The Greeks choose conservatism (for now)

There is so much good news on the Economic front, but you might not be hearing it. More people are getting employed, and more people are looking for jobs as well.

An election in Greece suggests that the people there are tired of the unfulfilled promises of socialism. There is hope there, and yet over here Democrats are falling all over themselves to try to make very similar promises to the Greek socialists.

And yes, the stopped clock was right at one point. When Democratic Presidential hopeful Andrew Yang suggested a cash giveaway, Joy Behar actually asked an intelligent question of him. His answer was, shall we say, quite revealing.

Mentioned links:

Strong job growth is back: Payrolls jump in June well above expectations

Episode 229: Credit For the Economy / How a Young Man Grew Up

Episode 215: Why Socialism Fails / Why Unemployment Stats Are Misleading

Episode 113: Lessons From the Greek Tragedy, and the ACLU Not Cool With Civil Liberties

Conservatives regain control in Greece

‘View’ Hosts Excited by 2020 Dem’s ‘Free’ Cash for Life Promise: ‘Game Changer!’

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Show transcript

The economic news just keeps getting better, against all predictions of Obama and the Democrats prior to the last election. First they said Trump would tank the economy, and when he made it even better, they tried to take credit for it. Yes, Trump may have had a rising economy to build on, but as I mentioned in episode 229, he didn’t just continue the trend; he accelerated it.

The latest news is just more winning, and if this keeps up, Trump will sail into a second term. In June, we added 224,000 jobs. Further, 335,000 workers were added to the roll of people looking for jobs, many of which were those who’d given up looking but decided to get back in the game. Now, what this did to the reported unemployment rate was raise it from 3.6% to 3.7%. As to why this increased the unemployment rate is something I covered in episode 215 about how the rate that is reported can be misleading. A rise in the rate obviously is not always good – you have to look at the underlying numbers – but this rate is still near 50-year lows.

When asked about this news, President Trump was heard to say, [What can I say except “You’re welcome!”]

I report this here because Trump’s bad behavior is seized on by the media, and the good news on the Economic front gets drowned in it. To be sure, Trump brings that on himself quite often, but the media could try to restrain themselves and report real news even when it’s good under a Republican administration. Instead, they’ve descended into tabloid journalism. “Tonight on News We Think You Should Care About, Trump says stuff about colonial airports. And later, an update on the incredible Frog Boy.”

Way, way back in episode 113, almost exactly 4 years ago, I talked about how the country of Greece and its socialist government was trying to renegotiate loans it got from the European Union, as well as trying to get more loans. The government had made promises that it could only keep by getting other people’s money. Taxes were rising, but the utopia was costing much, much more

Well, July 7th, 2019 might be the day when things changed in Greece. A conservative government was voted in, and what’s more, this party, called “New Democracy”, will likely get 158 of the 300 seats in their parliament; an absolute majority.

Why did this happen? Failed economic policies, which of course are a hallmark of socialist countries. As I illustrated in episode 113, the socialists were basically a guy that got in financial trouble with his free spending, went to the bank for a loan, and then didn’t change his spending habits so that he had to go back for another loan and to renegotiate the first one. This time, the EU told Greece it had to hit some fiscal targets as requirements to get the loan, so Greece decided to increase taxes more in order to do that. The people either got tired of the taxes, or the broken promises, or all of the above.

The link in the show notes shows that the new Prime Minister, Kyriakos Mitsotakis, has inherited a real mess. He’s still saddled with the fiscal targets, and an economy who’s GDP still hasn’t recovered from where it was before the debt crisis, and whose growth is painfully slow.

In related news, as of right now, Bernie Sanders is a serious contender for 2nd place in the 2020 Democratic Party Presidential Nomination polls. And each of the Democrats is trying to outdo the other in proposing free this, that, and the other. Seems like the Democrats just want to cover America in Greece.

Andrew Yang is one of the cast of thousands running for the Democratic Presidential nomination, and he appeared on The View recently to present his ideas. As I said earlier, many of these ideas are different ways to give out free stuff, or in Andrew’s case, cash. He seems to be enamored with the idea of a Universal Basic Income of $1,000 a month for every American, something that has shown itself to be rather poor at helping the poor. Never mind that this would cost around $300 billion a month, or $3.6 trillion a year, for a program whose usefulness was suspect.

Anyway, Joy Behar actually had a good question about this.

[The View audio]

So let me get this straight…getting this check would remind you that you’re still American? Let’s not stop there; give us all $100,000 and really drive the point home!

Because that’s what this nation was founded on, right? Nothing says “I’m an American” more than getting money from the government, right? Wow, if this is how the modern Democratic party thinks, we are in a world of trouble. Remember this incredibly uninformed way of thinking by one of our major political parties when it comes time to vote.

Filed under: Economics & TaxesSocialismUniversal Basic Income