Tag Archives: economics

5 Commonsense Steps Toward Ohio’s Economic Leadership

5 Commonsense Steps Toward Ohio’s Economic Leadership

At the turn of the 20th Century, my great-great grandfather was the village blacksmith in my hometown of Cardington. He worked hard to support his family and serve our community. He, and millions like him across our state, was part of a generation of Ohioans that brought light and flight to the world, revolutionized the

Foundations of Economics Series: Every Man for Himself

As previously discussed in this Foundations of Economics series, economic competition is the process of establishing who produces what in our division of labor economy. Through economic competition, millions of individuals decide in commercial transactions who best utilize our limited resources to produce wealth and the best process for producing that wealth. In other words,

Foundations of Economics: It’s Not a Jungle Out There

As we have examined in Part 2 of this Foundations of Economics series, in a division of labor economy we each focus on producing one or a few things while depending on everyone else to produce the majority of things we need and want.  The obvious question arises, then, of who should produce what?  A

The State of Ohio’s Economic Problems, Pt. 1

There has been much talk recently of an economic comeback in Ohio since the 2008 financial crisis. Ohio was notably hit hard by the economic downturn. Now we constantly hear about Ohio’s rising tax revenues, a Budget Stabilization Fund balance of over $1 billion, and a slowly falling unemployment rate. In fact, a recent study

Whose Money Is It — Yours or ODT’s?

The government may owe you money! It sounds like a line from a too-good-to-be-true infomercial or internet ad, but unfortunately, in Ohio, it was very recently the case. The Ohio Department of Taxation has been exposed for improperly withholding $31 million in business tax refunds. A recent Inspector General’s report revealed that not only was

FOLLOW-UP: Nobody Is Qualified To Be the Next Fed Chair

As expected, the hype over Janet Yellen’s qualifications as Fed Chair swells with every passing moment.  This hype grows despite that she had no idea that the 2008 financial crisis was coming [read on OCR: “Janet Yellen Will Consume Our Economy with Fireballs from Her Eyes”].  Ben Bernanke didn’t see the crisis coming either (see

An Ohio Tea Party’s Open Letter to Congress

[Editor’s Note: The Portage County (OH) TEA Party sent the following letter to both chambers of the U.S. Congress this week as that body deliberates its actions toward the impending budget crisis, defunding the Affordable Care Act, and a possible government shutdown.  Read about all of these issues in recent OCR articles.  RELATED on OCR: “So

Our Coming Economic Collapse, Part 5: The Crash

Rather than dealing with the destruction from the artificial booms in the 1990s and 2000s, our politicians and the Fed are now trying to keep the artificial booms propped up with stimulus.  We should have had a deep and severe economic crisis in the early 2000s as a result of the 1990s artificial boom.  However,

Our Coming Economic Collapse, Part 4: Lessons from History

The last century proved that the economic recovery requires a liquidation of the market.  In 1916, the U.S. was on the verge of entering World War 1.  President Wilson needed access to the Fed’s ability to create money to fund the war.  The Federal Reserve Act was revised to allow the Fed to hold treasury