Juneteenth is coming. Here are some facts. Don’t trust, verify.
President Lincoln issued his Preliminary Emancipation Proclamation on September 22, 1862, which stated that slaves in states still in rebellion as of January 1, 1863, would be declared free. One hundred days later, with the rebellion unabated, President issued the Emancipation Proclamation declaring "that all persons held as slaves" within the rebellious areas "are, and henceforward shall be free."
It applied only to states that had seceded from the Union, leaving slavery untouched in the loyal border states. It also expressly exempted parts of the Confederacy that had already come under Union control.
After January 1, 1863, every advance of Federal troops expanded the domain of freedom. The Proclamation announced the acceptance of black men into the Union Army and Navy, enabling the liberated to become liberators. By the end of the war, almost 200,000 black soldiers and sailors had fought for the Union and freedom.
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“Forty-six percent of the publicly held bonds issued by the U.S. government are held by people in other countries.”
— Basic Economics by #ThomasSowell
Office of Management and Budget, Analytical Perspectives: Budget of the United States Government, Fiscal Year 2013 (Washington: Government Printing Office, 2012), pp. 81, 82.
This seems to be in contrast to what Avik Roy states in his National Affairs article. If you haven’t read Avik’s article I highly recommend it!
https://nationalaffairs.com/publications/detail/bitcoin-and-the-us-fiscal-reckoning
“Those who decry the numbers of jobs transferred to another country almost never state whether these are net losses of jobs. While many American jobs have been “outsourced” to India and other countries, many other countries “outsource” jobs to the United States. The German company Siemens employs tens of thousands of Americans in the United States and so do Japanese automakers Honda and Toyota. As of 2006, 63 percent of the Japanese brand automobiles sold in the United States were manufactured in the United States.{ 771} The total number of Americans employed by foreign multinational companies runs into the millions.”
— Basic Economics by #ThomasSowell
“Even more effective disguises for international trade restrictions are health and safety rules applied to imports—rules which often go far beyond what is necessary for either health or safety. Mere red tape requirements can also grow to the point where the time needed to comply adds enough costs to be prohibitive, especially for perishable imports. If it takes a week to get your strawberries through customs, you may as well not ship them. All these measures, which have been engaged in by countries around the world, share with import quotas the political advantage that it is hard to quantify precisely their effect on consumer prices, however large that effect may be.”
— Basic Economics by #ThomasSowell
“Economically, the key flaw in the high-wage argument is that it confuses wage rates with labor costs—and labor costs with total costs. Wage rates are measured per hour of work. Labor costs are measured per unit of output. Total costs include not only the cost of labor but also the cost of capital, raw materials, transportation, and other things needed to produce output and bring the finished product to market. When workers in a prosperous country receive wages twice as high as workers in a poorer country and produce three times the output per hour, then it is the high-wage country which has the lower labor costs per unit of output. That is, it is cheaper to get a given amount of work done in the more prosperous country simply because it takes less labor, even though individual workers are paid more for their time. The higher-paid workers may be more efficiently organized and managed, or have more or better machinery to work with, or work in companies or industries with greater economies of scale. Often transportation costs are lower in the more developed country, so that total costs of delivering the product to market are less.”
— Basic Economics by #ThomasSowell
The High-Wage Fallacy
“In a prosperous country such as the United States, a fallacy that sounds very plausible is that American goods cannot compete with goods produced by low-wage workers in poorer countries, some of whom are paid a fraction of what American workers receive. But, plausible as this may sound, both history and economics refute it. Historically, high-wage countries have been exporting to low-wage countries for centuries. The Dutch Republic was a leader in international trade for nearly a century and a half—from the 1590s to the 1740s—while having some of the highest-paid workers in the world.{ 751} Britain was the world’s greatest exporter in the nineteenth century and its wage rates were much higher than the wage rates in many, if not most, of the countries to which it sold its goods.”
— Basic Economics by #ThomasSowell
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“Although unemployment rose in the wake of the record-setting stock market crash of 1929, the unemployment rate peaked at 9 percent two months after the crash, and then began a trend generally downward, falling to 6.3 percent in June 1930. Unemployment never reached 10 percent for any of the 12 months following the stock market crash of 1929. But, after a series of major and unprecedented government interventions, the unemployment rate soared over 20 percent for 35 consecutive months.
— Basic Economics by #ThomasSowell
“Since budgets are not records of what has already happened, but projections of what is supposed to happen in the future, everything depends on what assumptions are made—and by whom. While the Congressional Budget Office issues projections of what future costs and payments are expected to be, the assumptions from which they derive these projections are provided by Congress. If Congress assumes an unrealistically high rate of economic growth, and therefore a far higher intake of tax revenues, the Congressional Budget Office is required to make its projections of future budget deficits or surpluses based on Congress’ assumptions, whether those assumptions are realistic or unrealistic. The media or the public may treat the Congressional Budget Office’s estimates as the product of a non-partisan group of economists and statisticians, but the assumptions provided by politicians are what ultimately determines the end results.”
— Basic Economics by #ThomasSowell
“As far back as 1933, John Maynard Keynes observed that “taxation may be so high as to defeat its object,” and that, “given sufficient time to gather the fruits, a reduction of taxation will run a better chance, than an increase, of balancing the Budget.”
— Basic Economics by #ThomasSowell
“Dissenters and critics of Keynesian policies have argued that markets can restore employment better through the normal adjustment processes than government intervention can. But neither Keynesian economists nor economists of the rival Chicago School represented by Milton Friedman have advocated the kind of ad hoc government interventions in markets actually followed by both the Republican administration of Herbert Hoover and the Democratic administration of Franklin D. Roosevelt during the Great Depression of the 1930s.”
— Basic Economics by #ThomasSowell
“Government spending may also go up automatically when farmers produce such a bumper crop that it cannot all be sold at the prices guaranteed under agricultural subsidy laws, and so the government is legally obligated to buy the surplus. Unemployment compensation and agricultural subsidies are just two of a whole spectrum of “entitlement” programs whose spending is beyond the control of any given administration, once these programs have been enacted into law. Only repeal of existing entitlement legislation can stop the spending—and that means offending all the existing beneficiaries of such legislation, who may be more numerous than those whose support made that legislation possible in the first place. In short, although government spending and the annual deficits and accumulated national debts which often result from that spending are often blamed on those officials who happen to be in charge of the government at a given time, much of the spending is not at their discretion but is mandated by pre-existing laws. In the U.S. budget for fiscal year 2008, for example, even the military budget for a country currently at war was exceeded by non-discretionary spending on Medicare, Medicaid and Social Security.{”
— Basic Economics by #ThomasSowell
“Meanwhile, indications that investors are growing increasingly concerned about the U.S. fiscal and monetary picture — and are in turn assigning more risk to "risk-free" Treasury bonds — are on the rise.
One such indicator is the decline in the share of Treasury bonds owned by outside investors. Between 2010 and 2020, the share of U.S. Treasury securities owned by foreign entities fell from 47% to 32%, while the share owned by the Fed more than doubled, from 9% to 22%. Put simply, foreign investors have been reducing their purchases of U.S. government debt, thereby forcing the Fed to increase its own bond purchases to make up the difference and prop up prices.”
-Avik Roy is president of the Foundation for Research on Equal Opportunity.
https://nationalaffairs.com/publications/detail/bitcoin-and-the-us-fiscal-reckoning
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