Saturday, 30 April 2011

Keynes & Hayek

The folks at have put together another amazing music video explaining the economic ideas of Lord John Maynard Keynes & Frederich A. Hayek.

Here is the new video:

Here is the first video:

GOP's subsidy problem

David Jenkins recently posted an article discussing the hypocrisy problem facing the GOP over subsidies over the fossil fuel industry. Conservatism has long played the game of saying one will shrink government while in actuality growing it. Now the GOP is trying to reform itself and put its rhetoric into action. I'm still interested in seeing how this plays out.

Tuesday, 5 April 2011

A Bold New Experiemt

GOP house budget chairman Paul Ryan has finally endorsed the essence of last year's health care reform law. His plan phases out the current single payer health care systems that exists for old people and poor people (AKA Medicare and Medicaid respectively). These single payer programs are to be replaced with vouchers to allow recipients purchase care in the market. Ryan appears confident that this will work despite the boondoggle that was Medicare Advantage.

I'm glad to hear the GOP is now actually serious about implementing their ideology of decreasing government spending. Limiting cuts to cover just non-defense discretionary spending while entitlements go untouched just screams hypocrisy. Ryan's budget shows that the GOP is serious about cutting entitlements, thereby ending the 70+year experiment started by FDR.

Although I'm not the sort of person who desires capping government spending at 20% of GDP (25% seems more appropriate in my mind for peacetime), I am glad to see that the Republicans are putting money where their mouths are; personally I'd enjoy seeing Ryan's proposal enacted just to see how it turns out. Maybe I'm being a bit selfish because I know the entitlement cuts probably won't impact me much, but fair is fair. I'm certainly never going to enjoy a single payer health plan when I turn 65 in 2054, so why should baby boomers enjoy such benefits?

If Ryan's plan does get enacted, I have no clue what the reaction will be. Will so-called conservatives rejoice now that they have slain the beast? Or will they whine in the streeets when they discover how many government benefits have been taken away from them?

If only we could cut farm subsidies and enact a carbon tax, then I'd be thrilled.