Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, has said that the current uptick in inflation is temporary, and he expects inflation to subside in 2022. Despite rising inflation, the Fed is not in an inflation-fighting mood. Powell’s view rests heavily on interruptions in the supply chain that have...
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Stanley Druckenmiller is one of the most influential investors in America today. He became a billionaire himself by making billions more for his clients as a fund manager. At the time he chose to close his asset management firm Duquesne Capital in 2010, after more than 30 years of investing other people’s money, it...
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Following the pandemic-led lockdowns, Americans struggled to pay the bills. As the government stepped in to provide extended unemployment benefits, states began reopening. But as American businesses started opening their doors, many realized that it had become nearly impossible to compete with federal aid. With even fast-food chains offering more than minimum wage and...
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President Biden and Treasury Secretary Janet Yellen have convinced the other G-7 countries to implement a 15% minimum global corporate tax rate. The argument in favor is that some countries (the linked article names Ireland) are establishing themselves as tax havens–lowering their tax rates to attract businesses from higher-tax countries. Another way to view...
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Widely reported in the financial news, inflation skyrocketed in March–the Consumer Price Index was up 0.8% in just one month. Year over year, the inflation rate from March 2020 to March 2021 was 4.2%. Many people have told me they think those figures are understated from their own shopping experience, but I’m taking all...
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I am delighted to announce that The Essential James Buchanan, which I co-authored with Don Boudreaux, has been published by the Fraser Institute. The book can be purchased on Amazon Kindle for $.99 or downloaded at no charge from the Fraser Institute’s website, and will also be available soon in hardcover and paperback for...
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Regardless of where you stand in regard to the American Rescue Plan, it is mind-boggling to see how little anyone in positions of political responsibility seems to care about the debt, perhaps the single most important issue facing the U.S. economy in the next few years. The same can be said of most advanced...
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Last week President Biden signed the $1.9 trillion COVID relief bill, which among other things will provide direct payments of $1,400 to many Americans, and extend a financial supplement to unemployment payments. It’s difficult to comprehend numbers as big as $1.9 trillion, but here are some ways to think about it. The US population...
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There’s a movement well underway to make it illegal for low-productivity workers to hold jobs. The idea is that people who are not productive enough to earn $15 an hour should not be allowed to work. Several states have already passed laws that will prohibit those who are not productive enough to earn $15...
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“Even the best things come to an end,” wrote Thomas Sowell in late 2016, as he shut down his newspaper column in order to “spend less time following politics and more time on my photography.” Four years later, when he turned 90, the economist and Hoover Institution fellow was back with Charter Schools and...
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