For about 20 years, Ray Keating wrote a weekly column - a short time with the New York City Tribune, more than 11 years with Newsday, another seven years with Long Island Business News, plus another year-and-a-half with RealClearMarkets.com. As an economist, Keating also pens an assortment of analyses each week. With the Keating Files, he decided to expand his efforts with regular commentary touching on a broad range of issues, written by himself and an assortment of talented contributors and columnists. So, here goes...

Saturday, April 18, 2020

Paisley Hits the Right Notes at the Right Time with “No I in Beer”

by Ray Keating
The Keating Files – April 18, 2020

Sometimes you just need a drink and a good tune. In fact, I find that’s increasingly the case in recent years. Brad Paisley helps with his new tune “No I in Beer.”


Quite frankly, I’m exhausted by self-righteous, preachy, ignorant lecturers, along with angst-ridden, blame-others victims on the Left. Oh yeah, and I’m also exhausted by angry, preachy, ignorant screaming heads, along with angst-ridden, blame-others victims on the populist Right. (To be clear, as a conservative, I tend to expect more from those on the Right, so when they go careening off the rails, I tend to get even more worn down.)

It seems as the worst on the Left and Right – such as Progressives and populists, respectively – seemingly drift further apart, the more alike they become. Hmmm.

Heck, they’ve even managed to politicize the coronavirus, as if it’s not enough that we’re confronted by a too-often deadly pandemic.

Do you see why I’m in need of a drink and some good music? I’m guessing that I’m not alone here.

Thankfully, Brad Paisley stepped up on April 15 when he dropped “No I in Beer.”

Before I get to the song, Paisley ranks as my favorite in a genre that I’ve labeled “Cowboy Beach Music.” What’s that? It’s a rockin’ form of country music that focuses a great deal on fun, sun, the beach, love (lost or not), and often, a refreshing beverage. Think cowboy hat, the crashing surf, a blanket in the sand, a beautiful woman, a handsome guy, and either a cold beer or an icy tropical drink. That’s Cowboy Beach Music. For a good number of years, the leaders in Cowboy Beach Music clearly have been Brad Paisley and Kenny Chesney, with others following their notes in the sand.

Throughout the Obama and Trump years, and now tossing the coronavirus into the mix, I find myself listening to Cowboy Beach Music more and more. Go figure.

Now, Paisley has stepped up with “No I in Beer.” I first heard him sing it on a recent Facebook livestream. He actually co-wrote the song with Kelly Lovelace in 2018, but it fits our current coronavirus, isolation circumstances perfectly. 

Paisley said, “People are utilizing this time to connect and to feel solidarity as human beings. This song wasn’t written for this specific moment we are all facing, but it takes on a new meaning for me when I hear it now.” He added, “If we’ve ever felt unified as Americans, as citizens of the world, it’s in the fact that nobody loves what we’re going through, but everybody’s willing to do what we have to do. One of those things is, let’s be a team.”

The upbeat song is about coming together as a team under all kinds of circumstances. For example, Paisley sings... 

So you got a buddy whose heart broke
See if you can get him on the phone
Tell him life ain't fair we all been there
But ya don't have to drink alone, 'cause

We're all in this together
That's why God put us here
Drinkin' oughta be a team effort
There is no "I" in beer

And later...

This was gonna be our season
Yeah, we were the team to beat
Oh but not anymore, we're lookin' at the score
In shock and disbelief, but

We're all in this together
And there's always next year
I'm liking all this team effort
There ain't no "I" in beer

And for these times...

Yeah, to the farmers and the first responders
To the truck drivers shiftin' gears
Every nurse that needs a break, let me buy you a drink
There ain't no "I" in beer

Good stuff. In fact, I can’t get enough of this song.

Looking ahead, as noted on his website, “Paisley plans to host virtual happy hours and continue performing live stream concerts in the immediate future.”

Count me in, Brad. I need more that’s uplifting, as opposed to exhausting. Pass me a cold one.

__________

Ray Keating is a columnist, economist, podcaster and entrepreneur.  You can order his new book Behind Enemy Lines: Conservative Communiques from Left-Wing New York  from Amazon or signed books at RayKeatingOnline.com. His other recent nonfiction book is Free Trade Rocks! 10 Points on International Trade Everyone Should Know. Keating also is a novelist. His latest novels are  The Traitor: A Pastor Stephen Grant Novel, which is the 12th book in the series, and the second edition of Root of All Evil? A Pastor Stephen Grant Novel with a new Author Introduction. The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

Free Enterprise in Three Minutes with Ray Keating – Episode #60: 5 Policy Promises Needed for Post-Coronavirus Economy


Ray Keating considers what the economy will need once we have the coronavirus at a manageable stage in terms of economic policymaking.

Tune in here, or click the graphic above.

Free Enterprise in Three Minutes with Ray Keating – Episode #59: How Bad is the Coronavirus Economy?


Ray Keating answers the question: Just how bad is the coronavirus economy?

Tune in here, or click the graphic above.

Thursday, April 16, 2020

Free Enterprise in Three Minutes with Ray Keating – Episode #58: Re-Open the Economy Right Now? No Matter the Costs? Really?


Ray Keating counters irresponsible calls to re-open the economy right now – no matter the costs, even in terms of lives lost – with some help from Adam Smith, the father of modern-day, free-market economics.

Tune in here or click on the graphic above. 


