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Black Friday shoppers at Macy’s in Herald Square (Photo : Getty Images/Kena Betancur )

The Dow Jones Industrial Average (INDEXDJX:.DJI) and the S&P 500 (INDEXSP:.INX) hit new record highs on Black Friday. The gains, which come as the markets continue to rally in response to the election of President-elect Donald J. Trump, were fueled by rises in consumer stocks on the day that marks the official start of the crucial holiday shopping season.

The Dow Jones gained 51.02, or 0.27% to 19,134.20, while the S&P gained 5.44 (0.25%) to 2,210.16. The small cap Russell 2000 (INDEXRUSSELL:RUT) also hit a record intraday high on a day when trading volumes are expected to be relatively thin as the market closes at 1:00 p.m. ET (1700 GMT). As of 11:22 A.M. EST, it was trading at 1,343.44, up 1.34 (0.10%).

Target Corp. (NYSE:TGT) CEO Brian Cornell said Thursday evening that he was “very encouraged by the initial response” to toys and Apple Inc. products. He also said that hoverboards, which were revamped and cleared for sale after catching on fire last year, sold out online. Sales of their $10 giant teddy bear are also stronger than anticipated.

“So far, the most encouraging trend we are seeing is that while door-busters continue to be important,” Mr. Cornell said, “once guests are there, they are shopping multiple categories.”

Since the presidential election, the three main U.S. indexes have hit all-time highs and closed at record highs several times in the last few trading days. The Dow breached and closed over 19,000 for the first time ever.

“Trump’s stock market honeymoon continues as the indices push higher this morning, and the focus now shifts to holiday sales,” said Peter Cardillo, chief market economist at First Standard Financial in New York.

The National Retail Federation forecasts holiday sales to grow 3.6 percent this year to $655.8 billion, though it has missed performances in the last few years making overly optimistic with projections in the past. Nevertheless, the forecast includes roughly 137.4 million people who will be shopping in stores and online during Thanksgiving weekend alone.

The Adobe Digital Index said spending online increased 14% to more than $1 billion by Thanksgiving night. For brick-and-mortar stores, who look to the holiday season to account for roughly 40% of their total annual sales, the gains in online shopping are not as welcome.

“At one point or another this market is going run into a brick wall, but right now it’s still being supported by the enthusiasm of Trump’s pro-growth program,” Cardillo said.

According to Customer Growth Partners, consumers are expected to spend $27 billion on the Friday after Thanksgiving this year, making it the second-biggest U.S. shopping day of the year behind Super Saturday. That falls on the Saturday during the weekend before Christmas.

The Dow Jones Industrial Average (INDEXDJX:.DJI) and

Democratic presidential candidate Hillary Clinton, left, and Abraham Lincoln, left, the 16th president of the United States.

Democratic presidential candidate Hillary Clinton, left, and Abraham Lincoln, left, the 16th president of the United States.

In 1863, President Abraham Lincoln proclaimed a national day of “Thanksgiving and Praise to our beneficent Father who dwelleth in the Heavens.” With that proclamation, the United States of America became the first nation to establish a holiday based upon gratitude.

Americans were thankful for their faith, good fortune, as well as the political and economic systems that nurtured their way of life. Now, for one day each year since they experienced untold hardship during the Civil War, Americans take the day to reflect on the things in each of our own lives we are thankful for.

On a few occasions, the nation collectively reflects on what we have to be thankful for as a result of living in this great nation. After emerging the winner of the bitter election season, President-elect Donald J. Trump in a Thanksgiving message Wednesday called for national unity under the shared goal to Make America Great Again for all people.

At least for now, it seems like a tall order. But he was right to call the U.S. our shared home and even though not everyone is thrilled with the outcome of the election, they should be. A self-made political newcomer, a non-politician who in many ways embodies capitalism, defeated a crowded field of popular and equally qualified rivals in a high-participation contest. He then went on to defeat the most powerful political machine in the country.

Only in America, folks.

Leftwing collectivists may lament it, but merit-based individualism is still very much at the center of the American national identity. If the snowflakes on U.S. campuses spent more time learning about history and less time hiding in safe spaces, they’d know this is a good thing.

[brid video=”80323″ player=”2077″ title=”A Thanksgiving Message from PresidentElect Donald J. Trump”]

The pilgrims didn’t have the luxury of debating the moral relativism of collectivism. They learned a very painful lesson the hard way and the “First Thanksgiving” nearly never happened. Before they had a chance to be thankful for anything, the Pilgrims almost starved to death.

Snowflakes might have learned about Squanto, the Patuxet Native American of the Wampanoag tribe who taught the Pilgrims how to catch eel, fish and grow corn. Unfortunately, most have never heard the rest of the story.

