For Most Americans, Economic Growth Is A

Governments Do Not Necessarily Act In The National Interest, Especially When Making Detailed Microeconomic Interventions. Instead, They Are Influenced By Interest Group Pressures. The Kinds Of Interventions That New Trade Theory Suggests Can Raise National Income Will Typically Raise The Welfare Of Small, Fortunate Groups By Large Amounts, While Imposing Costs On Larger, More Diffuse Groups.

So What Are The Effects Of Increasing Minimum Wages? Any Econ 101 Student Can Tell You The Answer: The Higher Wage Reduces The Quantity Of Labor Demanded, And Hence Leads To Unemployment.

Some Years Down The Pike, We're Going To Get The Real Solution, Which Is Going To Be A Combination Of Death Panels And Sales Taxes. It's Going To Be That We're Actually Going To Take Medicare Under Control, And We're Going To Have To Get Some Additional Revenue, Probably From A Vat. But It's Not Going To Happen Now.

Tax Cuts Were Not Going To Be Effective At Creating Jobs, And The Job Creation Record Is Lousy.

I Don't Think I've Had Any Great Success In Predicting Politics Or Social Change, Nor Have I Really Tried.