The New Deal and Recovery, Part 20: The Phantom Depression
George SelginIt was supposed to be a  debacle.As the Second World War drew to a  close, the nation’s leading economists feared that, once the armed services demobilized, at least 8 million men and women, perhaps many more, would be unemployed. That meant an unemployment rate of 12 percent—almost as high as the rate before Hitler raided the Low Countries, setting off the “ wartime boom.” If their forecasts were reliable, they meant that the postwar economy could end up being no closer to recovery than the prewar economy had been.A Worst ‐​Case ScenarioOf course, such dire predictions weren ’t unconditional....
Source: Cato-at-liberty - August 9, 2022 Category: American Health Authors: George Selgin Source Type: blogs

Raising Corporate Taxes Does Not Help Workers
Norbert MichelFor decades, Congress has done little more than complicate the tax code which, to this day, punishes success in a variety of ways. During this time, many politicians have consistently demagogued corporations, treating them as little more than a new source of tax revenue.TheInflation Reduction Act of 2022 continues this trend and ignores the fact that corporations are nothing more than legal associations that represent human beings, all of whom potentially represent employees, consumers, and shareholders. Raise taxes on “corporations” and people will pay–or pay for–higher taxes.A sensible fra...
Source: Cato-at-liberty - August 9, 2022 Category: American Health Authors: Norbert Michel Source Type: blogs

Government Is the Scourge of Diabetics, Not Their Savior
Michael F. CannonCongressional Republicans have defeated a proposal by congressional Democrats to mandate that private insurance companies cap out ‐​of‐​pocket spending on insulin by their enrollees at $35 per month. Republicans were right to do so. Government is already driving insulin prices sky‐​high. Further intervention would make matters worse.Diabetics need insulin to live. Insulin prices should be falling over time, yet they have more thandoubled over the last 10 years. Many diabeticsstruggle with those rising prices, sometimes withdeadly consequences. A humane health system would make in...
Source: Cato-at-liberty - August 8, 2022 Category: American Health Authors: Michael F. Cannon Source Type: blogs

Joining Cato to Restrain the Federal Budget Leviathan
Romina BocciaThe U.S. federal budget is on a fiscal collision course with economic reality. Failing to significantly shift course threatens to undermine the vitality of the U.S. economy, the ability of the federal government to supply real public goods like national defense, and prevent the federal government from responding most effectively to unpredictable crises, such as war.Today, I am joining the Cato Institute to do my part to prevent a severe U.S. fiscal crisis by restraining the federal budget leviathan. I ’ll write and speak about federal spending, the budget process, the economic implications of ...
Source: Cato-at-liberty - August 8, 2022 Category: American Health Authors: Romina Boccia Source Type: blogs

Senate Bill: IRS Funding Hypocrisy
Chris EdwardsThe Senate ’s Inflation Reduction Act includes an $80 billion increase in the Internal Revenue Service budget over a decade, which would roughly double the agency’s budget by 2031.It ’s nearly impossible for taxpayers to contact the IRS for timely answers to filing questions, but the Senate bill devotes just $3.2 billion of the new spending to “taxpayer services.” The lion’s share—$46 billion—goes toward jacking up IRS enforcement. The thrust of the bill is against t he people, not for the people to understand the code and voluntarily comply.Senators supporting the bill talk about “tax cheat...
Source: Cato-at-liberty - August 5, 2022 Category: American Health Authors: Chris Edwards Source Type: blogs

Friday Feature: Cathy Duffy Reviews
Colleen HroncichIt ’s “back to school” season—when store aisles are full of crayons, folders, notebooks, and fancy calculators. For homeschoolers, this may also be a time to find a new curriculum for one or more subjects. This can be complicated since there are hundreds to choose from and they can be very different from one another.Many homeschoolers turn toCathy Duffy Reviews to winnow down their searches. Cathy was an early homeschooler, beginning in 1982 when homeschooling wasstill illegal in many states. In addition to educating her own three sons, she has years of experience teaching classes for othe...
Source: Cato-at-liberty - August 5, 2022 Category: American Health Authors: Colleen Hroncich Source Type: blogs

Who Will Guard the Fact Checkers?
John SamplesRobby Soave atReason examinesthe intervention of the fact checkers at Meta into a recent political debate. Let ’s stipulate that the question of whether we are in a recession or not is complicated, and reasonable people can take either side of this issue. Of course, the First Amendment protects expression on both sides of this issue; the Biden administration could not simply censor criticisms of its views about recessions. It is equally true that Facebook, on its own or at the behest of its fact checkers, may suppress on its platforms all criticism of the Biden administration ’s views about recess...
Source: Cato-at-liberty - August 5, 2022 Category: American Health Authors: John Samples Source Type: blogs

Senate Hearing Shows Consensus on Electoral Count Act Reform
Andy CraigYesterday, the Senate Rules& Administration Committee helda hearing to discuss reforming the Electoral Count Act, with most of the discussion focused onthe draft Electoral Count Reform Act from the bipartisan working group led by Sen. Susan Collins (R ‑ME) and Sen. Joe Manchin (D‑WV).As the committee ’s chair Sen. Amy Klobuchar (D‑MN) and ranking member Sen. Roy Blunt (R‑MO) both noted, the hearing was remarkable in its bipartisan agreement on both the importance and the substantive details of ECA reform. In addition to statements from Collins and Manchin, the committee heard froman impres...
Source: Cato-at-liberty - August 4, 2022 Category: American Health Authors: Andy Craig Source Type: blogs

