Tidbits Political Quotations
To Accompany the June 14, 2019 edition of Tidbits
Bob Jensen at
Trinity University

My Latest Web Document
Over 400 Examples of Critical Thinking and Illustrations of How to Mislead With Statistics --

Animated  Visualization of the United States’ Exploding Population Growth Over 200 Years (1790 – 2010) ---
A Visualization of the United States’ Exploding Population Growth Over 200 Years (1790 – 2010)

USA Debt Clock --- http://www.usdebtclock.org/

In September 2017 the USA National Debt exceeded $22 trillion for the first time ---

Human Population Over Time on Earth ---


While a move is underway to destroy the American Dream of rags to riches (by taxing away the riches) the Chinese dream is on the rise.
The Chinese Dream
How a Chinese billionaire went from making $16 a month in a factory to being one of the world's richest self-made women with an $8.3 billion real-estate empire


Top 50 Billionaires in China ---

Jensen Comment
The question for students to debate is why a supposed communist country allows so many billionaires to rise up from poverty.
That's supposed to happen in the USA where a child growing up in deep poverty (think Oprah Winfrey or Howard Shultz) became a multi-billionaires.
But is it also supposed to happen under communism? If so, why?


One reason is that many billionaires can afford to pour lots of money into high risk ventures. When's the last time you heard about a high risk (think Silicon Valley) venture in Europe?


Wikiquote from Wikipedia --- https://www.wikiquote.org/


History will prove former President Donald Trump was correct about Mexico one day funding an impenetrable wall --- to keep out over 2 billion starving green immigrants seeking to enter Mexico from the north.
Bob Jensen


The Young Left’s Anti-Capitalist Manifesto: Its goal is to remake our economic system — and the Democratic Party ---


I have a complaint about America today, and it is simple: we don’t love business enough ---
Tyler Cowen


"In Praise of Cheap Labor," by Paul Krugman, Slate, March 21, 1997 ---


Corruption in general has a deleterious effect on the readiness of economic agents to invest. In the long run, it leads to a paralysis of economic life. But very often it is not that economic agents themselves have had the bad experience of being cheated and ruined, they just know that in this country, or in this part of the economy, or this building scene, there is a high likelihood that you will get cheated and that free riders can get away with it. Here again, reputation is absolutely essential, which is why transparency is so important. Trust can only be engendered by transparency. It's no coincidence that the name of the most influential non-governmental organization dealing with corruption is Transparency International.
A Conversation with Karl Sigmund:  When Rule of Law is Not Working

Mortgage Backed Securities are like boxes of chocolates. Criminals on Wall Street and one particular U.S. Congressional Committee stole a few chocolates from the boxes and replaced them with turds. Their criminal buddies at Standard & Poors rated these boxes AAA Investment Grade chocolates. These boxes were then sold all over the world to investors. Eventually somebody bites into a turd and discovers the crime. Suddenly nobody trusts American chocolates anymore worldwide. Hank Paulson now wants the American taxpayers to buy up and hold all these boxes of turd-infested chocolates for $700 billion dollars until the market for turds returns to normal. Meanwhile, Hank's buddies, the Wall Street criminals who stole all the good chocolates are not being investigated, arrested, or indicted. Momma always said: '"Sniff the chocolates first Forrest." Things generally don't pass the smell test if they came from Wall Street or from Washington DC.
Forrest Gump as quoted at http://newsgroups.derkeiler.com/Archive/Rec/rec.sport.tennis/2008-10/msg02206.html

It is not that machines are going to replace chemists. It’s that the chemists who use machines will replace those that don’t ---
Derek Lowe

Gallup: Americans Say No. 1 Problem is 'Government,' No. 2 is 'Immigration' ---


"If you open the borders, my God, there's a lot of poverty in this world, and you're going to have people from all over the world. And I don't think that's something that we can do at this point."
Bernie Sanders


Great fleas have little fleas upon their backs to bite 'em, And little fleas have lesser fleas, and so on ad infinitum ---

Augustus De Morgan

Prior to 1980 what was unique about the year of his birth in 1871?



