"We don’t know what ObamaCare costs will be" ~ Kathleen Sebelius

(HotAir h/t)

Obama, Econ Professor, and Tests

An economics professor at a local college made a statement that he had never failed a single student before, but had once failed an entire class.  That class had insisted that Obama's socialism worked and that no one would be poor and no one would be rich, a great equalizer.

The professor then said, "OK, we will have an experiment in this class on Obama's plan".
All grades would be averaged and everyone would receive the same grade so no one would fail and no one would receive an A...

After the first test, the grades were averaged and everyone got a B.  The students who studied hard were upset and the students who studied little were happy.  As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little.

The second test average was a D!  No one was happy.

When the 3rd test rolled around, the average was an F.

As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else.

All failed, to their great surprise, and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great but when government takes all the reward away, no one will try or want to succeed.

Could not be any simpler than that. (Please pass this on)

Remember, there is a test coming up.  The mid-term election in 2010!

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Libertarian Republican Import -- Texas Textbooks and Giants in Economics

Hayek, Milton Friedman added to Texas Textbooks

MAJOR VICTORY FOR LIBERTARIANS!!

Thanks to the efforts of the hardright conservative majority on the Texas Board of Education, two Libertarian Giants in Economics will now be studied in State High Schools.

From the NY Times, Justin Wolfers (Freakonomics), "Hayek propped up by Government Intervention", March 15:

How do they plan to rewrite high school economics?

In economics, the revisions add Milton Friedman and Friedrich von Hayek, two champions of free-market economic theory, to the usual list of economists to be studied – economists like Adam Smith, Karl Marx and John Maynard Keynes

Wolfers goes on to heartily approve of Friedman's inclusion, but not necessarily of Hayek. He believes him to be too obscure, based on relatively low amount of Google searches he receives in relation to other better known economists:

Sure, Hayek was an insightful economist. But insisting that high schools teach Hayek is a clear statement of ideology, not of economic science.

Free Market Mojo blogger responds to Wolfers:

Um, what’s the problem? Milton Friedman and Friedrich von Hayek are tremendously influential figures, not just in the field of economics. Can a truly honest study of the past century ignore their contributions to the world? I don’t think so. Mention them and criticize them if you must, but don’t ignore them.

There were other changes of note. Interestingly, the term "capitalism" was replaced in the textbooks by "free enterprise." additionally, early reports from Leftist bloggers had Thomas Jefferson removed from any mention in history books. This is incorrect. Jefferson was removed from only discussions of the enlightenment section not of American history. (Source: Village Voice)

Obama Adds 8.5 Trillion in 10-years

President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall. 

The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama's budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020....

...(read more)...

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(Libertarian Republican h/t)

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(HotAir h/t)

 

"Signed, Sealed, Delivered - Oh Yeahh!"... Cartoons

(Click Cartoon for Source)