Wednesday, April 15, 2020

2020 Election Promises To Be Tough on the Constitution

by Ray Keating
The Keating Files – April 15, 2020

Just in case you somehow forgot amidst a pandemic and related economic shutdown, there’s a presidential election in about seven-and-a-half months. Unfortunately, no matter how it turns out, this promises to be a rough one on the U.S. Constitution.


Once again this week, it became clear that President Donald Trump has failed to read and/or understand the Constitution. Meanwhile, former Vice President Joe Biden likely has read one of this nation’s two essential founding documents, but he really doesn’t care what it says.

During this past Monday’s briefing on the coronavirus, Trump said, “I'm going to put it very simply: the president of the United States has the authority to do what the president has the authority to do, which is very powerful. The president of the United States calls the shots. When somebody’s the president of the U.S., the authority is total, and that’s the way it’s gotta be.”

Um, excuse me? But there’s more.

Consider this deeply disturbing claim of total authority on top of a couple of comments in July and June of last year. In June 2019, Trump said, “Article II allows me to do whatever I want.” And the following month, he declared, “Then I have an Article 2, where I have the right to do whatever I want as president.”

Of course, Article II of the Constitution does not grant total authority to a president or give a president the right to do whatever he wants. In fact, the powers of the president are rather limited by Article II, such as executing laws, commander in chief of the armed forces, and negotiating treaties that must be approved by two-thirds of the Senate. In fact, the U.S. Constitution, through its checks and balances, and enumerated powers, seeks to guarantee limited government, and that the purpose of such limited government is to protect the liberties and rights of all men and women – liberties and rights, by the way, that are not granted by government but pre-existed government. That is, our natural rights.

Declaring that for a president “authority is total” explicitly goes against the Constitution, and effectively violates the oath taken by presidents, who say, “I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States.”

And given the importance of the Constitution to the foundational principles and ideas of conservatism and this country, my fellow conservatives particularly should be outraged over this authoritarian, anti-Constitution proclamation of President Trump. Indeed, they would have been screaming their outrage if someone like President Obama had said such a thing.

But many Republicans and some conservatives will counter that Trump has appointed and will appoint judges who understand and abide by the Constitution. Perhaps, but how would he know? Well, Trump in effect cut a deal with conservatives during the 2016 election to appoint Supreme Court justices who have received the seal of approval from the Federalist Society and the Heritage Foundation. Thank goodness for that list because no one knows who would be appointed without it. Let’s hope it holds if Trump gets a second term.

As for Biden, in response to Trump’s comments, he said, “I am not running for office to be King of America. I respect the Constitution. I’ve read the Constitution. I’ve sworn an oath to it many times.”

Well, good for Biden, I guess? The problem is that his reading the Constitution doesn’t mean that the Constitution’s purpose and meaning have sunk in or taken hold. After all, Biden pledged in late December, “The people that I would appoint to the Court, are people who have a view of the Constitution as a living document...”

“Living document”? That’s the nice label the Left has adopted for a pernicious judicial philosophy known as judicial activism. The “living document” principle means replacing what the Constitution says with the latest preferences of the Left. Judicial activism violates the Constitution by having judges – especially U.S. Supreme Court justices – claim legislative powers, ignoring what’s actually written in and the intentions of the authors of the document. 

For good measure, the “living document” view of the Constitution rejects the idea of limited government protecting natural rights. Instead, it serves up the notion that government decides the rights that are granted to the people. That, too, points to an authoritarian, anti-Constitution streak.

Rather than interpreting and applying the Constitution and the law, the “living document” crowd, including Biden, believes that a majority on the Supreme Court gets to re-write the Constitution as it sees fit.

So, the depressing choice in November comes down to two men who have little or no regard for the Constitution. That’s deeply troubling, to say the least, for our republic right now, and in terms of political precedents set for the future.

__________

Ray Keating is a columnist, economist, podcaster and entrepreneur.  You can order his new book Behind Enemy Lines: Conservative Communiques from Left-Wing New York  from Amazon or signed books at RayKeatingOnline.com. His other recent nonfiction book is Free Trade Rocks! 10 Points on International Trade Everyone Should Know. Keating also is a novelist. His latest novels are  The Traitor: A Pastor Stephen Grant Novel, which is the 12thbook in the series, and the second edition of Root of All Evil? A Pastor Stephen Grant Novel with a new Author Introduction. The views expressed here are his own.

Tuesday, April 14, 2020

Ray Keating Talks about His New Book BEHIND ENEMY LINES: CONSERVATIVE COMMUNIQUES FROM LEFT-WING NEW YORK



BEHIND ENEMY LINES serves up a wide-ranging collection of columns and essays from Ray Keating. These essays cover politics, economics, faith, history, trade, New York, foreign affairs, immigration, pop culture, business, sports, books, and more. 

You’ll find paperbacks and the Kindle edition at Amazon.com via https://www.amazon.com/dp/B086PN1NNZ

In these often confusing and contradictory times, Keating describes his brand of conservatism as traditional, American and Reagan-esque, firmly rooted in Judeo-Christian values, Western Civilization, the Declaration of Independence, the U.S. Constitution, and essential ideas and institutions such as the Christian Church, the intrinsic value of each individual, the role of the family, freedom and individual responsibility, limited government, and free enterprise and free markets.

Keating is a longtime newspaper and online columnist, economist, policy analyst, podcaster, and novelist.