Pilgrims operated under a communal system when they first settled Plymouth. The initial charter dictated that they share in common property and farms and, as a result, each family was to receive an equal share of food, despite how much work they put in. It was little more than a colonial era wealth redistribution scheme that went against their Protestant values.

The result was widespread starvation and theft.

“Much was stolen both by night and day,” Gov. William Bradford wrote. But he quickly noticed the less-agreeable aspects to human nature — notably, the innate human desire to free-ride if and when allowed — and he changed course. Adopting a free market capitalism mentality, which was strengthened by the Protestant ethic, Gov. Bradford noticed that the Pilgrims now “went willingly into the field.”

“They began now to gather in the small harvest they had, and to fit up their houses and dwellings against winter, being all well recovered in health and strength and had all things in good plenty,” Gov. Bradford wrote.

The-First-Thanksgiving-

The First Thanksgiving 1621, oil on canvas by Jean Leon Gerome Ferris (1899).

Due to property incentives, self-interests and the tenets of their faith, including their unique work ethic, the soon-to-be-founders of Plymouth Rock and the Massachusetts Bay Colony prospered. But without capitalism there would’ve been no true right to property, thus little to no incentive to produce.

This shared lesson evolved into what we know as the American mainstream Protestant ethic, which the nation adopted as something unique to us and widely recognized as a large contributor to our economic success. But American politics in the 21st century saw a challenge to that very identity unlike anything we have seen before, an attempt to “fundamentally transform” the U.S. into something we are not.

With the changing demographics in the country many believed collectivism would prevail. Unfortunately, there are many in American society that have forgotten their history and its lessons. They have distorted and diminished the true sprit of capitalism, redefining it in terms of greed and selfishness that needs to be punished by an ever-expanding federal government.

But this modern characterization of capitalism would be unrecognizable to those who attended the original 1621 harvest meal, much like modern Thanksgiving celebrations would be. They believed capitalism, though not called by that name at the time, was a means to a much different end.

Max Weber, the German sociologist and political economist, wrote of the origins, history, and the true spirit of capitalism long before I ever did. In my 2013 book Our Virtuous Republic, I attempted to remind Americans of who we are and where we came from, explaining how two political philosophies were both guilty of abandoning the values that made us who we are.

“The impulse to acquisition, pursuit of gain, of money, of the greatest possible amount of money, has in itself nothing to do with capitalism,” Mr. Weber wrote in The Protestant Ethic and the Spirit of Capitalism. “It should be taught in the kindergarten of cultural history that this naive idea of capitalism must be given up once and for all. Unlimited greed for gain is not in the least identical with capitalism, and is still less its spirit.”

Only a free market, where people are free to make choices and, ultimately to live as they wish, can become a true cradle of liberty and incubator for individual growth and success. Our Founding Fathers learned the lessons of history and established a political and economic system for a new nation that would nurture the more-agreeable characteristics of human nature.

The election of Donald J. Trump–particularly after President Barack Obama moved the country backward toward redistribution–unquestionably demonstrates the American people were not yet willing to abandon that system.

On Thanksgiving 2016, just a few short weeks after the presidential election, I thank God and country that the spirit of capitalism is alive and well in America.

[mybooktable book=”our-virtuous-republic-forgotten-clause-american-social-contract” display=”summary” buybutton_shadowbox=”true”]

As Americans celebrate Thanksgiving after what was

Obama-Paris-Climate-Change-Conference

U.S. President Barack Obama speaks at the Paris Climate Change conference on Nov. 30, 2015. (Photo: AP)

It would be nice if President-elect Donald Trump took one of the most serious threats to life on earth seriously, but he does not. Trump called global warming a Chinese “hoax” during the campaign, and he’s assigned a science dunce to lead the transition at the Environmental Protection Agency.

The comforting news is that America can move past the black hole of ignorance in Trump’s Washington — or New York or wherever he is. Enlightened state and city governments, as well as the private sector, can provide the leadership. As it happens, they’re already on the case.

Huge example: During the Paris climate change conference last December, Bill Gates organized a handful of billionaires and came up with $15 billion for his Breakthrough Energy Coalition. The group’s mission is to fund research on radical new clean energy technologies.

“Ten guys in a room produced more money than the entire world community of nations in commitment of resources,” Daniel Esty, professor of environmental law and policy at Yale Law School, told me.

“I’m not as sad or crushed as some people (that Trump was elected),” he added. “When the federal government collapses, state governments step up.”

