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Scoring Romney & Obama's Disappointing Energy Debate | Jerry Taylor and Peter Van Doren | Cato Institute: Commentary: "While it's true that oil production on federal lands was down last year, that's largely due to the fallout from the Deepwater Horizon spill in the Gulf. Even so, oil production on federal lands is 11 percent greater this year than it was during the last year of the Bush administration. Permitting is down under Obama, but it's not because the administration has been rejecting permit applications. Over the entire course of the Obama administration, 93 percent of all permit applications have been approved. During the entire course of the Bush administration, 75 percent were approved. The drop in applications to drill on federal land is mainly driven by the fact that shale oil and gas is primarily found on private and state lands, not federal lands, and that's where all the action is at present."
"While his campaign documents claim that finishing the Keystone Pipeline would create 100,000 jobs, the only independent analysis of job creation persuasively finds that the actual totals are 4,650 temporary jobs and 50 permanent ones."
Thursday, November 08, 2012
Strategic Insolvency on Defense | Ted Galen Carpenter | Cato Institute: Commentary
Strategic Insolvency on Defense | Ted Galen Carpenter | Cato Institute: Commentary: "Is the program important enough, Romney asked, to borrow money from China to fund it?"
"No American should want the U.S. government to be in a position where it must defer to Beijing on an important issue merely because it is imprudent to annoy one's banker."
"Unfortunately, Romney does not apply his own standard to a crucial part of the federal budget: military spending. That is not a trivial matter, since military spending makes up some 20 percent of federal spending."
"No American should want the U.S. government to be in a position where it must defer to Beijing on an important issue merely because it is imprudent to annoy one's banker."
"Unfortunately, Romney does not apply his own standard to a crucial part of the federal budget: military spending. That is not a trivial matter, since military spending makes up some 20 percent of federal spending."
Romney's Economic Plan Has the Edge | Jeffrey A. Miron | Cato Institute: Commentary
Romney's Economic Plan Has the Edge | Jeffrey A. Miron | Cato Institute: Commentary: "Obama errs in believing that federal expenditure is mainly "investment." In reality, huge chunks — such as drug prohibition, the National Endowments for the Arts and Humanities, the Corporation for Public Broadcasting, NASA, earmarks, the Postal Service, Amtrak, foreign aid, agricultural subsidies, the Small Business Administration, along with bridges to nowhere, the Big Dig, and high-speed rail — are wasteful.
Romney makes a similar mistake for military spending. Many defense and national security activities, such as the ongoing war in Afghanistan, provision of national security for nations in Western Europe and other parts of the globe, not to mention unnecessary weapons systems, redundant military bases, and more, are difficult to justify."
"Both approaches, therefore, aim to "save Medicare," but in fundamentally different ways: The IPAB relies on government to decide what health care is valuable, while the voucher approach lets individuals make those choices."
Romney makes a similar mistake for military spending. Many defense and national security activities, such as the ongoing war in Afghanistan, provision of national security for nations in Western Europe and other parts of the globe, not to mention unnecessary weapons systems, redundant military bases, and more, are difficult to justify."
"Both approaches, therefore, aim to "save Medicare," but in fundamentally different ways: The IPAB relies on government to decide what health care is valuable, while the voucher approach lets individuals make those choices."
Does Puerto Rico really want to become the 51st US state? - CSMonitor.com
Does Puerto Rico really want to become the 51st US state? - CSMonitor.com: "However, one third of the voters who answered the first question didn't bother answering the second question, meaning none of the options reached a majority."
Wednesday, November 07, 2012
Soak the Rich? - Henry Hazlitt - Mises Daily
Soak the Rich? - Henry Hazlitt - Mises Daily: "The legal requirement of time-and-a-half wage rates for overtime is based on the assumption that progressive incentives are necessary to get people to work longer and that progressive rewards are justified as the workload increases. But the present income tax is based on precisely the opposite principle of decreasing rewards for increasing work."
"The progressive income tax skims off precisely the funds most likely to go into new investment — into building the new tools and equipment that increase the productivity of the country and lift the living standards of the workers. It slows down the rate of economic progress."
"The progressive income tax skims off precisely the funds most likely to go into new investment — into building the new tools and equipment that increase the productivity of the country and lift the living standards of the workers. It slows down the rate of economic progress."
After Obama win, say goodbye to neocons - CSMonitor.com
After Obama win, say goodbye to neocons - CSMonitor.com: "But while there will be fewer boots on the ground, that doesn't mean Obama doesn't have an aggressive foreign policy of his own. It's just of a different style. The president seems as fond of using drones to kill America's alleged enemies abroad as ever, for instance. Obama has ordered alleged Al Qaeda-style militants killed by the hundreds on his watch in Pakistan and Yemen.
