I’ve learned a few lessons in my more than 30 years of observing, analyzing and writing about the economy — including how to assess matters during a crisis. First, don’t react in a knee-jerk fashion, believing the issues and causes are immediately clear. And don’t put too much stock in those who proclaim they know […]
At best, Congress and the White House have dithered over pro-growth policies. At worst, and far closer to the truth, Washington has pushed an anti-growth agenda including higher taxes and more regulation, protectionism and government spending. There are examples of elected officials making positive contributions, however. Where? In certain states. Consider some key tax changes […]
The Federal Reserve announced on Nov. 2 it would raise the federal funds rate by 0.75 percentage points to a targeted range of 3.75 to 4 percent. The Fed stated: “The committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently […]
Federal Reserve Chairman Jerome Powell took part in an interesting discussion, courtesy of the Cato Institute, about monetary policy. A few points jumped out and raised questions in my mind as to whether or not the Fed has any idea as to what it’s doing and what are the effects of monetary policy. First, the […]
The United States economy continues to suffer. A pandemic struck in March and April 2020, with its effects lingering to this day. The economy took a nose dive and has struggled to recover. Amidst this struggle, entrepreneurs, businesses, investors and workers have been thrashed by raging inflation, a decline in real gross domestic product in […]
In celebrating the efforts of small businesses, elected officials and policymakers must also celebrate the drivers of entrepreneurship and small business growth — and that includes Big Tech. Companies usually targeted by politicians and their appointees — Amazon, Apple, Facebook and Google, among them — have taken the entrepreneurial journey from startups to wildly successful […]
The pharmaceutical and medicine manufacturing industry has the reputation for being all about large businesses, a mistaken view widely pitched in political circles. While large firms remain critical to the industry and the life-saving, life-enhancing treatments it produces — firms that grew as a result of producing new and improved drug treatments — it pays […]
When government steps in with a massive regulatory scheme to control prices in an industry, the effort equates to a Rube Goldberg machine — that is, a way of doing something in an unnecessarily complicated way. Imposing Rube Goldberg price controls on the pharmaceutical industry means lives will be diminished and lost. After all, the […]
The Joe Biden administration is apparently confused about how public policy affects business and the economy. An executive order issued in July, for example, tried to assert more regulation of business would lead to more competition in the marketplace. That didn’t make any sense. More recently, a “fact sheet” from the administration asserts tax increases […]
In my economics career, I’ve long argued the capital gains tax constitutes one of the most destructive levies government can impose. Indeed, it might be the most damaging tax. Why? The capital gains tax is a direct tax on the returns on entrepreneurship and private investment. That is, the capital gains tax reduces the potential […]