The Social Costs of Income Inequality

Income inequality has remained a consistent part of recent public debate, manifesting in the problems surrounding wage stagnation and a trapped lower class of America’s “growing” economy. Despite historic job-growth numbers during Barack Obama’s presidency, critics correctly cited a lack of wage growth for bottom line workers. Senator Bernie Sanders (I-VT) thrust the issue to the forefront during the 2016 presidential campaign. While the issue garnered a high level of attention, few practical proposals have been offered to combat the problem. Stagnating wages for the bottom half of America’s economy,…

The Case for Abolishing the Minimum Wage

The most recent congressional debates regarding the minimum wage have largely been over what level the minimum wage should be set at. The arguments for one minimum rather than another have been speculative, unsubstantiated, and arbitrary. Rather than arguing over the standard of living one is entitled to, which is inherently demeaning and nearly impossible to quantify, the question that ought to be discussed instead is: should minimum wage laws exist at all? Those who call for the elimination of the minimum wage have been dismissed by way of straw…

Government Debt: The Formidable Heir of Democracy and Keynesianism

Today’s global economic situation, which is underscored by political myopia and reactionary policies, is the product of Keynesian economic theory. John Maynard Keynes’ influential economic work The General Theory of Employment, Interest and Money, has inspired much of the world’s modern economic theory. In fact, 35 years after publishing The General Theory, President Nixon is credited with saying “We are all Keynesians now.” It is a sentiment which has hardly been challenged in the White House since. At the cornerstone of Keynes’ philosophy is the manipulation of aggregate demand. His…

President Trump’s Economic Resolution

Newly-inaugurated President Donald Trump has a prime opportunity, with a Republican-controlled House and Senate, to be an advocate for the significant economic reforms that our country desperately needs. Since the Great Recession, the economy has been limping along, exhibiting anemic growth that is both shameful yet unsurprising. In fact, president Barack Obama is the first president without a single year of 3% GDP growth during his administration. Continuing the overall trend of an ever-increasing presence of the federal government meddling in our economy whether it be through regulations, mandates, price…

The Compounding, Self-Fulfilling Prophecy of Government Growth at the Expense of Markets

Lately, there has been a growing anti-capitalism sentiment in the United States. A recent Harvard University study found that a majority of 18-29 year olds reject capitalism and exactly one-third (33 percent) said that they support socialism. There has been much speculation as to why the country is shifting away from its foundational economic system towards the system that has grown globally popular in the wake of the fall of state-instituted Marxism. However, it is my belief that the problem with these speculations is in their premises, not in the…

Pope Francis’ Utopia: A Moral Free Market Society, or a Catholic Socialist State?

Pope Francis has used the “Chair of Saint Peter” in ways that seem, to many people, “political.” Whether through his actions to promote relations between the U.S. and Cuba, or through democratic socialist Bernie Sanders’ visit to Vatican City, Pope Francis has displayed a message that, from afar, can be seen as encouragement for socialist reform. The question is whether or not this reform is one that uproots the basic bedrock of capitalism, directing nations toward socialism, or if it is strictly a moral outcry, a plea to the starved…

America’s Student Loan Crisis: What’s Going Wrong and How Can We Fix It?

The topic of student loans was one of the more prominent issues discussed in the election season. The price of tuition for colleges in the United States is rising alarmingly. “The average annual increase in college tuition from 1980-2014 grew by nearly 260% compared to the nearly 120% increase in all consumer items,” according to Business Insider. Student loan debt has now surpassed $1.3 trillion in the U.S. Government subsidization of college education, coupled with increasing demand, has contributed to this large increase in both tuition prices and student loan debt.…

The War on Wealth

The modern liberal movement has branded itself with an emphasis on fairness and equality. This has led to great social change in the country, notably successful legislation for gay and minority rights. However, the left has parlayed this momentum into the realm of economics, where their interpretations are completely misplaced. Using similar catchphrases to those which accompanied their civil rights triumphs, they have gained much public favorability in economic policies that, when analyzed in depth, are contradictory to their values of fairness and equality. The relatively successful presidential campaign of…