The average American has no memory of the gold standard or even the stagflation of the 1970s. The collective mindset is now the classic “kick the can down the road.”
Our government is forever whining about, threatening against, high drug prices. Our pharmaceutical industry is “fighting” the Chinese in this economic “war” with both its hands tied behind its back.
Thirty million Americans are now unemployed, in part thanks to government "lockdowns." Meanwhile, unemployment in many cases doubles the unemployed person's risk of death through disease, suicide, or drug overdose.
Even if discretionary spending stays flat, total government outlays are estimated to increase by more than $1 trillion, significantly above any measure of tax revenues. And that is without considering a possible recession.
Economist Robert Murphy lays out the purpose and structure of his upcoming book Understanding Money Mechanics, a guide to the Federal Reserve System that is a must-read for laymen. It will be released as a bimonthly serial on the Mises Wire and then published as a book.
A universal basic income can easily be weaponized as a tool to punish "antisocial" behavior such as holding "unacceptable" political views or otherwise engaging in what the state doesn't like.
Elizabeth Warren’s proposed wealth taxes will have devastating consequences on capital formation, and will encourage investors to hold riskier assets than they otherwise would have.
In the second half of the twentieth century, pro-union and anti-trade policies led to a Rust Belt that became uncompetitive, costly, and unable to cope with reality. More protectionism won't save the region now.