“Behind Enemy Lines: Conservative Communiques from Left-Wing New York” by Ray Keating Published at the Right Time

Ray Keating’s Collection of Columns and Essays Offer Insights on Politics, Economics, Pop Culture, Conservatism, and More!

Long Island, NY – BEHIND ENEMY LINES: CONSERVATIVE COMMUNIQUES FROM LEFT-WING NEW YORK serves up a wide-ranging collection of columns and essays from Ray Keating. These essays cover politics, economics, faith, history, trade, New York, foreign affairs, immigration, pop culture, business, sports, books, and more. 

Paperbacks and the Kindle edition of BEHIND ENEMY LINES are available at Amazon.com via https://www.amazon.com/dp/B086PN1NNZ. And signed books can be ordered at www.RayKeatingOnline.com.



Keating is a longtime newspaper and online columnist, economist, policy analyst, and novelist. Some of his latest columns can be read at www.KeatingFiles.com. 

In these often confusing and contradictory times, Keating describes his brand of conservatism as traditional, American and Reagan-esque, firmly rooted in Judeo-Christian values, Western Civilization, the Declaration of Independence, the U.S. Constitution, and essential ideas and institutions such as the Christian Church, the intrinsic value of each individual, the role of the family, freedom and individual responsibility, limited government, and free enterprise and free markets. 

There’s a great deal to enjoy, learn from, agree with, get annoyed by, appreciate, reflect on, roll your eyes over, and argue with in this book that offers perspectives on where we are today, where we’ve been, and where we might be headed.

Keating said, “After writing weekly or regular columns and essays for more than thirty years (my rough estimate is that I’ve written more than 8,000 columns, essays and analyses over this period – yikes!), I thought it would be difficult to sort through what makes sense, and what doesn’t, to include in a collection of these musings. But it turned out not to be all that difficult. The simple, primary question was: Does this article, in some way, pass the relevance test today no matter when it happened to be written?”

Keating added, “Trust me, far too many columns and essays that I’ve written wound up holding little relevance beyond the week or month in which they were penned and published. The pieces that I’ve included in this book – ranging from pieces published in the 1990s to March 2020 – hopefully possess staying power. My ultimate hope is that readers will find this book informative and engaging, no matter where they might be coming from on the philosophical and political spectrums.”

What are the major sections in BEHIND ENEMY LINES?

I. What is Conservatism?                         

II. Politics: Unsavory and Not-So-Unsavory

III. Economics Isn’t Dismal ... Unless Left to Politicians, the Media and Professors

IV. Lessons from the 2008 Mess and Its Aftermath

V. Faith Matters

VI. Why Does Anyone Live in New York?

VII. The Not-So-Ugly American

VIII. Trying to Learn from History

IX. Business Isn’t Evil

X. Trade: Opportunity and Stupidity

XI. Immigration: Hope and Opportunity

XII. Pop Culture Ponderings

XIII. Sports: The Great Diversion ... Mostly

XIV. Thoughts on Assorted Books

Review copies, and author interviews and appearances are available upon request. 

Contact: Ray Keating
Twitter: @FreeEnterprise7
KeatingFiles.com


RayKeatingOnline.com

Friday, April 10, 2020

“Picard” Comes Up Short

by Ray Keating
The Keating Files – April 10, 2020
Warning: Spoilers

The CBS All Access series Picard wanted to boldly take Captain Picard, and by associationThe Next Generation portion of the Star Trek universe, into new, uncharted space. And Picard’s creative crew almost pulled it off, but in the end, fell short by succumbing to some key Next Generation weaknesses.

Star Trek: The Next Generation ran on television from 1987 to 1994, followed by four movies – Star Trek: Generations (1994), Star Trek: First Contact (1996), Star Trek: Insurrection (1998), and Star Trek: Nemesis (2002). Of course, throughout, Captain Jean-Luc Picard, played by Patrick Stewart, sat in the captain’s chair of the Enterprise.


As a Star Trek nerd who came on board with the original Star Trek series in reruns in the 1970s, I forgave a great deal in retrospect. For example, 16-year-old Ray actually defended Star Trek: The Motion Picture against criticisms, even though that film is indefensible. And then there was 24-year-old Ray, who was so pleased about the return of Star Trek to the television screen that he forgave just how bad many of the Next Generation episodes were, especially during its first two seasons. 

And while some episodes were excellent – such as “Yesterday’s Enterprise” in season 3 – Next Generation suffered from a future in which humans were bland and largely subscribed to an insufferable, leftist utopianism; lived in boring, sterile surroundings; and quite frankly, flew through space in a ship – the U.S.S. Enterprise NCC-1701-D – that looked awkward compared to the Enterprises that came before and after. And as for the movies, well, First Contact flew at light speed, but the other three Next Generation films never got out of drydock (don’t get me started about Captain Kirk’s ridiculous death in Generations).

Picard, in effect, amounts to an extra season of Star Trek: The Next Generation, taking place some twenty years after the last Next Generation movie. And throughout the first nine episodes, we are, in fact, treated to something far better than most of what was served up in the Next Generation television show and movies. 

In Picard, humans are far less than perfect. The annoying utopianism that plagued the television show seemed to have been jettisoned – at least until the final episode. Picard wrestles with his past. Seven of Nine from Star Trek: Voyager steps into a far richer and darker role than typical for a main character in any Trek.  The United Federation of Planets is flawed, and even infiltrated by enemies. 

