Being in an alliterative state of mind, here are a few Tuesday tidbits for tasting. In no particular order:
- I read where Wisconsin Republican Senator Ron Johnson is having trouble with his reelection campaign, as well he should. Apparently, independents like myself have soured on the guy, and he is in a toss-up with Lt. Governor Mandela Barnes. To be frank, many Republicans did not want Johnson to run again (his age), but for a different reason than I have. He is such an overt supporter of the former president, many Republicans on committees he chaired have openly disagreed with his inane assertions.
- I continue to read some folks are voting Republican for economic reasons, but they should look at historical data. Here is an easy example to find – under which White Houses have more jobs been created, Democrat or Republicans (note there have been 13 terms apiece)? The answer is under Democrats, and it is not even close. Even Democrats tend to miss this question. The economy and stock market have done better as well. Those who say the last former president did great with the economy, should note that he inherited an economy in its 91st consecutive month of economic growth, a more than doubled stock market and six consecutive years of 2+ million per annum job growth. Note Obama inherited a recession from George W. Bush.
- I should note that presidents and legislators get too much credit and blame for the economy. They do provide some headwinds and tailwinds, but the economy is bigger than their jobs. The inflation we are seeing today has a lot to do with an inadequate supply chain. If you remember your economic graphs, when supply is low, prices go up. The pandemic hurt a great deal. To me, the tariffs imposed by the previous president and continued under the current one have upset our supply chains, where businesses had to find other sources of goods that they likely continued. I would add the Russian invasion of Ukraine has fueled fossil fuel price increases along with the continued disruption of a poorly planned and executed Brexit which has an echo effect.
- I should also caution my British friends they are in for an even rockier road with new Prime Minister Liz Truss’ infatuation with trickle-down economics, which has been proven in five studies to have failed. The state of Kansas recently had a huge failure with this theory and almost went bankrupt before it was overturned. Per Mother Jones, “After years of budgetary ruin, Kansas’ experiment in trickle-down economics is finally coming to a close. Late Tuesday night, the state Legislature voted overwhelmingly to override a veto from Gov. Sam Brownback and increase a slew of taxes in the state.” Trickle-down economics is not the best of names, but it is better than what it was called in the late 1890s – the “Horse and sparrow theory,” meaning what you feed the horse (the wealthy) is excreted to feed the sparrows (everyone else).