12 inspiring quotes from Martin Luther King Jr.---


21 oustanding Warren Buffet quotations ---


The Atlantic:  The Swiftly Closing Borders of Europe ---

Italian Minister tells NGO Italy doesn’t want migrants: “Our ports are closed!” ---

The enemy is fear
We think it's hate
But, it's fear



13 of the (alleged) most famous last words in history ---

21 of Michelle Obama's most inspiring quotes on work, success, and relationships ---


19 unforgettable quotes from legendary Marine Gen. Jim 'Mad Dog' Mattis, who quit as Trump's defense secretary ---


Here are the Ten Best Pieces of Advice from 2018 Commencement Speakers ---
Click Here

Sometimes the grass is greener on the other side because it's been fertilized with more bullshit.


The Lucretius Problem is a mental defect where we assume the worst case event that has happened is the worst case event that can happen ---


The worst form of inequality is to try to make unequal things equal.


The Economic Ignorance of Bernie Sanders ---


Bernie Sanders’ New Campaign Advisor David Sirota Once Touted Hugo Chavez’s ‘Economic Miracle’ in Venezuela ---


How many times have we heard ‘free tuition,’ ‘free health care,’ and free you-name-it? If a particular good or service is truly free, we can have as much of it as we want without the sacrifice of other goods or services. Take a ‘free’ library; is it really free? The answer is no. Had the library not been built, that $50 million could have purchased something else. That something else sacrificed is the cost of the library. While users of the library might pay a zero price, zero price and free are not one and the same. So when politicians talk about providing something free, ask them to identify the beneficent Santa Claus or tooth fairy.
Walter Williams


Every great cause begins as a movement, becomes a business, and eventually degenerates into a racket.
Eric Hoffer.


The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.
Winston Churchill


Shoot for the space in between, because that's where the real mystery lies.
Vera Rubin


Only those who will risk going too far can possibly find out how far one can go.
T.S. Eliot

There is a crack in everything, that’s how the light gets in.
Leonard Cohen

In honor of his centennial, the Top 10 Feynman quotations ---

Thomas Sowell (controversial conservative black economist) --- https://en.wikipedia.org/wiki/Thomas_Sowell
The 30 Best Thomas Sowell Quotes ---

Be brave enough to start a conversation that matters.
Margaret Wheatley
Even conversations that are not politically correct.

That government is best which governs the least, because its people discipline themselves.
Thomas Jefferson

Why, we grow rusty and you catch us at the very point of decadence --- by this time tomorrow we may have forgotten everything we ever knew. That's a thought isn't it? We'd be back to where we started --- improvising.
Tom Stoppard, Rosencrantz and Guildenstern are Dead (Act I)

It's hard to beat a person who never gives up.

Babe Ruth, Historic Home Run Hitter
What's sad is to witness what Syria has become because nobody gave up earlier.

And "because they're nonstate actors, it's hard for us to get the satisfaction of [Gen.] MacArthur and the [Japanese] Emperor [Hirohito] meeting and the war officially being over," Obama observed, referencing the end of World War II. 
President Barack Obama when asked if the USA of the future will be perpetually engaged in war.

We must be willing to get rid of the life we've planned, so as to have the life that is waiting for us. 
Joseph Campbell

If everyone is thinking alike, then somebody isn't thinking. 
George S. Patton

And many writers have imagined for themselves republics and principalities that have never been seen or known to exist in reality; for there is such a gap between how one lives and how one ought to live that anyone who abandons what is done for what ought to be done learns his ruin rather than his preservation: for a man who wishes to profess goodness at all times will come to ruin among so many who are not good.
Niccolo Machiavelli

If you don't know where you're going, you might not get there.
Yogi Berra

Happiness is like a butterfly: the more you chase it, the more it will elude you, but if you turn your attention to other things, it will come and sit softly on your shoulder.
Henry David Thoreau

Today, humanity fabricates 1,000 times more transistors annually than the entire world grows grains of wheat and rice combined  ---

I learned long ago never to wrestle with a pig. ... You get dirty and besides the pig likes it ---
George Bernard Shaw

You can get a lot farther with a smile and a gun than you can with just a smile.
Al Capone

21 quotes from self-made billionaires that will change your outlook on money ---


The Best Advice from 2018's Celebrity Commencement Speakers ---


If the end brings me out all right, what is said against me won’t amount to anything. If the end brings me out wrong, ten angels swearing I was right would make no difference.
Lincoln on How to Handle Criticism ---



The Economist:  A new kind of left-wing doctrine is emerging. It is not the answer to capitalism’s problems ---


Time Magazine:  Physician Burnout Costs the U.S. Billions of Dollars Each Year ---

Also see


Jean-Claude Juncker again rules out Brexit renegotiation (with the EU) ---


MIT:  How our addiction to big beef ended up ruining the planet ---

Jensen Comment
Should I apologize for the wonderful chopped steak I had for lunch at our hospital's cafeteria?


Economists Have Been "Useful Idiots" for the Green Socialists ---


The Fiscal Roots of Inflation ---


Veterans Storm Out Of Alexandria Ocasio-Cortez (AOC)Meeting After She Bashes America --- 

Time Magazine:  These Men Say the Boy Scouts’ Sex Abuse Problem Is Worse Than Anyone Knew ---


The New Yorker:  While Rui Pinto sits in jail, his revelations are bringing down the soccer's most famous teams and players ---


MIT:  Nations are well behind on their pledges to invest in clean-energy innovation ---


NYT:  You can be "borderline literate" and graduate (on time) from the University of Pennsylvania's Wharton School
Should faculty at this Ivy League university worry about that?---



Wall Street's massive tech spend has reached an 'inflection point' as billions in investments are starting to pay off ---


Tesla has made hundreds of millions of dollars selling tax credits to other automakers. Now we know who bought them ---


A Martin Luther King, Jr. scholar suggests MLK was a sexual abuser ---


‘Large Groups’ of African Migrants Illegally Crossed Texas Border, Say Feds ---
Jensen Comment
Soon there will be millions from all over the world, especially from Africa, India, and Asia. Kamala Harris advocates that all the disabled ones get a free lifetime of nursing care and free medication. She doesn't have clue on how to pay for all this free stuff.


Financial Documents Show Elijah Cummings’s Wife Used Charity to Enrich Her For Profit Company ---


Say what?  High Heels at Work Are 'Necessary,' Says Japan's Labor Minister ---


Powerful Video: Kurt Russell Defends The 2nd Amendment ---


Time Magazine:  The History of Bernie Sanders ---

When Will North America Reckon With the Ongoing Genocide of Indigenous Women?

Jensen Question
Were indigenous women treated better south of the Rio Grand, and if so why?


Economics of the disintegration of the Greenland ice sheet ---


The misuse of data on extreme poverty in the United States ---

Fleabag and Killing Eve ---


The Economist:  Whereas Russia and China are weaponizing cybercrime, the USA is weaponizing its economic power ---


Elizabeth Warren's Wealth Tax is a Bad Idea ---


YouTube is deleting videos on Nazi history as part of its hate speech crackdown ---

Jensen Question
How is this different than depriving history scholars from source material by burning books? History is more apt to repeat itself if future generations are more ignorant of the past.


Culture in Nazi Germany ---


Measuring Poverty Around the World ---


Somewhat from a leftist perspective
What Would the Great Economists Do?: How Twelve Brilliant Minds Would Solve Today's Biggest Problems ---


The “Consensus Research” Does Not Justify Radical Political Intervention
What Universities Won't Teach College Students About the Economics of Climate Change



Decentralize the Drug War — On the Way to Abolishing It



Canada to Ban Single-Use Plastics by as Early as 2021
It's not clear is this will include diapers


How to Create Conflict ---
Walter E. Williams

The Atlantic:  As Bernie Sanders Leans Into Socialism, His Rivals Laugh ---


Cuba Rations Food As Its Socialist Economy Enters Crisis Mode ---


In addition to getting the economics wrong (as usual), Krugman also makes a shocking admission about his willingness to harm the country, as long as it denies Trump a political victory ---



New York Times Versus MSNBC
“Inconsistent, Incoherent, and Poorly Conceived”: As the Times Clamps Down on Reporters Going on MSNBC, Is This a Liberal-Media War?

The Times recently yanked one of its journalists from Rachel Maddow amid concerns about cable-news “bias.” Dean Baquet “thinks it’s a real issue.” But didn’t MSNBC help rebuild the Times’s business? And aren’t they in the same Trump-era boat?


On Sunday, May 19, New York Times finance editor David Enrich got a request from a producer at MSNBC to appear on Rachel Maddow’s show the following night. Enrich had a red-hot front-page story for Monday’s paper, about anti-money-laundering specialists at Deutsche Bank flagging suspicious transactions involving Donald Trump and Jared Kushner, and Maddow wanted to bring him on air to talk about it. Maddow is MSNBC’s ratings queen, jostling with Sean Hannity every night for the crown of most-watched time slot in cable news. That’s why reporters tend to relish the exposure they get from doing her show. Enrich said yes, but after mentioning the planned appearance to the Times’s communications department, he was told he would have to retroactively decline. The reason? The Times was wary of how viewers might perceive a down-the-middle journalist like Enrich talking politics with a mega-ideological host like Maddow. The producer, who was informed that the Times asks members of the newsroom not to appear on opinionated shows to discuss political subjects, was miffed about the cancellation, sources said. Enrich declined to comment. An MSNBC spokesman said, “For over a decade, The Rachel Maddow Show has welcomed the best journalists from across the country and celebrated the hard work they do, day-in and day-out. This includes countless New York Times reporters and editors. That commitment to journalism is part of the DNA of the show.”


It’s not just Maddow. The Times has come to “prefer,” as sources put it, that its reporters steer clear of any cable-news shows that the masthead perceives as too partisan, and managers have lately been advising people not to go on what they see as highly opinionated programs. It's not clear how many shows fall under that umbrella in the eyes of Times brass, but two others that definitely do are Lawrence O’Donnell’s and Don Lemon’s, according to people familiar with management’s thinking. Hannity’s or Tucker Carlson’s shows would likewise make the cut, but it's not like Times reporters ever do those anyway. I’m told that over the past couple of months, executive editor Dean Baquet has felt that opinionated cable-news show are getting, well, even more opinionated. Baquet and other managers have become increasingly concerned that if a Times reporter were to go on one of these shows, his or her appearance could be perceived as being aligned with that show’s political leanings. “He thinks it’s a real issue,” one of my Times sources said. “Their view,” said another, “is that, intentionally or not, it affiliates the Times reporter with a bias.”


Continued in article

Read about it from the other side fo the fence ---


Jensen Comment
Maybe it finally dawned on the NYT that radicalization and extreme bias is hurting the chances of the Democratic Party in the 2020 election. Then again it may be that the pot is just calling the kettle black.


Note that the above article appears in the Hive with is left of MSNBC and takes the side of MSNBC is this dispute.


Maddow's ratings  have never been all that high and further plunged following the Mueller Report perhaps because it refuted much of what she preached about conspiracy.


Doesn't it dawn on MSNBC and CNN and The Hive why Biden has such a large lead without even trying? The majority of voters across the USA are afraid of the radicalized left bent on destroying the USA's economy..


Great Debate Topic
Would Tesla be better off if employees had ownership control of the entire company?


Bernie Sanders calls for employee ownership control of big companies ---


Jensen Comment
This is one of the topics that sounds great in theory, but it's not sustainable in real life.


First and foremost employees have never been denied investment in the companies traded in public, and having the public trade those securities adds liquidity to stock owned by employees and other investors. Indeed many companies have employee stock option and other stock ownership plans ---
But employee ownership of traded stock is enormously different from corporate ownership restricted only to employees. Employee-only ownership is a little like when a professor personally invests/builds a nice home on campus lots leased to employees by Stanford University for $1 per year. This is wonderful while you're working at Stanford, but at some point you may want to sell that home you own for whatever reason (you changed jobs, you retired and want to move elsewhere, you want to move into assisted living, you died and your children aren't allowed to own the home, etc.). The thing is that when you want to sell a Stanford campus home you're are limited to only buyers to work for Stanford, thereby, excluding all other prospective buyers  If you bought a home off campus in 1971 instead of on the Stanford Campus your capital gain will be tens of millions of dollars because you can sell to anybody in the world who wants to buy a home in or near Palo Alto rather than only having that subset of buyers who work for Stanford. In economics it's called the law of supply and demand, and restricted demand means lower prices.


Of course employees can have ownership control without owning 100% of the voting stock of a company, but ownership control changes everything in the investment world. Outside investors are dubious about investing in a company when they know employee ownership interest have priority over outside-investor interests. The game for outside investors is rigged from the start, and many outside investors can avoid labor-controlled investments.


Actually Chrysler was once owned heavily by employees. Bernie won't tell you how that worked out since employee shares in the "Old Chrysler" became worthless when new capital stock in the "New Chrysler" was issued in bankruptcy ---


This illustrates where employee ownership can be bad for employee savings portfolios. For most employees in an employee-controlled company the employer company's shares are virtually the only stock in their savings portfolios. In that case employee portfolios are not diversified. Employees can have their entire savings wiped out if those shares become valueless --- as was the case when Chrysler went bankrupt and needed a government bailout.


There are successful employee-controlled companies ---
But these are not large companies relative to the USA's largest companies owned by public investors or in a few cases families.


The bottom line is that employee control of all the USA's large companies is a recipe for economic disaster of the USA. Bernie knows this, because his long run hope is that government will eventually take over those companies in his long-run quest for a socialist USA in which government owns all the big companies.

The Bernie Sanders Paradox: When Socialism Grows Old --- 



Harvard:  Companies Don’t Always Need a Purpose Beyond Profit ---


The American Dream:  Kurdish Immigrant Becomes a Billionaire ---
TED Talk:  Hamdi Ulukaya: The anti-CEO playbook  ---
Jensen Comment
This video is not as anti-business as it sounds, and the fact that Ulukaya became a billionaire as a CEO entrepreneur proves it. But he did in a socially responsible way with hiring of refugees and local workers and the sharing of corporate equity with employees.
Some things are overlooked in this otherwise inspiring video. Firstly, employees that have their savings invested in their employer's company need, at some point like retirement, to liquidate their holdings. In other words, they need some kind of market for their shares that have increased in value on paper but not necessarily in liquidity. One way of achieving liquidity is the cursed IPO when private corporate shares are going public to get into a cash market for those shares. Then investors start asking questions like what are the profits and what is the financial security of this investment?
The bottom line is that this is a pro-capitalism video, and seemingly anti-socialist if you watch it closely. But it's socially responsible capitalism to a point of where employees and Ulukay himself (a billionaire on paper) want to cash in on their shares.
The other thing to note about Ulaukaya's yogurt business is that this is a labor-intensive business relative to more capital-intensive businesses (think electric cars and pharmaceuticals) that need to justify "profits" or "anticipated profits" to get investors to put money into the business.
Hence it's a great video for a business case where there's a lot to debate like keeping wages relatively low by paying in ownership shares.


The debate question is whether what Ulukaya did is consistent with a profit maximization dream (even if this was not his dream per se)?



The Impact of Legalized Abortion on Crime Over the Last Two Decades

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2019-75

32 Pages
 Posted: 21 May 2019

John J. Donohue

Stanford Law School; National Bureau of Economic Research (NBER)

Steven D. Levitt

University of Chicago; National Bureau of Economic Research (NBER); American Bar Foundation

Multiple version iconThere are 2 versions of this paper

Date Written: May 2019


Donohue and Levitt (2001) presented evidence that the legalization of abortion in the early 1970s played an important role in the crime drop of the 1990s. That paper concluded with a strong out-of- sample prediction regarding the next two decades: “When a steady state is reached roughly twenty years from now, the impact of abortion will be roughly twice as great as the impact felt so far. Our results suggest that all else equal, legalized abortion will account for persistent declines of 1 percent a year in crime over the next two decades.” Estimating parallel specifications to the original paper, but using the seventeen years of data generated after that paper was written, we find strong support for the prediction. The estimated coefficient on legalized abortion is actually larger in the latter period than it was in the initial dataset in almost all specifications. We estimate that crime fell roughly 20% between 1997 and 2014 due to legalized abortion. The cumulative impact of legalized abortion on crime is roughly 45%, accounting for a very substantial portion of the roughly 50-55% overall decline from the peak of crime in the early 1990s.

JEL Classification: J13, K42

Jensen Comment
The now-famous Donohue and Levitt study was not considered politically correct at the time due to racial overtones. It was hotly contested ---

It's nice to see that academic research at prestigious universities is not banned by political incorrectness.


Five Reasons Why Chicago Has (Almost) Everything Startup Founders Need ---

Jensen Comment
The article fails to expand upon the word "almost" in the title.

What could possibly be meant by "almost?"

The most obvious one is quality and safety in the gang-ridden K-12 public schools. But then virtually all large cities in the USA have similar problems with public schools with the possible exception of San Francisco where lousy public schools were pushed to Oakland.

All big USA cities have histories of corruption in city hall, but Chicago and Detroit and New Orleans set the gold standard for corruption. And the corruption extends to the state level where three recent governors of Illinois went to prison.

And there's an issue of labor union militancy and union corruption. Once again Chicago sets a gold standard for labor union militancy and corruption that led, among other things, to the worst public-worker pension crisis in the USA.

And then there are taxes. No mention is made in the article about the number of businesses fleeing Illinois for more tax-friendly climates in places like Indiana.

And I guess I won't elaborate on things like murder rate, fleeing population, climate, traffic, racial strife, and the other negatives.

What I like about the article is that there are some positives about Chicago as well --- positives summarized in the article. One added positive is the plus side of corruption. Corruption in city hall means that companies can negotiate pretty good deals under the table.


Stop Feeding College Bureaucratic Bloat: Congress Should Tie Student Loans To Ratio Of Administrators To Faculty ---

Wall Street Journal op-ed:  Stop Feeding College Bureaucratic Bloat, by Philip Hamburger (Columbia):

American higher education faces many difficulties, not least soaring costs and the decline of academic freedom. Administrative bloat, subsidized by the federal government, makes both these problems worse.

A 2014 analysis by the New England Center for Investigative Reporting found that from 1987 to 2012, the higher-education sector added more than half a million administrators. Their numbers have doubled relative to academic faculty. Financed in large part with federally subsidized tuition, this rise of administrators siphons money from the core functions of academic institutions. Colleges and universities have shifted teaching duties from full-time professors to part-time nontenured adjuncts who earn paltry wages.

Congress can combat this transformation of the university by reforming student-loan programs. The U.S. government offers student loans without regard to the ratio of administrators to full-time tenured faculty at the school receiving the funds. Congressional largess to students has thus changed the nature of the higher-education system. It has enabled colleges and universities to expand and entrench a class of employees whose interests often conflict with a serious education.

Administrators serve many valuable functions. They can help students and save time for faculty. But their growth in numbers has coincided with some disturbing trends. Governance of academic institutions traditionally rested with the faculty, especially full-time tenured faculty. But the relative decline of faculty has shifted the balance of power toward administrators, who increasingly control academic policy.

It’s no accident that as they have hired more administrators, these institutions have veered toward indoctrination and censorious intrusions into speech, opinion and personal life. These heavy-handed policies are often incompatible with traditional educational ideals, such as academic freedom, freedom of speech, open-mindedness and dispassionate judgment. To be sure, many faculty support such policies, but the most consistent pressure for them typically comes from the administrative bureaucracy. Congress should recognize that its funding helped create this threat to education.

When authorizing student loans, Congress should take into account the ratio of administrators to full-time tenured faculty. ...

One might still protest that Congress should not be in the business of reshaping education. But that is precisely what Congress has been doing for decades. Its loans have facilitated the growth of the

Continued in article


Tech Company Skirts Congress To Make A Gun Control Vision A Reality ---


SalesForce, a customer relationship management (CRM) technology company designed to help with commerce, recently updated their acceptable-use policy. The policy change essentially tells firearms manufacturers and gun store retailers that they're no longer allowed to utilize the service to collect payments because of products and goods that they sell.


Continued in article

Jensen Comment
It will be interesting to see if this policy of refusing products or services based upon political reasons stands up in court. Supposedly it's illegal to discriminate in certain protected areas like race, color, creed, etc. This has led to court tests in gray areas such as baking wedding cakes for gays --- where the Supreme Court issued a narrow ruling ---


For example, can gasoline stations having public bathrooms refuse products and services (like bathrooms) to hunters or abortion activists?


Can supermarkets refuse to sell to known activists on selected political issues.


Can colleges refuse admissions to NRA members?


I suspect this is not that last we will hear about this new SalesForce policy.

Alexandria Ocasio-Cortez says her Green New Deal climate plan would cost at least $10 trillion ---
Jensen Comment
She forgot to include a few costly items like the cost of networking the USA with electric high-speed rail that replaces airplanes and airports. She also fails to mention the cost of wiping out most employee pension funds due to green-initiative plan costs combined with free medical insurance, free nursing homes, free medications, free college, guaranteed annual income for 350+ million residents of the USA, interest on $22+ trillion of national debt, combined with existing free food stamps, housing subsidied, Social Security benefits, pensions, and other safety nets you're talking over $100 trillion per year.

Both the Joe Biden and Elizabeth Warren green-initiative plans draw on the progressive Green New Deal, prioritize environmental justice, and would be paid for by closing corporate tax loopholes ---

Jensen Comment
If you start talking green-initiative plan costs combined with free medical insurance, free nursing homes, free medications, free college, guaranteed annual income for 350+ million residents of the USA, interest on $22+ trillion of national debt, combined with existing free food stamps, housing subsidized, Social Security benefits, pensions, and other safety nets you're talking over $100 trillion per year. That cannot possibly be funded by closing corporate tax loop holes, wealth taxes, or a 100% marginal income tax rate on high salaried people --- and if you try to do so you will wipe out virtually all pension funds of the USA.

It's irresponsible for presidential candidates and their supporting media to promote spending $100 trillion per year without also showing how this can be done without destroying the stock markets, bond markets, and real estate markets --- and the pension funds (think CREF and CalPERS) built almost entirely upon those investor markets. My favorite example is how free college is great for students but not if you zero out the pension funds of their parents.

Lets see the the presidential candidates generate some realistic numbers on how to support their new spending programs without destroying pension savings in the USA.


How to Mislead With Statistics
Gini Coefficient of Poverty

Jensen Comment
The Gini Coefficient is one of the most misleading statistics in economics. It supposedly measures the gap between the rich and poor in any nation. However, the terms "rich" and "poor" are highly relative. For example, the USA has a high Gini Coefficient indicating a gap between the rich and poor. However, South Sudan has very nearly the same Gini Coefficent where the poor of the USA would be considered well off in South Sudan. Think of how rich a person would be in the South Sudan with housing subsidies, food stamps, Medicaid, vehicles, HDTV, and welfare.

Chile is a high Gini Coefficient nation with about the same score as Zambia, but the poor in Chile are not nearly as desperate as the poor in Zambia. The level of income for the poor in Chile is the highest in all of Latin and South America ---

At one point Canada and North Korea had about the same Gini Coefficient, although the index is no longer computed for North Korea ---

"Countries With the Widest Gap Between Rich and Poor," by Alexander E.M. Hess, Vince Calio and Thomas C. Frohlich, Business Insider,  May 20, 2014 ---

Jensen Comment
Denmark has the lowest (best) Gini Coefficient but its public education and health care systems are lacking and rank below those of Morocco ---

Other measures of inequality and poverty ---

Measuring Poverty Around the World ---

Chronicle of Higher Education
Graduation Rates Are Rising, but Is That Because Standards Are Slipping? ---

Jensen Comment
The biggest disgrace in higher education from community colleges to the Ivy League is grade inflation where median grade averages moved from C+ in the 1950s to A- in the 21st Century ---

Reasons are complicated and varied, but a major causes are pressures to graduate everybody, rise in importance of grades for jobs and graduate studies, and  the increased power of student teaching evaluations on faculty tenure and promotion and retention decisions. Virtually all the top teachers on RateMyProfessors.com are easy graders. A few universities like Princeton and Cornell tried to bring down the majority of A and A- grades courses. These efforts became abandoned failures. Harvard never even tried to bring down grade inflation. A newly-hired professor who gives a median C+ grade in courses probably won't be rehired due to low teaching evaluations ---

In K-12 grade inflation is even worse high school students getting diplomas who cannot functionally read, write, or compute the APR interest rate on a car loan (even with a calculator or computer). Those that go to college may never have to write a term paper, and the minority assigned to write a term paper can easily buy term papers online.

Welcome the USA's higher education colleges and universities on Lake Wobegon ---

Chronicle of Higher Education
Cal State’s Retreat From Remediation Stokes Debate on College Readiness ---
The problem with remedial courses is that you had to pass them to move upward

California State University’s (system-wide) decision to eliminate all noncredit remedial classes next fall will either remove roadblocks to success for struggling students or set more of them up for failure, depending on whom you ask.

The shift at the nation’s largest public-university system comes at a time of intense national scrutiny into how colleges should decide who is ready for college-level classes and how best to bring those who aren’t ready up to speed.

