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
A few weeks back I discussed how President Trump could deliver massive, pro-growth tax cuts without any approval from Congress. Today, one of these suggested policy changes received a major endorsement when publisher and supply-side icon Steve Forbes revealed his support. Writing for Forbes.com, Steve Forbes called for for eliminating taxes on gold and silver stating: When you exchange a $20 bill for two $10 bills, you don’t pay sales tax on the transaction, even though, theoretically, you are “buying” the tens. The notion is utterly preposterous. Yet if you purchase a gold coin that was created by the U.S.
Federal Reserve watchers are eagerly awaiting President Trump’s appointments for two vacant positions on the central bank’s board of governors. While you won’t see much discussion about these candidates on cable news, make no mistake — filling the Fed Board of Governors will be among the most critical personnel and economic decisions that the Trump administration makes. For those of us who wish for a more transparent Fed that remains laser focused on maintaining a stable, sound dollar, out of all of the rumored candidates, one name inspires significantly more enthusiasm than the rest: Dr. Judy Shelton. As the New
This week, a fantastic editorial appeared in the Wall Street Journal that has sparked a very important conversation. In the article, the paper’s editorial board encourages President Trump to use monetary reform to address Chinese currency devaluation. The WSJ wrote: Mr. Trump’s trade policies are also becoming a currency problem. Faced with the threat of U.S. tariffs on some $500 billion of its exports, China seems to be letting its currency depreciate to compensate. The yuan traded at 6.27 to the U.S. dollar on April 18 but fell to 6.77 on Friday. That should help the competitiveness of Chinese exports in
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
Last week, Jeff Bezos sent Keynesian economists into a frenzy with the announcement that Amazon.com would be purchasing the Whole Foods grocery chain. So why were the Keynesians in despair? Because Jeff Bezos is going to lower your grocery prices. You read that right. Take this coverage from Bloomberg: When online retail giant Amazon.com Inc. announced last Friday that it would purchase Whole Foods Market Inc., a plunge in retail and grocery stocks reinforced the disinflationary tone set by three straight months of disappointing data on consumer prices. It’s an example of the technological forces that are increasing competition and
This article was posted originally at the Epoch Times. The one force that causes the most harm in our economy also happens to be the least well-known and understood. While the left blames greedy corporations and individuals, and the right blames the government, it is in fact the collusion between the government and private banks that leads to problems like environmental degradation, unemployment, income inequality, and many more. In the United States and most other countries, the government grants private banks the right to create money out of nothing and forces individuals to accept said money as legal tender and to use
Marc Levinson writing recently in The Wall Street Journal provides a very pessimistic view for the American Dream, “Why the Economy Doesn’t Roar Anymore: The long boom after World War II left Americans with unrealistic expectations, but there’s no going back to that unusual Golden Age“: People who had thought themselves condemned to be sharecroppers in the Alabama Cotton Belt or day laborers in the boot heel of Italy found opportunities they could never have imagined. The French called this period les trente glorieuses, the 30 glorious years. Germans spoke of the Wirtschaftswunder, the economic miracle, while the Japanese, more