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Articles by Gary Wolfram
Letter to the Editor: Honor the man who helped feed a billion people
Courtesy | Unsplash Dear Editor, Sept. 12 was the 15th anniversary of the passing of agronomist Norman Borlaug. This year is a good time for us to commemorate him. He was one of the greatest benefactors of mankind. His application of modern science to agriculture initiated the Green Revolution and is estimated to have saved the lives of as many as one billion people in the less-developed world.
Free Markets Vs. Socialism (Ep. 261)
OUTSTANDING September 16, 2026 33 min Casey HarperGary Wolfram On this week’s Outstanding Podcast, Host Casey Harper talks free markets and socialism with Dr. Gary Wolfram, a professor of economics, public policy and political economy at Hillsdale College. Together, they tackle questions like: How do free markets work and why does they work? Are prices fair? How do we respond to the socialist narrative? Doesn't the Christian faith keep capitalism in check in many ways?
Capping credit card rates unnecessary, harmful
Congress is considering a 10% cap on credit card interest rates and President Trump voiced his support for such legislation in his Jan. 21 speech at the World Economic Forum in Davos, Switzerland.
Why it’s high time the Federal Reserve stopped raising interest rates
In its attempt to suppress inflation, the Federal Reserve once again raised short-term interest rates, bringing the federal funds rate to a range of 5.0 to 5.25%. This is the highest the federal funds rate has been since 2007. Since March 2022, the Federal Reserve has increased its interest rate target on the federal funds rate 10 times. The Federal Reserve’s response to the inflation problem is consistent with Keynesian economic theory.
After years of violence on the streets, AOC pretends to care about incitement again Original
The First Amendment is one of several foundational pillars that make the United States unique in its almost-unwavering written protection of religion, protest, and most importantly of all, speech. But like all freedoms, there are exceptions.
Supreme Court denies request by oil companies facing climate change suits
The Supreme Court on Monday rejected several disputes with oil and gas companies that sought a venue change for nearly two dozen lawsuits that blame the industry for contributing to climate change . Energy companies were rebuffed in their pursuit to shift the lawsuits from state to federal court, in which corporate defendants often have better odds in their favor. The companies argued they are governed by federal law, giving them the ability to move the cases out of state court.
China is no longer feigning a 'peaceful rise'
For years, China adhered to Deng Xiaoping’s famous maxim that it should “hide its brightness and nourish obscurity.” Deng led the country’s radical turnaround from Mao’s austere communist policies to a mercantile approach that spurred development for the impoverished giant. But Deng knew that such action, if handled poorly, could unnerve the world and curtail China’s development .
Cuts to discretionary spending won't solve America’s debt crisis
Once again, we have a debate over raising the debt ceiling . Prior to World War I, Congress voted each time the treasury secretary wanted to issue debt. But with the passage of the Second Liberty Bond Act in 1917, Congress set a dollar amount on the debt the Treasury can issue and only has to vote when the Treasury needs to issue additional debt above the set amount. When called upon to raise the debt limit, Congress has always acted.
Debunking the myth that the US once prospered despite extremely high taxes
Proponents of tax increases argue that the top tax rate in the U.S. and other countries used to be much higher in the past — in the U.S., in 1961, it was 91% — and yet the economy still did fine. How much truth is there to this argument? Left-wing politicians who demand higher taxes on the rich argue that the U.S. had previously prospered when tax rates were very high, proving that high taxes do not harm the economy.
SEC Goes Out of Its Way to Protect Proxy Advisors and ESG Agenda
The Securities and Exchange Commission has been busy of late, embarking on one of the most ambitious and politicized regulatory agendas in the Commission’s history. Under Chairman Gary Gensler it has used every opportunity possible to advance the interests of the environmental, social, and governance (ESG) movement, no matter what the costs may be to average investors who are simply looking for a decent return on their investments.
SEC Goes Out of Its Way to Protect Proxy Advisors, Plus ESG
The Securities and Exchange Commission has been busy of late, embarking on one of the most ambitious and politicized regulatory agendas in the Commission’s history. Under Chairman Gary Gensler it has used every opportunity possible to advance the interests of the environmental, social, and governance (ESG) movement, no matter what the costs may be to average investors who are simply looking for a decent return on their investments.
Sick of inflation? Blame the Federal Reserve
Milton Friedman famously said: “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than output.” This is what we are experiencing, and it is due to the Federal Reserve's policy since 2008 of buying trillions of dollars of Treasury debt to keep interest rates low and at the same time paying banks to keep reserves at the Fed.
