Tag Archives: Public Choice Theory

Tax Prof: ObamaCare Tax Increases Are Double Original Estimate

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EPJ13

“The Joint Committee on Taxation recently released a 96 page report on the tax provisions associated with Affordable Care Act. The report describes the 21 tax increases included in Obamacare, totaling $1.058 trillion – a steep increase from initial assessment, according to the Tax Prof Blog. The summer 2012 estimate is nearly twice the $569 billion estimate produced at the time of the passage of the law in March 2010.”

http://www.economicpolicyjournal.com/2013/03/tax-prof-obamacare-tax-increases-are.html

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Jack Lew and Citigroup: How the Corrupt Rich Get Unjustly Richer with Crony Capitalism

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Jack Lew and Citigroup: How the Corrupt Rich Get Unjustly Richer with Crony Capitalism

“Warren Buffett lined his pockets by making a government-subsidized investment in Goldman Sachs during the financial crisis. The just-confirmed Treasury Secretary Jack Lew was given a huge bonus for leaving Citigroup several years ago. He was showered with money specifically for leaving the company to take a ‘high level position with the United States government’.  But Lew’s loot is pocket change compared to the $115 million that former Clinton Treasury Secretary Robert Rubin received for helping to steer the company into financial collapse.”

http://danieljmitchell.wordpress.com/2013/02/28/jack-lew-and-citigroup-how-the-corrupt-rich-get-unjustly-richer-with-crony-capitalism/

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School districts pay dearly for bonds

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“Napa is one of at least 1,350 school districts and government agencies across the nation that have turned to a controversial form of borrowing called capital appreciation bonds to finance major projects, a California Watch analysis shows. Relying on these bonds has allowed districts to borrow billions of dollars while postponing payments, in some cases for decades. This form of borrowing has created billions of dollars in debt for taxpayers and hundreds of millions of dollars in revenue for financial advisers and underwriters. Voters are usually unaware of the bonds’ high interest. At least one state, Michigan, has banned their use.”

http://www.sfgate.com/education/article/School-districts-pay-dearly-for-bonds-4237868.php

http://www.phelpscountycollector.com/Default.aspx

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ECB’s Weidmann: pressure on central banks risks FX competition

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“Loading central banks with more tasks and pressing them to pursue more aggressive monetary policies could risk a round of competitive devaluations, European Central Bank policymaker Jens Weidmann said on Monday, citing pressure on the Bank of Japan.  Weidmann is the latest in a string of policymakers worldwide to warn of the threat of a ‘currency war’ as central banks pump out cash to support their economies, reducing their value in the process.”

http://www.reuters.com/article/2013/01/21/ecb-weidmann-currency-idUSL6N0AQCMF20130121

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Why Expansionist Central States Inevitably Implode

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“We are at the inflection point indicated on the chart where the lines cross, just before the crisis: tax revenues are lagging spending in an enormous structural deficit; the State dominates the economy and its spending cannot possibly be contained, due to the political promises made to entitlement constituencies, fiefdoms and cartels, and the drag of unproductive State spending has sent the economy into systemic decline.  Each constituency, cartel and fiefdom is convinced that they are acting in their own best interests in demanding more State funding and subsidies.”

http://charleshughsmith.blogspot.com/2013/01/why-expansionist-central-states.html

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Catherine Austin Fitts: Coming Clean Beyond the Fiscal Cliff

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“Here are the most significant challenges we must address to put our federal fiscal house in order. Each includes a brief description. Click on the link that follows for more discussion of the particular challenge, including examples and stories from my experience as well as other recommended references.”

http://www.thedailybell.com/28570/Catherine-Austin-Fitts-Coming-Clean-Beyond-the-Fiscal-Cliff

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America’s Platinum Express

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“Even if you are Scott Sumner himself, you should be very alarmed when you’ve now got arguably the most prominent economist on Earth arguing that the government should start paying its bills with coupons that are then monetized by the Fed. That is just the barest step removed from having the Fed literally create new money to cover the government’s spending.  Forget the macroeconomics for a second. Surely there is the faintest hint of Public Choice economics buried in the souls of the market monetarists. Can we all agree that Krugman’s flippant remarks above are downright alarming?”

http://consultingbyrpm.com/blog/2013/01/americas-platinum-express.html

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U.S. Inflation Since 1775 And How It Took Off In 1933

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“Yesterday at the American Economic Association’s 2013 Annual Meeting, Carmen Reinhart and Ken Rogoff offered a paper titled Shifting Mandates: The Federal Reserve’s First Centennial.  The paper included a cool chart of inflation since 1775.  The authors argue that inflation didn’t take off until the U.S. went off the gold standard in 1933.”

http://www.businessinsider.com/chart-inflation-since-1775-2013-1

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Detlev Schlichter: “Watching your money disappear” – Speech to senior representatives of the UK pension fund industry

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“I believe disappearing money will be the major event of the present decade, and it will not just have major implications for your business, it will have grave consequences for society at large.  The money itself may not in fact disappear (although some of it probably will) but money’s value will disappear, moneys purchasing power. This will not be the result of an act of magic but will simply be the consequence of our monetary arrangements and the established course of policy. Future historians will be surprised that anybody could have seriously contemplated a different and much happier outcome for today’s system of unconstrained fiat money production.”

http://detlevschlichter.com/2012/12/watching-your-money-disappear-speech-to-senior-representatives-of-the-uk-pension-fund-industry/

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The Corrupting Influence of Political Intelligence

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“In the United States now, the city with the highest per capita income in America is Washington, DC. They passed Silicon Valley last year. Seven of the ten wealthiest counties in America are counties that border Washington, DC, so government has become big business. There’s a lot of money to be made. And not only is that leading a lot of young and talented people into influence-peddling in industries where I’d rather have them doing something more productive, it’s also changing the entire incentive structure. We know for example that hedge funds that invest in lobbyists and make a lot of campaign contributions actually consistently outperform those hedge funds that don’t.”

http://www.caseyresearch.com/cdd/peter-schweizer-corrupting-influence-political-intelligence

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