Portfolio Return as of 12/31/22:
2022: -.019% (SP500 -18.01%)
Tuesday, August 27, 2019
Socialism, Democrats and Recessions
When our schools and colleges do not teach unbiased economics and history, then millions of youth have no idea why the United States, Great Britain, Germany and Japan became wealthy and stable by embracing free-market capitalism and constitutional government. Few learn why naturally rich nations such as Argentina, Brazil, Mexico and Venezuela -- or entire regions such as Central America, Eastern Europe and Southeast Asia -- have traditionally lagged far behind due to years of destructive central planning, socialist economics and coerced communist government.
The handmaiden of failed socialist regimes has always been ignorance of the past and present. And that is never truer than among today's American college-degreed (but otherwise economically and historically illiterate) youth.
China the economy is going to soar.
What was disconcerting was the audience reaction. Many people frowned. One woman shouted at me: “I want a recession so we can get rid of Trump.”
I said to her as nicely as possible that even if you don’t like the president, you don’t want to root against America. Do you really want millions of people to lose their jobs? Do you really want people to earn less money? That doesn’t sound very patriotic or compassionate.
The woman crossed her arms and scoffed.
Bill Maher on Friday said he "really" wished there was another economic recession, arguing such an event would ruin President Trump's chances of winning reelection.
During a discussion on his show with panelists including former Virginia Gov. Terry McAuliffe (D), Maher said the U.S. could "survive" another recession but warned it would not withstand a second term of a Trump presidency.
The exchange began with commentator Tom Nichols remarking about Trump's trade policies, saying "I'm not wishing for a recession, but if the farmers want to keep touching the hot stove."
“Well, you should be," Maher interjected. "Because that will definitely get him unelected."
"But Bill, you don’t really want a recession," shot back Anthony Scaramucci, Trump's former White House communications director and a now occasional critic of the administration.
“I really do. We have survived many recessions. We can’t survive another Donald Trump term,” Maher responded.
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