From the American Institute for Economic Research a story relevant to our times, The Real Meaning of Thanksgiving: The Triumph of Capitalism over Collectivism.
Lesson learned from the early Pligrims….
The desire to “spreading the wealth” and for government to plan and regulate people’s lives is as old as the utopian fantasy in Plato’s Republic. The Pilgrim Fathers tried and soon realized its bankruptcy and failure as a way for men to live together in society.
They, instead, accepted man as he is: hardworking, productive, and innovative when allowed the liberty to follow his own interests in improving his own circumstances and that of his family. And even more, out of his industry result the quantities of useful goods that enable men to trade to their mutual benefit.
In the wilderness of the New World, the Plymouth Pilgrims had progressed from the false dream of communism to the sound realism of capitalism. At a time of economic uncertainty, it is worthwhile recalling this beginning of the American experiment and experience with freedom.
If you have forgotten then maybe you just need a reminder.
From the American Spectator, by Peter Ferrara, The Timeless Principles of American Prosperity
Several times in the last 100 years, whenever the nation’s economic policies adhered to the timeless principles of economic growth and prosperity, our economy has boomed. When it has departed from those policies, it has fallen into stagnation, or worse.
America today once again desperately needs to return to the timeless principles of economic growth, to restore our traditional, world leading prosperity, and the American Dream. This should be the central argument and theme for this fall’s elections.
Last year, the Intercollegiate Studies Institute produced a brilliant, overlooked book that recounted the history of supply-side economics—Econoclasts: The Rebels Who Sparked the Supply-Side Revolution and Restored American Prosperity, by Brian Domitrovic. As explained in that book, the roots of supply-side economics go back to 1913, when the national income tax and the Fed were first adopted. “For restraining the institutions created that year—the income tax and the Federal Reserve—is the essence of supply-side thinking,” Domitrovic writes.
It didn’t take long for trouble to brew. The top tax rate of 7% soared to 77% by 1918. Moreover, the income tax, sold as a tax on the rich, began to apply at just $1,000 in income (equivalent to about $20,000 today). In addition, during World War I, the Fed essentially doubled the money supply relative to the economy. Inflation consequently soared by 84% over the 4 years from 1916 to 1919. The Fed then slammed on the brakes, draining 60% of the excess money, and throwing the economy into steep recession as a result. Unemployment soared to 12%, 50% higher than in any previous recession.
Warren Harding, newly elected President in 1920, appointed the enormously successful Pittsburgh banker Andrew Mellon Secretary of the Treasury, with the duty of fixing the economy. Mellon adopted what became the supply-side economic formula. He slashed the top income tax rate to 25%, and the bottom rate from 8% to 1%, increasing the income level to which it first applied by 50%. Moreover, Mellon led the Fed to stop the money supply drain, return interest rates to standard levels, and devote itself to stable prices. The Fed would look to market price levels, particularly commodities, including gold, for its guide.
The result was the Roaring ‘20s, the greatest boom in American history to that point, essentially beginning the modern American economy. Real output galloped, stock prices tripled, real wages advanced with productivity increases, and prices were stable. “It was in the twenties that Americans bought their first car, their first radio, made their first long distance telephone call, took their first vacation,” as Domitrovic quotes Richard Vedder and Lowell Galloway.
The Depression arose and worsened as America departed from these pro-growth policies. Instead of maintaining stable prices, the Fed allowed the money supply to decline precipitously, even while dollar demand was soaring as the world sought a stable store of value. This created ruinous deflation. Mellon’s tax rate policies were also ruinously reversed, with the top income tax rate raised first to 63%, and then to 79%, with the lower tax rates raised even more in percentage terms. The Smoot-Hawley tariff added another tax burden that killed international trade. President Roosevelt tried to restore prosperity with soaring Keynesian government spending and deficits, which failed miserably as the Depression dragged on for over 10 years. By 1933, unemployment was at 25%, and GDP was down 57% nominally, 22% in real terms.