This undeclared drone war probably won't abate, with reports from Washington that Obama officials have been working on ways to justify the killings as legal, even when they involve the assassination of American citizens. "
This undeclared drone war probably won't abate, with reports from Washington that Obama officials have been working on ways to justify the killings as legal, even when they involve the assassination of American citizens. "
Tuesday, November 06, 2012
The Myth of "Surgical Strikes" on Iran | David Isenberg | Cato Institute: Commentary
The Myth of "Surgical Strikes" on Iran | David Isenberg | Cato Institute: Commentary: "between 3,500 and 5,500 people would be present at the time of the strikes, most of whom would be killed or injured"
"Iran has built its nuclear facilities in major urban centers making it impossible to carry out surgical strikes without killing large number of civilians."
"attacks at Isfahan and Natanz would release existing stocks of fluorine and fluorine compounds which would turn into hydrofluoric acid"
"these toxic plumes could kill virtually all life forms in their path."
"If we assume a conservative casualty rate of 5 to 20% among these populations, we can expect casualties in the range of 12,000-70,000 people."
"Iran has built its nuclear facilities in major urban centers making it impossible to carry out surgical strikes without killing large number of civilians."
"attacks at Isfahan and Natanz would release existing stocks of fluorine and fluorine compounds which would turn into hydrofluoric acid"
"these toxic plumes could kill virtually all life forms in their path."
"If we assume a conservative casualty rate of 5 to 20% among these populations, we can expect casualties in the range of 12,000-70,000 people."
Friday, November 02, 2012
Class Warfare: The Mortal Enemy of Economic Growth and Jobs | Jim Powell | Cato Institute: Commentary
Class Warfare: The Mortal Enemy of Economic Growth and Jobs | Jim Powell | Cato Institute: Commentary: "regardless how smart politicians and bureaucrats might be, they have only a miniscule fraction of the total knowledge in a society. Politicians and bureaucrats tend to have book learning that's related to academic credentials, whereas specific, practical knowledge needed to make an economy work is dispersed among multitudes of ordinary people. "
"Private individuals not only have such knowledge, they have stronger incentives than politicians or bureaucrats to use the knowledge effectively."
"progressive taxation has contributed to hideous complexity in the tax code. This is because the higher tax rates go, the stronger the incentives various interest groups have to lobby for special treatment, and since politicians always need more campaign contributions, they're eager to oblige lobbyists. The more complex the tax code, the more arbitrary and capricious enforcement is sure to be. With high top rates, progressive taxation promotes an illusion of "fairness," while causing considerable unfairness."
"Private individuals not only have such knowledge, they have stronger incentives than politicians or bureaucrats to use the knowledge effectively."
"progressive taxation has contributed to hideous complexity in the tax code. This is because the higher tax rates go, the stronger the incentives various interest groups have to lobby for special treatment, and since politicians always need more campaign contributions, they're eager to oblige lobbyists. The more complex the tax code, the more arbitrary and capricious enforcement is sure to be. With high top rates, progressive taxation promotes an illusion of "fairness," while causing considerable unfairness."
Thursday, November 01, 2012
Tensions boil over at gas stations as pumps run dry in wake of Sandy | Fox News
Tensions boil over at gas stations as pumps run dry in wake of Sandy | Fox News: "more than half of all gasoline service stations in the New York City area and New Jersey have been shut down because they are either out of fuel or don’t have power to operate pumps."
Why don't they get generators? Surely many people with generators would be willing to trade some generator time for gasoline!
"New Jersey Gov. Chris Christie moved to increase supplies of gasoline and diesel by waiving requirements that make it harder for stations to buy from out-of-state suppliers."
Why should there be requirements like that even in normal times?
"Rivaling the demand for gas was the scarcity of D batteries, the kind most flashlights use."
Are LED flashlights illegal there? Where they left behind when many switched?
Why don't they get generators? Surely many people with generators would be willing to trade some generator time for gasoline!
"New Jersey Gov. Chris Christie moved to increase supplies of gasoline and diesel by waiving requirements that make it harder for stations to buy from out-of-state suppliers."
Why should there be requirements like that even in normal times?
"Rivaling the demand for gas was the scarcity of D batteries, the kind most flashlights use."
Are LED flashlights illegal there? Where they left behind when many switched?
It's All or Nothing. I Prefer Nothing | Arnold Kling | Cato Institute: Commentary
It's All or Nothing. I Prefer Nothing | Arnold Kling | Cato Institute: Commentary: "Apart from consumer protection against predatory practices, the condition of the mortgage market need not merit government concern. If mortgage interest rates are higher than rock-bottom, then so be it. Above all, if businesses involved in mortgage lending become insolvent and have to go through bankruptcy, then so be it."
"Over time, through nimble financial innovation and effective lobbying, the private firms will manipulate any such system so that the profits become privatized and the risks become socialized. No matter how hard they try, policy wonks and regulatory staff cannot prevent this inevitable outcome."
"Over time, through nimble financial innovation and effective lobbying, the private firms will manipulate any such system so that the profits become privatized and the risks become socialized. No matter how hard they try, policy wonks and regulatory staff cannot prevent this inevitable outcome."
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