Mises Wire

The Fed: Why Federal Spending Soared in 2020 but State and Local Spending Flatlined

Taxes and Spending


In 2020, federal spending grew year-over-year at the highest rate since the Korean War. But state and local spending growth flatlined. Why? The answer lies with the Federal Reserve and how the feds can spend and borrow a lot more than any state. 

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The Feds Collect Most of the Taxes in America—So They Have Most of the Power

U.S. Economy


The federal government collects a lot more in taxes than the state governments do. And the feds also spend a lot more. This tells us a lot about how the federal government came to dominate all political systems in America. 

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The Real Trickle-Down Effect: Making "Luxuries" Affordable to Regular People

Global Economy


The "trickle down" effect is real in how capitalists are motivated to expand affordability of their products and services. Mobile phones and air travel were once just luxuries enjoyed by a select few, but are now widely affordable. 

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The Covid Lockdowns Showed Us How Dangerous Social Engineers Have Become



It's fairly easy to destroy the spontaneously created institutions and groups that make up a well-functioning society. But it is nearly impossible to rebuild them once they're destroyed by central planners. 

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Transitory Inflation or Stagflation?

U.S. Economy


Transportation problems mixed with an ongoing government spending spree are pushing prices higher. But output doesn't exactly seem to be roaring ahead. That raises the specter of stagflation. 

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The Ratification Debate: A Standing Army vs. the Militias

U.S. History


Benjamin Rush was indecent enough to let slip the admission that the Constitution was a national government that ultimately eliminated the states. The other Federalists knew that it was not polite to admit this in public.

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The Fed Plans to Raise Interest Rates—Years from Now


The Fed isn’t here to take away the punch bowl anymore. The Fed is the punch bowl. 

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Thanks to Federal Megaspending, the Trade Deficit Has Only Gotten Worse


The chronic US trade deficit is a direct result of the dollar’s status as the world’s main reserve currency and unabated monetary increases in government spending. More tariffs won't change that. 

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