Norbert J. Michel
@norbertjmichel
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Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute. Thoughts are my own. @NichollsStCBA @Saints fan for life.
D.C.
Joined July 2010
Have you heard this narrative? The middle class has been hollowed out because of an overreliance on free markets. Americans can’t compete with low-cost labor and imports, so all the good jobs in America have disappeared, especially those in manufacturing. It’s a dismal argument
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WSJ Opinion: Trump vs. Vance on Legal Immigration "The President sees the need for foreign workers. The Vice President wants fewer." https://t.co/iLXdaqaSXf
wsj.com
The President sees the need for foreign workers. The Vice President wants fewer.
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ICYMI, great new book by @bill_easterly on the importance of freedom, autonomy and choice in development. https://t.co/caicoOoomT
hachettebookgroup.com
A celebrated economist argues that economic development is not really development unless everyone has the right to consent to their own progress“An innovat...
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Honestly amazing how every illegal immigrant is simultaneously a destitute ward of the state AND fully approved for 30 year mortgages and soaking up all the quarter million dollar housing stock.
JD Vance: "A lot of young people are saying housing is way too expensive. Why is that? Because we flooded the country with 30 million illegal immigrants who were taking houses that ought by right go to American citizens."
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The median new home in 2024 was twice as large as in 1956, included many more amenities (such as central air and multiple bathrooms), yet relative to the average wage it cost the exact same amount per square foot (yes, we should also build more smaller homes today too)
an average working class man could buy this house in the 50s, support 4 kids and a stay at home wife. today a two income household can't even buy eggs without going into debt wtf is going on
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Factory workers being hurt. Not companies. Not China. People. https://t.co/z25hauA0zY
nytimes.com
Tariffs have forced Chinese companies to move their operations to Vietnam. Alexandra Stevenson, our Shanghai bureau chief, visits a factory in Ho Chi Minh City to see how one of the biggest challen...
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Anti-Reagan and Buckley right wingers, whatever they call themselves, were not shy about “canceling” me. Why their protestations now about being cancelled themselves ring hollow. And why their refusal to shun anti-semites, stands out. Why the double standard?
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"This shutdown was as predictable as it was pointless," says Cato Institute’s @RominaBoccia. “If there's a silver lining to this government shutdown, it crystallizes that commercial functions like air traffic control and airport security screenings should be privatized.”
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Paul Skenes is 1 of only 2 pitchers in MLB history to win the Rookie of the Year award, and then the next year win the Cy Young He is also 1 of only 3 pitchers in MLB history to win both of those awards in his first 2 seasons The absolute best play @LSUbaseball
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“Many people celebrated President Donald Trump’s executive order targeting “political debanking.” Yet, those same people seem to be silent now that the president created new pressures to effectively debank the left.” - @EconWithNick Read his latest @CatoCMFA blog:
cato.org
The government has the power to decide, at the drop of a hat, who gets access and who doesn’t.
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“Contrary to the myths, H-1B workers are not indentured. The H-1B visa is essential for American innovation and competitiveness, and killing it will only push more American companies to leave the US permanently,” explains the Cato Institute’s @David_J_Bier. Learn more here:
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🚨 NEW REPORT: @ArchbridgeInst Social Mobility in the 50 States – 2025 Edition is out now. We (@gonzaloschwarz, @VincentGeloso, and I) score and rank every state on how well they foster upward mobility. 🧵Thread below.
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When people specialize based on their comparative advantages, more people win than lose. All governments need to do is stand back and allow people to figure out what works best for them. @NorbertJMichel via @thedispatch
cato.org
The idea of being self-sufficient might sound great, but by modern standards this kind of independence makes people poor. Dirt poor.
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The "first-time homebuyer is now age 40" and "median homebuyer is now 59" are attention grabbing numbers, but are they accurate? There are reasons to be at least a bit skeptical.
The National Association of Realtors says the age of the median homebuyer is now 59. Is that actually true? In the American Community Survey, the median age of heads of households who are 1) homeowners and 2) moved in within the last year is 41.
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I have to say... @POTUS creating the newest pressure to debank people was not on my bingo card. https://t.co/pWUe0Qmv8t
cato.org
The government has the power to decide, at the drop of a hat, who gets access and who doesn’t.
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@cojobrien @MosesSternstein This table, and the graph comparing NAR to AHS, are from a blog that @norbertjmichel and I wrote: https://t.co/Ru2pwA90Tm There are many good reasons to question NAR's data and the crisis narrative!
cato.org
These trends, seen internationally, do not constitute a crisis, nor do they warrant increased government intervention in housing.
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The National Association of Realtors says the age of the median homebuyer is now 59. Is that actually true? In the American Community Survey, the median age of heads of households who are 1) homeowners and 2) moved in within the last year is 41.
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@cojobrien
https://t.co/0uCyhmahfs
@norbertjmichel and @JeromeFamularo have written about this. The NAR numbers definitely deserve some pushback!
cato.org
These trends, seen internationally, do not constitute a crisis, nor do they warrant increased government intervention in housing.
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Thought provoking article by @vtg2 on the future role of the Fed balance sheet under the next chair. This will be one of the bigger consequences of the new Fed Chair sweepstakes that folks aren’t considering enough. https://t.co/ClelnWTMvW
politico.com
Top contenders to lead the Federal Reserve under Trump are lining up around a policy that doesn’t seem Trump-like.
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But I was reliably told that foreign countries pay the tariffs. So why would removing coffee tariffs result in lower prices for Americans?
🚨TRUMP: “The economy is MY THING.”🚨 @POTUS told me he’s cutting tariffs to bring COFFEE prices down and expects GAS at $2 a gallon. Real relief — not slogans.
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