Item: A Chinese woman studying at Hays State University in Kansas tried to board a plane with a stun gun in her purse. The TSA called the cops to arrest her. She later told the AP she hopes to “resolve” the incident with a fine.
Last week, President Barack Obama, at a Capital Hilton fundraising event, told the crowd, "We can't go back to this brand of you're-on-your-own economics." Throughout my professional career as an economist, I've never come across the theory of "you're-on-your-own economics." I'm guessing what the President means by — and finds offensive in — "you're-on-your-own economics" is that it's a system in which people are held responsible for their actions, that they take risks and must live with the results, that people can't force others to pay for their mistakes, and that they can't live at the expense of other people.
With all the talk about "disparities" in innumerable contexts, there is one very important disparity that gets remarkably little attention — disparities in the ability to create wealth. People who are preoccupied, or even obsessed, with disparities in income are seldom interested much, or at all, in the disparities in the ability to create wealth, which are often the reasons for the disparities in income.
Remember all those neocons and Republicans who cheered George W. Bush’s “indefinite detainment” of “enemy combatants”? Many of them — though, amazingly, not all — have lost their enthusiasm for trampling the Constitution now that Obama’s administration has suspended habeas corpus for American citizens, too, with the National Defense Authorization Act of 2012 (NDAA).