It feels like we’re dealing with an Amy Winehouse form of governing. “These overdoses happen because these guys drink 20 beers and then reach for their heroin,” a friend of mine said after the late star’s recent death, at 27. “You can’t think straight once you’re totally blitzed.”
What does it take to be able to own and operate a taxi and earn $30,000, $40,000 or more a year? You need to purchase a used car and liability insurance. Compared with other businesses, the startup cost to become a taxi owner/operator is modest; that's until you have to come up with money for a license. In May 2010, the price of a license, called a medallion, to own one taxi in New York City sold for $603,000. As referenced in my recent book, Race and Economics, New York City is not alone. In Chicago, a taxi license costs $56,000, Boston $285,000, and Philadelphia $75,000. It's not rocket science to understand the effect of laws that produce these prices: They discriminate against anyone getting into the taxi business who lacks tens and hundreds of thousands of dollars or bank credit to be able to get a loan.
Many years ago, the Saturday Evening Post was one of the best-known magazines in America. But somehow I learned that the Saturday Evening Post was actually published on Wednesday morning. That was a little disconcerting at first. But it was one of the most valuable lessons, that words do not necessarily reflect reality.