News Story of the Day: Snap Inc (NYSE:SNAP) has officially dipped under $20 a share. At the time of this writing, Snapchat shares are down 2.4 percent to $19.27, just above the record low of $18.90.
The stock has lost about 25 percent since hitting an all-time high of $29.44 per share earlier this month. The stock has yet to receive any “buy” ratings, and is potentially just another example of the tech bubble that is reminiscent of the dot-come era.
Chart of the Day: all three levels of government have a spending problem. It doesn’t matter if a Republican or a Democrat is in charge. Since 1981, spending at the federal, state and local level has never dipped below 30 percent of gross domestic product (GDP). Here is a chart courtesy of Mother Jones:
Illustration of the Day: if you ask a statist how to grow the economy, they will say to establish government work programs that make employees dig a hole and then fill it back up!
Quote of the Day: this week, Arizona Republican Senator John McCain accused Kentucky Republican Senator Rand Paul of working for Vladimir Putin because he opposed supporting Montenegro joining NATO. The former presidential candidate had a great response to this unfounded allegation:
“I think he makes a really, really strong case for term limits. I think maybe he’s past his prime; I think maybe he’s gotten a little bit unhinged,” Paul told MSNBC. “We currently have … combat troops in about six nations. We have troops actively just stationed in probably a couple dozen others. We have a $20 trillion debt.
“And there has to be the thought whether or not it’s in our national interest to pledge to get involved with a war if Montenegro has an altercation with anyone. Another argument is that, when you ask the people of Montenegro, only about 40 percent or slightly less are actually in favor of this. But to call someone somehow an enemy of the state or a traitor might be considered by most reasonable people to be a little over the top.”
Fake News of the Day: Politifact, a supposed fact-checking website, claimed that it is “not a crime” to be in the United States illegally. The website ostensibly hides behind semantics by referring to civil violations as opposed to committing a crime. But Hot Air had a great response:
If you get a parking ticket (heck even if you get hundreds of parking tickets) nobody is going to throw you into a wagon, haul you off to a cell, march you in front of a judge and then put you on a bus and eject you from the nation. You wind up having a small fee to pay at worst in the case of almost all other civil violations. Just because the two things fall under the same broader definition, it’s hardly an example of “fact checking” or any form of “truth telling” to conflate the two as if they were even close to being the same thing.
This is a disingenuous dodge which the open borders crowd loves to keep bringing up over and over again. Sadly, I don’t see any end to this practice on the horizon, but it should be called out whenever we find it.
The Daily Wire also had sublime retort:
“Forged papers, identity theft, lying under oath (to a notary), tax avoidance … These crimes are all part and parcel of being an illegal alien in America. And these are actual crimes. The moment you start earning almost any kind of money, you are guilty of a crime, probably many crimes, including tax avoidance.”
Tweet of the Day: A few months ago, Tom Woods noted in a podcast that a professor he knew conceded that conservatives cared more about facts than the left. Well, there is now evidence to support this assertion, as pointed out by Stefan Molyneux in a tweet:
Leftists give up on facts when the facts oppose their globalist narrative. pic.twitter.com/K8UqOACL31
— Stefan Molyneux (@StefanMolyneux) March 17, 2017
Video of the Day: the left is now trying to shut down the gig economy. They allege that gig workers are lonely, exploited and impoverished. Is this even correct? Nope. In fact, it is “dead wrong,” says Johan Norberg. Here is a brief video talking about the gig economy: