Have we learned nothing from history? The violence and confusion that is currently happening in Ferguson, Mo. was completely predictable. There are lessons from the 1960s which seem to have been completely forgotten. There are the lessons from the England soccer riots, too, but this seems to be a new lesson in how to do everything wrong. Arresting journalists? For what? Arresting a city alderman? BTW, how does an unarmed Black man get shot to death?
I’m not sure what’s going on in Egypt, but there are big protests and rallies once again. It appears that the Egyptian population has grown tired of the Muslim brotherhood and President Mohammed Morsi. The military appears to be stepping in and demanding that the government meet the needs of the people. This is going to be interesting. I wonder how conservatives will spin this as somehow being Obama’s fault.
It appears that Edward Snowden is still in Russia. It also appears that he has applied for asylum in Russia. You cannot tell me that this guy is not somewhere between a rock and a hard place. I’m guessing that Edward Snowden had the original plan. It appears that plan has fallen apart. It appeared that at first he was worried about the NSA spying on Americans. Okay. That is probably a legitimate concern. Then, he decided to talk with China about the NSA spying on China, the European Union, and other countries. This I don’t understand. The fact that we spy on other countries isn’t a revelation. As a matter fact, the fact that other countries spy on us isn’t a revelation either. This is what national intelligence agencies do. At best Edward Snowden is misguided. At worst, he appears to be someone who thinks he is smarter than he really is. He is really in deep kimchi.
Yesterday, 19 firefighters were killed in Arizona. These firefighters were fighting a forest fire which suddenly changed course. This represents the largest loss of life in a single day in over 50 years. My prayers go out to the family and friends.
There is no hint of inflation. Remember, several years ago when conservatives were all up in arms over the multiple stimulation packages that injected money into the economy in order to try to save the economy? Conservatives yelled that we were going to have runaway inflation. Not only have we not seen anything that resembles runaway inflation, inflation has been stagnant. On one hand, this can be looked at as a good thing. Consumer prices are really not rising significantly. On the other hand, this is a very bad thing. Wages are also stagnant. With stagnant wages that means our buying power is also stagnant.
So a couple of days ago, I discussed Ronald Reagan and the economy because many Americans are under the impression that life was better under Reagan. I discussed real GDP per capita per year and found that Ronald Reagan wasn’t the best, nor even the second best. He was the third best president if we look at this economic indicator. So, today, I would like to get into something a little more personal than the GDP. Let’s look at real income.
Real median income is median income adjusted for inflation.
Just from the naked eye, we can see that it looks as if real median income took off during the Kennedy/Johnson administrations. Americans also did well during the Clinton and Reagan administrations. Again, if we look at real median income per capita per year, we come up with exactly what the naked eye is seeing in the above graph. John F. Kennedy/ London Baines Johnson came in first with 3.48 percent per year. Bill Clinton came in second with 2.49% per year. Finally, Reagan came in third with 2.45% per year.
So with these two real world measures of the economy, Reagan doesn’t come in first or second. He was the third best president in the last 50 years with regards to economic performance. Third. (Check some more facts in the book Presimetrics.)