Milton Friedman famously said: “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than output.” This is what we are experiencing, and it is due to the Federal Reserve's policy since 2008 of… Read Full Article » Show comments Hide Comments
Sick of inflation? Blame the Federal Reserve
Milton Friedman famously said: “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than output.” This is what we are experiencing, and it is due to the Federal Reserve's policy since 2008 of buying trillions of dollars of Treasury debt to keep interest rates low and at the same time paying banks to keep reserves at the Fed.
A capitalist weapon for Ukraine
"We offer Russian soldiers a choice: to die in an unjust war," Ukrainian Defense Minister Oleksii Reznikov said recently, "or full amnesty and 5 million rubles of compensation if they put down their guns and voluntarily surrender to prison." This idea employs capitalism as a weapon. With Russia turning to hired guns from Chechnya and Syria, it seems only fair to outbid the Russian military for the services of their ground troops.
Opinion: Defending freedom means unleashing capitalism on oil markets
In the wake of Russia’s unprovoked invasion of Ukraine, Americans are being told to prepare for the average price of gas to surge past $5 per gallon because of U.S.-imposed sanctions against Russia. President Joe Biden says we must accept higher gas prices as the cost of defending freedom. Biden’s strategy: We lose, they lose.
Why SEC Needs to Restrain Proxy Advisors
One consequence of the COVID-19 pandemic has been a dramatic drop in the stock market. Even with the recent market recovery, the S&P 500 index remains nearly 14 percent below its peak value. This couldn’t come at a worse time for those close to retirement, both for their individual investments and the pension funds that support state and local defined benefit programs.
Coronavirus Gives Lesson in Why SEC Needs to Restrain Proxy Advisors
One consequence of the COVID-19 pandemic has been a dramatic drop in the stock market. Even with the recent market recovery, the S&P 500 index remains nearly 14 percent below its peak value. This couldn’t come at a worse time for those close to retirement, both for their individual investments and the pension funds that support state and local defined benefit programs.
Allow Michigan to reopen
ANALYSIS/OPINION: Gov. Gretchen Whitmer has extended her stay-at-home order until May 15, which will exacerbate the total disruption of Michigan’s economy and workforce. Rather than forcing the entire state to shut down because of the highly concentrated area of COVID-19 threat, we should be safely opening up Michigan’s economy on a regional basis and limiting activity where we now know the predominant threat is.
Opinion: Post pandemic, how can we 'fix the damn roads'?
OPINION Gary Wolfram Published 11:00 p.m. ET April 24, 2020 The COVID-19 crisis has been the main driver of news of late. The effect on small business, unemployment, the stock market and other economic indicators of the shutdown has been well-documented. One thing that has not had as much coverage is its effect on the ability to, as Gov. Gretchen Whitmer phrased it, “fix the damn roads.” The American Society of Civil Engineers produces an Infrastructure Report Card every four years.
Opinion: Economic consequences of a fracking ban
Gary Wolfram Published 11:00 p.m. ET April 1, 2020 At a time when you thought we would be celebrating the shale production that has reduced U.S. dependence on imported oil and gas and lifted our economy and created millions of jobs, Joe Biden and Bernie Sanders are talking about clamping a national ban on fracking. Any kind of ban on fracking would cause severe damage to our stressed economy and would result in negative environmental impacts.
Opinion: Banning fracking would disrupt global economy
Gary Wolfram Published 10:46 p.m. ET Nov. 13, 2019 Democratic Presidential candidates Kamala Harris, Elizabeth Warren and Bernie Sanders have all declared that if elected they would institute a ban on fracking. This remarkably effective method of extracting fossil fuels which, combined with horizontal drilling, opened up shale deposits as a huge energy resource, which led to the United States becoming the world’s largest producer of oil and natural gas.
Guest opinion: ‘Ready, fire, aim’ is not way to approach financial services lawmaking
If progressives run the tables in 2020, America’s financial system will face a dramatic transformation beginning in 2021. Look at the policies that have already been proposed. If even a few of these see enshrinement in law, loan interest rates charged by banks and other financial institutions could be capped, and trillions of dollars of college debt will be wiped off the books with no consideration for who’s paying the tab.
USMCA reinforces U.S. economy, diverts uncertainty
Gary Wolfram Published 11:00 p.m. ET Aug. 14, 2019 The U.S. economy has been fortunate to sustain strong growth the last two years despite global uncertainties such as trade wars, Brexit and Middle East conflicts. Our country has managed near record low levels of unemployment while keeping inflation within the Fed’s target range of around 2%. Can the economy sustain this growth? Or is a market correction about to take place?
Wolfram: Shutting down Line 5 only hurts our economy and environmental goals
Gary Wolfram, guest writer Published 1:31 p.m. ET July 26, 2019 | Updated 1:33 p.m. ET July 26, 2019 Gary Wolfram (Photo: Courtesy photo) Viewpoints are selected from community submissions emailed to us from across mid-Michigan on a wide variety of topics. To submit your opinion, email your topic suggestion and relevant experience to opinions@lsj.com. While Michigan Gov.
