Open thread: Sunday morning talking heads
58 minutes ago
How do you know Borders has truly given up?: I went to the store at the Pentagon City Mall Friday to hunt for a bargain now that the chain is going out of business. With 100+ degree heat outside, they had turned off the air conditioning inside.
Conservatives, Tea Partiers, and libertarians have fought together against taxes and spending in recent years. It’s now time for a third front — a war on regulations. Regulations are what is keeping the unemployment rate so high and federal revenues so low — they’re as big a deterrent to hiring as taxation — and they suck $1.75 trillion a year out of the economy. That’s why I’m so glad to see this third front open up as part of the current debt battle in Washington. The GOP Conference Secretary, John Carter (R., Texas) had this to say today:“We don’t need new taxes, we need new taxpayers,” says Carter, the author of the Take off the Brakes on the American Economy Act, H.R.1235. “Increasing federal revenue by having more Americans working and paying taxes is the only painless treatment for our deficit illness, and the only goal with universal non-partisan support. Instead of spending and taxing to fight the deficit, we can do so with the truly unique approach of having the federal government do nothing for a couple years.”Three cheers from me and the rest of the gang who’ve been campaigning against excessive regulations for years (see, for example, our annual Ten Thousand Commandments report, or my book). This has to be part of the conversation from now on, and if people like Representative Carter continue to show leadership like this, it will be.
The Take off the Brakes Act would place a 2-year moratorium on new federal regulations. The guarantee of a stable regulatory climate would free businesses and investors from fear of the oncoming tsunami of Obama Administration red tape, thereby jump-starting new investment in private infrastructure and market expansion. The American business community is estimated to be sitting on trillions of dollars of investment capital that could spark a massive growth in jobs and income, but is afraid to invest with the uncertainty of the current regulatory and economic environment.
“Businesses can’t and won’t hire if they continue to be inundated by job-killing new federal regulations on everything from construction costs to power production to health insurance,” says Carter. “The resulting 9.2% jobless rate means millions of unemployed families are not contributing payroll taxes while draining federal funds through extended unemployment benefits. If we simply get our folks back to work we will make a dramatic improvement by increasing federal revenues through positive economic growth.”
For more, see John Berlau and Wayne Crews in today’s Politico.
"the difference between a billion and a trillion is huge and we should be very worried when our government starts talking about needing trillions of dollars. Let's put it this way; a billion seconds is 32 years, a trillion seconds is 32,000 years."So even if we paid a dollar-a-second, it would take 128,000 years to pay off just $4 trillion out of the, what, +$9 trillion we owe?
I always figure that people who feel this way do so because they think they’re better at sucking up to authority figures than at creating value on their own. And my guess is, they’re right about that.
Using data from the National Science Foundation and other sources, the analysis reported below concludes that under conservative assumptions, R&D investment in new and improved pharmaceuticals and devices and equipment would be reduced by about $10 billion per year over the period 2014 through 2025, or about 10-12 percent. This reduction in the advance of medical technology would impose an expected loss of about 5 million life-years annually, with a conservative economic value of $500 billion, an amount substantially greater than the entire U.S. market for pharmaceuticals and devices and equipment.
PROF. W. JOSEPH CAMPBELL: Imprecise, overwrought Watergate analogies emerge in Murdoch scandal. What it is, in the United States, is media battlespace preparation, trying to neutralize Fox News between now and the 2012 election. In Britain, it’s also about ensuring the reduction of alternative power centers.UPDATE: Reader Steve Eimers writes: I find the phone hacking allegations deeply disturbing and hope if true those guilty will be prosecuted to the fullest extent of the law. I do think the anger is a bit fake though. POTUS Obama just nominated Richard Cordray to lead the new consumer bureau. This is the same guy who used taxpayer dollars to defend partisan democrat appointees who illegally accessed Ohio state databases in an effort to dig up dirt on Joe ‘the plumber.’