Sunday, December 31, 2017

Piketty Notches A Small Win In 2017

After suffering a stinging defeat in France, when President Holland let the two-year experiment with a 75% tax rate on the rich expire, Piketty has succeeded thanks to President Trump’s tax cut.  (Perhaps Piketty will encourage his American followers to reelect Trump in 2020?!)

The top 1%, and some of the top 2%, income earners in California will pay higher taxes thanks to the $10,000 cap on deducting state and local taxes.  Among Piketty’s supporters for higher taxes on the rich to reduce income inequality are such highly paid professors as Emmanuel Saez at UC Berkeley and Raj Chetty at Stanford, along with academic stars at other UC campuses.

Ditto for such other blue, high-tax states as Illinois, New Jersey, New York, and Connecticut.

Thursday, December 28, 2017

Blue State Blues. The High-Income, Liberal California Professoriate Will Pay Higher Taxes Thanks To President Trump

The most wonderful sight of this Holiday Season is watching high-income residents in Blue states squirm over losing some, in many cases a lot, of their prized deduction for state and local taxes to a $10,000 cap.  These are the same people, especially the professoriate in the top 2% of the income distribution, who have been clamoring, indeed begging, for higher taxes on the rich to reduce inequality and foster social justice.  Now they will be taxed more thanks to President Trump and red-state Republicans.  (Don’t hold your breath waiting for them to thank President Trump.)

We are told that the new normal is 2% economic growth.  The reason is that 2% was the best achieved under President Obama.  The economists who worked for or advised him, along with others in the never-Trump or just plain don’t like Trump camps, will choke on 3-4% growth under President Trump.  Will they sing a different song if growth of 3-4% becomes the new, new normal over the next five years?  Will they admit that they were wrong or that their models were incomplete?  Will they cheer new job creation and higher wages?  (Don’t hold your breath waiting for them to thank President Trump.)

Presidents Bush and Obama launched three wars in the Middle East and North Africa, squandering trillions in treasure while inflicting death and destruction on both local populations and American armed forces. President Trump, in marked contrast, has virtually obliterated ISIS in Iraq and Syria with minimal expenditure and loss of life under the brilliant leadership of General James Mattis.  (Don’t hold your breath waiting for the Bush and Obama foreign policy and national security establishments to thank President Trump.)

Don’t forget the pollsters who predicted Hillary Clinton in a cakewalk victory.  These are the same people talking up a blue wave return to control of one or both houses of Congress in the mid-term 2018 elections.  (When they are wrong in 2018 as they were in 2016, don’t hold your breath waiting for them to acknowledge their failures.)

Persuading members of the academic, political, and media industrial complex (APMIC) to acknowledge the success of President Trump is akin to lecturing rats on the benefits of proper hygiene to control plague.  No matter how strong the economy and success of his foreign policy, APMIC will never acknowledge his achievements.  Were they to do so—oh, just dreaming!

Wednesday, December 27, 2017

Taking Stock Of 2017. Keep Winning In 2018.

2017 was a great year.  Donald Trump was inaugurated as President of the United States.  That alone is reason enough to break out your best champagne on New Year’s Eve.

First is a great tax cut for the American people (save the whiners in high-tax blue states, who advocate redistribution of income to reduce inequality except for this time, when they have to pay the price of their own ideology).

Second is a great Supreme Court appointment in Neil Gorsuch and numerous other conservative district and appeals court justices.

Third is the rollback of regulations, especially those that were imposed by President Barack Obama, which have been stifling the American economy.

Fourth is the successful military operation against ISIS.

Fifth is reestablishing the rule of law throughout the federal executive government.

Sixth is the ouster from power of those who served with or supported Obama and Hillary.  Hopefully they will never return to positions of influence or power.  Ditto for those in the several Bush camps who were members of the never-Trumpers, anti-Trumpers, or any of the myriad fellow travelers who opposed and continue to bash Trump.

Seventh is the attempt to improve race and ethnic relations in the light of Obama’s divisive actions and statements, which set race relations in America back 50 years.

Eighth did I say that Hillary Clinton is not president!  To the voters I say thank you, mille grazie, merci beaucoup, xiexie, muchas gracias, todah arbah, obrigado, arigato gozaimas, gamsa hamnida, tak, and thanks in every other language you know.

Goals for 2018

First is to retain Republican control of both Houses of Congress.

Second is to continue to fill the federal courts with Gorsuch-like appointments.

Third is to accelerate the deregulation of every sector of the American economy.

Fourth is to continue to keep our adversaries on the run.  I am proud of my former Hoover colleague General James Mattis as Secretary of Defense.

Fifth is to show African-Americans and Spanish-speaking Americans that Trump’s policies are of much greater benefit to them than living under the Democrat Party’s plantation mentality.

Sixth is to begin the serious business of eliminating wasteful, redundant government spending.  I dream that one day the U.S. will pull out of the United Nations, close its offices, and encourage it to move to Moscow and/or Beijing.   Ditto to slash, not trim, foreign aid.

Seventh is for the Department of Justice to go after the real destroyers of our democracy, namely, the Clintons, the FBI, the NSA, and the Justice Department, and all the others scattered throughout the Executive Branch who used their government positions of trust under Obama trying to fix a presidential election.

Eighth is perhaps only a dream that conservative ideas will be widely heard, equalizing the current dominance of liberal ideas, on America’s university and college campuses.  Maybe that’s A Bridge Too Far in 2018, but perhaps by 2024!

Wishing those of you who believe in low taxes, limited government, a minimum of only essential regulations to insure health and safety, protection of private property, and the rule of law (not rule by law) a happy, healthy, and prosperous New Year.  To the never-Trumpers and their like-minded in blue or red, may you have an even more miserable 2018 (2019, 2020, 2021, 2022, 2023, and 2024).