Jones Act Waiver Could Save Drivers Billions at the Pump
Colin GrabowFaced with soaring gasoline prices President Biden sent a  letter to energy firm executives this week requesting “concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months—including transportation measures [emphasis added] to get refined product to market. ” ExxonMobil swiftlyrespondedthat the administration could take two actions in the short term to boost energy supplies: adjustments of fuel specifications and waivers of theJones Act, which restricts domestic shipping of fuels and other products to American ‐​made/​owned/​crewed ships an...
Source: Cato-at-liberty - June 17, 2022 Category: American Health Authors: Colin Grabow Source Type: blogs

The Reagan ‐​Volcker Years in Retrospect
Alan ReynoldsRichard Vigilante, an old friend from the Reagan years, reminds us of another old friend John Rutledge who worked with Larry Kudlow, Dave Stockman and me onthe 1981 presidential transition team. I  asked Stockman to invite Rutledge because I admired his writings about rational expectations and markets but also because he was a wizard with a rare DOS laptop (I did not buy a PC until 1982).Later that year, December 14, Rutledge wrote “Why Interest Rates Will Fall in 1982” forThe Wall Street Journal. That is the article Vigilante recalls as “the most prescient prediction by an economist that I have ev...
Source: Cato-at-liberty - June 17, 2022 Category: American Health Authors: Alan Reynolds Source Type: blogs

WTO Steps Back from the Abyss of Irrelevance … but Crucial Issues Remain Unresolved
James BacchusAfter pulling an all ‐​nighter in Geneva, the 164 members of the World Trade Organization pulled a few paces back from the abyss of trade irrelevance in the conclusion of their long‐​delayed and much‐​anticipated 12th ministerial conference. For only the second time since the establishment of the institutio n in 1995, they were able to conclude a multilateral trade agreement. Indeed, they concludedseveral. This alone is worthy of applause amid the current concatenation of crises from climate change, covid, and military conflict. Because of the success in simply concluding these agreements, the WT...
Source: Cato-at-liberty - June 17, 2022 Category: American Health Authors: James Bacchus Source Type: blogs

Friday Feature: Urban Cottage Educational Collaborative
Colleen Hroncich“Kids are each unique. But in too many school settings, they aren’t allowed to need individual differentiation—the system tries to take their uniqueness out of them,” says Marissa Hess, founder ofUrban Cottage in Tampa, FL.Marissa wanted something different for herself and her children. “Even within my own three children, there were different needs,” she says. “Some were gifted and needed extra challenges. But we also had some learning disabilities that needed extra time. I wanted each of them to be seen for who they are, and that wasn’t happening.”A former homeschooler herself, Marissa d...
Source: Cato-at-liberty - June 17, 2022 Category: American Health Authors: Colleen Hroncich Source Type: blogs

Reform Section 301 to Prevent Future Abuse
Scott Lincicome and Alfredo Carrillo ObregonRecord ‐​highinflationhas reportedly prompted President Biden toconsiderlifting at least some of the tariffs imposed by former President Donald Trump on Chinese imports under Section 301 of the Trade Act of 1974. As Cato scholars haverepeatedlywritten, the tariffs have imposed large costs on consumers, producers, and workers, so removing them would be a  sensible policy. It would also be practical, as the law gives President Biden the authority to repeal them with the stroke of a pen. But as desirable as this solution is in the short term, our experience with these unilater...
Source: Cato-at-liberty - June 17, 2022 Category: American Health Authors: Scott Lincicome, Alfredo Carrillo Obregon Source Type: blogs

California ’s “Top Two” System Misfires, Again
Andy CraigCalifornia's 4th state senate district, redrawn after the 2020 census, includes parts of the Central Valley and a large swath of the sparsely populated areas along the state's border with Nevada. Last week, as they did statewide, voters in Senate District 4 went to the polls for California's primary elections.Votes are still being counted (California is one of the slowest-counting states), but with 93% reporting as of this writing, the apparent outcome is unlikely to change. Underthe current results, 60 percent of those who cast a ballot voted for Republican candidates and 40 percent voted for Democratic candidat...
Source: Cato-at-liberty - June 17, 2022 Category: American Health Authors: Andy Craig Source Type: blogs

The Infant Formula Crisis Argues for Less Government Intervention, Not More
Scott LincicomeYesterday, I  testified before the Senate Judiciary Committee’s Subcommittee on Competition Policy, Antitrust, and Consumer Rights on the topic of “Baby Formula and Beyond: The Impact of Consolidation on Families and Consumers ” and — given today’stroubling news about continued production problems at Abbott Laboratories ’ plant in Michigan — the hearing couldn’t have been more timely. Everyone at the hearing agreed that shortages in the United States have been caused in no small part by the current concentration of U.S. infant formula production among Abbott and three other companies: when A...
Source: Cato-at-liberty - June 16, 2022 Category: American Health Authors: Scott Lincicome Source Type: blogs

