County Sues Farmer, Cites Too Many Crops - WSBtv
DeKalb County is suing a local farmer for growing too many vegetables, but he said he will fight the charges in the ongoing battle neighbors call “Cabbagegate.” Miller stopped growing vegetables this summer and the charges were put on hold as he got the property rezoned. Two weeks after approval, however, his attorney said the county began prosecuting the old charges, saying he was technically in violation before the rezoning.

Employment generation disappointing: LA City Controller says after spending over $111 million to create or retain 55 jobs – International Business Times
The city received $111 million in stimulus under American Recovery and Reinvestment Act (ARRA). They “created or retained” 55 positions. That's over 2 million per job. Los Angeles Department of Public Works generated only 45 after receiving $70.65 million. That is $1.5 million per job. That is not even the worst part. The goal was 238 jobs. So not only did they only reach about 19% of their goal, but the original plan was to create work (I don't even want to call it a permanent job) for a cost of $297,000 per position in the LA department of Public Works. Typical government waste and inefficiency.

'Obama Has Underestimated the Frustration in the Country' – Spiegel Berlin
This is a revolt against 'Obamaism,' which is seen as representing big government, more taxes, a higher deficit and not enough 'Americanism.' Day by day, it puts more and more pressure onto those at the top."

White House: Global Warming Out, 'Global Climate Disruption' In – Fox News
If you can't win by facts, just change some words around. The Obama administration decided that “Global Warming” and “Climate Change” are no longer in. From now on, we should refer to the propaganda they are using to push energy legislation as “Global Climate Disruption”. This is from the same administration that changed the terrorism to "man-caused disaster" and the War on Terror to "overseas contingency operation”.

By the way, the White House is now referring to “extending the Bush tax cuts” as “passing the Obama middle-class tax cut”. America can only wish politicians were half as good at leading as they are at rhetoric.

Congressmen Weiner and Waxman Set Gold Hearing – from Seeking Alpha
“Just as the government is trying to prevent people from investing in anything other than T-Bills by raising taxes on taxable interest and dividends to confiscatory levels, it's also trying to prevent you from parking your wealth in assets, like gold, that compete with the paper dollars issued by the Federal Reserve and the Treasury.” As the dollar crisis plays out in the not too distant future, this is a story we are going to be hearing much more about.

Paying for Tax Cuts? Tell me again, whose money is it? - from The Freeman Online
“How will we pay for the tax cut?” I laugh when I hear that question because it’s so obviously illogical. Graciously allowing people to keep the money they earn requires no expenditure. What the people who ask that silly question really mean is: How will the revenue forgone be made up? Why do they care? Because they don’t want the government to have to cut spending.

Tax gimmicks are sometimes tempting policies, such as a tax credit for hiring during a recession. But they help to reinforce the pernicious idea that our incomes are a tool of government economic policy. Better to put our efforts into repealing and reducing taxes and spending wherever we can.

Treasury Secretary Geithner’s: A tax cut for the top 2 percent is “just not a good use of limited resources.” - The Freeman Online
Geithner assumes:
1) Incomes are a common-pool resource the use for which is properly the government’s province.

2) Cutting taxes – that is, leaving additional money in the pockets of those acquire it – is a form of government spending.

3) Whether a sum of money is to be left in someone’s pocket is properly determined according to politicians’ and their court economists’ estimate of its effect on the macroeconomy.

4) Politicians know better what to do with the money than do those who will receive it through their transactions.

As a matter of fact, extending the tax cuts need not add to the debt because there’s another way to adjust for the “lost” revenue: Cut spending by $700 billion over ten years. Notice how that is not worthy even of consideration. Heck, $70 billion a year is less than 2 percent of a $4 trillion budget!
If you have been following the Fundamental Economic Concepts series you should now have a firm grasp on some of the most basic, yet important economic facts. Economics is the study of human action. At the core, it is strongly related to human decision making. No, economics will not tell you what things you should value. Likewise, good economic theory does not assume everyone is all-knowing or always acts rationally. However, a firm understanding of economics will give you valuable insight into how the world works - and in particular, what things are and are not possible. Without a doubt, if you have read and understand these concepts, you are head and shoulders about 99.9% of the politicians in Washington.

I urge all of you, as you formulate your own world view about what is the legitimate role of a government and of politics in general, to please consider this very important final lesson.

The twelfth and final part in this economics series is inspired by Henry Hazlitt's Economics in One Lesson. To combat both a political system that grants privilege to special interest groups and man's tendency to see only the immediate effects of policy on these special groups, Henry Hazlitt presents us with a single, powerful lesson:
  • The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.”
Consider the impacts to all groups, over the long term. Seems simple doesn't it? Look at the US today. This is a lesson that our politicians have long since ignored or forgotten.

In part two of Economics in One Lesson, Hazlitt illustrates his lesson by using real world examples to demonstrate the harmful consequences of twenty-four common, logically flawed economic beliefs about things like minimum wage, protective tariffs, and inflation. I highly recommend this book. If I was not so much against compulsory education, I would advocate forcing all elected officials to read this book before taking office.

Please check out the Fundamental Economic Concepts page for the entire list of parts 1 – 12. There you will also be able to find an detailed explanation of what causes the Boom and Bust cycles in an economy manipulated by a central bank like we have in the US  where our money is controlled largely by private oligopoly called the Federal Reserve.

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Follow DubbsGalt on Twitter has added an In the News page that captures the top news stories from some of the most respected organizations actively promoting education in the ideas of free markets and individual liberty.

Please visit the In the News page frequently for a refreshing alternative to the Statist narrative we are fed by the mainstream news outlets.

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