For more than a decade, now, Federal Reserve policy has been guided by the fear of one economic bogyman: the presumed danger of “price deflation.” The fear is unfounded and the inflationary “solution” only leads to disaster.
It seems that when Chief Justice John Marshall was preparing the opinion for McCulloch v. Maryland he tapped into an eternal truth. “The power to tax is the power to destroy,” he wrote on behalf of a unanimous Supreme Court. Those words are no less true in 2014 than they were in 1819. Taxation appropriates money from one person or group of people in order to give it to others. There is no way to escape taxes. But there is a way to make taxes somewhat fairer. One way is to make taxes flatter and expand the tax base.
In a recent appearance before a congressional committee, EPA Administrator Gina McCarthy told them that the agency’s proposed sweeping carbon-regulation plan was “really an investment opportunity. This is not about pollution control.” If the plan isn’t about pollution, the primary reason for the EPA’s existence, why bother with yet more regulation of something that is not a pollutant—carbon dioxide—despite the Supreme Court’s idiotic decision that it is. Yes, even the Court gets things wrong.
ho does Google think they are fooling?
Google just bought Skybox Imaging for $500m to gain access to its capability to take real-time, high-resolution satellite images/videos of the whole world daily. Last week Google sources told the WSJ that Google was planning to spend $1-3 billion on “180 small, high capacity satellites at lower altitudes than traditional satellites” to enable two-way Internet access. In April, Google bought Titan Aerospace – which makes solar-powered, high-flying drones that Titan calls “atmospheric satellites” — for Internet access to remote areas and for disaster relief. And in March Google CEO Larry Page shared his ambitions that Project Loon “could build a world-wide mesh of these balloons that can cover the whole planet.”
A demonstration of just how far the United States has moved from its original founding principles is seen in the fact that in all the jousting over ObamaCare, the general rise in “entitlement” spending, and the burden of government regulation over American enterprises, there is one question that seems rarely to be asked: What should be the size and scope of government, and what would it cost if government were cut down more to the size delineated in the original Constitution?
In whatever direction we turn, we find the heavy hand of government intruding into virtually every aspect of American society. Indeed, it has reached the point that it would a lot easier to list those areas of people’s lives into which government does not impose itself – and, alas, it would be a very short list. But it was not always that way.
With Tax Day 2014 behind us, it might be tempting to turn away from thoughts of the taxman and to let the pain abate a while. For decades Americans have done just that; they have accepted taxation, albeit begrudgingly, as a necessary part of life in society and have taken the hurt with a certain stoicism. Sometimes voices have been raised against the sapping power of taxation, yet taxes have continued to rise along with government spending. The time of stoic acceptance may be coming to an end.
Ezekiel Emanuel, Rahm’s brother and one of the key ObamaCare advisors, has been on quite a roll lately. Consider some of the headlines just from the past few weeks or so. In every instance his message is that he knows better than you do what is good for you. He knows a better way to do insurance than you do, he knows that you don’t really need a choice of doctor or hospital, he knows that you don’t really need a doctor at all for most services, and he knows that “things are actually going well” for ObamaCare despite the fact that you and most Americans don’t like it.
While this week’s Senate Climate Action Task Force all-night marathon may seem like the ultimate comedy, real climate scientists are crying over the event. It’s not just because of the numerous basic science mistakes made by the senators.
Seventy years ago this month, on March 10, 1944, “The Road to Serfdom” by Friedrich A. Hayek was first published in Great Britain. For seven decades it has continued to challenge and influence the political-economic landscape of the world. Hayek delivered an ominous warning that political trends in the Western democracies, including America, were all in the direction of a new form of servitude that threatened the personal and economic liberty of the citizens of these countries.