Thomas Sowell's blog

Fiscal Cliff Notes

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Amid all the political and media hoopla about the “fiscal cliff” crisis, there are a few facts that are worth noting.

First of all, despite all the melodrama about raising taxes on “the rich,” even if that is done, it will scarcely make a dent in the government’s financial problems.

Raising the tax rates on everybody in the top 2 percent will not get enough additional tax revenue to run the government for 10 days.

And what will the government do to pay for the other 355 days in the year? Read More»

Read this book and consider how you voted

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If everyone in America had read Stephen Moore’s new book, “Who’s The Fairest of Them All?”, Barack Obama would have lost the election in a landslide.

The point here is not to say, “Where was Stephen Moore when we needed him?”A more apt question might be, “Where was the whole economics profession when we needed them?” Where were the media? For that matter, where were the Republicans? Read More»

The Republicans have done it again: Produced a nice loser

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Mitt Romney now joins the long list of the kinds of presidential candidates favored by the Republican establishment — nice, moderate losers, people with no coherently articulated vision, despite how many ad hoc talking points they may have. Read More»

Obama is con man in chief

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Confidence men know that their victim — “the mark” as he has been called — is eventually going to realize that he has been cheated. But it makes a big difference whether he realizes it immediately, and goes to the police, or realizes it after the confidence man is long gone.

So part of the confidence racket is creating a period of uncertainty, during which the victim is not yet sure of what is happening. This delaying process has been called “cooling out the mark.” Read More»

Phony in Chief

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When President Barack Obama and others on the left are not busy admonishing the rest of us to be “civil” in our discussions of political issues, they are busy letting loose insults, accusations and smears against those who dare to disagree with them.

Like so many people who have been beaten in a verbal encounter, and who can think of clever things to say the next day, after it is all over, President Obama, after his clear loss in his debate with Mitt Romney, called Governor Romney a “phony.” Read More»

Obama versus Obama

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Many voters will be comparing Mitt Romney with Barack Obama between now and election day. But what might be even more revealing would be comparing Obama with Obama. There is a big contrast between Obama based on his rhetoric (“Obama 1”) and Obama based on his record (“Obama 2”). Read More»

In medical care, biggest risk is politics

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Insurance is all about risk. Yet neither insurance companies nor their policy-holders can do anything about one of the biggest risks — namely, interference by politicians, to turn insurance into something other than a device to deal with risk.

By passing laws to force insurance companies to cover things that have nothing to do with risk, politicians force up the cost of insurance. Read More»

‘Issues’ or America itself?

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There are some very serious issues at stake in this year’s election — so many that some people may not be able to see the forest for the trees. Individual issues are the trees, but the forest is the future of America as we have known it.

The America that has flourished for more than two centuries is being quietly but steadily dismantled by the Obama administration, during the process of dealing with particular issues. Read More»

Romney on offense with Paul Ryan

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Governor Mitt Romney’s choice of Congressman Paul Ryan as his vice-presidential running mate is one of those decisions that seem obvious — if not inevitable — in retrospect, even though it was by no means obvious to most of us beforehand. Read More»

Sports vs.politics

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It has long seemed to me that there is far more rationality in sports, and in commentaries on sports, than there is in politics and in commentaries on politics. What has puzzled me is why this is so, when what happens in politics has far more serious effects on people’s lives.

To take one common example, there are many people who believe that if the market fails, the government should step in. But, if Robinson Cano strikes out, does anyone suggest that the Yankees should send in a pinch hitter for him on his next time at bat? Read More»