And to complete his mission, Jean-Luc Picard assembles a crew that ranks as, at best, ragtag. At one point when visiting Riker and Troi, Riker asks Picard about the new crew. Picard replies, “Well, I would have to say they are decidedly motley. There’s been nothing but drama since we left Earth’s orbit and, I’m told, it’s been continuing since I saw them last. They seem to be carrying more baggage than all of you ever did. But then, I’m not the one to talk.”

It's all very engrossing – well, until we hit that tenth and final episode of this first season. Not only is too much shoved into the episode, but it all reverts to what we became accustomed to, and largely disappointed by, in the Next Generation. 

The flawed humans all wind up doing what’s expected of them in a Next Generation kind of way, as does a planet full of synthetic beings that are kinds of offspring or siblings of Data. Without getting bogged down in the details of the climactic decisions, they turned out to be painfully predictable. Choosing the unexpected decision, but actually more in line with what had come before in the series (i.e., allowing the Romulan prophecy to come fully true), would have taken the upcoming seasons of Picard in a far more interesting and exciting direction, with enormous consequences for the characters, the Federation, the Romulans and beyond. (The show has been renewed for seasons 2 and 3.) That would have been a big “Wow” factor. But alas, that was not the case.

And the other items in the rushed wrap-up to Picard’s season 1 also ranked as typical Next Generation stuff.

For example, while Data died in the last Star Trek: Nemesis, he popped up in Picard’s dreams and is talked about a great deal during the series, given that Picard is trying to save Soji, who more or less is Data’s daughter. The Data focus in the final episode could have had a Harry Lime in The Third Man feel to it, but it never gets close to being that interesting. It turned out that Data’s consciousness, program or memories had been hanging around in a kind of android simulation/purgatory, and he’s still trying to figure out how to be human. 

Oh, yes, and Picard dies, but his consciousness conveniently is transferred into an android body that happens to replicate his own in all ways but for the fatal disease that killed him in the first place. Picard in an android body? Really? Perhaps he can pick up on the android angst now that Data is gone ... really gone.


And Seven of Nine turns on a dime from a character willing to dole out some severe, vigilante justice to seeing what was wrong in doing so. That, of course, would be fine, but we don’t see how her actions troubled her to any real extent – it’s just one view at this point, Picard dies, and then another view afterward. 

It’s all very Next Generation, and not in a positive way.

For good measure, we’re treated to a couple of things tossed in at the very end that either make no sense or come out of nowhere, including one of the characters never having to deal with the consequences of murdering someone earlier in the show. These subtracted from the overall story and the characters.

It’s a shame thatPicard ended so poorly. We’ll see what comes in seasons 2 and 3 – more of what we appreciated in the first nine episodes of season 1, or more of the same old, same old Next Generation that was dropped into that final episode?

__________

Ray Keating is a columnist, an economist, a novelist (his latest novels are The Traitor: A Pastor Stephen Grant Novel, which is the 12thbook in the series, and the second edition of Root of All Evil? A Pastor Stephen Grant Novel with a new Author Introduction), a nonfiction author (among his recent works is Free Trade Rocks! 10 Points on International Trade Everyone Should Know), a podcaster, and an entrepreneur. You can also order his forthcoming book Behind Enemy Lines: Conservative Communiques from Left-Wing New York – signed books or for the Kindle. The views expressed here are his own.

Tuesday, April 7, 2020

The Economy Constantly Changes, Sound Economics Doesn’t

by Ray Keating
The Keating Files – April 7, 2020

In these hard, uncertain economic times, it must be kept in mind that while the economy constantly changes, sound economics largely doesn’t.

In good times, dynamism and innovation generate rather awesome beneficial changes in an economy. But in bad times, the economy changes via reduced production, bankrupt businesses, and lost income and jobs. However, the fundamentals of sound economic thinking rarely change. 


Indeed, many people miss or don’t grasp the difference between the economy and economics, and therefore, spout off various baseless claims, such as, “This change in the economy has altered how we should think about economy.”

Really? No.

Consider a variety of ways that the U.S. economy has changed in some fundamental aspects in recent times. On the positive side, for example, entrepreneurship has generated innovation (i.e., bringing new products, services and techniques to the economy) and growth, and in turn, has been further fed by innovation and growth. Technological advancements have accelerated the rate of dynamism across most industries. International trade as a share of the U.S. economy vastly expanded over the past six decades, and has generated greater opportunity for entrepreneurs, businesses, workers and consumers. 

As for the negatives, the 2008-09 economic and credit mess – often called the Great Recession – inflicted considerable harm, much of which proved to last or linger throughout the subsequent recovery/expansion period, such as reduced labor force participation and employment as shares of the relevant population, a diminished rate of entrepreneurship, fewer employer firms, a failure of U.S. manufacturing production to fully recover, and an average real economic growth rate languishing well below its historical norm.

And now we face historic changes due to the coronavirus and the shutting down of much of the economy. There have been breathtaking alterations to our lives, including in terms of massive jobs lost, and how many people are working (such as at home). Government’s attempt to alleviate at least some of the economic suffering created by the  pandemic, and the necessary governmental responses to limit illnesses and deaths, has been to pass unprecedented aid measures.

These changes and more have led assorted politicians, TV talking heads, many analysts, and yes, assorted economists to proclaim that we need to think differently about how the economy works. That would not only would be incorrect, but by doing so, it could sentence the U.S. economy to a much longer period of economic losses, including even permanently placing the U.S. on a path of short and long-run decline.