Opinion: I'm an economist and I support payday loans
A recent article in Bridge Magazine told the stories of people who got in over their heads using payday loans and needed to be rescued from the debt cycle that ensued. Stories like these incite many to condemn the companies that sell these products — in fact, legislation has been introduced in Michigan to further restrict access to these types of loans. The Legislature should tread carefully, however.
Opinion | I’m an economist and I support payday loans
A recent article in Bridge Magazine told the stories of people who got in over their heads using payday loans and needed to be rescued from the debt cycle that ensued. Stories like these incite many to condemn the companies that sell these products ‒ in fact, legislation has been introduced in Michigan to further restrict access to these types of loans. The Legislature should tread carefully, however.
Opinion: Closing Line 5 comes with high cost
OPINION Gary Wolfram Published 10:00 p.m. ET June 26, 2019 Enbridge is attempting to improve the safety and reliability of a portion of its Line 5 pipeline through the Straits of Mackinac. This segment of pipeline has never leaked and is inspected regularly by Enbridge. These inspections (as reported by federal pipeline regulatory officials) have found the pipe in very good condition.
Opinion: Mining still essential for U.S. economy
Gary Wolfram Published 10:08 p.m. ET June 4, 2019 Mining in the U.S. employs more than 1.5 million people and adds $466 billion to gross domestic product.
This SEC commissioner is right: Investment funds shouldn’t focus on environmental issues
“Seinfeld” episodes do not usually turn up in speeches by SEC commissioners.
Opinion: Don't extend electric vehicle tax credit
Gary Wolfram Published 10:18 p.m. ET March 23, 2019 The federal government has for several years provided incentives for the production of electric vehicles. The largest incentive is the tax credit for the purchase or lease of a new plug-in electric car enacted in 2008, and amended in the American Recovery and Reinvestment Act of 2009. The amount of the credit depends upon the battery capacity of the vehicle and the amount of the individual purchaser's tax liability.
Opinion: Coal’s transition in face of renewables
Gary Wolfram Published 10:35 p.m. ET Dec. 27, 2018 The Dave Johnson coal-fired power plant is silhouetted against the morning sun in Glenrock, Wyo in 2017. The Trump administration on Tuesday proposed a major rollback of Obama-era regulations on coal-fired power plants, striking at one of the former administration’s legacy programs to rein in climate-changing fossil-fuel emissions.(Photo: J.
Celebrities are getting more voters than candidates - that's a bad sign for democracy
This year’s midterm election campaigns have been a spectacle to remember. Not only will they go down as the most expensive in history, but they have been more celebrity-focused than any midterms of the past. Oprah Winfrey went door-to-door in Georgia last week to campaign for Democrat Stacey Abrams, and Will Ferrell, Michael Jordan, and Jesse Tyler Ferguson have also stepped out on the campaign trail this month.
Opinion: Government should stay out of energy market
The Trump administration is considering policies that would keep coal-fired and nuclear power plants from closing. In what Bloomberg has called “an unprecedented intervention into U.S. energy markets” the Department of Energy would require grid operators to purchase electricity from coal-fired and nuclear power plants in order to keep these plants from being retired.
Scandal and Catholic Faith - Ricochet
Gary Wolfram is William Simon Professor of Economics and Public Policy at Hillsdale College and President of Hillsdale Policy Group, a consulting firm specializing in taxation and policy analysis. His public policy experience includes serving as Congressman Nick Smith's Chief of Staff, Michigan’s Deputy State Treasurer for Taxation and Economic Policy under Governor John Engler, and Senior Economist to the Republican Senate in Michigan.
Opinion: Time to end the trade war
When President Trump imposed tariffs on aluminum and steel there was a strong reaction from much of the economics profession, arguing that the tariffs were bad both for the American economy and for the world economy in general. Indeed, I was one of more than 1,100 economists, including 15 Nobel Prize winners, who signed a letter to Trump and Congress opposing protectionist actions.
Column: What's behind spike at gas pump?
My family returned home from a two-week vacation out of the country the other day and we were met with gasoline prices of over $3 per gallon. Of course there are two reasons for rising prices — an increase in demand and a decrease in supply. We are seeing both. While the increase in demand coming from summer travel is not particularly subject to public policy changes, the decrease in supply certainly is.
America's budget deficit is a ticking time bomb
The Chairman of the Senate Banking Committee, Sen. Mike Enzi Michael (Mike) Bradley EnziEthics watchdog calls for probe into Mulvaney over 'real estate dealings' Overnight Tech: Sparks fly as Diamond and Silk testify | EU proposes new rules for internet companies | FTC back at full strength Ivanka Trump talks skills training legislation with senators, CEOs MORE (R-Wyo.), recently acknowledged that the budget process has failed.
