Is Anybody Shocked that Higher Minimum Wage Mandates Are Resulting in Fewer Jobs? | International Liberty

While economists are famous for their disagreements (and their incompetent forecasts), there is universal consensus in the profession that demand curves slope downward. That may be meaningless

jargon to non-economists, but it simply means that people buy less of something when it becomes more expensive.

And this is why it makes no senseto impose minimum wage requirements, or to increase mandated wages where such laws already exist.

If you don’t understand this, just do a thought experiment and imagine what would happen if the minimum wage was $100 per hour. The answer is terrible unemployment, of course, which means it’s a very bad idea.

So why, then, is it okay to throw a “modest” number of people into the unemployment line with a “small” increase in the minimum wage?

Source: Is Anybody Shocked that Higher Minimum Wage Mandates Are Resulting in Fewer Jobs? | International Liberty

Hillary Clinton, Willie Sutton, and Class-Warfare Tax Policy | International Liberty

I don’t want to imply that there’s some moral equivalence between Hillary Clinton and Willie Sutton. Perish the thought!

After all, I’m sure Willie Sutton never expected gratitude from his victims.

If I had to summarize my views on fiscal policy in just two sentences, here’s what I would say.

  1. Government spending undermines growth by diverting labor and capital from more productive uses to less productive uses.
  2. Tax rates on productive economic behaviors such as work, saving, investment, and entrepreneurship should be as low as possible.

Since innovation, risk-taking, investment, entrepreneurship, and hard work are the keys to long-run growth, it certainly seems that the tax code shouldn’t be punishing those things.

She (Hillary) wants voters to adopt and us-vs-them mentality, so she demonizes successful people and implies that their wealth is somehow illegitimate.
In part, she is perpetuating the traditional leftist myth that the economy is a fixed pie and that the rest of us have less because someone like Bill Gates has more.

Source: Hillary Clinton, Willie Sutton, and Class-Warfare Tax Policy | International Liberty

The Problem With ‘Pay for Performance’ in Medicine – The New York Times

The idea is intuitively appealing: Reward doctors for positive outcomes, not per procedure. But it doesn’t seem to work as well as hoped.

Source: The Problem With ‘Pay for Performance’ in Medicine – The New York Times

The U.K.’s Government-Run Healthcare System Is Working Wonderfully…for Bureaucrats | International Liberty

Hundreds of NHS managers have amassed million-pound pension pots while presiding over the worst financial crisis in the history of the health service… As patients face crippling delays for treatment, A&E closures and overcrowded wards, bureaucrats have quietly been building up huge taxpayer-funded pensions. They will be handed tax-free six-figure lump sums on retirement, and annual payouts from the age of 60 of at least £55,000 – guaranteed for life.

Nearly 300 directors on NHS trust boards have accrued pension pots valued at £1million or more; At least 36 are sitting on pots in excess of £1.5million – with three topping a staggering £2 million; The NHS pays a staggering 14.3 per cent on top of employees’ salary towards their pension – almost five times the average of 3 per cent paid in the private sector…

Back in 2013, I got very upset when I learned that senior bureaucrats at the IRS awarded themselves big bonuses, notwithstanding the fact that the agency was deeply tarnished by scandal because of …

Source: The U.K.’s Government-Run Healthcare System Is Working Wonderfully…for Bureaucrats | International Liberty

Best Kept Secret In Washington DC: The Future Of Medicare – Forbes

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John C. Goodman

The fact that Medicare has been put on a sound financially footing – for the first time in its history – has never appeared in any official government announcement. Ditto for the fact that the disabled and the elderly may bear a heavy cost along the way.

These facts have not been in the headlines of any major newspaper. They have not been addressed in any news article. To my knowledge they have never been discussed in any opinion editorial. Even more surprising, they are repeatedly ignored by scholars and in scholarly reports at think tanks around the country (other than my own).

Eerie as it may seem, the entire country has been acting as though these incredible public policy changes have never occurred.