Federal Land Reform: Underused Housing Affordability Tool?
Vanessa Brown CalderThroughout the pandemic, people have poured into states in the south and intermountain west, including states like Idaho, Arizona, and Utah. According to Census Bureau estimates, areas including Boise, Idaho and Salt Lake City, Utah sustained some of thehighest net migration increases during the 2020 –2021 period.Figure 1. U.S. regional migration, 2020 –2021, numbers in thousandsSource note: Net internal migration encompasses migration to/ ​from U.S. states. Net migration includes migration from abroad. California has some of the highest outbound migration of any state; this depresses net migratio...
Source: Cato-at-liberty - August 4, 2022 Category: American Health Authors: Vanessa Brown Calder Source Type: blogs

Inflation Reduction Act
Chris EdwardsInflation stems from too much money chasing too few goods. U.S. consumer inflation is running at 9  percent as too much government‐​spawned money creation is coinciding with restrictions on the supply side of the economy.The “Inflation Reduction Act” in front of the Senate is supposed to address inflation by reducing budget deficits with a combination of tax hikes and green subsidies. But despite its name, the Senate bill would not reduce inflation because it would damage the supply side and hardly affect deficits.The budget modelers at Penn ‐​Whartonestimate that the Senate bill would reduce the...
Source: Cato-at-liberty - August 3, 2022 Category: American Health Authors: Chris Edwards Source Type: blogs

California Becomes Second State to Defy Federal Law and Authorize Safe Consumption Sites
Jeffrey A. SingerYesterday, the California State legislature passed and sent to the Governor ’s deskSB57, introduced by Senator Scott Wiener, which authorizes the County and City of San Francisco, the County and City of Los Angeles, and the City of Oakland to approve safe consumption sites, dubbed “Overdose Prevention Programs” (OPPs). The authorization remains in effect until January 1, 2028. Any jurisdiction that establishes an OPP must contract with an independent third party, using private funds, to conduct a peer ‐​reviewed study on the impacts of the program and submit results to the Governor’s offic...
Source: Cato-at-liberty - August 2, 2022 Category: American Health Authors: Jeffrey A. Singer Source Type: blogs

The Killing of al ‐​Zawahiri, Little More Than a ‘Symbolic Victory’
John MuellerWith the execution by drone of al ‐​Qaeda chief, Ayman al‐​Zawahiri, the terrorist group is back in the news. However, beyond issuing a set of attention ‐​getting videos filled with dire and unfulfilled threats, al-Qaeda’s record of accomplishment since 9/11 has been meager.It has served as something of an inspiration to some Islamic extremists around the world who have wanted to glory in the success of 9/11 and to wear the al ‐​Qaeda label. But it has exerted little control over them, and they mostly have maintained a local perspective rather than the global one al ‐​Qaeda prefe...
Source: Cato-at-liberty - August 2, 2022 Category: American Health Authors: John Mueller Source Type: blogs

When Are Cryptocurrencies Securities and What to Do About It
Jack SoloweyLast week ’sreports that the Securities and Exchange Commission (SEC) is probing whether one of the world ’slargest cryptocurrency exchanges is listing unregistered securities once again highlights the unsettled state of crypto regulation in the U.S. It ’s high time that policymakers provide clear, practical answers to the perennial questions of whether cryptocurrencies are securities and, if so, what to do about it. In the briefing paper, “Practical Legislation to Support Cryptocurrency Innovation, ” released today, Jennifer Schulp and I propose legislative amendments for doing just that. Our fr...
Source: Cato-at-liberty - August 2, 2022 Category: American Health Authors: Jack Solowey Source Type: blogs

CBP Is Expelling Thousands of Infants and Toddlers to Mexico After Midnight
David J. BierAt 1  a.m. they left us at the bridge in Juárez. I asked them why they would throw us to the streets at night with children, and an agent said, ‘That’s your problem, that is not my problem.’-35 ‐​year‐​old man from Honduras (interviewed by Physicians for Human Rights)In the dead of night, Customs and Border Protection (CBP) is expelling thousands of immigrant infants and toddlers into Mexican border cities that the U.S. State Department saysare too dangerous for American tourists. New statistics obtained via a  Cato Freedom of Information Act request show that as of May 31, CBP had used its T...
Source: Cato-at-liberty - August 1, 2022 Category: American Health Authors: David J. Bier Source Type: blogs

Indictments and Raids: FBI Moves Against Fringe “Influencers” in Russia Probe
Patrick G. EddingtonOver the past several years, there ’s been a lot of media and federal government focus on alleged or actual Russian attempts to influence American domestic politics. Former Air Force linguist and analyst Reality Winner was jailed for leaking a document that showed fairly clear evidence of such Russian interference. But what about more prosaic yet classic Soviet/ ​Russian influence operations, the type where they try to get others to launder a Kremlin propaganda line?That very old tactic seems to be at the center of a federal indictmentunsealed late last week.The target, a Ru...
Source: Cato-at-liberty - August 1, 2022 Category: American Health Authors: Patrick G. Eddington Source Type: blogs