I’ve recently started reading Forbes magazine. It’s a magazine on business and financial news, stock market analysis, and technology & global headlines. It’s something I first picked up in the business department at Covenant. I read a recent article by Rich Karlgaard entitled “Why Growth Matters.” Although I don’t necessarily agree with everything the author is saying, I do think he makes some interesting points about why economic growth is so vital if our country is going to make it out of this recession. Karlgaard makes the point that GDP growth is, at best, an inaccurate number when taken by itself.  GDP doesn’t always accurately capture inflation, as well as the point that increased government spending (like the “Cash for Clunkers” program, etc.) can make GDP appear higher than is really evident by actual growth of the economy.

Another big point that Karlgaard makes is that President Obama’s push towards greater social equality, even if it sacrifices economic growth, is not as simple (or as attractive) as it may seem. Even if GDP’s growth rate were cut only by 1% (from 3% to 2%), the real effects would be much greater. It is “reducing the rate of expected growth by 33.3%, not 1%, and that reduction is palpable in the real economy.”  It has far-reaching consequences in not only the investment world, but also in increasing unemployment rates. Simultaneously, the higher tax rates (and consequently, higher tax receipts) that President Obama would like to implement wouldn’t necessarily bring in more government revenue. As Karlgaard points out, there “might be less [tax revenues] than if growth had occurred at 3% with the lower tax rates.” The best way to increase tax revenues is to first increase growth in the economy (Art Laffer’s economic theory, 1970s). Yet another problem with sacrificing economic growth for increased social equality is the “damage done to innovation and entrepreneurship.” When taxes are increased, the ability to research and develop new ideas is made harder. Innovations, inventions, and creativity are seemingly and effectively punished by making it more difficult to enter into these ventures. Karlgaard uses the example of social engineering in Europe. “European entrepreneurs are hampered by higher hurdles of social engineering: VAT taxes, union work rules, employee job security, etc.”

Real economic growth is “vital to the health of a society.” That is what should be our focus in reviving the economy – not multi-billion dollar bailouts and stimulus packages and higher tax rates which, in the end, do not really serve to fix the real problem.

I’m working on an application right now to get in to Ernst and Young’s Summer Leadership Program. It’s basically a weekend-long program where you can get to know the company, as well as learn how to be more of a leader in that particular field. I’m hoping and praying that I get accepted. E&Y primarily chooses their interns from the people that are accepted into the Summer Leadership Program… and if I get into an internship, hopefully I’ll be able to work there once I graduate.

It’s somewhat frustrating and disheartening though with the way the economy is right now. I hope and pray that it turns around and begins to get better. A lot of my friends’ parents are beginning to lose their jobs. It’s discouraging.

I’m also applying to a few places for jobs this summer. It doesn’t look like I’ll be able to stay at home though. I haven’t been able to find anything in Franklin. If anyone knows of any summer employment or needs someone to work for them, let me know.

I read an article earlier that I thought might be of interest to some of you. We’re so quick to judge and find someone to blame when things go wrong in our nation, yet we forget the “undying” loyalty we had for President Bush seven years ago when terrorists attacked our nation. Maybe I’m saying a radical statement here, but I dare believe that we should be grateful to our current President for his loyalty and service to us… despite the countless times we have scorned his name and torn him apart for things that have gone wrong in our nation. A perfect president won’t save our nation, and neither will Barack Obama. We, the people of the United States, must look and remember what originally made us a great nation – one people and one nation, indivisible, united under God.

According to recent Gallup polls, the president’s average approval rating is below 30% — down from his 90% approval in the wake of 9/11. Mr. Bush has endured relentless attacks from the left while facing abandonment from the right.

This is the price Mr. Bush is paying for trying to work with both Democrats and Republicans. During his 2004 victory speech, the president reached out to voters who supported his opponent, John Kerry, and said, “Today, I want to speak to every person who voted for my opponent. To make this nation stronger and better, I will need your support, and I will work to earn it. I will do all I can do to deserve your trust.” Those bipartisan efforts have been met with crushing resistance from both political parties.

It seems that no matter what Mr. Bush does, he is blamed for everything. He remains despised by the left while continuously disappointing the right. Yet it should seem obvious that many of our country’s current problems either existed long before Mr. Bush ever came to office, or are beyond his control. Perhaps if Americans stopped being so divisive, and congressional leaders came together to work with the president on some of these problems, he would actually have had a fighting chance of solving them.

November 4th. It’s election day… talk around campus has been nothing but the election. Who’s going to win? Obama or McCain? It seems like the vast majority on campus voted for McCain. A ton of students gathered together in Mills tonight to watch the live news on the election. All of campus seems to be talking, giving their opinions, and waiting in anticipation for what’s going to happen.

A little exciting, a little scary…

In my last post on “Abortion and Obama,” I wrongly said that I believed that the President ultimately had little say in the issue of abortion and that it was a decision to be made or reversed more on the state and local level. After having several conversations with people, I stand corrected..

The issue of abortion and any possible reversal of the Roe vs. Wade court decision to legalize abortion rests largely on the shoulders of the Supreme Court justices. There are three (potential) positions to be filled by new Supreme Court justices in the upcoming Presidential term, provided the current justices retire (which is likely, but from my understanding, the justices are waiting for more liberal justices to follow in their steps). The President nominates the new Supreme Court justices who remain in office until they die or retire (or under extreme situations, are removed by a 2/3 vote in both the House and the Senate – virtually impossible unless the justice performs some illegal act… he cannot be removed based on a specific ruling). Because the President is responsible for nominating the Justices, abortion does still remain an important issue. If McCain is elected, he has promised to nominate new justices to reverse the Roe vs. Wade court decision. However, if Obama is elected, he will most assuredly appoint justices who will make sure Roe vs. Wade remains.

So although the President does not directly have the final say in the matter, due to the current positions opening up in the Supreme Court, this Presidential election will be an important one in regards to the issue of abortion.

However, the issues of foreign and international affairs, new energy, the economic crisis, health insurance, education, taxes, and numerous others still remain very important in this upcoming election. Abortion is important, but not the only important issue to be considered.

In response to the current Presidential election and some of the issues surrounding this day and age…

I recently read a journal about Covenant, the issue of abortion, and Obama for the Presidential election. I will refrain from stating too strong of an opinion on here because I don’t believe I know enough to make a strong statement either way.

I had a few thoughts about the matter though, particularly to do with the focus on abortion as a main factor in the Presidential election. Please understand, I won’t give my decision either way as to who I support – Obama or McCain. I’m merely pointing out thoughts and opinions that I have.

Abortion remains an issue that neither McCain nor Obama, whichever one is elected into office, will have a great affect on. Our country has decided to legalize abortion… state by state. President Bush, who is staunchly against abortion, has served two terms in the Presidential Office, and yet abortion is still legal in our country. While I am avidly against abortion, I do not believe that electing McCain into office will do away with the murder of innocent life. I believe it is far more important (and more effective) to assure that Republicans are voted into office on the state and local level. It is our state senators and government officials who will have a much greater impact on that issue than our President… namely because the issue of abortion is a decision on the state level. The federal government, ultimately, has no final say on the matter.

I believe that foreign and international affairs are a greater issue for our country. Please understand that I am in no way belittling or advocating abortion… The importance and value that new life has for me is far greater than I could ever express here. I simply believe that if abortion is the main issue in your eyes, than not electing Obama is not the way to abolish it. Click to continue »