This century has not been good news for economic liberty in the United States.
The United States has what is arguably the worst business tax system of any nation.
I never watched That 70s Show, but according to Wikipedia, the comedy program addressed social issues of the 1970s. Assuming thats true, they need a sequel that addresses economic issues of the 1970s. And the star of the program could be the Congressional Budget Office, a Capitol Hill bureaucracy that apparently still believes notwithstanding all the evidence of recent decades in the primitive Keynesian view that a larger burden of government spending is somehow good for economic growth and job creation.
Lets celebrate some good news. When politicians can be convinced (or pressured) to exercise even a modest bit of spending restraint, its remarkably simple to get positive results.
Whats the best way to understand the burden of government regulation and red tape?
I have a very mixed view of the Committee for a Responsible Federal Budget, which is an organization representing self-styled deficit hawks in Washington.
Remember the big debt limit fight of 2013? The political establishment at the time went overboard with hysterical rhetoric about potential instability in financial markets.
If you want to pinpoint the leading source of bad economic policy proposals, I would understand if someone suggested the Obama Administration.
The conventional wisdom, pushed by the IMF and others, is that Greeces economy will never recover unless there is substantial debt relief.
Im very fond of Estonia, and not just because of the scenery. Back in the early 1990s, it was the first post-communist nation to adopt a flat tax.
For understandable reasons, the fiscal mess in Greece has dominated the European economic headlines.
I suggested a couple of months ago that the economic turmoil in Greece and Venezuela is somewhat akin to a real-life version of Atlas Shrugged.
When I wrote the other day that the Organization for Economic Cooperation and Development was the worst international bureaucracy, I must have caused some envy at the International Monetary Fund.
In my ultimate fantasy world, Washington wouldnt need any sort of broad-based tax because we succeeded in shrinking the federal government back to the very limited size and scope envisioned by our Founding Fathers.
I almost feel sorry for my leftist friends. Whenever theres a story about a crazed shooter, they invariably speculate that its someone affiliated with the Tea Party. So they must be sad when it turns out to be a random nut or in some cases a leftist.
Theres an old saying that you shouldnt bite the hand that feeds you. Unfortunately, politicians in Washington dont follow that advice.
America has a giant long-run problem largely caused by poorly designed entitlement programs such as Social Security, Medicare, and Medicaid.
Okay, Ill admit right away that the title of this column is an exaggeration.
The standard argument against an easy-money policy is that it creates distortions in an economy that lead to either rapid increases in the price level, like we endured in the 1970s, or unsustainable asset bubbles, like we experienced last decade.
Even small differences in economic growth make a big difference to living standards over time.