California’s war on greenhouse gases is already 10 years old. Its original goal was to reduce the state’s carbon footprint to the 1990 level by the year 2020. The new goal is to shrink the carbon footprint to 40 percent below the 1990 level by 2030.

After the election, Gov. Jerry Brown rejected the notion of defeat or backsliding. “We will protect the precious rights of our people and continue to confront the existential threat of our time — devastating climate change,” he announced.

Brown is not without economic firepower. California is the world’s sixth-biggest economy.

Regional compacts in the West, in the Northeast and elsewhere are following California’s lead. There’s also one in South Florida, where “king tides” are now flooding streets on perfectly sunny days.

Can Trump be educated on this issue — or at least tamed by forces he can’t control?

Former French President Nicolas Sarkozy, again running for the office, vows to slap a carbon tax on American imports if Trump pulls us out of the Paris climate deal. Could that happen?

Absolutely, according to Esty. Countries failing to meet international standards that form the base line for fair competition can be punished. And 195 nations have joined the Paris agreement.

Climate change has become a major priority for the U.S. Department of Defense. Rising waters already threaten Navy installations along the mid-Atlantic coast. And as the Arctic ice melts, Russia is opening bases in the region.

Higher temperatures worsen drought in Africa, unleashing mass migrations and spawning terrorists. Adm. Samuel Locklear III has called climate change the “biggest long-term security threat” in the Asia-Pacific region.

Trump may not know this, but China, the biggest producer of greenhouse gases, has been slashing its carbon emissions. How big is this? Ginormous. In the first four months of 2015, China cut emissions by an amount roughly equal to Britain’s entire emissions for the same period.

The smaller carbon footprint is merely a byproduct of China’s effort to clean up its putrid air. Getting rid of carbon emissions also gets rid of dirty air. That’s why states are still going after them even though the greenhouse gases themselves spread evenly around the globe.

As for Trump, he’s done little so far other than to embarrass reality-based Americans. But again, we can work around him.

Last summer, Brown told climate change deniers: “Bring it on. We’ll have more battles, and we’ll have more victories.”

Can Jerry Brown be our alt-president?

It would be nice if President-elect Donald

white_house_regulations_thanksgiving_2014

President Barack Obama and daughters Sasha and Malia look in on Mac, one of two turkeys spared this year from the Thanksgiving dinner table by presidential pardon, in the East Room of the White House prior to the annual National Thanksgiving Turkey pardon ceremony, Nov. 26, 2014. (Photo: Pete Souza)

What if on Thanksgiving Day there is more to be fearful about than there is to be thankful for? What if our political season from hell is not over but merely transformed? What if the election season through which we all just suffered is a portent of things to come?

What if the election was decided not on issues but on emotions? What if most people who voted for president chose the candidate they hated less? What if people talked more about videotapes, emails, private behavior and public deception than they did about issues that arise under the Constitution? What if the videotapes and the emails aroused feelings of disgust that motivated millions of voters to make choices? What if those emotional choices led them to Donald Trump over Hillary Clinton?

What if, on the issues that arise under the Constitution, Clinton and Trump have a common belief at their core — that government should expand to address whatever needs the politicians who run it can identify?

What if neither Clinton nor Trump expressed any mistrust of government? What if, instead, they showed a willingness to embrace it? What if there was little or no talk during the campaign of personal liberty in a free society? What if there was little or no talk during the campaign about how the federal government should stay within the confines of the Constitution? What if there was no talk at all by either candidate during the campaign of the Constitution itself and the values that underlie it and its unambiguous recognition of natural rights?

What if the public injection of the FBI into the political process during the height of the presidential campaign was without precedent or legal justification? What if it was expressly prohibited by long-standing federal practice? What if the Department of Justice was determined to exonerate Clinton no matter what evidence of criminal activity on her part was discovered by the FBI?

What if the FBI nonsense about Clinton emails on Anthony Weiner’s laptop was just that — nonsense intended to ensure a Clinton electoral defeat in return for her legal exoneration? What if that is a trade-off that the FBI has no business offering and no lawful right to make?

What if the whole purpose of the Constitution was to establish the federal government and, at the same time, to limit it? What if the Constitution affirmatively states that the powers the states do not delegate away to the federal government are retained by them? What if that view is alien to President-elect Trump? What if he believes that the federal government can right any wrong, regulate any behavior and tax any event, no matter what the Constitution says?

What if candidate Trump called Obamacare the worst political experiment and assault on health care in American history? What if the core of Obamacare is the individual mandate (which forces all Americans to have health insurance), the pre-existing conditions mandate (which forces insurance carriers to insure the uninsurable, against all free market principles) and the child coverage mandate (which forces insurance carriers to allow for the insuring of the children of insured parents until the children reach age 26)?

