Arthur Andersen's transgressions have opened the doors to unbridled regulatory madness, writes Karen De Coster. The effect of legislation (like CARTA) will be to replace the oversight bodies that currently watch over the accounting profession with regulators who will do an even worse job of it.
Social Security is not an insurance program. A Social Security "account" bears no legal resemblance whatsoever to a bank checking or saving account. Social Security bestows no contractual rights or any other type of property right on workers. In other words, Social Security as it is currently structured has nothing to do with legally enforceable promises or guarantees.
It is ironic that America is often derided by some critics for its rough-and-tumble capitalism--hence, these critics maintain, the need for government interventions of every kind. Reality, however, is quite different; America’s brand of capitalism seems to enjoy freshening the wells of failure. In America, if you’re big enough and rich enough, or if you have a world-class lobbying team, you can get the American taxpayer to underwrite your failures.
The policies the Fed cooked up during the mid-1990s that brought on the unsustainable boom (mistakenly called the "New Economy") are also the policies that Greenspan employed in the last year, ostensibly to give us a "soft landing." The government is now engaged in a number of foolish regulatory ventures that certainly will make economic life more difficult as we seek to climb out of this latest downturn.
Now that the economy is in a slump, many of the workers who gave up their welfare benefits are finding themselves without a job. Many of the industries that were most likely to hire former welfare recipients have been those worst affected by the recession. These workers are finding that they have no legal right to a resumption of welfare payments because the disgraceful Aid to Families with Dependent Children program was abolished.
AmeriCorps is little more than social work tinged with messianic delusions. Citizens should no longer be forced to pay hundreds of millions of dollars of taxes each year for a bunch of photo opportunities for politicians and do-gooders.
The Organization for Economic Co-operation and Development says it wants to eliminate tax havens because their practices are harmful, if not criminal. What it really wants is to eliminate tax competition.
By subsidizing sports facilities, governments are taxing average people and boosting the incomes of some very wealthy individuals. What justification exists for this practice?
The Hirohito gold coin was fixed at a very high legal-tender value in terms of yen. Then the price of gold fell.
Tax protestors prevailed and stopped a new tax. Some lawmakers called it "mob rule," but it was really just state taxpayers trying to preserve liberty.
