The Independent Institute reported on Friday, July 5th, that free market economist and Institute Research Fellow Robert L. Formaini, had passed away the day before, on July 4th, at the age of 78. Born on September 15, 1945, in Ithaca, New York, Bob received both his PhD (1989) and M.A. (1984) in political economy from the University of Texas in Dallas, as well as an M.A. in economics from Virginia Commonwealth University (1980). He had earlier earned a B.A. in Fine Arts from Ithaca College, New York (1968).

Politicians who talk about “rendezvous with history” make me cringe. Still, it is hard to argue that the presidential elections that will take place in Venezuela on July 28 are anything but that. The opposition (or, more accurately, the resistance movement) is currently at its strongest. It is united behind one of Latin America’s most formidable leaders, María Corina Machado, a woman of classical liberal persuasion who enjoys approximately 70 percent popular support. Conversely, the tyrant governing the country and his entire administration have never been weaker.

The bureaucrats of the administrative state have enjoyed much discretion under the Supreme Court’s 1984 decision in Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc. (1984). In that case, the Court developed the following test when dealing with agency interpretations of statutes they administer:

Last week, the High Court issued several blockbuster decisions. In this post, I will focus on SEC v. Jarkesy, which deals with the right to a jury trial in proceedings brought by federal agencies. Some background is necessary to appreciate this ruling.

The Supreme Court’s recent ruling in The City of Grants Pass, Oregon v. Johnson will allow cities to enforce ordinances against sleeping in public spaces. This decision is a welcome victory in favor of local autonomy against federal overreach. Homelessness is a local problem that requires local solutions, and this decision will allow officials to address homeless encampments according to their city’s unique needs.

It seems that California’s plastic bag ban has been a failure, but that is not stopping lawmakers from trying to impose a second bag ban.

Interest on the national debt is rapidly becoming the biggest single category of spending by the U.S. government. As of May 2024, the amount of money spent to pay interest owed to the federal government’s creditors surpasses the annual amount it spends on national defense.

The U.S. government’s budget deficit in 2024 will be 27% larger than the Congressional Budget Office predicted just four months ago.

A recent visit to Argentina confirmed my sense that President Milei is on the right track despite what his critics on the left and the skeptics on the right are saying. 

Diamond Shruumz chocolate bars come in various popular flavors, including dark chocolate, cookies and cream, fruity cereal, and birthday cake. Each bar costs about $25—and contains trace amounts of magic mushrooms.