What if those three mandates have contributed to the increased cost of health insurance and the decreased availability of the services of medical professionals? What if President-elect Trump now supports those three mandates, against which he railed aggressively and vociferously when he was a candidate?

What if he supports President Barack Obama’s claimed right to use drones to kill Americans who have not been charged or convicted of any crime when they are in foreign countries? What if Trump believes he can legally torture Americans, not as punishment for the commission of a crime but to extract information from them? What if he believes he can kill the innocent spouses and children of those foreigners who are harming American interests? What if torture for any purpose and knowingly targeting innocents for death are war crimes and the president is not immune from being prosecuted for them? What if Trump, like Obama before him, believes he can lock people up without charges or a trial or access to the courts?

What if on Thanksgiving, instead of thanking, we engage in thinking — about human freedom, limited government and government fidelity to the Constitution that created it? What if, while being thankful for life and liberty, we think about ways to preserve them? What if we recognize that when our government breaks its own laws, it assaults the fabric of our republic? What if we are thankful for the recognition of that?

What if on Thanksgiving we re-evaluate the relationship of the individual to the state? What if we begin by demanding that the government work for us and not the other way around? What if instead of just accepting the new government, we try to limit it?

What if we advance the idea that the individual has an immortal soul and the government is a temporary organization based on a monopoly of force? What if we can cause the government to recognize that because our souls are immortal, there are vast areas of human behavior in which we do not need a government permission slip in order to make personal choices? What if we call these choices in these areas natural rights?

What if the best government is the one that taxes, spends and regulates the least? What if the best government recognizes our natural rights? What if the best government leaves us alone? What if that would be something to be thankful for?

Politics,Thanksgiving,Government,Judge Andrew Napolitano,Culture

Supporters of Republican presidential candidate Donald Trump speaks during a campaign rally, Sunday, Nov. 6, 2016, in Sterling Heights, Mich. (Photo: AP)

Supporters of Republican presidential candidate Donald Trump speaks during a campaign rally, Sunday, Nov. 6, 2016, in Sterling Heights, Mich. (Photo: AP)

In the closest race ever in Great Lake State history, the Michigan Secretary of State gave President-elect Donald Trump a 10,704 vote win over Hillary Clinton. The call comes after the state’s 83 county clerks on Tuesday submitted, posted and certified voting results by each county.

While People’s Pundit Daily called it more than a week ago, the official results from the state were still in flux though the secretary said they did not expect the certification to change the outcome. The addition of Michigan, one of three Rust Belt states in the so-called Blue Wall to fall to the New York businessman on Election Day, gives the winner 306 Electoral Votes.

President-elect Trump’s lead was a 13,107 lead over Mrs. Clinton after the votes were counted on election night, but after each county certified its results, the lead shrunk to 10,704. Nearly all of the additional votes for Mrs. Clinton came from Wayne, the most populous county in the state and one of only 8 that voted for her over Mr. Trump. It showed that Clinton had gotten 565 more votes than originally tallied by the county.

The state’s Board of Canvassers will officially certify the results on November 28 and the electoral college in all the states will cast their votes on December 19.

“Many people have asked about Michigan’s process for counting ballots and certifying election results. Please be aware that all 1,521 Michigan cities and townships completed ballot counting and reported unofficial results by the morning of Wednesday, Nov. 9,” a statement by the Secretary of State’s office said. “The county canvassing boards, as they do after every election, then began their work to review and certify the results from each precinct.”

As People’s Pundit Daily previously explained, most now-largely discredited pundits are blaming low turnout for The Great Lakes State going Red for the first time since 1988. But dig a bit deeper and that explanation doesn’t really suffice.

“In Michigan, Mr. Trump carried 12 counties that voted to reelect Mr. Obama in 2012, including Monroe, Bay, Eaton, Saginaw and Macomb,” The People’s Pundit, Richard Baris pointed out. “In Macomb County, voter turnout actually increased 4% juxtaposed to the 1.1% increase statewide from 4 years ago.”

Mrs. Clinton won only 8 counties, including Genesee, Ingham, Kalamazoo, Marquette, Muskegon, Oakland, Washtenaw and Wayne. In the Democratic stronghold of Wayne, which gave Mrs. Clinton a 289,000-vote lead, Mr. Trump was able to hold down the Democratic margin as he ran up record spreads in rural counties.

The Democratic presidential candidate and former secretary of state received 78,884 fewer votes than President Barack Obama and roughly 53,000 fewer votes than John Kerry in 2004. Mr. Trump got 14,449 more votes than Gov. Mitt Romney did in 2012.

