In 1938, Mexican President Lázaro Cárdenas expropriated and nationalized the largely foreign-owned petroleum industry in Mexico. Since that time, Mexico has maintained one of the most restrictive legal frameworks for energy development in the world. The Mexican constitution virtually excludes participation by foreign energy firms, with the result that Petróleos Mexicanos (Pemex), the national oil company, has a monopoly on the exploration and production of oil and gas.Read More
Their plan responds to a projected physician shortage. There’s heated debate about whether there will be a physician deficit in the future and, if so, how to best respond. There’s less debate about whether increasing the physician supply will increase our medical bills. It’s intuitive. More doctors will not only bill more so they can make an adequate living, but will order more tests and referrals. Normal economic logic that increased supply drives prices down doesn’t work in medicine.Read More »
What is it that the people in the private sector know that the president doesn’t?
For one thing, they know that the cuts amount to only 2.8 percent of the federal budget. They also know that key sectors of the economy, like manufacturing, energy and housing are rebounding without the government assistance that President Obama claims is indispensible.Read More »
House Speaker John Boehner recently confided in an interview that what astonished him most during his marathon negotiations with President Obama on avoiding the fiscal cliff was when Mr. Obama said to him, “We don’t have a spending problem.”
When I read that, I was reduced to sputtering indignation: “We don’t have a spending problem??!! What planet is that man living on??!!”
And yet, just a couple of days later, I read a column by Matt Steinglass in the January 8 issue of the Economist that made me realize that Mr. Obama was entirely right. We don’t have a spending problem; we have a tax problem.Read More »
America may have skirted the fiscal cliff, but don’t unfasten your seatbelts just yet. Looming ahead is the energy cliff, another avoidable crisis brought on by our own ignorance, complacency and lack of leadership.
That was the grim warning conveyed yesterday afternoon by veteran energy executive John Hofmeister at a meeting of the Houston chapter of the American Petroleum Institute. Mr. Hofmeister, former president of Shell Oil Company, currently heads a public advocacy group called Citizens for Affordable Energy, devoted to educating the American people and our leaders on the need for responsible energy policies.Read More »
No issue with less potential impact on public good gets more attention than tax reform. It is possible to argue that the amount of taxes collected from the public impacts the national economy, but there’s no compelling evidence suggesting that the mechanism used (income tax vs. value-added tax vs. personal property tax) makes much difference.Read More »
Michigan’s legislature voted on December 11 to make the Wolverine State the 24th in the country to adopt a “right-to-work” law. The governor signed the measure, but the controversy continues. Opponents vow that they will fight the law through the courts and punish legislators who voted for it with recall elections. Supporters vow to push for similar laws in other states.
What’s really at stake here?Read More »