Arizona Becomes the 19th State to Ban Warrantless Searches of Prescription Drug Database
Jeffrey A. SingerOn June 8, Arizona Governor Doug Ducey (R) signedSB 1469 into law. Introduced by Senator Nancy Barto (R ‑Phoenix), the bill requires law enforcement toobtain a  search warrant before perusing the state’s prescription drug monitoring program (PDMP) database, administered by the Arizona Board of Pharmacy. The bill passed unanimously through both houses of the state legislature. Until now, law enforcement could inspect the PDMP database without a warrant by simply stati ng in writing that the information is necessary for an open investigation or complaint. The new law further states that if, upon perus...
Source: Cato-at-liberty - June 16, 2022 Category: American Health Authors: Jeffrey A. Singer Source Type: blogs

The Menace of Fiscal Inflation
ConclusionTo say that“inflation is always and everywhere a monetary phenomenon” is not to say that fiscal policy doesn ’t matter. “Fiscal inflation” is indeed “a menace,” as Cochrane and others have argued. Few experts predicted the shift from low inflation before the pandemic to nearly 9 percent CPI inflation today. Policymakers largely ignored the implications of the post-2008 operating system, the close dance between cumulative federal deficits and M2 growth, and the risk of adhering to the Fed’s “lower for longer” recipe for its policy rate in the hope of stimulating asset markets and the economy wi...
Source: Cato-at-liberty - June 16, 2022 Category: American Health Authors: James A. Dorn Source Type: blogs

Gun Rights Are Gay Rights
Andy CraigAs the nation continues to mark the month of June with festivals and parades, it is undeniable that Pride has gone mainstream. With events in even the most conservative parts of the country and corporate America eagerly participating, it ’s worth celebrating how much progress we’ve made on this front. LGBT individuals can be open about who they are to an unprecedented degree.The deadly stigmatization that was once so prevalent has not entirely dissipated, but it ’s not nearly as bad as it was within living memory for so many Americans. We now have full legal equalityincluding marriage rights, which seemed a...
Source: Cato-at-liberty - June 16, 2022 Category: American Health Authors: Andy Craig Source Type: blogs

Cato ’s Champion of Liberty
Peter GoettlerWith 41 years of service, David Boaz is the longest-tenured employee in the history of the Cato Institute. Like Cal Ripken ’s record-setting 2,632 consecutive games, I can’t conceive of anyone ever exceeding his record of service and dedication.Without David, Cato wouldn ’t be the influential and respected voice of liberty it is today. He has been immersed in nearly every aspect of Cato’s work and operations, and has kept Cato sharp, principled, independent, nonpartisan, and most importantly, libertarian. David’s bookThe Libertarian Mind is a brilliant articulation of our philosophy. I often give it...
Source: Cato-at-liberty - June 16, 2022 Category: American Health Authors: Peter Goettler Source Type: blogs

Journalistic Misunderstandings About the PPI
Alan ReynoldsAccording to CNN, “The Producer Price Index, which measureswholesale prices before goods and services reach consumers, rose 10.8% in May compared to where it stood a year ago. ”The PPI is not in any sense a measure of“wholesale” prices and has not been called that since 1978 (it was much narrower and simpler in the old days).An AP headline declares, “US Producer Prices Soar 10.8% in May as Energy Costs Spike.” No, the PPI isnot a measure of business costs for energy or anything else. The price businesses receive for their sales may at times be a cost for other U.S. business...
Source: Cato-at-liberty - June 14, 2022 Category: American Health Authors: Alan Reynolds Source Type: blogs

A Brief History of Hard and Soft Landings
Alan ReynoldsThis year marks the thirteenth time since 1954 that the Federal Reserve Board ’s policy‐​making Federal Open Market Committee (FOMC) began gradually ratcheting up the federal funds rate on bank reserves in a series of recurring steps. Eventually, however, the rate increases always stopped and the FOMC began bringing the “fed funds rate” back down.The inevitable series of interest rate reductions most often did not begin until recession had already begun, or too shortly before, so those monetary policy experiments are now looked back on as “hard landings.”Whenever the rate increases stopped in ti...
Source: Cato-at-liberty - June 14, 2022 Category: American Health Authors: Alan Reynolds Source Type: blogs

Cryptocurrency in the Shadow of the Infrastructure Act: An Update
Nicholas AnthonyIt ’s been over six months since theInfrastructure Investment and Jobs Act was passed with its cryptocurrency reporting provisions intact. If left unamended, those provisions will require exchanges, miners, and software developers to report the name and address of each “customer” as well asany business engaged in a transaction of $10,000 or more in cryptocurrency to report the customer ’s name, address, taxpayer identification number, amount paid, date, and nature of the transaction. Worse yet, it’s only six months until the reporting requirements will start to go in effect.Much has happened ...
Source: Cato-at-liberty - June 13, 2022 Category: American Health Authors: Nicholas Anthony Source Type: blogs

“More Weight!”
Clark Neily" More weight! " Those are the famous —though perhaps apocryphal—last words of octogenarian farmer Giles Corey, who in 1692 was accused of being a witch and then pressed to death by the Commonwealth of Massachusetts when he refused to enter a plea to the charge. You might think we ' d have made great progress in the ensuing 330 years when it comes to the government ' s use of coercion against recalcitrant defendants, but you ' d be wrong. Pressure is still the mainspring of American criminal justice —we just don ' t use rocks and gravity to produce it anymore. Instead, we ' ve refined our approach to make ...
Source: Cato-at-liberty - June 13, 2022 Category: American Health Authors: Clark Neily Source Type: blogs