Federal Power

Poverty Is Not What You Think It Is

Poverty fell off a cliff after the Second World War. It fell like a stone, including for American blacks. The economy was booming and everyone benefited. The poverty rate dropped from 35 percent in 1950 to less than 20 percent when President Lyndon Johnson, nonetheless, announced his War on Poverty. By the time the War [...]

Obama’s Assault on Entrepreneurship: An Economic Roadmap to Nowhere

A proper examination of President Obama’s assertions about entrepreneurs requires a close consideration of the underlying moral claims they contain. But first it should be conceded to the President that much of the infrastructure that facilitates business is created by the state. Indeed, he is correct to say that the state plays a role in [...]

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