This Week in Economics: 3 Stories You Should Know About

This week we had some interesting economic developments in both monetary policy and regulatory policy. Here is a look at the top stories you should pay attention to: 1) House Democrats vote to raise minimum wage to $15 per hour. Yesterday House Democrats voted almost unanimously in favor of raising the federal minimum wage to $15 an hour. Only six House Democrats voted “no” while only three House Republicans voted “yes.” You can see those who bucked the party leadership here. Putting aside the fact that the Congressional Budget Office estimates this legislation would destroy 1.3 to 3.7 million jobs,

This Week in Economics: 4 Stories You Should Know About

The U.S. economy showed surprising strength in the first quarter of 2019, with initial estimates of GDP growth coming in at a solid 3.2 percent, and more significantly, year-over-year productivity growth hit 2.4 percent — the highest reading since 2010. National Economic Council Director Larry Kudlow summed it up best when he said the latest economic data shows the administration is “killing it on the economy,” and President Trump’s economic approval rating has hit a new all-time high. The U.S. economy is off to a great start this year. Here are some economic stories to look out for as we

Mooney Money! How This Rep. Is Reviving a Forgotten Economic “Magic Formula”

This week, Congressman Alexander Mooney (R-W.Va.) put the classical gold standard back into congressional purview with his introduction of H.R. 5404 and his excellent Wall Street Journal op-ed, “Steel and Aluminum? Let’s Talk About Gold.” The op-ed served to introduce the bill to the wider world. Adopting it would make the dollar legally convertible to a fixed weight of gold. Kudos to Representative Mooney for putting forward a bill — modeled after Jack Kemp’s Gold Standard Act of 1984 — to spark an important conversation on across-the-board economic growth. As Nathan Lewis has written for Forbes.com, the “Magic Formula” for

Donald Trump, the Politicized Fed, and the Golden Rule

Left-leaning thought leaders have been unfairly scalding Donald Trump for his recent observations that the Federal Reserve is politicized. Therein an inconsistency, verging over into naked hypocrisy, by the left is revealed. The LA Times summed up the story in an article headlined “Is the Fed Politically Biased“: Every four years, the independent Fed faces the same predicament: how to try to manage the economy without appearing to favor either party’s presidential candidate. The sly phrase is “without appearing to.” Which, of course, is a very different thing than “without.” The politicization of the Fed is one of Washington’s biggest

Kudlow: Sound Money Key to Unleashing Economic Growth

Larry Kudlow reports on the dinner at which Giuliani made news by dissing President Obama’s love for America.  His new Committee to Unleash American Prosperity wants us to return to the first principles of economic growth: It was the second event sponsored by the Committee to Unleash American Prosperity, a new group founded by Arthur Laffer, Steve Moore, Steve Forbes, and myself. Just as the Committee on the Present Danger — formed by Midge Decter, Norman Podhoretz, and Irving Kristol — worried about the decline in American foreign policy in the late 1970s, we are worried about the decline in American economic