Read the full article for the complete history of Supply Side Economics.
John Kennedy, Ronald Reagan, GW Bush all applied Supply Side Economics with great success yet the current occupant of the White House is doing the exact opposite and reaping disastrous results. Keynesian Economics practiced by the Democrats, exclusively, have never lead to prosperity and it won’t now.
If the Obama Administration would learn from our history America’s prosperity could be restored. Unfortunately when the Bush tax cuts expire we will face an economic downturn that will rival the Great Depression or worse.
Just remember as I pointed out previously, President Warren Harding faced a worse depression than the Great Depression and recovered the economy in one year using Supply Side Economics. It worked then, it can work now.
America didn’t surrender to Kaiser in World War 1.
We didn’t surrender to Hitler in World War II.
We didn’t surrender to the Soviets during the Cold War.
Why then would America surrender to the Democrats?
Democrats are the enemy of America and Obamacare is the first shot in the War Against America.
Anyone with a (D) by their name is our enemy. They hate what America is and they are willing to destroy our nation in order to make it into their vision of what they think America should be. They have to be stopped.
What was done to America this past Sunday was the last straw. IF WE DON’T STOP THEM NOW WE MAY NOT GET ANOTHER CHANCE.
You and I have a rendezvous with destiny. We will preserve for our children this, the last best hope of man on earth, or we will sentence them to take the first step into a thousand years of darkness. If we fail, at least let our children and our children’s children say of us we justified our brief moment here. We did all that could be done
President Ronald Reagan
Thomas Jefferson
There seems to be some confusion among government officials on how to tell if the attack at Ft. Hood was a terrorist attack.
Here’s a simple test.
If the attacker yells “Allahu Akbar” then starts his killing spree it’s a terrorist attack.
It’s that simple.
Truth be told, Maj. Nidal Malik Hasan had enough warning signs to raise a flag somewhere along the chain of command. The fact that he didn’t is a glaring example of political correctness run amok.
There is a big difference in how the Obama administration and the Bush administration fights terrorism. Under Bush’s watch the terror attack on Fort Dix was stopped before it happened however the Obama administration ignores evidence of an impending terrorist attack. Once the attack happens the Obama administration is in denial that it was a terrorist attack. They will never admit it.
They say it’s been 2,973 days since a terrorist attack on our soil. The attack on Fort Hood resets the clock to zero.
The Obama administration is going back to the pre 911 mentality of protecting America. God Help us!
The prospect of domination of the nation’s scholars by Federal employment, project allocations, and the power of money is ever present – and is gravely to be regarded. Yet, in holding scientific research and discovery in respect, as we should, we must also be alert to the equal and opposite danger that public policy could itself become the captive of a scientific-technological elite.
From President Eisenhower’s Farewell Address to the Nation, January 17, 1961
When bad things happen to Rush Limbaugh American Conservatives better take note. Rush Limbaugh is the Conservative’s equivalent of a coal miner’s “canary in a cage.” If the canary stops singing you better be paying attention!
Limbaugh is the first line of defense for American Conservatism. If the left manages to take him out, the rest of us are going to be in a whole lot of trouble.
According to this AP story yesterday, Limbaugh Dropped From Group Seeking to Buy Rams Rush lost his chance, actually his dream, of becoming a part owner of an NFL franchise.
A fictitious quote, made up by the left, that Limbaugh had said, (MSNBC) “Slavery had its merits” and (CNN) “Slavery built the South. I’m not saying we should bring it back; I’m just saying it had its merits. For one thing the streets were safer after dark.”
This has been repeated everywhere in lamestream media until it brought about the desired result, ”No NFL for you!”
This was a total fabrication, but as they say, if you tell a lie long enough and often enough it is soon believed to be the truth. Pay attention to this folks. If they can do this to Rush Limbaugh there is no limit what they will do to the rest of Conservative America.