The fundament tenets of economic thinking that I taught MBA students for a decade, for example, have not changed. No matter the course I taught, I took at least one class to briefly teach foundational guideposts or principles of economics (usually as laid out in my favorite textbook Economics: Private and Public Choice by Robert Gwartney, Richard Stroup, Robert Sobel, and David Macpherson). 

Here are 15 key concepts guiding economic thinking that I always brought into the lesson:

• The use of scarce resources is costly and decisions require trade-offs. As the saying goes, there’s no such thing as a free lunch. Whenever there is less of a good or a resource freely available in nature than people would like, there is scarcity and choices are required. And there always is a cost, no matter who pays. 

• Individuals choose with purpose. That is, economizing behavior means choosing the option with the most benefits and least costs. 

• Incentives matter. Choices are affected in a predictable way by incentives, with, again, costs and benefits influencing decisions. 

• Individuals make choices at the margin, that is, considering the difference in the costs and benefits of a decision, and between alternatives. 

• Decisions have secondary effects, i.e.,  unintended or overlooked consequences. These tend to be big sources of economic errors, especially on the public policy front. For example, the most reliable is raising taxes to fund a program without considering the negative effects of increased taxes.

• The value of goods and services are subjective, and entrepreneurs and managers excel when they can determine and provide such value.

• Economic thinking is scientific thinking in that an economic theory is useful based on its ability to predict future consequences, in particular, to predict how incentives affect decision makers. 

• Good intentions do not equal or guarantee desirable outcomes. Politicians often talk about intentions, while ignoring economic realities. 

• Association is not causation. Actual causation must be explained logically.

• Economics is not about dividing up a fixed economic pie. The size of the economy – or the economic pie – actually is not fixed. Economics is not a zero-sum game. Economic growth occurs, and wealth is created. Higher income for one person, for example, does not mean less income for another. 

• Freedom, human knowledge and ingenuity drive economic growth and progress. When individuals are free to create, innovate, invest, work and trade, everyone benefits and prospers, including millions of individuals and entire economies being lifted out of poverty. Study after study confirms that the world’s freest economies overwhelmingly are the wealthiest.

• Trade creates value, whether a transaction takes place across town, across the nation or across an international border. Why? 1) Both parties are better off when making a voluntary exchange. If not, why would they trade? 2) Goods and resources are moved away from products/services valued less to those valued more. 3) Specialization and division of labor mean higher output and increased productivity, as we learned from Adam Smith in 1776 in his Wealth of Nations. 4) The law of comparative advantage – courtesy of early-19th-century economist David Ricardo – makes clear that total output is greatest when the individual or firm with the lowest opportunity cost (i.e., “opportunity costs” is the highest valued alternative sacrificed in order to choose an option) produces each good or service. Another way to put it: Produce what you are best at, and trade with others, and as a result, everyone is better off. (Please take note President Trump and White House adviser Peter Navarro.)

• Private property rights are essential to economic development, as individuals and businesses have incentives to take care of and properly manage what they own, and to develop resources valued by others. 

• Prices, profits and losses serve as signals in the marketplace, directing resources to activities that increase value and away from activities that diminish value. In comparison, government works under very different incentives, with resources being allocated and decisions guided by political incentives, including power and control, getting votes, sizes of budgets and staff, and serving special interests. Waste in government comes about, in part, due to spending other people’s money; a tendency to subsidize and/or reinforce failure (like providing more dollars and staff for failed programs – think public schools); and a lack of necessary knowledge.

• Key sources of economic growth in a free market economy (see the importance of freedom above) are: 1) Private investment and entrepreneurship mean new and improved technologies, tools, skills, abilities, and productivity in generating goods and services, and enhanced innovation. 2) Essential rules under which the economy operates are critical, including, for example, the rule of law, enforcing contracts, stopping fraud, limited governmental interference or costs (such as in terms of taxes, regulations and government spending), and strong property rights. 3) Working harder – more work and less leisure – will boost growth as well.

So, as much as assorted experts will be spouting off in coming days, weeks and months that this pandemic has changed our economic thinking, don’t buy it.

Economics hasn’t changed. Therefore, we know and should be concerned about certain aspects of government aid packages. 

While there will be plenty of waste in the near term, I will not quarrel with the necessity of emergency government aid given that the current situation is a product of a true public health crisis and government ordering a widespread economic shutdown. 

However, at the same time, we cannot toss aside sound economics in favor of magical political wishes. Therefore, it must be recognized that short-term aid  is not a “stimulus,” as government is draining resources from the economy in order then to reallocate those resources. And there will be real costs to these actions, in addition to the sharp economic downturn we are now experiencing. 

For good measure, given the mindboggling costs of the coronavirus itself, the government-led economic shutdown, and government aid packages, the U.S. economy faces a longer road back to where the economy was than, I think, most people are anticipating – never mind where we should be when economic growth is factored into the equation.

And make no mistake, the longer that government interferes with the workings of the economy, the longer the road to full recovery and expansion. That’s why when this pandemic is brought under control and managed, it’s critical that the government quickly step back, and allow freedom, the private sector and the economy to, once again, flourish and grow. In contrast, if we choose to persist with increased government controls and intervention, the U.S. will surely be sentenced to economic decline, with real and significant costs for all.

