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Monday, November 29, 2010
NJ school district: No D-grades policy a success - FoxNews.com
NJ school district: No D-grades policy a success - FoxNews.com: "Reynolds had proposed the policy last summer, saying he was tired of kids getting credit for not learning."
Tax break for employer health plans a target again - FoxNews.com
Tax break for employer health plans a target again - FoxNews.com: "The idea isn't to just raise revenue, economists say, but finally to turn Americans into frugal health care consumers by having them face the full costs of their medical decisions."
Taking the employer out of the health care picture has many benefits: More plan choices, better plan fit, cost savings.
Taking the employer out of the health care picture has many benefits: More plan choices, better plan fit, cost savings.
State workers will pay into pension fund | Hudson Star-Observer | Hudson, Wisconsin
State workers will pay into pension fund | Hudson Star-Observer | Hudson, Wisconsin: "Right now the state pays the entire employee contribution to the pensions of most state and university workers. That will change in January 2011, if only in a small way.
Most state workers will have to pay 2/10 of one percent of their retirement contributions. For an employee making about $40,000, that amounts to about $80 each year."
Did you see that? The state pays the "employee" portion!
Most state workers will have to pay 2/10 of one percent of their retirement contributions. For an employee making about $40,000, that amounts to about $80 each year."
Did you see that? The state pays the "employee" portion!
New at Reason: Mike Flynn, Shikha Dalmia, and Terry Colon on America's Absurd Immigration Waiting Line - Hit & Run : Reason Magazine
New at Reason: Mike Flynn, Shikha Dalmia, and Terry Colon on America's Absurd Immigration Waiting Line - Hit & Run : Reason Magazine: "From our October issue, Mike Flynn, Shikha Dalmia, and Terry Colon show what it takes to legally immigrate to America. Click on the image below to see a larger version. Click again to expand it.
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Help Reason celebrate its next 40 years. Donate Now!"
Wednesday, November 24, 2010
Bernanke's Solutions Are the Problem - Mark Thornton - Mises Daily
Bernanke's Solutions Are the Problem - Mark Thornton - Mises Daily: "Historically, deflation was a common feature of the American economy, particularly before the establishment of the Federal Reserve. The one time that there was significant deflation and economic decline was the Great Depression.
Two economists published a study in the American Economic Review in 2004 that examined the association of deflation with depression. They looked at 17 countries and over 100 years of data and concluded that 'beyond the Great Depression, the notion that deflation and depression are linked virtually disappears."
"Possibly the worst of Bernanke's statements occurred in 2006, near the zenith of the housing bubble and at a time when all the exotic mortgage manipulations were in their 'prime.' This was the era of the subprime mortgage, the interest-only mortgage, the no-documentation loan, and the heyday of mortgage-backed securities. At the time, the new Fed chairman admitted the possibility of 'slower growth in house prices,' but confidently declared that if this did happen he would just lower interest rates.
Bernanke stated in 2006 that he believed that the mortgage market was more stable than in the past. He noted in particular that 'our examiners tell us that lending standards are generally sound and are not comparable to the standards that contributed to broad problems in the banking industry two decades ago. In particular, real-estate appraisal practices have improved.'[4] This is the equivalent of the Federal Reserve seal of approval being applied to mortgage lending at the pinnacle of the housing bubble."
"He denied there was a housing bubble in 2005, he denied that housing prices could decrease substantively in 2005 and that it would affect the real economy and employment in 2006, and he tried to calm fears about the subprime-mortgage market. He stated that he expected reasonable growth and strength in the economy in 2007, and that the problem in the subprime market (which had then become apparent) would not impact the overall mortgage market or the market in general.
In mid-2007 he declared the global economy strong and predicted a quick return to normal growth in the United States."
"Austrians were writing about the housing bubble, its cause, and the probable outcomes as early as 2003. Bernanke and others have denied that you can predict bubbles and crises"
Two economists published a study in the American Economic Review in 2004 that examined the association of deflation with depression. They looked at 17 countries and over 100 years of data and concluded that 'beyond the Great Depression, the notion that deflation and depression are linked virtually disappears."
