12th October 2011
"Everything except the president's own policies is to blame for the economy." Victor Davis Hanson of National Review analyses why Barack Obama believes that the current state of the US economy is not his fault.
In his blog, Robert Reich presents seven "whoppers" now being told by those who want to take America backwards. Here's one of them: "Social Security is a Ponzi scheme. Don't believe it. Social Security is solvent for the next 26 years."
BBC News reports that UK unemployment rose by 114,000 between June and August to 2.57 million. Alan Clarke, of Scotia Capital: "That (the data) shouldn't come as a surprise because the economy is growing at half the pace it needs to keep unemployment stable. That's not going to change anytime soon, so we should get used to numbers like this."
Protectionist policies are natural reactions to economic recessions – the Great Depression being a fine example. Robin MacDonald of Adam Smith Institute observes that restrictions on skilled migrant workers coming to work in the UK by the coalition government could hinder economic recovery.
Project-Syndicate on Milton Friedman: "Free-market enthusiasts' place in the history of economic thought will remain secure. But thinkers like Milton Friedman leave an ambiguous and puzzling legacy, because it is the interventionists who have succeeded in economic history, where it really matters."
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