“At first glance it would appear the next Democratic candidate could overcome Mr. Trump’s margins in the rest of the state if they perform at historical levels in Wayne County,” Baris added. “Mr. Trump only carried the state by roughly 10,000 votes. But that conclusion foolishly assumes the working class and suburban votes the winner left on the table do not vote in 2020 and, as I always stress, political coalitions do not evolve in a vacuum.”

“We’ll have to watch new registrations and party preference changes closely over the next 4 years.”

The vote totals to be submitted to the state Canvassers Board on November 28 are in the table below.

Candidate Party Total Votes
Donald J. Trump Republican 2,279,543
Hillary R. Clinton Democrat 2,268,839
Gary Johnson Libertarian 172,136
Jill Stein Green 51,463
Darrell L. Castle U.S. Taxpayers 16,139
Evan McMullin Write-In 8,177
Emidio Mimi Soltysik Natural Law 2,209
Michael Maturen Write-In 517
Tom Hoefling Write-In 95
Laurence Kotlikoff Write-In 87
Ben Hartnell Write-In 39
Monica Moorehead Write-In 30
Cherunda Fox Write-In 10

In the closest race in Great Lake

FILE - This Oct. 14, 2015, file photo shows the Food and Drug Administration campus in Silver Spring, Md. (Photo: AP)

FILE – This Oct. 14, 2015, file photo shows the Food and Drug Administration campus in Silver Spring, Md. (Photo: AP)

I routinely grouse about the heavy economic cost of red tape. I’ve also highlighted agencies (such as the EEOC) that seem especially prone to senseless regulations.

And I’ve explained why private regulation actually is a very effective way of promoting health and safety.

Today, let’s get specific and look at the Food and Drug Administration. This bureaucracy ostensibly is supposed to protect us by making sure drugs and medical devices are safe and effective before getting approval, which seems like it might be a reasonable role for government.

But the FDA routinely does really foolish things that undermine public health. The likely reason is that the bureaucracy has a bad incentive structure. As Professor Alex Tabarrok has explained.

…the FDA has an incentive to delay the introduction of new drugs because approving a bad drug (Type I error) has more severe consequences for the FDA than does failing to approve a good drug (Type II error). In the former case at least some victims are identifiable and the New York Times writes stories about them and how they died because the FDA failed. In the latter case, when the FDA fails to approve a good drug, people die but the bodies are buried in an invisible graveyard.

This video from Learn Liberty looks at some data on how the FDA’s Type II errors have led to thousands of deaths, but mostly focuses on whether people and medical professionals should have the freedom to makes choices different from what the FDA has officially blessed.

It’s also worth mentioning that the process of drug approval is jaw-droppingly expensive, as Professor Tabarrok noted in another column.

It costs well over a billion dollars to get the average new drug approved and much of that cost comes from FDA required clinical trials. Longer and larger clinical trials mean that the drugs that are eventually approved are safer. But longer trials also mean that good drugs are delayed. And the more expensive it is to produce new drugs the fewer new drugs will be produced. In short, longer and larger trials mean drug delay and drug loss.

The FDA bureaucracy can’t even approve things it already has approved. There was a big controversy a few months ago about the EpiPen, which is a very expensive device that auto-injects medication to people suffering severe allergic reactions.

But the device is only costly because the FDA is hindering competition, as noted by the Wall Street Journal.

Epinephrine is a basic and super-cheap medicine, and the EpiPen auto-injector device has been around since the 1970s. Thus EpiPen should be open to generic competition, which cuts prices dramatically for most other old medicines. Competitors have been trying for years to challenge Mylan’s EpiPen franchise with low-cost alternatives—only to become entangled in the Food and Drug Administration’s regulatory afflatus. …the FDA maintains no clear and consistent principles for generic drug-delivery devices like auto injectors or asthma inhalers. …injecting a kid in anaphylactic shock with epinephrine…is not complex medical engineering. But no company has been able to do so to the FDA’s satisfaction.

Research from the Mercatus Center reveals that the FDA imposes ever-higher costs and gets ever-higher budgets, but also how the bureaucracy fails to deliver on its obligation to facilitate innovation.

