The class warfare rhetoric that accompanies the tax debate is reigniting as congressional lawmakers battle over how to address a pending increase of the estate tax, also known as “the death tax.” The current rate of the tax, which is imposed on the transfer of the estate upon an individual’s death, is a component of President George W. Bush’s tax cuts that are slated to expire at the end of the year.
After conferring with the city’s business administrator, Scranton, Pennsylvania, Mayor Chris Doherty announced on Wednesday, June 27, that all 398 city employees would be getting minimum wage, starting with their next paycheck. Doherty said the city doesn’t have the money to pay everyone their full salary: "I’m trying to do the best I can with the limited amount of funds that I have. I want the employees to get paid. Our people work hard…I just don’t have enough money, and I can’t print it in the basement."
Best known as the co-author, along with Nobel Prize winning economist Milton Freidman, of A Monetary History of the United States, 1867-1960, Anna Jacobson Schwartz died on Thursday, June 21, in New York City at age 96.
A brilliant economist in her own right, she provided the background, the research and so much of the thinking behind the 859-page A Monetary History that Friedman claimed that “Anna did all the work, and I got most of the recognition.”
In a rare moment of bipartisan unity, lawmakers and economists on both sides of the aisle largely agreed on two points: The Federal Reserve System as it stands is hurting America and something must be done to stop it. Just what exactly needs to happen, however, was the subject of considerable debate during a Subcommittee on Domestic Monetary Policy hearing Tuesday chaired by sound-money advocate and GOP presidential contender Rep. Ron Paul (R-Texas).
Dr. Paul, of course, has become famous around the world for his tireless efforts to audit, expose, and abolish the central bank. He even published a best-selling book in 2009 entitled End the Fed, a title that has become a rallying cry for millions of Americans angry about the institution’s multi-trillion-dollar bailouts, market manipulations, and debasement of the currency.
Rep. Duncan Hunter (R-Calif.) is renewing his push for legislation that would amend how the federal government assesses the U.S. unemployment rate. When calculating national unemployment, the Bureau of Labor Statistics (BLS) currently omits those individuals who have given up looking for work, making the overall joblessness rate appear substantially lower than it actually is.
The statist rulers of the so-called “BRICS” countries — Brazil, Russia, India, China, and South Africa — have been subtly calling for an end to the U.S. dollar’s status as the world reserve currency for years. Now, they are making more moves to turn that rhetoric into reality, proposing a jointly controlled “development” bank and working to sideline America’s already-troubled Federal Reserve Notes in trade by relying more heavily on their own fiat currencies.
As the Federal Reserve came under increasing scrutiny by outraged lawmakers and the public in recent years, it hired a lobbyist to defend its controversial secrecy and produced propaganda-filled comic books aimed at young children. It even sought to develop a tool to spy on concerned citizens over the Internet.
As scrutiny of the Federal Reserve System and public outrage over its actions continue to build, lawmakers on both sides of the aisle are working on proposals that would supposedly rein in the Fed or at least change the way it operates. And a new measure aims to tackle some of the issues head on.
A new report published by the World Bank has come to a spellbinding conclusion: High government spending and large public sectors substantially diminish economic growth. In fact, a slew of establishment economists and organizations have come to a similar conclusion. Daniel J. Mitchell (left), senior fellow at the Cato Institute, explained in a recent article that the era of socialism is over, and the field of economics is migrating toward a more laissez-faire ideology, where governmental authority is weakened and economies become more privatized.
Federal Reserve Chairman Ben Bernanke told lawmakers this week that the government’s borrowing was at “clearly unsustainable” levels, warning that its wild budget deficits increase the possibility of a sudden fiscal crisis which is creeping “ever closer.” The central bank chief also said Washington’s exploding debts would crowd out private-sector investment with damaging consequences for the economy.