Column: Steel tariffs stunt economic growth
The recent decision to impose steel and aluminum tariffs might appear to favor American manufacturing. But the unintended consequence will be to eliminate on net American manufacturing jobs, raise the prices of many goods in the U.S., and reduce the ability of American firms to compete world-wide. Its effect in Michigan will be amplified as it is the fourth largest steel and aluminum importer in the United States.
Sorry, Foreign Trade Is Not Bad for America, Restricting It Is | RealClearMarkets
Sorry, Foreign Trade Is Not Bad for America, Restricting It Is
Sorry, Foreign Trade Is Not Bad For America — Restricting It Is | Stock News & Stock Market Analysis - IBD
According to the roundup of histrionic headlines this week, we've just hit a "record high" trade deficit with China. Commentators from across the political spectrum are speculating about what this might mean in the months to come, but before we buy into any narratives of worry or dismay, we should take a closer look. X First, people trade with one another — countries do not. If I choose to purchase Mexican tomatoes, then I trade with someone in Mexico.
How Corporate Tax Cuts Benefit Consumers and the ‘Little Guy’
Since Republicans passed the tax bill last December, the country has seen a wave of hand-wringing and hysteria. Sen. Elizabeth Warren, D-Mass., gave voice to the opinion of many when she recently declared that the Republican tax plan is “the biggest tax giveaway to giant corporations in modern memory.” But if we really want to get our heads around the Republican tax bill, our best guide comes not from contemporary histrionics, but historic economic analysis.
A real government shutdown
The federal government reopened, but our fiscal worries are far from over. The bill that ended the shutdown only funds operations through Feb. 8 — which means that unless Democrats and Republicans can reach an agreement on appropriations by tomorrow, we’re looking at another shutdown in very short order. It is, to put it mildly, a mess. But as with all sticky situations, it presents an opportunity to reflect on how we got here and why it’s so difficult to come to a solution.
Column: Coal still a necessary resource
Recent severe weather events have brought attention to the need for a dependable supply of electricity. Lack of power for hospitals, homes, schools, and businesses creates major difficulties. Ask anyone who lives in Puerto Rico what it is like to be without power. The United States is in the midst of a transition from primarily coal-generated electricity to natural gas, and eventually renewable energy. There are myriad reasons.
Make Public Education a Market Economy | RealClearEducation
Public education in America needs reform—and badly. There is an abundance of data showing the underperformance of our nation's public schools. For example, the results of a major cross-national test, the 2015 Program for International Student Assessment, placed American students 30th in math and 19th in science out of all 35 members of the Organization for Economic Cooperation and Development, an organization of the largest advanced economies.
Make Public Education a Market Economy—Not a Socialist One - Education Week
Public education in America needs reform—and badly. There is an abundance of data showing the underperformance of our nation’s public schools. For example, the results of a major cross-national test, the 2015 Program for International Student Assessment, placed American students 30th in math and 19th in science out of all 35 members of the Organization for Economic Cooperation and Development, an organization of the largest advanced economies.
Laws Against Price-Gouging: Well-Intentioned, But Always Wrongheaded | RealClearMarkets
Hurricanes create a great deal of misfortune and suffering – but they also bring out the best in people. The thousands of volunteers preparing to help Hurricane Irma victims and continuing to help Harvey victims serve as a testament to our willingness to help one another in the worst of times. Nevertheless, while all of our efforts may be well-intentioned, some of them are deeply misguided. Price-gouging is one such effort.
A Case Against The Minimum Wage
In the Sherlock Holmes story A Scandal in Bohemia, Watson is chastised by Holmes for not knowing how many steps there are from the ground level to Holmes’ apartment. After informing Watson that there are 17 steps, he says that Watson’s problem is that he sees but he does not observe. Bernie Sanders and those who support a minimum wage are like Watson — they see an increase in the minimum wage, but do not observe the unintended effects of the law.
COLUMN: Congress' top priority should be small business tax cut
CONGRESS IS back in session, and a long policy to-do list awaits. But our legislators shouldn’t be mistaken: Cutting taxes is the priority.Today, at a pivotal moment in our long economic recovery from the Great Recession, the time has come once again for Congress to embrace the wisdom of a well-targeted tax cut.
Small businesses can’t prosper without tax cut
This month, Congress goes back in session. A long policy to-do list awaits. But our legislators shouldn’t be mistaken: Cutting taxes is the priority. Today, at a pivotal moment in our long economic recovery from the Great Recession, the time has come once again for Congress to embrace the wisdom of a well-targeted tax cut. While opportunities and risks abound for comprehensive legislation, lawmakers should start off right with tax relief for small businesses.
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