The expense of putting drugs and devices through this system is almost unimaginable. The cost of bringing low- to medium-risk 510(k) medical devices to market averages $31 million, $24 million (75 percent) of which is dedicated solely to attaining FDA approval within an average of about six months. Any significant improvement to the device requires reapplication. For higher-risk medical devices where there may be significant health gains, the costs are about $94 million, $75 million (80 percent) of which is dedicated to attaining FDA approval. For drugs, the situation is much worse. It costs an average of $2.6 billion simply to get a drug through the FDA process and onto the market. This does not include postmarket monitoring, the terms of which are laid out by FDA upon approval. These costs have increased from about $1 billion between 1983 and 1994. …we continue to increase the funding and authority for FDA and assume that we will somehow boost innovation in medical products (drugs and devices) despite the growing obstacles. This has not happened. …Congress continues to increase funding for FDA through both the general fund and industry user fees…with the hope that performance goals and additional funding would increase FDA’s performance and lead to an increase in innovations. …but FDA finds strategic ways to narrowly meet each goal while frustrating the original goal of improving health outcomes through innovation.

By the way, the FDA also does really bone-headed things. I’ve previously written about the bureaucracy’s war against unpasteurized milk, including military-style raids on dairies. Now the bureaucrats think soldiers shouldn’t be allowed to get cigars.

The Wall Street Journal has the details of this silly nanny-state intervention.

You might think GIs in Iraq and Afghanistan have enough to worry about with Islamic State and the Taliban. But it turns out they’ve also got a problem called the Food and Drug Administration. In August a new FDA rule went into effect that forbids tobacco makers and distributors from handing out free samples. Some companies that have been donating cigars to service members for decades have now stopped for fear that this is now illegal. The FDA nuttiness has attracted the attention of Rep. Kathy Castor, a Democrat who represents Florida’s 14th district, which includes “Cigar City,” or Tampa. She has introduced a bill to “reinstate the tradition of donating cigars to our military members to provide them with a taste of home while deployed.” Her press release notes that cigars are the “second-most requested item” from troops overseas. …cigars for service members is in question because it’s a proxy for the political war on tobacco, but the first casualty is common sense. The FDA’s bureaucrats are happy to have U.S. soldiers, sailors, airmen and Marines dodge bullets overseas but they’re horrified they might relax by lighting up a stogie.

But the nanny-state war against soldiers enjoying cigars is downright trivial compared to the deadly impact of the FDA’s attack on vaping.

Jacob Sullum of Reason outlines some of the horrifying details.

The Food and Drug Administration’s e-cigarette regulations, which took effect last week, immediately struck two blows against public health. As of Monday, companies that sell vaping equipment and the fluids that fill them are forbidden to share potentially lifesaving information about those products with their customers. They are also forbidden to make their products safer, more convenient, or more pleasant to use. The FDA’s censorship and its ban on innovation will discourage smokers from switching to vaping, even though that switch would dramatically reduce the health risks they face. That effect will be compounded by the FDA’s requirement that manufacturers obtain its approval for any vaping products they want to keep on the market for longer than two years. The cost of meeting that requirement will force many companies out of business… All of this is unambiguously bad for consumers and bad for public health. Yet the FDA took none of it into account…the Family Smoking Prevention and Tobacco Control Act…gave the FDA authority over tobacco products, a category to which it has arbitrarily assigned tobacco-free e-cigarettes, even when they contain nicotine that is not derived from tobacco or no nicotine at all. …A brief that 16 advocates of tobacco harm reduction filed last week in support of Nicopure’s lawsuit notes that the cost of the FDA’s regulations will far outweigh their benefit if they cause even a small percentage of vapers to start smoking again or deter even a small percentage of current smokers from switching. That’s because of the huge difference in risk between e-cigarettes and the conventional kind (at least 95 percent, according to the Royal College of Physicians)… The FDA acknowledges that its regulations might also harm public health by retarding the substitution of vaping for smoking. But it does not include that cost in its analysis, deeming it too speculative. The FDA literally assigns zero value to the lives of smokers who would have quit were it not for the agency’s heavy-handed meddling.

Oh, I suppose I also should mention that FDA red tape is responsible for the fact that Americans have a much more limited selection of condoms than Europeans.

I’m sure there’s a good joke to be made about the bureaucrats screwing us in ways that interfere with us…um…well, you know.

Let’s wrap up with some tiny bits of good news. First, Arizona’s Goldwater Institute has been remarkably successful in getting states to adopt “Right to Try” laws that give seriously ill people the right to try investigational medications.

Sadly, those laws will have limited use until there’s also reform in Washington. Fortunately, there’s some movement. Here’s a video from a congressional hearing organized by Senator Johnson of Wisconsin.

Here’s a second item that sort of counts as good news.

If there is one silver lining to the dark cloud of FDA incompetence, it’s that the bureaucrats haven’t figured out how to criminalize those who use drugs for “off-label” purposes (i.e., for reasons other than what was approved by the government). A good example, as reported by the New York Times, is a tooth desnsitizer that’s only been recently approved by the FDA (after being available for decades in nations such as Japan), and already dentists are using it to fight cavities.

