Tuesday Edition: Venezuela's Economy
Plus: Everyone loves school choice.
Bubba
30 Jul
In an op-ed for The Washington Post yesterday, President Biden called for a constitutional amendment to ensure no president is immune from crimes committed while in office, term limits for Supreme Court justices and a binding code of conduct for the Supreme Court. "We can and must prevent the abuse of presidential power and restore the public’s faith in our judicial system," Biden wrote.
1. Everyone Loves School Choice
The universal appeal of school choice can’t be denied. (The Texan)
Chart: University of Houston-Hobby School of Public Affairs
A new poll from the Hobby School of Public Affairs: There’s broad support for school vouchers and educational savings accounts among all Texas demographic and partisan groups, with one notable exception – white Democrats.
In fact, Texans of color generally support school choice at higher rates than whites (70% of black, 64% of Latino and 63% of white Texans back school choice policies).
Related: Invest in Kids, a school choice program in Illinois that lawmakers chose not to renew following pressure from teachers unions, also enjoyed outsized support among black and Latino parents.
The narrative: Critics have argued school choice policies are racist and exclusionary.
But polls show many parents want alternatives to public school.
According to a RealClear Opinion Research poll released in May, the share of parents who support school choice has climbed 7% since 2020, going from 64% to 71%.
Bubba’s Two Cents
If school choice policies are so popular, why aren’t they everywhere? Well, the movement has expanded rapidly of late - in 2023, at least 146 school choice bills were introduced across 43 states. But one obstacle has been teachers unions, which are adamantly opposed to school choice and have the political muscle to do something about it.
2. The Venezuelan Economy
While Venezuela is in the headlines over a disputed election controversy, let’s check in on the country’s economic track record. (Foundation for Economic Education)
A take from the Foundation for Economic Education, a libertarian think tank:
[President Nicholas Maduro's] Venezuela has followed a familiar pattern of socialist regimes: state control over major industries, suppression of political opposition, and economic policies that prioritize ideological goals over the freedom that citizens require.
Data points: Under Maduro, 7.7 million Venezuelans have fled the country, a larger outbound migration wave than Syria or Ukraine.
According to the International Monetary Fund, Venezuelan inflation reached 65,374% in 2018.
Oil production in the country has gone from 3.1 million barrels/day in 1998 to just 336,000 barrels/day in June 2020.
The New York Times’ take:
Mr. Maduro has maintained his grip by punishing dissidents, crushing protests and co-opting state institutions. At the same time, the socialist model he once hailed has given way to brutal capitalism, economists say, with a small state-connected minority controlling much of the nation’s wealth.
The latest: Governments worldwide condemned Venezuela's election results, as Maduro declared victory amid widespread fraud accusations.
An exit poll by Edison Research projected a decisive loss for Maduro, with him securing less than half of challenger Edmundo Gonzalez’s votes.
Bubba’s Two Cents
U.S. domestic politics have been a bit of a sh*tshow lately, and people aren’t too happy about our economic situation either. But, hey, at least we’re not Venezuela.
3. LGBTGOP
Republicans’ relationship to LGBT issues is more complicated than mainstream portrayals might lead you to believe. (Newsweek)
Brad Polumbo, a gay conservative commentator:
It's a strange time to be one of the roughly 25 percent of LGBT Americans who lean Republican. Liberal media and Democratic politicians are making apocalyptic pronouncements about the supposed fascist dystopia that awaits America under a potential second term for Donald Trump, like the Biden campaign tweeting images from The Handmaid's Tale. Yet at the same time that all this hysteria is going on, the Republican Party's latest platform includes a massive win for gay rights.
What happened: Reportedly at the behest of Donald Trump, this year’s RNC platform removed language which defined “traditional marriage” as “between one man and one woman.”
Richard Grenell, an openly gay former Trump official, speaking at the RNC Convention earlier this month:
Donald Trump doesn’t care if you’re gay or straight, black, brown or white, or what gender you are. He knows that we are all Americans, and that it’s time to put America first.
On the other hand: After steadily rising for years, Republican support for same-sex marriage has dropped to 46%, down from 49% last year and 55% in 2022.
Big picture: Per a recent Gallup poll, 70% of LGBT Americans believe societal acceptance and treatment of LGBT individuals has gotten better in the past 10 years.
Bubba’s Two Cents
There is some skepticism toward LGBT issues on the right (especially when it comes to gender ideology). But for the most part, and starting with the “most pro-gay president in history,” Republicans aren’t too focused on opposition to LGBT rights.
4. The Case for Free Trade
In a new essay, George Mason University professor Tyler Cowen tries to persuade Republicans to love free trade again. (Bloomberg)
Cowen:
With Donald Trump and JD Vance at the top of the Republican ticket, the party seems to be returning to its protectionist roots. … For all the sneering at rarified concepts such as “neoliberalism,” critics of free trade have no new arguments that economists have not already rebutted.
Some arguments in favor of trade made by Cowen:
America's early economic growth was driven by population expansion and capital accumulation, not high tariffs.
U.S. manufacturing imports 18% of its intermediate goods and services.
Manufacturing jobs often pay less than service-sector jobs.
Running trade deficits isn’t necessarily “anti-populist” and often benefits consumers with lower prices.
Big picture: Free trade has significantly contributed to global economic growth and remains essential for prosperity.
Chart: Bloomberg
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