Four in 10 entering freshmen at Cal State must complete at least one remedial course before they can start earning college credit. The system’s chancellor, Timothy P. White, thinks that’s one reason for Cal State’s dismal 19-percent four-year graduation rate. The system has committed to doubling that, to 40 percent, by 2025, and hopes that jettisoning remedial classes will help.

Across the country, colleges with similarly high dropout rates are questioning whether the classes do more harm than good. Advocates say that as part of a broader umbrella of developmental education, which also includes tutoring and counseling, the courses are crucial for students who start out far behind their peers.

Continued in article

Welcome to Lake Wobegon's system of tutors and counselors who pass everybody upward without assigning low grades to anybody ---
Besides reading reading, writing, and arithmetic are obsolete skills that increasingly are being passed on to robots.

Your lousy SAT score will be adjusted upward if you graduated from a high school with rock-bottom academic standards ---
And you will graduate from college as long as you attend classes and look like you're trying.


Health Insurance

Why Aren't States Doing More to Lower the Cost of Insulin?



Options for Funding Long-Term Health Care (of a Democratic Party candidate does not win the 2020 Presidency) ---
Jensen Comment
If the Democrats win in 2020 long-term health care will be free. Of course to pay for it plus all the other reforms the stock and bond markets will be wiped out along with pension savings that are built upon those markets since nothing will be left for investors once their savings are taken for  tthe $100 trillion green-initiative plan costs combined with free medical insurance, free nursing homes, free medications, free college, guaranteed annual income for 350+ million residents of the USA, interest on $22+ trillion of national debt, combined with existing free food stamps, housing subsidized, Social Security benefits, pensions, and other safety nets.


I hope you vote for somebody like Kamala Harris since I have my eye on a lovely long-term care apartment (with 20 free meals per week) overlooking Lake Winnipesaukee.---
 I might even buy a big boat and a prepaid 20-year maintenance contract before Kamala destroys my pension savings. I like Kamala's promised lifetime guaranteed tax-free income plus free long-term care after she confiscates my pension savings. How about a ride around the lake? My worry is fuel for the boat after she shuts down oil refineries tomorrow.

Finland’s government collapses over failed health care reform ---

Bernie Sanders: "You’re Damn Right We’re Going to Destroy Private Health Insurance" ---
Click Here


Bob Jensen's Tidbits Archives ---

Bob Jensen's Pictures and Stories

Summary of Major Accounting Scandals --- http://en.wikipedia.org/wiki/Accounting_scandals

Bob Jensen's threads on such scandals:

Bob Jensen's threads on audit firm litigation and negligence ---

Current and past editions of my newsletter called Fraud Updates ---

Enron --- http://faculty.trinity.edu/rjensen/FraudEnron.htm

Rotten to the Core --- http://faculty.trinity.edu/rjensen/FraudRotten.htm

American History of Fraud --- http://faculty.trinity.edu/rjensen/FraudAmericanHistory.htm

Bob Jensen's fraud conclusions ---

Bob Jensen's threads on auditor professionalism and independence are at

Bob Jensen's threads on corporate governance are at


Shielding Against Validity Challenges in Plato's Cave ---

·     With a Rejoinder from the 2010 Senior Editor of The Accounting Review (TAR), Steven J. Kachelmeier

·     With Replies in Appendix 4 to Professor Kachemeier by Professors Jagdish Gangolly and Paul Williams

·     With Added Conjectures in Appendix 1 as to Why the Profession of Accountancy Ignores TAR

·     With Suggestions in Appendix 2 for Incorporating Accounting Research into Undergraduate Accounting Courses

Shielding Against Validity Challenges in Plato's Cave  --- http://faculty.trinity.edu/rjensen/TheoryTAR.htm
By Bob Jensen

What went wrong in accounting/accountics research?  ---

The Sad State of Accountancy Doctoral Programs That Do Not Appeal to Most Accountants ---


Bob Jensen's threads on accounting theory ---

Systemic problems of accountancy (especially the vegetable nutrition paradox) that probably will never be solved ---

Bob Jensen's economic crisis messaging http://faculty.trinity.edu/rjensen/2008Bailout.htm

Bob Jensen's threads --- http://faculty.trinity.edu/rjensen/threads.htm

Bob Jensen's Home Page --- http://faculty.trinity.edu/rjensen/