__________

Ray Keating is a columnist, an economist, a novelist (his latest novels are The Traitor: A Pastor Stephen Grant Novel, which is the 12thbook in the series, and the second edition of Root of All Evil? A Pastor Stephen Grant Novel with a new Author Introduction), a nonfiction author (among his recent works is Free Trade Rocks! 10 Points on International Trade Everyone Should Know), a podcaster, and an entrepreneur. You can also order his forthcoming book Behind Enemy Lines: Conservative Communiques from Left-Wing New York– signed books or for the Kindle. The views expressed here are his own.

Monday, April 6, 2020

Not an Us-vs.-Them Economy

Important to keep in mind: We do not live, work and create in an us-vs.-them economy. Whether in good times or in bad, entrepreneurs, workers, shareholders and management are all in this together. To think otherwise would be to misunderstand how business and the economy works. 


Tune in to "Free Enterprise in Three Minutes" podcast touching on this point at http://www.buzzsprout.com/155969/741443-episode-15-marx-was-wrong-owners-and-labor-work-together 

Saturday, April 4, 2020

What’s Inside Ray Keating’s BEHIND ENEMY LINES?

What exactly is inside Ray Keating’s new book BEHIND ENEMY LINES: CONSERVATIVE COMMUNIQUES FROM LEFT-WING NEW YORK? The book offers a wide-ranging collection of columns and essays from Ray Keating covering politics, economics, faith, history, trade, New York, foreign affairs, immigration, pop culture, business, sports, books, and more. 


There’s a great deal to enjoy, learn from, agree with, get annoyed by, appreciate, reflect on, roll your eyes over, and argue with in this book that offers perspectives on where we are today, where we’ve been, and where we might be headed.

Following is the complete Table of Contents. 


I. What is Conservatism?                         

II. Politics: Unsavory and Not-So-Unsavory                                        

Introduction                                          

The Impact of President Reagan – 
Personally, Locally and Globally

Recalling William F. Buckley’s        
Charm and Generosity

Margaret Thatcher – Then and for the Future

Doubts About the U.S. Still Being 
a Right-of-Center Country

George W. Bush: The Right Speech            
at the Right Time

George W. Bush: Assessing 
the MBA President

Presidential Elections Mean Denial           
on Wall Street

President Obama was the Anti-Reagan

The Clintons – Yesterday and Tomorrow

A Day for the U.S. Constitution      

State of the Democrats at the                      
Dawn of a New Century: 
The Ethical Decline of a Once-Great Party

State of the Democrats in 2020:                  
The Journey Left Accelerates

State of the Republicans 
at the Dawn of the 21stCentury: 
A Party in Near-Perpetual Confusion

State of the Republicans in 2020: 
Deep Confusion

State of Conservatism            
at the Dawn of the 21stCentury: 
Influencing or Being Influenced?

State of Conservatism 2020:            
Seduced by Populists

State of Liberalism at the 
Dawn of the 21stCentury: 
Intellectually Bankrupt, But Politically Potent

State of Liberalism 2020: 
Still Advancing, Still Incoherent

The Character Question Isn’t New: 
When Giuliani Sought the Presidency

The 7 “C’s” of Voting as a 
Conservative Republican

Cracking the Republican 
Establishment Conspiracy

Any Pro-Life Room in 
Democrats’ Big Tent?

Embryos and Cloning:           
Life and Death in Politics

The Supreme Court Goes in 
Different Directions on Stealing

III. Economics Isn’t Dismal ... Unless Left to 
Politicians, the Media and Professors                                                               

Introduction

Conservatives and Free Enterprise:
Friends or Foes?

In the Age of Trump, Is Free Market         
Ideology a Bad Word?

The Morality of Free Enterprise

Whatever Happened to          
Economic Freedom?

A Walk on the Supply-Side

Less Romance, More Economics in Politics

The Founders and I Hate April 15, Tax Day        

Steps Toward a Rational, 
More Pro-Growth Tax System

Milton Friedman – An Economist 
Changed the World

All Uncertainty from Washington 
Is Not Created Equal

Entrepreneurs, Economists, Educators 
and Politicians, Oh My!

Can Professional Sports Help Us 
to Understand Economics?

Political Spin on the Obama Economy       

The Income Tax at 100 Years          

A Truly Pro-Growth Tax Package Includes 
Big Tax Cuts for the Rich

More on Taxes and the Rich

Kill the Death Tax, Kill the Muni Deduction       

Dying, Death Taxes, and the Economy

Obama-nomics: Incoherent Change

Does the Federal Reserve Really Matter?

Currency Weakness Harms the Economy, 
Manufacturers Too

10 Ways School Choice Would         
Boost the Economy

The Misguided Push for 
National Education Standards

Donating Big Bucks to           
Big Government Schools: 
Wasting Hundreds of Millions of Dollars

Infrastructure: If Concrete Pouring 
Were a Stimulant, the U.S.S.R. 
Would Be Booming

Welcome to Health Care Economics 101

Government Failed Fixes for 
Inequality vs. Private Charity 
Addressing Poverty

All Budget Deficits Are Not Created Equal

Abolition of the Senate's Byrd Rule 
Is Long Overdue

CAFE Mandates, Consumers           
and Auto Manufacturers

An Uncomfortable Shave 
from Antitrust Zealots

Government Takes on the 
Beer Monopoly – Really?

Why Does Government Impose 
Big Regulatory Burdens?

Five Ways to Fix Government’s 
Regulatory Mess

What Should Government Be          
Doing in Space?

