How often have you heard a Democrat prattle on and on about how well Barack Obama has done with the economy, given the mess he inherited? Usually, it’s some version of, “Things are getting better, but the economy the President started with was so awful, so he’s done as well as anyone could expect.”
When Ronald Reagan took over from Jimmy Carter in ’81, things were actually worse economically compared to when Obama took over from George W. Bush in ’08. Continue reading
by Robert McDowell
A federal appeals court in Washington slapped the Federal Communications Commission on Tuesday for overstepping its legal authority by trying to regulate Internet access. The FCC is now a two-time loser in court in its net-neutrality efforts. Has the government learned its lesson, or will the agency take a third stab at regulating the Internet? The answer to that question will affect the Internet’s growth in the 21st century.
The FCC’s quest to regulate the Internet began in 2010, when the commission first promulgated rules for net neutrality. The rules, proponents argue, are needed to police Internet “on-ramps” (Internet service providers) ostensibly to ensure that they stay “open.” To accomplish this, some want the FCC to subject the Internet to ancient communications laws designed for extinct phone and railroad monopolies.
But the trouble is, nothing needs fixing. The Internet has remained open and accessible without FCC micromanagement since it entered public life in the 1990s. Continue reading
by Richard A. Epstein
The latest government labor report indicates that job growth has slowed once again. It is now at a three-year low, with only an estimated 74,000 new jobs added this past month. To be sure, the nominal unemployment rate dropped to 6.7 percent, but as experts on both the left and the right have noted, the only reason for this “improvement” is the decline of labor force participation, which is at the lowest level since 1978, with little prospect of any short-term improvement.
The Economic Logic of Supply and Demand
One might think that these figures would be taken as evidence that a radical change in course is needed to boost labor market participation. The grounds for that revision rest on a straightforward application of the fundamental economic law of demand: As the cost of labor increases, the demand for labor will decrease. There are, of course, empirical disputes as to just how rapidly wage increases will reduce that demand for labor. Continue reading
Americans are migrating from less-free liberal states to more-free conservative states, where they are doing better economically, according to a new study published Thursday by George Mason University’s Mercatus Center.
The “Freedom in the 50 States” study measured economic and personal freedom using a wide range of criteria, including tax rates, government spending and debt, regulatory burdens, and state laws covering land use, union organizing, gun control, education choice and more.
It found that the freest states tended to be conservative “red” states, while the least free were liberal “blue” states. Continue reading