For several decades now, politicians around the world have tried to curtail tax competition to make it easier for them to increase the tax burdens on their citizens without them fleeing to other lower-tax jurisdictions. The best way to achieve their goal is to create a global high-tax cartel. If implemented, the recent G7 countries' agreement to...Read more
The scale and scope of government spending expansion in the last year are unprecedented. Because Uncle Sam doesn't have the money, lots of it went on the government's credit card. The deficit and debt skyrocketed. But this is only the beginning. The Biden administration recently proposed a $6 trillion budget for fiscal 2022, two-thirds of which ...Read more
Some emergencies require an increase in government spending, but that comes with an understanding that the higher levels of spending are unusual and will not be sustained. Unfortunately, this understanding seems to be lost on the Biden administration. Exhibit A is his proposed $6 trillion budget for Fiscal Year 2022 and the accompanying huge ...Read more
Marketing is everything in politics. It explains why a tax credit that benefits 90% of American families with kids -- some of them with income higher than $400,000 -- is marketed as an anti-poverty measure. But in politics, that marketing is often an illusion that hides the hard consequences of a preferred policy.
With the latest COVID-19 ...Read more
If you're a politician peddling big new government programs for which there is little need but hefty price tags, you need a clever marketing strategy. At the least, your sales pitch could use a decent soundbite. Such marketing is what the Biden administration with its friends in Congress and the media are doing when insisting that the drop in ...Read more
I'm always amazed to hear people say that the national debt doesn't matter because interest rates are low. Yet, it's a common refrain on the left and sometimes on the right. The next step in that line of thinking is that if accumulating debt is so cheap, we shouldn't think twice about spending more today without offsetting it with additional ...Read more
The Biden administration has made the fight against climate change a central part of its $2 trillion infrastructure plan. This legislation, if it ever sees the light of day, would shovel more than $100 billion of subsidies toward boosting the market for electric vehicles, as well as updating the country's electric grid to make it allegedly more ...Read more
The 9/11 attacks gave us the heightened security theater now on display in all U.S. airports. Day after day for the last two decades, Transportation Security Administration agents have patted down travelers from teens to the elderly, looking for weapons that nobody expects to find. While airplane cockpit doors are now locked to prevent ...Read more
While President Joe Biden's administration doesn't seem to need an excuse to spend money, two recurring arguments for his gigantic $2.3 trillion infrastructure proposal are that our roads and bridges are "crumbling" and that modernization would generate economic growth and jobs -- hence its name, the American Jobs Plan. But none of this clever ...Read more
"A crony anti-infrastructure plan" is, sadly, the best description of the Biden administration's proposed $2.3 trillion infrastructure plan. It's insanely expensive and unnecessary, especially coming, as it does, on top of last year's fiscal insanity.
Over the past year, our leaders have spent $6 trillion in bailout and COVID-19 relief funds. ...Read more
Politicians betray their campaign promises all the time. So, it's no surprise to see President Joe Biden go back on his word that, in spite of his plan to significantly hike taxes to pay for a portion of a massive increase in spending, nobody earning less than $400,000 annually would suffer a tax increase. But this flip-flop is just the tip of ...Read more
With Democrats now in control of the House, Senate and White House, many of the most significant policy battles of the next two years will be determined by intraparty fights within the Democratic Party's various factions.
Although not a moderate in any meaningful sense, President Joe Biden has always positioned himself strategically at the ...Read more