The economy is again teetering on the brink of recession, and everyone’s calling on the Fed to do something—anything!—to prevent another economic slump. But while the Fed has mastered the art of messing up the economy, it doesn’t have the ability to stop the bad consequences of its own manipulative actions.
Just a few years ago we had a bicentennial celebration of the Constitution. Republicanism and federalism, the two most salient features of the Constitution, were never mentioned. Instead we had a glorification of multiculturalism and the central state.
The Republican Congress has had nine months to reduce taxes. Even one percent would be appreciated. Instead, we get convoluted plans that will be “revolutionary” at some point in the far-distant future. Enough of welfare reform. It’s time to reform taxes.
Left-liberals hate the idea, but the prosperity of everyone in a market economy depends in good part on the rich. The capital they have earned and saved generates investments and creates jobs. Their savings keep interest rates low. Their actions are philanthropic in every sense. In their professions, they help everyone prosper. In their charity, they help the poor, and allow the arts and education to thrive.
The income tax has become politically vulnerable. Some politicians have said we should replace it with a national sales tax. Yet, far from reducing the total tax burden, this would merely shift the burden around from individual filers to retailers.
Leave it to the federal government to generate sympathy, albeit inadvertently, for the richest man in the world. For five years, Bill Gates and Microsoft have been hounded by the Justice Department for engaging in “anticompetitive practices.”
Want to please a lawyer? Find a long-established legal rule that minimizes disputes. Then propose that this rule be radically changed. Such thrill seeking seems to be the motive behind a recent proposal to make advertisers liable for “puffery.”
Some Americans are no doubt touched by Bill Clinton’s concern for the health of children. His press secretary even declared that it was now the President’s personal responsibility to prevent American youth from smoking.
From Left and Right, capitalism is condemned for all the cultural failings of the modern world—everything from mindless TV to dirty books to slatternly art to trashy movies to debasing music. It’s an extension of the liberal habit of blaming a system for what are actually the failings of individuals.
