Janet Yellen, Biden’s Treasury Secretary knows the higher corporate tax rates Biden wants will reduce American competitive ability to compete globally. Her answer to this is to get other countries to raise their corporate taxes. To achieve this objective she seems willing to give international bodies the ability to determine our tax rates. It is an awful policy direction; one that I hope fails.
Many people wonder how close we are to completely destroying our patrimony and beginning the process of sliding into our national old age and decline. Mr. Hansen articulates this concern.
I have written several articles on U.S. taxation policy. In all, I have always recommended a corporate tax rate of zero. My reasons are delineated on the posts under “Things I have Written”. These letters to the editor offer additional reason, all written in response to an essay by Janet Yellen.
Andrew Biggs is an accomplished economist who has studied public sector payroll costs and public sector financing. In this article he discusses the problem with the “so-called” Covid Relief bill with regard to the bail out of private sector retirement plans that are mis- managed and severely underfunded. Public sector pension plans are underfunded even more. He raises the legitimate question that this is the beginning of what could be a $4 trillion bailout for public pensions. It doesn’t belong in a Covid bill and it doesn’t belong in any bill in the future.
I’m way behind so I’m posting a number of articles without an introduction. I’ll try to catch up later
Jason Furman writes a defense of the $1.9 trillion s[ending bill. (I cant bring myself to call it a “stimulus” or a “Covid Relief” bill because it contains so much spending unrelated to either solving a stimulus need or dealing with Covisd). However, he is a serious economist and the WSJ gave him a platform for expressing his defense of this bill. I wonder when the NY Times or WAPO will do the same.
No matter what economic studies show, Democrat politicians push for higher national minimum wages. They ignore the fact the the number of entry level jobs shrink, that worst hit are small businesses in lower wage areas, and increases in prices to consumers. Ignore the science and do what feels good. Incredibly stupid.
I wrote this last year after reading about larger percentages of millennials believed socialism was a better economic system than capitalism. Incredibly stupid and uneducated, but they believe it. This brief essay only deals with one aspect of the comparison – and is not an exposition on the banality of socialist thinking and the lack of morality in those systems.
Economists have known for years that raising the minimum wage above market rates harms the very people it is supposed to help. By misleading the public, Democrat politicians can pretend to help the poor while actually hurting them. I don’t know if these politicians are ignorant, stupid or malevolent. Maybe all three.
I originally wrote this in early 2020 before the pandemic hit because I was pissed off at Progressive criticisms of Trump’s economic policies.
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