The more a tax system relies on financial markets, the more volatile and unpredictable those tax revenues will become. There is no doubt that the U.S. government is experiencing that in real time in 2023.
The culture war will be important in the 2024 election. The dividing lines separate two very different ideologies about the principles of human civilization: on the one hand, God, life, liberty, and tradition; on the other hand, secular hedonism with no boundary between right and wrong.
With a welfare state that dominates their budgets, European governments are exceedingly vulnerable to a recession. When tax revenue declines and entitlements force governments to spend more, the inevitable result is larger budget deficits. What will the ECB do in response to that?
If government size and employment rate had been the same in 2022 as they were in 2000, the cost of today’s government would have been $47,000 per employed person. That is a lot of money—until we do the same arithmetic with today’s government size and employment rate. Then the cost comes out to $59,700.
The Trump indictment puts the spotlight on a very disturbing trend in American politics: the slow transition of a constitutional republic into a totalitarian state.
Cities that allow the most destructive of human behavior to take over the public space are cities where civilized life as we know it is being marginalized and forced to give way to social fragmentation. Dignity yields to savagery.
Several news sources have raised the volume about a possible systemwide banking crisis. I am not going to contribute to that. In fact, we should all be careful about determining whether or not such a crisis is at hand.
Some MEPs want the EU to enforce an “adequate minimum income” across the union. They clearly have not considered the serious economic and moral price tag for their idea.
So long as there is something moving in the economy, socialists will always want to subject it to existing taxes. If they can’t do that, they will invent a new tax.
The Federal Reserve, eager to not let a good crisis go to waste, is using the SVB crisis to quietly turn on the money supply faucet again.
A sensational statement by the Federal Reserve reveals how we are setting ourselves up for another destructive inflation episode.
The January 6th committee suppressed 41,000 hours of video footage that showed there was no insurrection. Now the truth is out, and the consequences will be formidable.
