News Story of the Day: Bernie Sanders, self-identified socialist Vermont senator and 2016 presidential candidate, has put forward a $1 trillion infrastructure spending plan.
In addition to his $75-billion-a-year plan to make public college and universities tuition-free and $15 trillion Medicare-for-all plan, he wants to spend $1 trillion on infrastructure. How he plans to pay for this remains unknown. He has just said he wants to impose new taxes on the rich, and raise taxes for everyone else (SEE: Yikes: Bernie Sanders wants to implement an $18 trillion tax hike over 10 years), but as we have seen this isn’t the cure for all of our ails.
Of course, as Economic Policy Journal’s Robert Wenzel writes:
“He, of course, did not mention the jobs that will by necessity be lost in the private sector via the taxes and/or government borrowing that will be required to launch Bernie’s trillion dollar scheme.”
Chart of the Day: The Washington Post has a new chart shows Hillary Clinton’s support tanking. Although she will likely be the Democratic nominee and United States president, the chart suggests her support is dramatically down from 2008. Does this suggest a shift the public’s attitude towards establishment candidates? With growing support for the likes of Donald Trump and Bernie Sanders, perhaps so.
Illustration of the Day: Canada’s soaring food price inflation is hurting millions of Canadians. The price of cauliflower is one of the things that grabbing all of the headlines. With the country facing an economic collapse due to plummeting oil prices, a falling loonie, a bloated government and an inept prime minister (SEE: Falling loonie, rising food prices, selfie-obsessed PM – a look at Canada’s economic collapse), consumers are seeing the cost of living rise substantially.
Is this a solution to the high food prices in #Sudbury @MorningNorth @CBCSudbury? #Canada #CanadianDollar pic.twitter.com/KLXLjnQIQr
— Michelle Murray (@MisherMash) January 14, 2016
Quote of the Day: Ludwig von Mises is the greatest economist in the history of economics. The likes of Murray Rothbard, F.A. Hayek, Thomas Sowell, Henry Hazlitt and Milton Friedman (yes, this will lead to many debates), come next. Mises explained the virtues of capitalism and the dangers of socialism very well. This writing on price controls leading to socialism is apt and should be taught in every economics class and government session at least once a month.
“But when this state of all-round control of business is attained, there can no longer be any question of a market economy. No longer do the citizens by their buying and abstention from buying determine what should be produced and how. The power to decide these matters has devolved upon the government. This is no longer capitalism; it is all-round planning by the government, it is socialism.”
Video of the Day: Texas Republican Senator and rising 2016 presidential candidate Ted Cruz isn’t the greatest candidate for liberty, but he was on a roll during the latest Fox Business Network (FBN) GOP debate. He was certainly the winner of the seven-candidate debate. This was one of the answers that gave him the momentum heading into the Iowa Caucuses. In terms of policy, they’re all awful.
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