I have been listening to Rush Limbaugh since 1988, the first week that his show went on the air. I have never heard a racist comment from him, ever. I have found him to be a likeable, sincere, and down to earth person. The reason he is so successful is that he speaks from his heart and his solid Conservative values. He doesn’t have to remember what he said last week or worry about contradicting himself because he speaks from his core and unlike the left he does not pretend to be someone he is not.
The left and the Democrats, historically, are the party of racism. Robert Byrd (D) West Virginia was a recruiter for the KKK. William Fulbright, (D) Arkansas, (Bill Clinton’s role model), was a staunch “Segregationist. “ They (the Democrats) even named a congressional office building after Fulbright.
Have you ever heard of “Southern Democrats,” “Southern Manifesto” or “Dixiecrats?” Look them up! They were Democrats opposed to Civil Rights.
Byrd and Fulbright were leaders in these efforts.
Were you aware that Strom Thurmond (D) South Carolina is on record for the longest filibuster in the history of the US Senate, (24 hours), in opposition to the Civil Rights Act of 1957? This legislation, by the way, was proposed by President Dwight Eisenhower, a Republican. Later, Robert Byrd opposed the Civil Rights Act of 1964 with his own filibuster of 14 hours.
Without the support of Republicans, the Civil Right Act of 1964 would have never passed.
The worse thing of all, and this is a true American tragedy, is that Lyndon Johnson and the Democrat party managed to create a new form of slavery through the welfare state. This has enslaved millions in poverty to this day and has been credited with the destruction of the black family.
The left believe that they know what’s best for the American People, they push more and more dependency, (slavery), on “Big Government.” They will destroy anyone that stands in their way.
Conservatives, on the other hand, still believe in the individual. We want government to get out of the way. We want Americans, all Americans, regardless of race, to seek the “American Dream.” We have a desire that every American be successful through their individual efforts and not on the back of government.
Today, Rush Limbaugh is under attack. Tomorrow we may all be under attack. The left and the Democrats current efforts to demonize all that oppose them are ripping the very structure of our country apart. Pay attention to the canary folks. If he stops singing we are done for.
President Ronald Reagan wrote a great piece in his own hand for Independence Day in 1981. I have included it in it’s entirety below. Reagan reminds us about the vision and sacrifices of our founding fathers calling it the “only true philosophical revolution in all history.”
In the closing remarks he reminds us, “Let the Fourth of July always be a reminder that here in this land, for the first time, it was decided that man is born with certain God-given rights; that government is only a convenience created and managed by the people, with no powers of its own except those voluntarily granted to it by the people.”
I know the rulling political elite in Washington DC have no idea of this concept today? That would include the “Duplicitous Despot” Barack Obama, who is not only in opposition to Ronald Reagan’s ideals but in opposition to the ideals of the Founding Fathers!
By Ronald Reagan
For one who was born and grew up in the small towns of the Midwest, there is a special kind of nostalgia about the Fourth of July.
I remember it as a day almost as long-anticipated as Christmas. This was helped along by the appearance in store windows of all kinds of fireworks and colorful posters advertising them with vivid pictures.
No later than the third of July – sometimes earlier – Dad would bring home what he felt he could afford to see go up in smoke and flame. We’d count and recount the number of firecrackers, display pieces and other things and go to bed determined to be up with the sun so as to offer the first, thunderous notice of the Fourth of July.
I’m afraid we didn’t give too much thought to the meaning of the day. And, yes, there were tragic accidents to mar it, resulting from careless handling of the fireworks. I’m sure we’re better off today with fireworks largely handled by professionals. Yet there was a thrill never to be forgotten in seeing a tin can blown 30 feet in the air by a giant “cracker” – giant meaning it was about 4 inches long. But enough of nostalgia.
Somewhere in our growing up we began to be aware of the meaning of days and with that awareness came the birth of patriotism. July Fourth is the birthday of our nation. I believed as a boy, and believe even more today, that it is the birthday of the greatest nation on earth.
