Federal Tax Revenue Remains Strong, According to the CBO
Adam N. MichelThe Congressional Budget Office (CBO) released an update to itsbudget and economic projections, reflecting changing economic conditions and new legislation.The report shows that U.S. federal revenues are projected to remain at or above historic levels. In 2022, revenues reached a two‐decade high of 19.6 percent of gross domestic product (GDP). At a time of historically high revenues, it should be clear to policymakers that uncontrolled spending is the primary culprit for persistent deficits and debt.The strong revenue growth —both in recent years and projected—does not support claims by some that ...
Source: Cato-at-liberty - February 15, 2023 Category: American Health Authors: Adam N. Michel Source Type: blogs
Wisconsin Medicaid Expansion — Is the Risk Worth the Reward?
Marc JoffeIn his new budget, Governor Evers is once again proposing that Wisconsin expand its Medicaid program to take advantage of additional subsidies available under the 2010 Affordable Care Act. Senators and Assembly Members should carefully consider the long ‐term risks of expansion before accepting this proposal.From a short ‐term budgetary perspective, Medicaid expansion seems like a great deal for Wisconsin. The federal government covers 90% of the costs for providing medical care for individuals in the expansion population compared to60.66% (in 2024) for those currently eligible for Medicaid an...
Source: Cato-at-liberty - February 15, 2023 Category: American Health Authors: Marc Joffe Source Type: blogs
Warren Misses Details on Bank Secrecy Act
ConclusionStopping criminal activity is certainly a valid pursuit, but the Bank Secrecy Act regime has done, at best, little more than flood law enforcement with millions of unnecessary reports. It is an ineffective and inefficient way to focus resources. Senator Warren closed her argument by reintroducingher bill to expand these reporting requirements and further diminish financial privacy, but it ’s just as flawed now as it was last year.All members of Congress should take careful note of a letter organized by Fight for the Future earlier this year. In that letter, the group warned: “Should cybercriminals success...
Source: Cato-at-liberty - February 15, 2023 Category: American Health Authors: Nicholas Anthony Source Type: blogs
In Houston, Housing Affordability Helps Reduce Homelessness
Vanessa Brown Calder and Jordan GygiRecent Cato research finds that “Housing First” policies have been unable to reduce or mitigate a rise in the chronically homeless population inUtah andCalifornia. Home prices have risen dramatically in both states, and providing permanent housing to the homeless population has proven increasingly difficult. Given Utah and California ’s disappointing results, Houston, Texas, poses somewhat of a mystery: it appears to have substantially and successfully reduced homeless numbers since adopting the philosophy in 2011.Houston is part of a Continuum of Care (CoC) known asThe Way Hom...
Source: Cato-at-liberty - February 15, 2023 Category: American Health Authors: Vanessa Brown Calder, Jordan Gygi Source Type: blogs
Higher Minimum Wages Reduce Employer ‐Sponsored Health Insurance Provision
Ryan BourneThe debate around raising a minimum wage typically centers on how it impacts both pay and employment. The higher hourly pay for beneficiaries is measured against any reduction seen in employment due to the higher labor costs for businesses (termed “disemployment”). In theory, policymakers then evaluate if the trade‐off is worth it.Theoverwhelming majority of academic studies still find that raising minimum wages costs jobs, particularly for young, black, and low ‐skilled workers. But in recent decadesa large minority of studies have found no significant job loss effects, suggesting t...
Source: Cato-at-liberty - February 15, 2023 Category: American Health Authors: Ryan Bourne Source Type: blogs
California Housing Update
Michael D. Tanner and Sofia HamiltonLast July, we published a blog post discussing the failure of most California local governments to meet the deadline to submit their housing elements for approval to the California Department of Housing and Community Development (HCD).At the time, we criticized the California legislature for extending the timeline for submission of housing elements and rezoning. Housing elements were originally due to HCD by February 2022, but cities who had failed to meet this deadline were given until October 2022 to comply through the passage ofSB 197. These cities were then allowed three years t...
Source: Cato-at-liberty - February 14, 2023 Category: American Health Authors: Michael D. Tanner, Sofia Hamilton Source Type: blogs
Coloradans Might Soon Get Increased Access To Medically Assisted Mental Health Services
Jeffrey A. SingerThe Colorado legislature is seeking ways to address Coloradans ’lack of access to mental health services amidst a national mental healthshortage. On February 9, the Colorado House of Representativesvoted 56 –6 to passHB1071. The bill creates a new category of mental health specialists called Prescribing Psychologists, or RxPs.States require clinical psychologists to have a doctoral degree (either Ph.D. or PsyD), which takes roughly 5 to 6 years to obtain after getting an undergraduate degree. Most states thenrequire that they do at least one year of postgraduate clinical traini...
Source: Cato-at-liberty - February 13, 2023 Category: American Health Authors: Jeffrey A. Singer Source Type: blogs
Commonwealth of Pennsylvania Joins Employers Dropping College Degree Requirements
Marc JoffePennsylvania recently followedColorado,Maryland, andUtah in dropping college graduation requirements for many state jobs. This change will ease the task of filling positions in a competitive job market and may increase the diversity of the public sector workforce. But it could also steepen the enrollment decline now afflicting many state colleges and universities.In hisfirst executive order, Pennsylvania Governor Josh Shapiro opened up 65,000 state government positions to applicants without college degrees. In the order, Governor Shapiro stated “modernizing the Commonwealth’s hiring model to a model...
