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Posted on October 1, 2010 at 10:08am 0 Comments 0 Likes
Please welcome our newest State Director, Donald L. Overman, of New Hampshire. Don's leadership will be particularly valuable in an area where the FairTax has been dormant.
Although Don is the newest member of our group, he is one of the original advocates of replacing the Income Tax with a consumption tax. Don has been part of this effort since his college days, and he…Continue
Posted on August 24, 2010 at 2:39pm 1 Comment 0 Likes
Posted on August 14, 2010 at 5:30am 0 Comments 0 Likes
Posted on August 10, 2010 at 8:45pm 0 Comments 0 Likes
Rob Woodall, Chief of Staff to retiring Congressman and FairTax sponsor, JohnContinue
Linder, GA-07, has just been declared the winner of his Republican primary
runoff election, in Georgia's Seventh Congressional District. Woodall soundly
defeated his second-place rival from the earlier Republican primary, Jody Hice.
FairTax Regional Director, Phil Hinson, says that the winner of the Republican
primary is likely to become the next Congressman in this heavily…
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I have not thought about a visit to ELvis home, but it is worth looking into. I have never been there.
Thanks for helping to put Fair Tax on the map. I am glad you were able to get on the map. I think this could be a helpful tool.
See you in TN!
Happy New Year to you.
I sent an email to the firstname.lastname@example.org address and it came back with this message, "No DNS information was found for the 'jamesbennett.com' domain".
Give me an email so I can send a direct message regarding your comment about having a line to Herman Cain.
Larry Walters, email@example.com
The idea implied by the NPR item is that somehow saving instead of consuming is bad for us. That idea is sometimes called the paradox of thrift. According to the POT, it's great for an individual to save, but if we all do it at the same time, there won't be enough spending to drive the economy. At first blush, this seems sensible. But like most first blushes, this one is flawed to the bone.
This POT idea comes from the mistaken ideas of John Maynard Keynes. Sadly enough, lots of economists who should know better continue teach their naive freshman students this tripe. The flaw in the idea is the hidden assumption that somehow what we save does not find its way into the spending stream we call GDP. Any dollars saved by anyone does enter commerce, but the dollars are spent on capital goods (plant, equipment, research, business working capital) instead of on consumption goods. (cheeseburgers, clothes, coffee).
Another flaw in the idea is confusing money with real stuff. It will help your children understand if they imagine an economy that does not use money. In such an economy, exchange would occur through barter. In a barter economy it becomes entirely clear that production of real stuff is income. In such an economy, income is exhausted annually by consumption plus saving plus taxes. In such a barter economy, no one can borrow what has not yet been produced! That means no one can borrow unless someone else saves. That means that businesses will need households to save in order to make investments in capital goods (plant, equipment, working capital, etc.)
Japan's malaise for a decade was not caused by too much saving. It was caused by too much intervention in financial markets by the Japanese government. Of course, your children will never hear such a proposal on NPR.
The problems we are having right now in America were caused by people borrowing money instead of borrowing what had already been produced. That was made possible by the Fed. In fact, even when we do have money in the economy, no one can really borrow what has not already been produced and saved. But the Fed can delude us into thinking we can borrow what has not been produced by creating new money.
I recommend that you visit my blog at www.econoblast.blogspot.com for much more on these topics. Check out the articles I've written throughout February.
I will call you within a few days to discuss a meeting. As of tonight, we have 30 and 4 or 5 who from NJ who signed on to the national site.
I emailed from the list up to D5 and as far back to 4/08
I emailed to the entire 2nd district last nite. I will do 1st tonight
I had quite a flurry of reaction to my email. Will review with you shortly
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