The Unemployment Rate Is the 
Most Useless Measure of All

Greater Manufacturing Production 
and Fewer Manufacturing Jobs

Economic Doctors Have 
Misdiagnosed the Economy

Coronavirus Economy I: 
Is the U.S. in a Recession Right Now?

Coronavirus Economy II: 
The Realities of the Coronavirus Economy

Coronavirus Economy III:
The Economic Realities of the Coronavirus

Coronavirus Economy IV:
This Economist’s Top 4 Concerns

Labor Day I: What’s the Real Deal 
with Labor Day?

Labor Day II: Celebrate the Decline 
of Labor Unions

IV. Lessons from the 2008 Mess and Its Aftermath              

Introduction

Obama, Trump and 2% Growth

Heading Into the Mess: Why is this 
Optimist Down on the Economy?

The Mess Hits: Is More Government 
Really the Answer to Wall Street’s Woes?

Government Sucking Up Resources 
Makes No Sense

Stimulus from Government?

The Sad Economic Story: Now and 
for the Foreseeable Future

The Economics of 
President-elect Barack Obama: 
Repeal the Laws of Economics?

In the Economy, Failure Must Be An Option

Grading George W. Bush on the Economy

The Era of Silly Economics

V. Faith Matters                                                                                                                                                     

Introduction      

John Paul II: A Pope Who Reached 
Beyond His Flock

The Papal Office – Still a Subject of Division?

Billy Graham: History, Life and Death 
in Flushing Meadows

How Do the Major Faiths 
Respond to Disasters?

More to St. Patrick’s Day Than Beer,        
Parades and Corned Beef

Beyond Narnia to C.S. Lewis 
and Today’s Christianity

After Gibson’s “Passion,” Lent         
May Never Be the Same

What Holy Week and Easter 
Say About Christianity

Conventional Wisdom and Those 
Twelve Days of Christmas

A Season for Journeying Into 
Music and Faith

The Reason for Christmas 
Remains Central

Week of Prayer for Christian Unity

Catholic Church Scandal: 
Abuse of Children, Abuse of the Church, 
Abuse of the Faithful

The Big Issue Underlying the 
Methodist Divorce

Clergy Controversy Shows the Obligations 
of the Christian Life

Lutherans Escaping Scripture and Reality

One Church’s Effort to Keep the Faith      

The Fall Into Liberal Protestantism

God and Gambling

The Church Has a Limited But 
Critical Role in Politics

The Christian’s Responsibility in 
Time of War and Terror

Holy Week and Easter Comfort in 
Time of War and Death

Judge Roberts, and Faith at Work

History and a TV Star Show You 
Can Be Both Feminist and Pro-Life

First Motion Picture on 
Partial-Birth Abortion

From Catholic to Charter Education

The Pope Needs Lessons in Economics

A Liberal Definition of Fundamentalism

Two Popes on Relativism, Secularism       
and Islamic Fascism

Is Driving an SUV a Sin?

VI. Why Does Anyone Live in New York?                                                         

Introduction      

Leaving New York: No Mystery as to Why 
People Flee the Once-Empire State

A Golf Course Case Makes Clear 
Long Island’s Costly Dysfunction

Trump, Clinton and Sanders:          
Welcome to New York, America

New York Once Had a Principled, 
Conservative Senator

Governor Cuomo Bans Increased 
Economic and Employment Growth

The Numbers Tell New York’s 
Big-Spending Story

Cuomo and Obama Pander on the 
Minimum Wage

New York’s “Bread and Circuses” 
Corruption Bad for Business

Can this Conservative Columnist 
Be Nice to Governor Pataki?

Long Island Land Policies: The Economist 
vs. the Homeowner?

The Beauty and Politics of Jones Beach

Teddy Roosevelt’s Dark Shadow 
Across Long Island

It’s Agreed That New York City’s 
Public Schools Have Failed – Now What?

Can Government Patch Up a Leaky Pool?

New York Politics Adrift on a Sea of Confusion

The New York City Guide to 
Destroying an Economy

In the Green Room with Senator Pothole

Lessons for Long Island from U.S. Presidents

Why Not Truly Free SUNY and CUNY?

A Columnist Says Thanks for the Memories

Golden Retriever Optimism Needed 
for Long Island

VII. The Not-So-Ugly American                                                                                     

Introduction

Terrorist Fallout: War, Politics, the Economy

Yes, the World’s Policeman, 
But Are We Ready?

Shakespeare’s Henry V, President Bush 
and the Justness of War

Life at Home While the Military 
Risk Their Lives

9-11 Anniversary: Where Were You?          

VIII. Trying to Learn from History                                                                                

Introduction

Supply-Side Economics from 
the Civil War to Coolidge

Making Strides in Setting the         
Record Straight on Calvin Coolidge 

The Real Great Depression

The Politically Incorrect Guide to the Great
Depression and the New Deal

Prohibition’s Lessons for Today’s 
Economics and Politics

President Jackson and the 2008 
Presidential Election

IX. Business Isn’t Evil                                                                                                                                           

Introduction

Trust and Entrepreneurship

A Moral Business Serves the 
Common Good of the Community

Work Matters  

Capturing the Capitalist Spirit      

Profits Aren’t Evil

More on Prices in the Economy       

Marx Was Wrong: Owners 
and Labor Work Together

Amazon.com and Corporate Welfare

Equating Disney to Thanos ... Seriously?

