up hurting the economy and the poor.
Although the narrative from the Obama administration is one of an economy that has been humming along nicely, the reality is that the Federal Reserve primed the pump with historic and far-reaching intervention efforts. Now that the era of easy money appears to be over, the resulting slowdown — with junk bonds as a predictor — is pointing to a looming recession.
Obsessed with identity politics, the Obama administration plans to force businesses to divulge salary data — broken down by race and sex in order to “equalize” American wages.
When something is free, demand for it is unlimited. But there's always a day of reckoning, as Puerto Ricans are finding out.
No surprises here. When taxes, regulations and spending are all cut, the free market can breathe again.
Puerto Rico has been paying its debts by borrowing. Today many of those lenders are going to be disappointed.