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  The Shlaes Plan Amity Shlaes has been astonishingly prolific lately -- a piece for AOL News July 8, a piece for the Wall Street Journal July 13, and a piece for Bloomberg also published July 13. The best of the three pieces in my view is the Bloomberg column: "What is failing us isn't our economy, but our politics," she writes, calling for humility in government. She likes Rep. Paul Ryan and Governor Mitch Daniels, and she suggests cutting taxes and regulations, abandoning fiscal stimulus, and reducing expectations about entitlements. She preemptively acknowledges her plan will be "ridiculed," but says it's worth laying out nonetheless. Amity Shlaes on Wickard v. Filburn Amity Shlaes has a new Bloomberg column up on a 1942 Supreme Court case, Wickard v. Filburn, that expanded the federal government's powers under the Commerce Clause of the constitution. She notes a Rasmussen Poll finding that "only 23 percent of Americans believe their government rules with 'the consent of the governed.'" And she suggests "passage of a constitutional amendment that explicitly delineates limits to government intervention in states." Toke and Tax Momentum seems to be building for marijuana legalization. Rep. Barney Frank, in a New York Times interview over the weekend: "Do you think your bill to legalize marijuana will ever pass? Yes, in the next five years." Amity Shlaes, in a new Bloomberg column: "People feel about marijuana today the way they felt about liquor when FDR became president. Americans are increasingly supporting legalization of the drug. For the first time in memory, it seems conceivable that a president might be able to push legalization through Congress. If the administration backed the legalization of marijuana, consumers would be so grateful that the government could tax the heck out of the herb." Amity Shlaes on Social Security Amity Shlaes has a new column posted at Bloomberg observing that the president has not progressed up what she calls "the Social Security learning curve." She writes, "This world-is-flat executive is the price we pay for electing as president someone who hasn't thought much about either the economy or entitlement reform" State Tax Competition Amity Shlaes has a new column up at Bloomberg about the tax competition between states, including that between New Hampshire and Massachusetts and between Connecticut and New York. More Republicans for Soaking the 'Rich' The increasing number of voices on the center-right of the political spectrum who want to try to solve the entitlement problem on the backs of "the rich" is a trend we have been following closely here. Two more data points: First, an Amity Shlaes column reporting on a proposal by the Heritage Foundation's David John, who "would stanch the Social Security system's red ink by reducing government pensions that higher earners receive." (Mr. John's earlier ardor for fixing Social Security's finances regardless of the principles at stake prompted a 2006 New York Sun editorial headlined "The Heritage Tax," which elicited a letter to the editor in response from the think tank.) Amity Shlaes on Taxes Amity Shlaes has a new Bloomberg column up on taxes:
Amity Shlaes on the Robber Barons Amity Shlaes has a really wonderful piece in the weekend Wall Street Journal reviewing the book American Colossus: The Triumph of Capitalism 1865-1900 by H.W. Brands: Amity Shlaes on the Tax Deal Amity Shlaes has a Bloomberg News column critical of the tax deal because of the cut in the Social Security payroll tax. She writes, "Pensions are contracts, even public pensions like Social Security....When a showcase contract like Social Security is compromised, citizens' faith in other contracts, public or private, begins to fray. Their willingness to invest or hire weakens....In its Social Security component the new tax deal honors the precedent set when the federal government sacrificed bondholders and creditors to unions in the recent auto bailouts. It seems any deal or promise is subordinate to servicing the general economy and its managers." Amity Shlaes on Walker and Coolidge Amity Shlaes has a column up at Bloomberg News about the Wisconsin public employees and Governor Scott Walker: "Walker's move won't necessarily hurt his career. It may catapult him to the national stage, or even the presidency." Kerry's Infrastructure Bank Read it here first: In commenting over the weekend about Senator Kerry's plan for a $10 billion or $600 billion "federal infrastructure bank," I said, "infrastructure spending is a big favorite of the Chamber of Commerce." Today Mike Allen's Politico Playbook reports that Chamber of Commerce CEO Tom Donahue will appear with Mr. Kerry today to endorse the proposal. So will Republican senator Kay Bailey Hutchison of Texas. Mr. Allen quotes an anonymous Kerry aide as saying, ""This legislation is John Kerry's climate change effort of 2011 – meaning he's going to throw his heart and soul into it." Mr. Allen is too polite to suggest an alternative meaning – that, like the climate change legislation, it's not going to pass. Meanwhile, over at Bloomberg News, Amity Shlaes has a column skeptical about the effects of infrastructure spending: Shlaes on 'Tax Sanctimony' Amity Shlaes has a tax column up at Bloomberg News:
