Good morning. We are just 10 days from the 2024 Iowa presidential caucuses and it’s also Friday, the day of week when I share a quotation intended to be informative or uplifting. This morning’s words of wisdom come from a long-forgotten Ford Motor Co. executive. (That’s not as random as it sounds, as you’ll see.)
Today’s date, January 5, is an eventful anniversary in U.S. cultural, economic, and political history. Harry Truman delivered his “Fair Deal” speech on this day in 1949; House Speaker Tip O’Neill died on Jan. 5, 1994; John Boehner was elected speaker on this date in 2011.
If you hail from New Jersey, you can celebrate today’s date for the release of Bruce Springsteen’s debut album, “Greetings From Asbury Park.” Or if San Francisco is your hometown (as it is mine), you may know that construction finally began on the Golden Gate Bridge on Jan. 5, 1933.
The long-awaited project was delayed by world war, political squabbles, environmental concerns, litigation, and funding issues. The latter hurdle was cleared when a San Francisco-based financial institution, Bank of America, purchased $35 million in bonds as a way of helping the Depression-saddled economy of Northern California.
“San Francisco needs the bridge,” chief engineer Joseph Strauss told Bank of America’s founder and CEO A.P. Giannini.
“We will take the bonds,” Giannini replied.
I’ll pick up on this thread in a moment — the thread being how the success (and failures) of free-market capitalism impact democratic elections in this country. First, I’d direct you to RCP’s front page, which contains the latest poll averages, political news and video, and aggregated opinion pieces ranging across the ideological spectrum. We also offer the usual complement of original material from our stable of columnists and contributors. Recent highlights include the following:
The Art of Covering Politicians Who Lie. In Part 3 of RealClearPolitics’ “1735 Project,” I unpack the complexities and controversies the press must navigate when faced with presidents who are, well, truth-challenged.
Antony Blinken Rejects Calls To Add Nigeria to Blacklist. Susan Crabtree reports on the State Department’s decision to leave the West African nation off a list of religious freedom’s worst offenders.
Blame Regulations for Higher Airline Prices. John Lott explains why there’s more than inflation to blame for the rising cost of your plane ticket.
A National Award — An Idea We Should Steal From the Brits. Scott Klug suggests borrowing a bipartisan peacekeeping tactic from our friends across the pond.
Social Media Case Reinvigorates Debate Over Internet Fairness. K.S. Bruce reviews the details of Texas’ free speech law set to be heard by SCOTUS in the upcoming term.
Attack on Program To Help Black Students Is Misguided. At RealClearEducation, Glenn Sacks challenges conservative opposition to a program that addresses minority underperformance in public schools.
FBI-Tainted “Kidnap Plot” You’ve Heard Little About. In RealClearInvestigations, Julie Kelly reveals how a supposedly white-supremacist scheme to kidnap Democratic Gov. Gretchen Whitmer of Michigan has been exposed as a broad conspiracy by law enforcement to entrap Americans with unpopular political views.
Politicized, Progressive Big Philanthropy. At RealClearPolicy, Michael Hartmann cites recent research by RealClearInvestigations into important questions about the funding of left-leaning nonprofits.
A Wish List for Boosting the Space Economy in 2024. At RealClearScience, Grant Anderson proposes that now is the time to take stock, make adjustments, and prepare for both challenge and opportunity in the next frontiers.
Retirement Savings Will Become the “4th Rail.” At RealClearMarkets, John Tamny predicts that a longer work life and increased years to acquire wealth will result in less dependence on Social Security.
Preserving and Promoting U.S. Medtech Sector. At RealClearHealth, Scott Whitaker encourages the protection of robust supply chains as the backbone of patient care.
Dealing With the Unprecedented Military Threats Facing the United States. At RealClearDefense, Mark Schneider offers a somber warning that the U.S. could be drawn into armed conflict with four nations that all seek America’s decline.
Mary’s Magnificat: The Christmas Song We Need in 2024. At RealClearReligion, Adam Carrington commends a biblical message for our war-torn times.
In 1992 as Bill Clinton faced headwinds in New Hampshire over revelations ranging from extra-marital dalliances to draft dodging, political savant James Carville kept the Clinton campaign team on task with a famous four-word summary of the issue foremost on voters’ minds: “It’s the Economy, Stupid.”
It does seems more complex these days. One could say, “It’s the culture, stupid.” Or, it’s the border. Or Ukraine. Or China. Or COVID, crime, fentanyl. Or the brutal attack on Israel. Or the inexplicable rush to blame Jews for being attacked and all the campus crazies. Or abortion, censorship, the future of democracy itself. And, of course, Trump.
There’s a lot going on.
Still, let’s not forget James Carville’s wisdom. America’s political writers would do well to remember that kitchen table issues still are crucial in close elections. What’s happening in the economy in 2024 is not a linear equation, however. Inflation is finally under control, gasoline prices are dropping, unemployment is low, the stock market is booming. Those are positive developments. But the news is not all good. Wages haven’t kept up with prices, the federal deficit is out of control, interest rates are higher than they’ve been in a generation, and high housing prices are contributing to homelessness and angst among young voters.
Surprising numbers of young Americans think socialism is the answer. This view is, let me say, inharmonious with the realities of the 21st century. It may be something of an indictment of our educational system. I’ll use Venezuela as an example. To make a long story short, in 1998, Venezuelans elected a junior military officer and Communist antisemite named Hugo Chavez as president. In the ensuing 15 years until his death, Chavez made himself president for life, wrecked Venezuela’s economy, and set in motion his succession by a Marxist dictator just as corrupt and incompetent as he was, but lacking Chavez’ charisma.
One result: In late September, President Biden granted 500,000 recently arrived Venezuelans work permits in the United States. That number is not a typo. The moral of the story is that Venezuelans want to work, but their nation’s economy is such a basket case they have to leave the country. In other words, despite the many excesses of U.S. corporations, some of them quite grotesque (vulture capitalists stripping the nation’s newspapers for spare parts, for example), no other system has proven itself more adaptable to the needs of society. Having said that, the best company owners, to paraphrase Carville, know that “it’s the workforce, stupid.”
On this date in 1914, Henry Ford announced profit-sharing for Ford Motor Company employees, three round-the-clock shifts in his factories of eight hours each, and a minimum wage of $5 a day, which represented a significant bump.
“Even the boy who sweeps up the floors will get that much,” the New York Times noted in awe.
“It is our belief that social justice begins at home,” company treasurer James Couzens said on that January day. “We want those who have helped us to produce this great institution and are helping to maintain it to share our prosperity. We want them to have present profits and future prospects. Thrift and good service and sobriety, all will be enforced and recognized.”
If America had more executives like this today and fewer of the kind that award themselves multi-million-dollar pay packages while laying off thousands of workers, my guess is that the 2024 electorate would be less restive.
In any event, James Couzens’ aspirational words are our quote of the week.
Carl M. Cannon
