U.S. History

Is government spending on infrastructure less of a misallocation than other spending?

The US government owns immense amounts of dry land, but the US government also owns far larger amounts of ocean floor. Government ownership of such immense amounts of natural resources causes substantial distortions to prices and markets.

Joseph Salerno reviews James Grant's new book The Forgotten Depression — 1921: The Crash That Cured Itself in the spring 2016 issue of The Independent Review.

While fewer people work in manufacturing jobs today, American workers make more stuff than ever before, thanks to huge strides in productivity. Meanwhile, many people working in the much-maligned service sector make more than those still in manufacturing.

Murray Rothbard examines the origins of the Federal Reserve in light of the history of the Progressive movement.

Is there anything the state won't micromanage? Back in the 1970s, the Feds passed "emergency" legislation imposing daylight saving time. We're still living with this pointless and annoying mandate today.

Bernie Sanders has been compared to Ron Paul because both men have waged insurgent campaigns. But that is where the comparisons should end, as Sanders really just offers a ramped up version of the status quo.

Contrary to the popular myth being passed around, three-fourths of Americans pay taxes on their income. It's a nearly inescapable flat tax on income known as the payroll tax. And it now generates nearly as much income for the Feds as the tax more commonly known as the "income tax."

My neighbor Sam is deeply in debt. But, he tells me that he owes all that money "to himself," so he thinks it's not a problem. I think he's in deeper trouble than he thinks.

Municipal waterworks are government-run and government-owned, and generally an extension of local governments. But, bizarrely, when something goes wrong, it's somehow the fault of the private marketplace.