“When the TCJA passed, analysts projected that it would add to the budget deficit and national debt—and it did. But those problems were more easily waved away when the country was running significantly smaller annual deficits and the debt-to-GDP ratio wasn’t reaching levels unseen since the height of World War II.
A full extension of the TCJA would add another $4.6 trillion to the deficit over the next 10 years, the Congressional Budget Office projects.”
“America’s ports have fallen behind. Not a single one ranks in the top 50 worldwide.
A big reason is that dock unions stop innovation.
This fall, the International Longshoremen’s Association shut down East and Gulf coast ports, striking for a raise and a ban on automation. They got the raise.
Now union president Harold Daggett says longshoremen will strike again in January if they don’t get that ban on automation.
His statement in my new video makes it clear that he knows how badly his strike would damage other Americans.
“Guys who sell cars can’t sell cars, because the cars ain’t coming in off the ships. They get laid off,” says Daggett. “Construction workers get laid off because materials aren’t coming in. The steel’s not coming in. The lumber’s not coming in. They lose their job.”
Obviously, labor leaders aren’t necessarily “pro-worker,” says Mercatus Center economist Liya Palagashvili.
“They’re saying, ‘We don’t care if these other jobs are destroyed as long as we get what we want.'”
Daggett is unusually clueless. He doesn’t understand that a ban on automation will also hurt his members.
As Palagashvili puts it, “They’ll save some jobs today, but they’ll destroy a lot more jobs in the future.”
That’s because today’s shippers have options. Daggett’s union only controls East and Gulf coast ports. Shippers can deliver their products to ports that accept automation.
“We’re going to see less activity in ‘Stone Age’ ports,” says Palagashvili.
“Stone Age?”
“They want to ban automated opening and closing of port doors,” she points out, requiring workers to pull heavy doors themselves.”
…
“”Some port jobs will definitely be lost,” she says, “but that’s not a bad thing. Look at it historically; we had hundreds of thousands of blacksmiths and candlemakers and watchmakers.”
Obviously, those and other jobs were destroyed by new technology. But unemployment didn’t surge. New jobs emerged—jobs people at the time didn’t imagine: programmers, mechanics, electricians, medical technicians.
That’s capitalism’s “creative destruction.” It constantly creates new jobs. That makes most everyone richer.”
“American consumers and businesses bore roughly 93 percent of the cost of Trump’s tariffs, according to one analysis by Moody’s. The U.S. Trade Commission concluded in 2023 that American companies and consumers “bore nearly the full cost” of the tariffs Trump levied on steel, aluminum, and many goods imported from China.”
Trade and new efficient technology work in similar ways. They both directly and noticeably eliminate certain jobs, but, produce more economic growth and jobs total.
“India and Pakistan are losing ground to a common deadly enemy. Vast clouds of dense, toxic smog have once again shrouded metropolises in South Asia. Air pollution regularly spikes in November in the subcontinent, but this year’s dirty air has still been breathtaking in its scale and severity. The gray, smoky pollution is even visible to satellites, and it’s fueling a public health crisis.”
Support for rightwing parties in the U.S. and Europe is more driven by culture than economics. Personal finances isn’t a big predictor of such support.
“A suspect who was “hell-bent” on killing as many people as possible drove a rented pickup truck around barricades and plowed his vehicle through a crowd of New Year’s revelers on Bourbon Street in New Orleans at a high rate of speed, leaving at least 15 dead and injuring dozens of others early Wednesday, city and federal officials said.
After mowing down numerous people over a three-block stretch on the famed thoroughfare while firing shots into the crowd, the suspect — identified by sources as Shamsud Din Jabbar, 42 — allegedly got out of the truck wielding an assault rifle and opened fire on police officers, law enforcement officials briefed on the incident told ABC News. The FBI does not “believe Jabbar was solely responsible” for the incident, which is being investigated as an act of terror.
Officers returned fire, killing Jabbar, a U.S. citizen from Texas, sources said. At least two police officers were shot and wounded, authorities said.”
“Measles, mumps, and polio are supposed to be diseases of the past. In the early to mid-20th century, scientists developed vaccines that effectively eliminated the risk of anyone getting sick or dying from illnesses that had killed millions over millennia of human history.
Vaccines, alongside sanitized water and antibiotics, have marked the epoch of modern medicine. The US was at the cutting edge of eliminating these diseases, which helped propel life expectancy and economic growth in the postwar era.”
…
“As long-accepted, lifesaving public health measures increasingly become politically polarized, routine vaccination rates are rapidly declining in much of the US. In the 2019–2020 school year, three states had less than 90 percent of K–12 students vaccinated against measles, mumps, and rubella. By the 2023–2024 school year, 14 states had fallen below that threshold. The number of states with more than 95 percent of schoolchildren vaccinated — the preferred level of coverage to prevent outbreaks — dropped from 20 to 11 during that same period.
It is no surprise then that the number of US measles cases more than quadrupled from 2023 to 2024. Nobody has died of measles in the US since 2015, but if vaccination rates continue to decline, this highly contagious disease (one person can infect more than a dozen other people) will spread with increasing ease, which raises the risk that American kids could die.
We know how to prevent that. We’ve had remarkably safe, effective shots for decades. We just need to keep using them.”