Nobody looks forward to having a cavity drilled and filled by a dentist. Now there’s an alternative: an antimicrobial liquid that can be brushed on cavities to stop tooth decay — painlessly. The liquid is called silver diamine fluoride, or S.D.F. It’s been used for decades in Japan, but it’s been available in the United States, under the brand name Advantage Arrest, for just about a year. The Food and Drug Administration cleared silver diamine fluoride for use as a tooth desensitizer for adults 21 and older. But studies show it can halt the progression of cavities and prevent them, and dentists are increasingly using it off-label for those purposes. …Silver diamine fluoride is already used in hundreds of dental offices. Medicaid patients in Oregon are receiving the treatment…it’s relatively inexpensive. …The noninvasive treatment may be ideal for the indigent, nursing home residents and others who have trouble finding care. …But the liquid may be especially useful for children. Nearly a quarter of 2- to 5-year-olds have cavities

Since I’m not familiar with the history of the FDA, I wonder whether the bureaucrats have ever tried to block medical professionals from using drugs and devices for “off-label” purposes.

Let me close with one final point. Our leftist friends aren’t very interested in reforming the FDA.

Instead, they argue that the big problem is greedy pharmaceutical companies and suggest European-style price controls.

That could save consumers money in the short run, I’m sure, but it would gut the incentive to develop new medications.

One expert looked at the Rand Corporation estimates that such policies would lead to a decline in life expectancy of 0.7 years by 2016. He then crunched the numbers and concluded that the aggregate impact would be worse thing to ever happen. Even worse than the brutality of Mao’s China.

…let me put this in context. In 2060 there will probably be 420 million Americans and 523 million Europeans. And suppose that whatever changes we make in drug regulations today last for one human lifespan, so that everybody has a chance to be 55-60. So about a billion people each losing about 0.7 years of their life equals 700 million life-years. Since some people live in countries outside the US and Europe [citation needed] and they also benefit from First-World-invented medications, let’s round this up to about a billion life-years lost. What was the worst thing that ever happened? One strong contender is Mao’s Great Leap Forward, in which ineffective agricultural reforms and very effective purges killed 45 million people. Most of these people were probably already adults, and lifespan in Mao’s China wasn’t too high, so let’s say that each death from the Great Leap Forward cost what would otherwise be twenty healthy life years. In that case, the worst thing that has ever happened until now cost 45 million * 20 = 900 million life-years. Once again, RAND’s calculations plus my own Fermi estimate suggest that prescription drug price regulation would cost one billion life-years, which would very slightly edge out Communist China for the title of Worst Thing Ever.

I guess the bottom line is that the FDA is a typical regulatory agency, both incompetent and expensive. But if the statists have their way, things could get a lot worse.

The Food and Drug Administration (FDA) is

[brid video=”80323″ player=”2077″ title=”A Thanksgiving Message from PresidentElect Donald J. Trump”]

President-elect Donald J. Trump called for national unity with a Thanksgiving message to the country in a video released directly to the American people. He called the U.S. our shared home and asked for all Americans to come together under the shared goal to Make America Great Again for all people.

President-elect Donald J. Trump called for national

President-elect Donald Trump calls out to the media as he and Betsy DeVos pose for photographs at Trump National Golf Club Bedminster clubhouse in Bedminster, N.J., Saturday, Nov. 19, 2016. (Photo: AP)

President-elect Donald Trump calls out to the media as he and Betsy DeVos pose for photographs at Trump National Golf Club Bedminster clubhouse in Bedminster, N.J., Saturday, Nov. 19, 2016. (Photo: AP)

President-elect Donald J. Trump announced Wednesday he will nominate Betsy DeVos as secretary of the U.S. Department of Education (DOE). Ms. DeVos, a leader in the choice movement, education advocate and philanthropist, has pushed for national education reform for more than two decades.

“Betsy DeVos is a brilliant and passionate education advocate,” President-elect Donald J. Trump said in a statement. “Under her leadership we will reform the U.S. education system and break the bureaucracy that is holding our children back so that we can deliver world-class education and school choice to all families. I am pleased to nominate Betsy as Secretary of the Department of Education.”

Ms. DeVos, Michigan native, spent more than two decades helping unprivileged children gain quality education and advocating for school choice. She is the chairwoman of the American Federation for Children, whose mission, according to their website, is to “improve our nation’s K-12 education by advancing systemic and sustainable public policy that empowers parents, particularly those in low-income families, to choose the education they determine is best for their children.”