There is a legend about the day of our nation’s birth in the little hall in Philadelphia, a day on which debate had raged for hours. The men gathered there were honorable men hard-pressed by a king who had flouted the very laws they were willing to obey. Even so, to sign the Declaration of Independence was such an irretrievable act that the walls resounded with the words “treason, the gallows, the headsman’s axe,” and the issue remained in doubt.
The legend says that at that point a man rose and spoke. He is described as not a young man, but one who had to summon all his energy for an impassioned plea. He cited the grievances that had brought them to this moment and finally, his voice falling, he said, “They may turn every tree into a gallows, every hole into a grave, and yet the words of that parchment can never die. To the mechanic in the workshop, they will speak hope; to the slave in the mines, freedom. Sign that parchment. Sign if the next moment the noose is around your neck, for that parchment will be the textbook of freedom, the Bible of the rights of man forever.”
He fell back exhausted. The 56 delegates, swept up by his eloquence, rushed forward and signed that document destined to be as immortal as a work of man can be. When they turned to thank him for his timely oratory, he was not to be found, nor could any be found who knew who he was or how he had come in or gone out through the locked and guarded doors.
Well, that is the legend. But we do know for certain that 56 men, a little band so unique we have never seen their like since, had pledged their lives, their fortunes and their sacred honor. Some gave their lives in the war that followed, most gave their fortunes, and all preserved their sacred honor.
What manner of men were they?
Twenty-four were lawyers and jurists, 11 were merchants and tradesmen, and nine were farmers. They were soft-spoken men of means and education; they were not an unwashed rabble. They had achieved security but valued freedom more. Their stories have not been told nearly enough.
John Hart was driven from the side of his desperately ill wife. For more than a year he lived in the forest and in caves before he returned to find his wife dead, his children vanished, his property destroyed. He died of exhaustion and a broken heart.
Carter Braxton of Virginia lost all his ships, sold his home to pay his debts, and died in rags. And so it was with Ellery, Clymer, Hall, Walton, Gwinnett, Rutledge, Morris, Livingston and Middleton. Nelson personally urged Washington to fire on his home and destroy it when it became the headquarters for General Cornwallis. Nelson died bankrupt.
But they sired a nation that grew from sea to shining sea. Five million farms, quiet villages, cities that never sleep, 3 million square miles of forest, field, mountain and desert, 227 million people with a pedigree that includes the bloodlines of all the world. In recent years, however, I’ve come to think of that day as more than just the birthday of a nation.
It also commemorates the only true philosophical revolution in all history.
Oh, there have been revolutions before and since ours. But those revolutions simply exchanged one set of rules for another. Ours was a revolution that changed the very concept of government.
Let the Fourth of July always be a reminder that here in this land, for the first time, it was decided that man is born with certain God-given rights; that government is only a convenience created and managed by the people, with no powers of its own except those voluntarily granted to it by the people.
We sometimes forget that great truth, and we never should.
Happy Fourth of July.
Ronald Reagan, President of the United States
If the founding fathers were alive today they would apply the same standard to the Obama administration as they would King George. The Boston Tea Party was a protest against a 4 percent tax on tea. How do you think they would have reacted to a 39.5 percent tax?
Have you read the Declaration of Independence? Read it in the context of what is happening to our Nation today and see if it still fits. I have provided an excerpt below.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. — Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government.
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Orphaned!
The Democrat and Republicans In Name Only, (RINO)s, have lost touch with the American People. They have become the political elite and We the People have become "fly-over country." I am not a Nazi, a terrorist, a member of the KKK, a racist, or a member of an angry mob. I'm not a birther, teabagger, truther or astroturfer. I do, however believe in the original intent of the Founding Fathers, the United States Constituton and the rule of law. I believe that Government should serve the People, not the other way around. I’m an American and conservative to my very core.
I feel like an orphan.
An American Political Orphan.
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