Minneapolis Fed Data Compares Reaganomics and Obamanomics
BigGovernment.com
Posted Feb 2nd 2011 at 7:07 am
by Dan Mitchell
Ronald Reagan would have been 100 years old on February 6, so let’s celebrate his life by comparing the success of his pro-market policies with the failure of Barack Obama’s policies (which are basically a continuation of George W. Bush’s policies, so this is not a partisan jab).
The Federal Reserve Bank of Minneapolis has a fascinating (at least for economic geeks) interactive webpage that allows readers to compare economic downturns and recoveries, both on the basis of output and employment.
The results are remarkable. Reagan focused on reducing the burden of government and the economy responded. Obama (and Bush) tried the opposite approach, but spending, bailouts, and intervention have not worked. This first chart shows economic output.
The employment chart below provides an equally stark comparison. If anything, this second chart is even more damning since employment has not bounced back from the trough. But that shouldn’t be too surprising. Why create jobs when government is subsidizing unemployment and penalizing production? And we already know the so-called stimulus has been a flop.
A Christian Business in the Left’s Crosshairs
Townhall.com
Here’s a modest proposal for liberals who say they support job creation: Stop smearing successful, law-abiding private companies whose values don’t comport with yours. I’m looking at you, New York Times.Chick-fil-A is an American success story. Founded by Georgian entrepreneur Truett Cathy in 1946, the family-owned chicken-sandwich chain is one of the country’s largest fast-food businesses. It employs some 50,000 workers across the country at 1,500 outlets in nearly 40 states and the District of Columbia. The company generates more than $2 billion in revenue and serves millions of happy customers with trademark Southern hospitality.
So, what’s the problem? Well, Chick-fil-A is run by devout Christians who believe in strong marriages, devoted families and the highest standards of character for their workers. The restaurant chain’s official corporate mission is to “glorify God” and “enrich the lives of everyone we touch.” The company’s community service initiatives, funded through its WinShape Foundation, support foster care, scholarship, summer camp and marriage enrichment programs. On Sunday, all Chick-fil-A stores close so workers can spend the day at worship and rest.
Violent Clashes Erupt on Cairo’s Streets
The political unrest gripping Cairo turned ugly Wednesday, as groups of supporters of President Hosni Mubarak charged antigovernment protesters in the city’s main square, sparking bloody clashes.
WSJ’s Margaret Coker reports from Cairo clashes between pro- and anti-government protesters are spreading despite calls from the military for the protesters to disperse.
Conflicts escalated through the day as the two groups faced off, chanting slogans at each other, fighting and hurling missiles. Protesters at two entrances to Tahrir Square—by the Egyptian Museum and the route from downtown Cairo—came under attack from men heaving rocks and running into them with horses and camels.
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