Ms. DeVos comes to the role with considerable chair and executive experience, and like the president-elect, has an impressive business background. She is also chair of the Windquest Group and has also served on the board of national and local charitable education groups, including the Kennedy Center for the Performing Arts, American Enterprise Institute, The Philanthropy Roundtable, Kids Hope USA, and Mars Hill Bible Church.

“I am honored to accept this responsibility to work with the President-elect on his vision to make American education great again,” Ms. DeVos said in a statement. “The status quo in education is not acceptable. Together, we can work to make transformational change that ensures every student in America has the opportunity to fulfill his or her highest potential.”

President-elect Donald J. Trump announced Wednesday he

new-home-construction-housing-starts

(Photo: Reuters)

The Commerce Department reported Wednesday that U.S. single-family home sales unexpectedly fell in the month of October, missing forecasts. New home sales in the U.S. declined 1.9% to a seasonally adjusted annual rate of 563,000 units, which analysts indicated could be a temporary setback for the housing market.

Single-family home sales, which represent roughly 9.1% of total home sales, were expected to remain unchanged last month. Sales in September were also revised down to 574,000 units from the previously reported 593,000 units.

However, new home sales, which are gauged by building permits, are volatile and often see large revisions. Sales increased 17.8% from a year ago and the economic picture is not as clear. The National Association of Realtors (NAR) released a report Tuesday showing sales of previously owned homes rose to a more than 9-1/2-year high in October.

NAR said the demand for new housing is being driven by rising wages, though Labor Department data don’t confirm that at as a trend. Still, home sales could get a jolt at least in the near- and short-term from a recent jump in mortgage rates. Buyers could jump into the housing market to avoid future increases in borrowing costs.

Regionally, new single-family homes sales fell in the Northeast, Midwest and South last month. They rose only in the West by 8.8%. Inventory of new homes on the market increased last month by 2.9% to 246,000 units, the highest since September 2009. At that sales pace, it would take 5.2 months to clear the supply of houses on the market, up from 5.0 months in September.

The Commerce Department reported Wednesday that U.S.

Supporters of Donald Trump cheer as they watch election returns, Nov. 8, 2016, in New York. (Photo: AP/Associated Press)

Supporters of Donald Trump cheer as they watch election returns, Nov. 8, 2016, in New York. (Photo: AP/Associated Press)

The Surveys of Consumers, a closely-watched index of consumer sentiment, found “widespread” optimism in reaction to the election of Donald J. Trump. The survey conducted by the University of Michigan came in at 93.8 in November, up from the preliminary reading of 91.6 and beating the median forecast for the month.

“The initial reaction of consumers to Trump’s victory was to express greater optimism about their personal finances as well as improved prospects for the national economy,” Surveys of Consumers chief economist, Richard Curtin said. “The post-election gain in the Sentiment Index was +8.2 points above the November pre-election reading, pushing the Index +6.6 points higher for the entire month above the October reading.”

The report touting a “boost in optimism” follows another week of trading in a bull market on Wall Street. The Dow Jones Industrial Average (INDEXDJX:.DJI) closed above 19,000 for the first time ever Tuesday as markets continue a post-election Trump rally.

“The post-election boost in optimism was widespread, with gains recorded among all income and age subgroups and across all regions of the country,” Mr. Curtain said. “The upsurge in favorable economic prospects is not surprising given Trump’s populist policy views, and it was perhaps exaggerated by what most considered a surprising victory as well as by a widespread sense of relief that the election had finally ended.”

However, consumer sentiment and trading on the heels of the election will be temporary if President-elect Trump doesn’t enact his policy proposals after being sworn in. However, the economy is clearly set to boom if he does.

“To be sure, no surge in economic expectations can long be sustained without actual improvements in economic conditions. Presidential honeymoons represent a period in which the promise of gains holds sway over actual economic conditions,” Mr. Curtain said, adding that they “can quickly end if they are unaccompanied by prospects that economic conditions will actually improve in the future.”

“President-elect Trump appears to appreciate the importance of his first hundred days; the key issue is whether his economic policies will resonate with the nation’s consumers,” he concluded. “The data indicate that consumer spending will advance by 2.5% in 2017.”

Final Consumer Sentiment Results for November 2016

Period Nov Oct Nov M-M Y-Y
2016 2016 2015 Change Change
Index of Consumer Sentiment 93.8 87.2 91.3 +7.6% +2.7%
Current Economic Conditions 107.3 103.2 104.3 +4.0% +2.9%
Index of Consumer Expectations 85.2 76.8 82.9 +10.9% +2.8%
Next data release: December 09, 2016 for Preliminary December data at 10am ET

The Surveys of Consumers, a closely-watched gauge

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