"Possibly the worst of Bernanke's statements occurred in 2006, near the zenith of the housing bubble and at a time when all the exotic mortgage manipulations were in their 'prime.' This was the era of the subprime mortgage, the interest-only mortgage, the no-documentation loan, and the heyday of mortgage-backed securities. At the time, the new Fed chairman admitted the possibility of 'slower growth in house prices,' but confidently declared that if this did happen he would just lower interest rates.
Bernanke stated in 2006 that he believed that the mortgage market was more stable than in the past. He noted in particular that 'our examiners tell us that lending standards are generally sound and are not comparable to the standards that contributed to broad problems in the banking industry two decades ago. In particular, real-estate appraisal practices have improved.'[4] This is the equivalent of the Federal Reserve seal of approval being applied to mortgage lending at the pinnacle of the housing bubble."
"He denied there was a housing bubble in 2005, he denied that housing prices could decrease substantively in 2005 and that it would affect the real economy and employment in 2006, and he tried to calm fears about the subprime-mortgage market. He stated that he expected reasonable growth and strength in the economy in 2007, and that the problem in the subprime market (which had then become apparent) would not impact the overall mortgage market or the market in general.
In mid-2007 he declared the global economy strong and predicted a quick return to normal growth in the United States."
"Austrians were writing about the housing bubble, its cause, and the probable outcomes as early as 2003. Bernanke and others have denied that you can predict bubbles and crises"
Tuesday, November 23, 2010
Soak-the-Rich Taxes: Fail! - Robert P. Murphy - Mises Daily
Soak-the-Rich Taxes: Fail! - Robert P. Murphy - Mises Daily: "But with a progressive (or graduated) tax code, the revenues flowing into state coffers increase more than proportionally. This is because the average taxpayer is earning a higher income and is paying a higher proportion of it in taxes.
On the other hand, revenues tend to crash much harder during recessions in those states that rely on steeply graduated income taxes. Not only are taxpayers in the state earning a lower income, but many of them slip into lower brackets and hence pay a lower percentage as well.
Democratic governments are notoriously short-term in their planning. During the boom times, when state coffers are overflowing with revenues, the state legislatures ramp up spending programs. When the bottom falls out during the next slump, the legislatures are caught in a difficult position. It is no coincidence that California and New York — states with very progressive income-tax codes — also have recurring difficulties in balancing their budgets."
"Back when the federal income tax was instituted in 1913, Americans were also promised that it would forevermore remain a slight irritant to the super wealthy. Initially it imposed a mere 1 percent tax on those making under $20,000, and a top rate of 7 percent on those making more than $500,000 — a fantastic sum in those days.
Yet in 1917, a mere four years later, the bottom rate had doubled from 1 percent to 2 percent. Someone in the $500,000 bracket now faced a tax rate of 54 percent. And the highest bracket, applicable to incomes exceeding $2 million, faced a tax rate of 67 percent. (The history of federal income-tax rates is available here.) Needless to say, Americans would not have agreed to a federal income tax in 1913 had they realized what the politicians would do with it."
On the other hand, revenues tend to crash much harder during recessions in those states that rely on steeply graduated income taxes. Not only are taxpayers in the state earning a lower income, but many of them slip into lower brackets and hence pay a lower percentage as well.
Democratic governments are notoriously short-term in their planning. During the boom times, when state coffers are overflowing with revenues, the state legislatures ramp up spending programs. When the bottom falls out during the next slump, the legislatures are caught in a difficult position. It is no coincidence that California and New York — states with very progressive income-tax codes — also have recurring difficulties in balancing their budgets."
"Back when the federal income tax was instituted in 1913, Americans were also promised that it would forevermore remain a slight irritant to the super wealthy. Initially it imposed a mere 1 percent tax on those making under $20,000, and a top rate of 7 percent on those making more than $500,000 — a fantastic sum in those days.