Here is a third thing l bet you don’t know. Although Republicans have criticized the “Obama cuts in Medicare spending” as threatening access to care for the elderly, the GOP alternative essentially does exactly the same thing.

What no one bothered to discuss was the much bigger budget story: an enormous reduction in future Medicare spending and its impact on the health and financial well-being of the 54 million people in Medicare.

Here is a bit more detail.

Source: Best Kept Secret In Washington DC: The Future Of Medicare – Forbes

Old Lies – Thomas Sowell

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Thomas Sowell

We expect to hear a lot of lies during an election year, and this year is certainly no exception. What is surprising is how old some of these lies are, and how often they have been shown to be lies, years ago or even decades ago.

Too many people in the media and in academia abandon their roles as conduits for facts and take on the role of filterers of facts to promote social and political agendas.

In all too many educational institutions, from kindergartens to postgraduate university programs, students may never hear any facts that contradict the prevailing groupthink.

People who are looking for grievances are not going to be stopped by facts, especially if they are in politics. But where are our media pundits and our academic scholars? Mostly silent, either out of fear of being denounced as anti-women or because they have chosen to take sides rather than convey facts.

One of the oldest of these lies is that women are paid less than men for doing the same work. Like many other politically successful lies, it contains just enough of the truth to fool the gullible.

We do not need to guess about such things. Many studies have been done over many years — and they repeatedly show that women and men who work the very same hours in the very same jobs at the very same levels of skill and experience do not have the pay gaps that people like Hillary Clinton loudly denounce.

As far back as 1971, single women in their thirties who had worked continuously since high school earned slightly more than men of the same description. As far back as 1969, academic women who had never married earned more than academic men who had never married.

People who are looking for grievances are not going to be stopped by facts, especially if they are in politics. But where are our media pundits and our academic scholars? Mostly silent, either out of fear of being denounced as anti-women or because they have chosen to take sides rather than convey facts.

Source: Old Lies – Thomas Sowell

Academic Research Shows Minorities Get Hurt When Government Tries to Help | International Liberty

Two economists, one from the University of Virginia and the other from the University of Oregon, conducted a study of “ban the box” laws that restrict employers from figuring out whether job applicants have criminal records.

So it sounds very compassionate to impose these laws, right? Who could object to helping ex-cons get in the door for interviews, at which point they can hopefully show potential employers that they have value.

Well, the study shows that these laws hurt more than they help. Here are some passages from the abstract.

We find that BTB policies decrease the probability of being employed by 3.4 percentage points (5.1%) for young, low-skilled black men, and by 2.3 percentage points (2.9%) for young, low-skilled Hispanic men. These findings support the hypothesis that when an applicant’s criminal history is unavailable, employers statistically discriminate against demographic groups that are likely to have a criminal record.

Source: Academic Research Shows Minorities Get Hurt When Government Tries to Help | International Liberty

A Primary Care Panel Size of 2500 Is neither Accurate nor Reasonable

Primary care panel sizes are an important component of primary care practices. Determining the appropriate panel size has implications for patient access, physician workload, and care comprehensiveness and will have an impact on quality of care. An often quoted standard panel size is 2500. However, this number seems to arise in the literature anecdotally, without a basis in research. Subsequently, multiple studies observed that a panel size of 2500 is not feasible because of time constraints and results in incomplete preventive care and health care screening services. In this article we review the origins of a panel size of 2500, review the subsequent work examining this number and effectively debunking it as a feasible panel size, and discuss the importance of primary care physicians setting an appropriate panel size.

Recent studies of various practice settings in the United States and abroad found current panel sizes ranging from 1200 to 1900 patients per physician. For example, Kaiser Permanente reported a mean per-physician panel size of 1751 patients, and Group Health Cooperative of Puget Sound reported a panel size of 1490 patients per physician.18 The US Department of Veterans Affairs reported a mean panel size of 1266 patients per full-time equivalent physician.1

Source: A Primary Care Panel Size of 2500 Is neither Accurate nor Reasonable