Angela Rachidi is correct: poverty isn’t caused by low wages; it’s caused by not working. (This reality points to the single largest reason to oppose minimum-wage legislation: Even if such legislation does raise the aggregate income of the group of people you, inevitably arbitrarily, choose to classify as “poor workers” – and even if you are so blinded by group- or aggregate-think that you suppose that such an outcome justifies the minimum wage ethically – it does so only by condemning some such workers into the ranks of the unemployed and thereby condemning many of these people to a lifetime of poverty.)
Private companies had as much to do with Flint’s lead poisoning as Adam Smith had to do with the bread lines in the former Soviet Union.
(BTW, Happy Birthday, Shikha!)
In this must-read post by Mark Perry, he explains the toxic mix of disingenuity and envy-stoking with economic, statistical, and factual ignorance that is Hillary Clinton’s and Bernie Sanders’s condemnation of CEO pay.
Elizabeth just watched “Dr. Strangelove” while preparing our dinner. As my friends know, I hold this film in esteem above all others. Yes, it’s hilarious, but its supreme merit is that despite its seemingly over-the-top characters and story, it is actually a truer-than-true representation of politico-military elites, their thinking, and their actions in the nuclear age over a period of several decades (and perhaps still). The truth is that these people, insofar as we may judge by their words and their actions, were utterly insane, and the world was extremely fortunate to have averted an all-out nuclear war between the USSR and the USA. This good fortune was on many occasions a very close thing.