The Daily Economy
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ULTRAs: The Worst Idea You’ve Never Heard Of
“Instead of taking two percent (say) of the liquidated value of the wealth, the state would simply take ownership of the wealth, in place… In a relatively short time, the government literally takes substantial ownership of all successful private businesses.” ~Michael Munger
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Prices Decline in May, Monetary Policy Tightens
“Prices today are 8.9 percentage points higher than they would have been had the Fed hit its 2-percent inflation target since January 2020.”
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The Free-Market Tories Britain Needed
“Raising economic growth prospects through policy is difficult. But Britain is now so far behind the United States and the technological frontier, that removing self-imposed barriers to growth could have delivered a meaningful boost to the country’s GDP level.” ~Ryan Bourne
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Trump, Tariffs, and Income Taxes
“Perhaps Trump’s goal is simply to eliminate the federal income tax. If so, then he should advocate for doing that and only that. Eliminating the income tax would, in fact, make Americans richer in after-tax dollars.” ~David Hebert
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CBDC Ban Does Little to Bolster Financial Privacy
“The battle for safeguarding individual rights over financial information and freedom from undue government control must encompass all forms of financial transactions, whether digital or physical.” ~Nicolás Cachanosky
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Investors Make Houses More Affordable, Not Less
“Blaming high housing prices on private equity because they ‘bought up all the available homes’ is like blaming high food prices on grocery stores because they bought up all the available food.”
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Arguments Against Markets
“Those of us who want to keep government small and strictly limited — and, hence, who want individuals to make whatever peaceful choices they wish — are far outnumbered by individuals who distrust markets to deliver enough of the goods to enough of the people.” ~Donald J. Boudreaux
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Policy Uncertainty Drives Economic Volatility
“Regulations often have significant compliance costs and operational challenges. The regulatory burden can stifle innovation and deter investment, particularly in industries struggling with economic headwinds.” ~Vance Ginn
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Chin Scratchers Bias Flame Throwers
“Frank Bruni has reached the phase in life where the young activists of his own team are alarming him with their crusading zeal and over-the-top methods.” ~Rachel Lu
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Schedule F vs. Reality
“Reforming the administrative state and rewriting statutes and regulations is hard work, requiring careful policymaking, talented people, and consensus-building. It’s not the product of gimmicks like Schedule F and databases of inexperienced people.” ~Thomas A. Firey
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Business Conditions Monthly April 2024
“The road ahead remains uncertain, though, with potential outcomes ranging from a slow, steady economic rebalancing to sluggishness or even a recession.” ~Peter C. Earle
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There’s No Good Reason to Raise the Inflation Target
“Why not give the central bank a wider berth, if it helps to stabilize the economy? Because it doesn’t actually help. Interest rates are a distraction.” ~Alexander W. Salter