Yet in 1917, a mere four years later, the bottom rate had doubled from 1 percent to 2 percent. Someone in the $500,000 bracket now faced a tax rate of 54 percent. And the highest bracket, applicable to incomes exceeding $2 million, faced a tax rate of 67 percent. (The history of federal income-tax rates is available here.) Needless to say, Americans would not have agreed to a federal income tax in 1913 had they realized what the politicians would do with it."
Put Department of Education in Timeout | Richard W. Rahn | Cato Institute: Commentary
Put Department of Education in Timeout | Richard W. Rahn | Cato Institute: Commentary: "Suppose Congress said to the department, 'We are going to cut your budget and payroll by 20 percent per year until test scores start improving, and if they have not substantially improved within five years, the department will be dust.' What do you think would happen to test scores?"
"Most of the increase in spending has gone to education bureaucrats — including more and more layers of 'administrators' (assistant principals, deputy assistant principals, and on and on) — and much of it is needless overhead. So, as those in Congress cut back the department's funding, they must be smart about it — both for the sake of the students and for their own political protection. They need to insist that the funds be reduced for the middlemen and not the classroom teachers."
"Most of the increase in spending has gone to education bureaucrats — including more and more layers of 'administrators' (assistant principals, deputy assistant principals, and on and on) — and much of it is needless overhead. So, as those in Congress cut back the department's funding, they must be smart about it — both for the sake of the students and for their own political protection. They need to insist that the funds be reduced for the middlemen and not the classroom teachers."
Some gov't officials to skip airport security - FoxNews.com
Some gov't officials to skip airport security - FoxNews.com: "'Government officials traveling with approved federal law enforcement security details are not required to undergo security screening,' TSA spokesman Nicholas Kimball said, speaking about checkpoint security at airports. 'TSA follows a specialized screening protocol for federal law enforcement officers and those under their control, which includes identity verification.'
The TSA would not explain why it makes these exceptions. But many of the exempted government officials have gone through several levels of security clearances, including FBI background checks, and travel with armed law enforcement, eliminating the need for an additional layer of security at airports."
"Gainer added that members 'with sworn protection' are able to avoid security because 'their secure posture is affirmed by the law enforcement process established by TSA.'"
The TSA would not explain why it makes these exceptions. But many of the exempted government officials have gone through several levels of security clearances, including FBI background checks, and travel with armed law enforcement, eliminating the need for an additional layer of security at airports."
"Gainer added that members 'with sworn protection' are able to avoid security because 'their secure posture is affirmed by the law enforcement process established by TSA.'"
Gore: U.S. corn ethanol 'was not a good policy' | Green Tech - CNET News
Gore: U.S. corn ethanol 'was not a good policy' | Green Tech - CNET News: "'First-generation ethanol, I think, was a mistake. The energy conversion ratios are at best very small,' he said 'It's hard once such a program is put in place to deal with the lobbies that keep it going.'
He explained his own support for the original program on his presidential ambitions.
'One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee, and I had a certain fondness for the farmers in the state of Iowa because I was about to run for president.'"
He explained his own support for the original program on his presidential ambitions.
'One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee, and I had a certain fondness for the farmers in the state of Iowa because I was about to run for president.'"
Gore: U.S. corn ethanol 'was not a good policy' | Green Tech - CNET News
Gore: U.S. corn ethanol 'was not a good policy' | Green Tech - CNET News: "'First-generation ethanol, I think, was a mistake. The energy conversion ratios are at best very small,' he said 'It's hard once such a program is put in place to deal with the lobbies that keep it going.'
He explained his own support for the original program on his presidential ambitions.
'One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee, and I had a certain fondness for the farmers in the state of Iowa because I was about to run for president.'"
He explained his own support for the original program on his presidential ambitions.
'One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee, and I had a certain fondness for the farmers in the state of Iowa because I was about to run for president.'"
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