Hollywood's Views of Capitalism

Disney Expanding, Not Limiting, 
Epic Competition and Choices

Big Business the Disney Way

Experiences with Anti-Disney 
Customer Service

Disney and the Changing Movie Business

Dumb Ideas from Business Executives

Disney Says, “Take Back Your Subsidy”

A Silly War on Plastics         

11 Point Guide to Working at Home

X. Trade: Opportunity and Stupidity                                                                            

Introduction

Trump: Could-Be-Worse Trade Policy?

Yes, Free Trade is a Moral Good

Could Only Donald Trump Cut a 
Free Trade Deal with China?

U.S. Trade Leadership Has Been 
Absent Over a Decade

NAFTA at 20: Well Worth Celebrating

On Trade: Too Many Barack Obamas        

XI. Immigration: Hope and Opportunity                                                          

Introduction

Three of the Many Big Reasons to 
Love Immigrants

Don't Fear Immigration, 
It's Good For the Economy

Immigration, Faith and Economics

On Being a Welcoming Society        

Obama International: 
Opportunity on Immigration

Republicans, Immigration 
and Political Suicide

From Economic and Moral Perspectives,
We Should Embrace Immigrants

Immigrants Fighting and Dying 
for Their Adopted Country

Getting the Economics of 
Immigration Straight

Immigrants Embraced and Opposed 

Even Post September 11th, Immigration
Still Has Strong Support

Brad Paisley: Country Music Star 
and Economist on Trade and Immigration

XII. Pop Culture Ponderings                                                                                                       

Introduction

Bing Crosby: Entertainer of the 20th Century      

The Faith of Father O’Malley

Bob Hope’s Road to Becoming          
America’s Comedian

Huey Lewis and the News Storms 
Back with “Weather”

The Beach Boys: Fifty Years on the 
Beach and in the Music Business

The Return of WCBS-FM and Embracing 
Music Variety

Growing Older and the Allure of an 
Endless Summer

Bond, James Bond, on Long Island

James Bond in Ian Fleming’s Novels

Star Wars: 6 Big Reasons to Love 
“The Mandalorian”

Does Disney Have a Marvel Comic 
Books Problem?

Why Conservatives Should Love Chuck

Hollywood's Inconsistent Take on Cloning

Defending the Video Game Industry Against 
Bipartisan Political Attacks

Star Trek and Moral Clarity

An Exchange with Jonah Goldberg at       
National Review Online Regarding 
“Star Trek and Moral Clarity”

Human Nature in Outer Space: 
Star Trek vs. Star Wars

Faith, or Lack Thereof, in Star Trek

Jeffersonians in Space: Serenity Comes
from Individual Freedom

Jack Bauer and Just War

Can the Western Make a Comeback?

Classic Christmas Films As Meant To Be

Summer, Shakespeare and 
Marriage in the Park

Shakespeare Politics Yesterday and 
Today at Hofstra University

Controlling Arts Dollars – 
Consumers or Politicians?

Movies and Politics in the Park

XIII. Sports: The Great Diversion ... Mostly                                        

Introduction

Sports Beats Politics Every Time

A Baseball Pilgrimage

Was George Steinbrenner a Capitalist?

Would Letting Pete Rose Back into 
Baseball Be Just?

Cooperstown: What About Joe?

Hope Springs Eternal in Spring Training, 
Especially for the Reds 2020

The Super Bowl and the NFL’s
History Problem

Super Bowl: Big Game, But Not 
So Big for Economy

When Billionaires Build Stadiums, 
Taxpayers Get Whacked

Yo, Brooklyn! Get Real About 
Politics and Sports

Both Fans and Politicians Need to 
Keep Sports in Perspective

The NFL Oilers: A Case Study in 
Corporate Welfare

The Masters and Why Tradition Matters

Does the U.S. Open Boost Local Business?

An Appreciation of Private Golf Clubs      

U.S. Open Makes Clear That Is 
Golf Anything But Boring

U.S. Open Fans: Some Honored and 
Others Dissed the Game

The Long Island Classic – Bogey or 
Birdie for Nassau Taxpayers?

The Government’s Assault on Golf

Hosting the Olympics: A Dangerous 
Economic Event

New York Beware: Olympics Offer 
Short-Term Highs and Costly Lows

The Road Ahead for NASCAR         

Four Business Lessons at the          
Belmont Stakes

Is Soccer Un-American?

Sports and Religion at the Movies

XIV. Thoughts on Assorted Books                                                                                              

Introduction

Ron Chernow’s Alexander Hamilton: 
Have New York Politicians 
Changed Since the Birth of Our Nation?

1776: War and History on Long Island

Two Good Books About Presidents, 
Two Lousy Covers

A Definitive Case for 
Supply-Side Economics

Lessons for Trump from Supply-Sider JFK

Getting Freaky About Summer
Economics Reading

Appreciating The Cloister Walk

Substantive Spirituality: 
The Spirituality of the Cross

About That Hollywood Blacklist

Is James Bond a Good Guy?

Christian Fiction: Some Offer Thrills, 
But Dubious Theology

Wild Fire and the Response to 
Nuclear Terror

Want to Understand the Crusades? 
Read The New Concise History of the Crusades

Christianity Going South

Finding Happiness with Adam Smith

The Life of Adam Smith by
Ian Simpson Ross Leaves the 
Reader Wanting Even More

Appreciating Paul Johnson’s 
The Birth Of The Modern: 
World Society 1815·1830

CelebratingThe Creators: 
A History of Heroes of the 
Imagination by Daniel J. Boorstin


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