By Jon Miltimore Estimated costs of the coronavirus pandemic are in. The results are not pretty. A new study co-authored by Harvard economist David M. Cutler and former World Bank chief economist Lawrence H. Summers places the costs of the COVID-19 pandemic north of $16 trillion. “The estimated cumulative financial costs of the COVID-19 pandemic related to the lost … [Read more...] about New Study Pegs COVID-19 Crisis Costs at $16 Trillion—So Far
Jon Miltimore
21 Nonconformity Quotes to Help You Resist the Crowd
By Jon Miltimore The author Dorothy Sayers (1893-1957) once observed that one of the downsides of the modern age is that humans are ill-equipped to resist an endless onslaught of messaging (the “incessant battery of words, words, words.”) Literacy had expanded but the tools of reason, logic, and deduction were being lost even as humans were being exposed to mass media and … [Read more...] about 21 Nonconformity Quotes to Help You Resist the Crowd
Sweden Sees Economic Growth in 1st Quarter Despite Global Pandemic
By Jon Miltimore CNBC reports that Sweden, which avoided a hardline lockdown during the COVID-19 pandemic, saw its economy grow in the first quarter. The Swedish economy expanded at a far superior rate than many of its European counterparts over the first three months of the year, data published Friday showed, following the government’s decision not to impose a full … [Read more...] about Sweden Sees Economic Growth in 1st Quarter Despite Global Pandemic
Panic Has Led to Government “Cures” That Are Worse than the Disease, History Shows
By Jon Miltimore Anyone who’s seen the John Hughes movie Ferris Bueller’s Day Off probably remembers the scene where Ferris’s economics teacher (Ben Stein) explains the Smoot-Hawley Tariff Act to a roomful of bored, sleeping students. The scene is brilliant for many reasons, perhaps most so because it perfectly demonstrated how some of the most boring things in history are … [Read more...] about Panic Has Led to Government “Cures” That Are Worse than the Disease, History Shows
9 of the 10 Richest People in the World Are Self-Made Entrepreneurs
By Jon Miltimore Every year Forbes publishes its list of the 400 wealthiest Americans. Topping the list in 2019 for the second year in a row was, to no one’s surprise, Jeff Bezos. The Amazon founder kept the top spot despite a divorce that sent his net worth tumbling from $160 billion to $114 billion. Worldwide, Americans represent a sizable portion of the wealthiest … [Read more...] about 9 of the 10 Richest People in the World Are Self-Made Entrepreneurs
How This Entrepreneur Went from Door Man to Running a $3 Billion Hotel Empire
By Jon Miltimore Alan Fuerstman is the embodiment of the American Dream. He’s the founder of Montage Hotels & Resorts, a California-based luxury hotel and resort company that has a portfolio of $3 billion. He was listed on the Haute 100, received the Ernst & Young Entrepreneur of the Year Award, serves on advisory boards, and gives back to his community through … [Read more...] about How This Entrepreneur Went from Door Man to Running a $3 Billion Hotel Empire
Support for $15 Minimum Wage Plummets When Americans Are Told Its Economic Impact
By Jon Miltimore Minimum wage laws, I’ve noted, are popular with the public. This no doubt explains why House Democrats passed a bill Thursday that would raise the federal minimum wage to $15 an hour. Yet the minimum wage’s apparent popularity might be political pyrite (fool’s gold). A newly published Business Insider survey found that support for the minimum wage … [Read more...] about Support for $15 Minimum Wage Plummets When Americans Are Told Its Economic Impact
Restaurant Chain Announces Bankruptcy, Says Minimum Wage Hikes a Key Factor
By Jon Militimore Restaurants Unlimited, a Seattle-based chain with restaurant locations in 47 US cities, announced on Sunday it was seeking Chapter 11 protection, citing “progressive” wage laws. The company, which has operated since the Lyndon Johnson Administration, said rising labor costs—part of a national trend of government-mandated minimum increases—were part of … [Read more...] about Restaurant Chain Announces Bankruptcy, Says Minimum Wage Hikes a Key Factor
What Greece And Venezuela Can Teach Us About Minimum Wage Laws
By Jon Miltimore States across America are increasing the minimum wage. This is bad policy for numerous reasons, but the movement nonetheless appears to be gaining steam. Eighteen states began 2019 with new minimum wage laws. Several more passed legislation in 2019, including Maryland, where legislators overrode a veto to pass a $15 minimum wage. McDonald’s, perhaps … [Read more...] about What Greece And Venezuela Can Teach Us About Minimum Wage Laws