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April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review Feb. 18, 2009 / 24 Shevat 5769

Real Jobs Create Wealth

By John Stossel


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http://www.JewishWorldReview.com | So President Obama got his stimulus bill. For a mere $787 billion, he has pledged to "save or create" 3.5 million jobs. That's only $224,857 and change per job! (If I still have my job next year, will he take credit for saving it?)


But wait. Only 3.5 million jobs? Why so few? It's not like creating jobs is difficult.


Egypt built more than 100 pyramids to house the corpses of the pharaohs and their significant others. Think of all the jobs that project created. I'll bet the unemployment rate was something any pharaoh could have proudly campaigned for reelection on — if he faced election, that is. Pyramid building is one heck of a public-works project.


Its economic significance was not lost on that great advocate of full employment through public works, John Maynard Keynes. The British economist, so in vogue today, famously wrote in "The General Theory" (1936), "Pyramid-building, earthquakes, even wars may serve to increase wealth".


In fact, pyramids are even better than the usual government project. Keynes said: "Two pyramids . . . are twice as good as one; but not so two railways from London to York."


Ancient Egypt's success has many applications today. We could have full employment overnight if the government simply outlawed machines. Today's 7 percent unemployment rate would vanish.


Again, we find an endorsement in Keynes's "General Theory": "'To dig holes in the ground,' paid for out of savings, will increase, not only employment, but the real national dividend of useful goods and services".


Exhibit B is Franklin Delano Roosevelt. I don't mean his public-works projects, like the Civilian Conservation Corps. I'm talking about his most serious job-creating operation: the draft.


In September 1940, Roosevelt signed the Selective Act, which ordered all males 21-35 to register for military service. "Of the 16 million persons who served in the armed forces at some time during the war, 10 million were conscripted, and many of those who volunteered did so only to avoid the draft ... " writes Robert Higgs in "Depression, War and Cold War."


The draft marked the beginning of the end to the double-digit unemployment that had plagued America for a decade. Two years earlier, Roosevelt's treasury secretary, Henry Morgenthau, lamented, "[A]fter eight years of this Administration we have just as much unemployment as when we started". The draft was the answer they had sought all that time.


So creating jobs is not difficult for government. What is difficult for government is creating jobs that produce wealth. Pyramids, holes in the ground and war do not produce wealth. They destroy wealth. They take valuable resources and convert them into something less valuable.


Instead of iPods, great art, cures for diseases and machines that replace back-breaking work, we get the equivalent of digging holes and filling them up.


Under President Obama's "stimulus" plan, jobs will be created to weatherize buildings, construct schools and wind turbines, and repair roads and bridges. But outside the market process, there is no way to know whether those are better uses of scarce capital than whatever would have been produced had it been left in the private economy.


Since government services are paid for through the compulsion of taxes, they have no market price. But without market prices, we have no way of knowing the importance that free people would place on those services versus other things they want.


So although we'll see the government putting people to work and even some new schools and bridges, we won't be able to calculate how much wealth we've lost because scarce resources were misallocated by the politicians.


Nevertheless, we can be sure we will have lost. If the government's projects were truly worthwhile, they would be undertaken by private efforts, and in their quest for profits, entrepreneurs would handle them more efficiently.


Remember this when President Obama begins to boast about how successful his stimulus plan is.

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Myths, Lies and Downright Stupidity: Get Out the Shovel --- Why Everything You Know Is Wrong  

Stossel mines his 20/20 segments for often engaging challenges to conventional wisdom, presenting a series of "myths" and then deploying an investigative journalism shovel to unearth "truth." This results in snappy debunkings of alarmism, witch-hunts, satanic ritual abuse prosecutions and marketing hokum like the irradiated-foods panic, homeopathic medicine and the notion that bottled water beats tap. Stossel's libertarian convictions make him particularly fond of exposes of government waste and regulatory fiascoes. Sales help fund JWR.



JWR contributor John Stossel is co-anchor of ABC News' "20/20." To comment, please click here.


© 2009, by JFS Productions, Inc. Distributed by Creators Syndicate, Inc.

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