Daniel J. Mitchell

Last January, I identified five things that worried me for 2011. Here’s what had me concerned, along with some ex post facto analysis about whether I was right to fret:

1. A back-door bailout of the states from the Federal Reserve – Thankfully, I was way off base with this concern. Not only was there no bailout, but Congress even got rid of Obama’s wretched “build America bonds.”

2. A front-door bailout of Europe by the United States – The bad news is that there have been bailouts of Greece, Ireland, and Portugal via the clowns at the IMF. The good news is that the bailouts haven’t been as big or extensive as I originally feared.

3. Republicans getting duped by Obama and supporting a VAT – I was needlessly concerned about a VAT sellout, but I was right to worry about tax increases. GOPers repeatedly expressed willingness to surrender, notwithstanding their anti-tax hike promises.

4. Regulatory imposition of global warming policy – The EPA has been busy imposing lots of costly regulation, but it appears that my fears on this issue were misplaced.

5. U.N. control of the Internet – As far as I can tell, the statists did not make any progress on this issue, so my concerns were unfounded.

This year, I’m not going to put together a list of things that should make us worry. After all, we should always be concerned. As Thomas Jefferson is reported to have warned, “eternal vigilance is the price of liberty.” And Gideon Tucker correctly noted that, “No man’s life, liberty, or property are safe while the legislature is in session.”


Daniel J. Mitchell

Daniel J. Mitchell is a top expert on tax reform and supply-side tax policy at the Cato Institute.
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