The Obama administration seems to be following what might be called 'the Detroit pattern increasing taxes, harassing businesses, and pandering to unions. In the short run, it got mayors re-elected. In the long-run, it reduced Detroit from a thriving city to an economic disaster area, whose population was cut in half, as its most productive citizens fled.

As an economist, whenever I hear the word shortage I wait for the other shoe to drop. That other shoe is usually price control.

Barack Obama's vision of America is one in which a President of the United States can fire the head of General Motors, tell banks how to bank, control the medical system and take charge of all sorts of other activities for which neither he nor other politicians have any expertise or experience.

When we hear about rent control or gun control, we may think about rent or guns but the word that really matters is 'control.' That is what the political left is all about, as you can see by the incessant creation of new restrictions in places where they are strongly entrenched in power, such as San Francisco or New York.

The key fallacy of so called gun control laws is that such laws do not in fact control guns. They simply disarm law abiding citizens, while people bent on violence find firearms readily available.

The vision of the left, full of envy and resentment, takes its worst toll on those at the bottom - whether black or white - who find in that paranoid vision an excuse for counterproductive and ultimately self-destructive attitudes and behavior.

The most fundamental fact about the ideas of the political left is that they do not work. Therefore we should not be surprised to find the left concentrated in institutions where ideas do not have to work in order to survive.