Shlaes on a New Gramm-Rudman Amity Shlaes has a Bloomberg column digging into the details of the new Gramm-Rudman being discussed as part of a budget deal:
Shlaes on the Budget Amity Shlaes has a column up at Bloomberg arguing that Congress should give the president back the "impoundment" authority it took away in 1974: "Such a law needn't make the president into a dictator. It need merely restore the balance that existed before 1974." Shlaes on the Congressional Effect Amity Shlaes has a Bloomberg News column on Eric Singer's Congressional Effect Fund, which invests in stocks only when Congress is on recess, and goes to treasuries when Congress is in session. Her conclusion: "Presidential candidate Mitt Romney has lately been ripping President Barack Obama for taking a 10-day holiday on Martha's Vineyard; he argues that Obama should abort his holiday and hurry back to the Oval Office. But the Congressional Effect theory suggests Obama is right to enjoy his island stay, and might even lengthen it." The Best Piece Yet on Occupy Wall Street What a wonderful Wall Street Journal editorial page to start off the week! Gordon Crovitz, who lives a block away from the Occupy Wall Street protest, has written THE best piece yet anywhere about it. He quotes a letter from the owner of the property being occupied: "Complaints range from outrage over numerous laws being broken including but not limited to lewdness, groping, drinking and drug use to the lack of safe access to and usage of the park, to the ongoing noise at all hours, to unsanitary conditions and to offensive odors." Amity Shlaes has a fine column about how some developments in the late 1970s helped set the stage for the boom of the 1980s and thereafter. Her point about "the Steiger Amendment, which halved the capital gains rate, to an effective 25%," is particularly well taken. Tax Foundation on Payroll Taxes and Growth Amity Shlaes has a column about a new Tax Foundation study that the Foundation headlines, "Global Evidence on Taxes and Economic Growth: Payroll Taxes Have No Effect." Shlaes is a genius and a friend with whom I agree probably 99.9% of the time, and the Tax Foundation is a wonderful institution that I also usually agree with. But on this one I think they are missing a key point. Here's the Shlaes column:
Here's the Tax Foundation report: Tax Foundation on Payroll Taxes and Growth Amity Shlaes has a column about a new Tax Foundation study that the Foundation headlines, "Global Evidence on Taxes and Economic Growth: Payroll Taxes Have No Effect." Shlaes is a genius and a friend with whom I agree probably 99.9% of the time, and the Tax Foundation is a wonderful institution that I also usually agree with. But on this one I think they are missing a key point. Here's the Shlaes column:
Here's the Tax Foundation report: The Best Piece Yet on Occupy Wall Street What a wonderful Wall Street Journal editorial page to start off the week! Gordon Crovitz, who lives a block away from the Occupy Wall Street protest, has written THE best piece yet anywhere about it. He quotes a letter from the owner of the property being occupied: "Complaints range from outrage over numerous laws being broken including but not limited to lewdness, groping, drinking and drug use to the lack of safe access to and usage of the park, to the ongoing noise at all hours, to unsanitary conditions and to offensive odors." Amity Shlaes has a fine column about how some developments in the late 1970s helped set the stage for the boom of the 1980s and thereafter. Her point about "the Steiger Amendment, which halved the capital gains rate, to an effective 25%," is particularly well taken. Shlaes on the Congressional Effect Amity Shlaes has a Bloomberg News column on Eric Singer's Congressional Effect Fund, which invests in stocks only when Congress is on recess, and goes to treasuries when Congress is in session. Her conclusion: "Presidential candidate Mitt Romney has lately been ripping President Barack Obama for taking a 10-day holiday on Martha's Vineyard; he argues that Obama should abort his holiday and hurry back to the Oval Office. But the Congressional Effect theory suggests Obama is right to enjoy his island stay, and might even lengthen it." The Shlaes Plan Amity Shlaes has been astonishingly prolific lately -- a piece for AOL News July 8, a piece for the Wall Street Journal July 13, and a piece for Bloomberg also published July 13. The best of the three pieces in my view is the Bloomberg column: "What is failing us isn't our economy, but our politics," she writes, calling for humility in government. She likes Rep. Paul Ryan and Governor Mitch Daniels, and she suggests cutting taxes and regulations, abandoning fiscal stimulus, and reducing expectations about entitlements. She preemptively acknowledges her plan