Source: Cato-at-liberty - February 13, 2023 Category: American Health Authors: Marc Joffe Source Type: blogs
The U.S. State Department Funds an Ad ‐Blacklisting Group. It Shouldn’t.
Walter OlsonAccording to an investigation by Gabriel Kaminsky in theWashington Examiner, the U.S. State Department since 2018has made substantial grants to a London ‐based outfit called Global Disinformation Index (GDI), which feeds a blacklist to advertisers to keep ads off websites like that ofReason magazine (at which I ’m a contributing editor).Other publications on the blacklist as purported disinformation purveyors include theNew York Post and theWashington Examiner. TheLondon ‐based group describes its mission as “Disrupting the business model of disinformation.” You can download one o...
Source: Cato-at-liberty - February 13, 2023 Category: American Health Authors: Walter Olson Source Type: blogs
The Iron Law of Prohibition: Introducing “Tranq”
Jeffrey A. SingerTheWall Street Journalreports that the veterinary tranquilizer xylazine, which users calltranq, has been increasingly reported among drug overdose victims, particularly on the East Coast. This very potent tranquilizer has been mixed in with illicit fentanyl which, in turn, is often mixed in with other illegal drugs such as cocaine and methamphetamine. The sedative properties of the drug greatly enhance the narcotic effects of opioids. Therefore, the drug cartels have been adding it to opioids to reduce the dose of opioids necessary to create a high. The enhanced potency allows the cartels to smuggle i...
Source: Cato-at-liberty - February 13, 2023 Category: American Health Authors: Jeffrey A. Singer Source Type: blogs
How Prosecutors Use Laws Against Lying To Banks
Walter OlsonFinancial technology blogger Patrick McKenzie has written a recommended series in two parts (first,second) on the sorts of Know Your Customer (KYC) and anti ‐money‐laundering programs under which “the financial system has been deputized to act as law enforcement.” One of his recurring themes is that these and related laws are“not straightforward in how they achieve their goals.”Take for example the laws against lying to banks. These are extremely stringent federal laws, barbed with stiff criminal penalties. You might assume the main aim of these laws is to keep people from swindling banks...
Source: Cato-at-liberty - February 13, 2023 Category: American Health Authors: Walter Olson Source Type: blogs
SEC Releases the Kraken …Settlement
Jack Solowey andJennifer J. SchulpYesterday, the Securities and Exchange Commission ( “SEC”)announced a settlement with centralized crypto exchange Kraken over its “staking‐as‐a‐service program.” The service allowed users to earn rewards by indirectly participating in a process that helps to maintain and secure certain cryptocurrency networks. The SECalleged that Kraken ’s staking service constituted the illegal offer and sale of unregistered securities.In essence, the SEC ’s complaint contains two main allegations: one, that Kraken’s staking service involved the offer and sale of a&n...
Source: Cato-at-liberty - February 10, 2023 Category: American Health Authors: Jack Solowey, Jennifer J. Schulp Source Type: blogs
Pennsylvania Executive Order Promises to Speed Up Occupational Licensing
Marc JoffeGovernor Josh Shapiro has built on a previous occupational licensing reform in Pennsylvania with a new executive order. Under the order, Shapiro ’s office will set a maximum acceptable length of time for state agencies to process license applications. Whenever an agency exceeds the time limit, it will be required to return the applicant ’s fee.In an accompanyingpress release, the Governor ’s office observed that “Unpredictability and long wait times for Commonwealth‐issued licenses, certificates, and permits can create unnecessary barriers for Pennsylvania workers and businesses.” Th...
Source: Cato-at-liberty - February 10, 2023 Category: American Health Authors: Marc Joffe Source Type: blogs
A Breakdown of the Different CBDC Models
ConclusionAdditional variations of these CBDC models will likely emerge as debates move forward and new technologies are developed. For instance, this post did not discuss the distinction betweenaccount-based and token-based CBDCs. But there is one takeaway that stands out across the board.While the wholesale model may appear to be a benign version of a CBDC because it is so much like the existing financial ecosystem, it would be easy to transition from a wholesale version to a retail CBDC. So while one model may ultimately be chosen over another, it is important to keep the features of all of them in mind because the init...
Source: Cato-at-liberty - February 10, 2023 Category: American Health Authors: Nicholas Anthony, Norbert Michel Source Type: blogs
Agencies Can ’t Evade Senate Confirmation Forever
Thomas A. BerryTwo years ago inUnited States v. Arthrex, the Supreme Court ruled that Administrative Patent Judges (APJs) possess too much “unreviewable authority” for officers who have not been appointed by the president and confirmed by the Senate. The Court’s decision concerned the line between “inferior” and “principal” officers, a distinction created by the Constitution ’s Appointments Clause. That clause mandates that an officer who has not been confirmed by the Senate may only serve in an “inferior” office. And the key Supreme Court precedent on that dividing line isEdmond v. United States (...
Source: Cato-at-liberty - February 10, 2023 Category: American Health Authors: Thomas A. Berry Source Type: blogs
