David Hebert
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
Trade Deficits: Accounting Masquerading as Economics
“Reducing ‘imports’ would not, in fact, increase GDP at all. At best, doing so would leave GDP unchanged since we would be adding less to consumption, investment, and government spending while subtracting equally less from imports.” ~David Hebert
Taxes, Spending, and Powerball Winnings
“A system that rewards our elected officials for spending today, without regard to the future costs, inevitably leads to one conclusion: ever-growing public debt. The current debt crisis is no mystery.” ~ David Hebert
When the President Does It, It’s Not Illegal
“Governments can find ways to serve their constituents (i.e. the taxpayers) better for the price they charge, they can lower their prices, or they can collude with others in the industry to keep prices high and quality low. Unlike businesses, however, when governments choose the third option, they are celebrated as heroes.” ~ David Hebert
No, Economists Do Not Assume Perfect Knowledge
“The perfect knowledge assumption humbles economists. Gone is the notion that we economists are the enlightened philosopher kings of the social sciences and that the rest of the naves need only listen to our sagely wisdom. Instead, we are, as Boettke, Coyne, and Leeson argue, students of society, not saviors of society. Our job is…