will be "ridiculed," but says it's worth laying out nonetheless. Amity Shlaes on Wickard v. Filburn Amity Shlaes has a new Bloomberg column up on a 1942 Supreme Court case, Wickard v. Filburn, that expanded the federal government's powers under the Commerce Clause of the constitution. She notes a Rasmussen Poll finding that "only 23 percent of Americans believe their government rules with 'the consent of the governed.'" And she suggests "passage of a constitutional amendment that explicitly delineates limits to government intervention in states." Toke and Tax Momentum seems to be building for marijuana legalization. Rep. Barney Frank, in a New York Times interview over the weekend: "Do you think your bill to legalize marijuana will ever pass? Yes, in the next five years." Amity Shlaes, in a new Bloomberg column: "People feel about marijuana today the way they felt about liquor when FDR became president. Americans are increasingly supporting legalization of the drug. For the first time in memory, it seems conceivable that a president might be able to push legalization through Congress. If the administration backed the legalization of marijuana, consumers would be so grateful that the government could tax the heck out of the herb." Amity Shlaes on Social Security Amity Shlaes has a new column posted at Bloomberg observing that the president has not progressed up what she calls "the Social Security learning curve." She writes, "This world-is-flat executive is the price we pay for electing as president someone who hasn't thought much about either the economy or entitlement reform" State Tax Competition Amity Shlaes has a new column up at Bloomberg about the tax competition between states, including that between New Hampshire and Massachusetts and between Connecticut and New York. More Republicans for Soaking the 'Rich' The increasing number of voices on the center-right of the political spectrum who want to try to solve the entitlement problem on the backs of "the rich" is a trend we have been following closely here. Two more data points: First, an Amity Shlaes column reporting on a proposal by the Heritage Foundation's David John, who "would stanch the Social Security system's red ink by reducing government pensions that higher earners receive." (Mr. John's earlier ardor for fixing Social Security's finances regardless of the principles at stake prompted a 2006 New York Sun editorial headlined "The Heritage Tax," which elicited a letter to the editor in response from the think tank.) Amity Shlaes on Taxes Amity Shlaes has a new Bloomberg column up on taxes:
Amity Shlaes on the Robber Barons Amity Shlaes has a really wonderful piece in the weekend Wall Street Journal reviewing the book American Colossus: The Triumph of Capitalism 1865-1900 by H.W. Brands: Amity Shlaes on the Tax Deal Amity Shlaes has a Bloomberg News column critical of the tax deal because of the cut in the Social Security payroll tax. She writes, "Pensions are contracts, even public pensions like Social Security....When a showcase contract like Social Security is compromised, citizens' faith in other contracts, public or private, begins to fray. Their willingness to invest or hire weakens....In its Social Security component the new tax deal honors the precedent set when the federal government sacrificed bondholders and creditors to unions in the recent auto bailouts. It seems any deal or promise is subordinate to servicing the general economy and its managers." Amity Shlaes on Walker and Coolidge Amity Shlaes has a column up at Bloomberg News about the Wisconsin public employees and Governor Scott Walker: "Walker's move won't necessarily hurt his career. It may catapult him to the national stage, or even the presidency." Kerry's Infrastructure Bank Read it here first: In commenting over the weekend about Senator Kerry's plan for a $10 billion or $600 billion "federal infrastructure bank," I said, "infrastructure spending is a big favorite of the Chamber of Commerce." Today Mike Allen's Politico Playbook reports that Chamber of Commerce CEO Tom Donahue will appear with Mr. Kerry today to endorse the proposal. So will Republican senator Kay Bailey Hutchison of Texas. Mr. Allen quotes an anonymous Kerry aide as saying, ""This legislation is John Kerry's climate change effort of 2011 – meaning he's going to throw his heart and soul into it." Mr. Allen is too polite to suggest an alternative meaning – that, like the climate change legislation, it's not going to pass. Meanwhile, over at Bloomberg News, Amity Shlaes has a column skeptical about the effects of infrastructure spending: Shlaes on 'Tax Sanctimony' Amity Shlaes has a tax column up at Bloomberg News:
Shlaes on a New Gramm-Rudman Amity Shlaes has a Bloomberg column digging into the details of the new Gramm-Rudman being discussed as part of a budget deal:
Shlaes on the Budget Amity Shlaes has a column up at Bloomberg arguing that Congress should give the president back the "impoundment" authority it took away in 1974: "Such a law needn't make the president into a dictator. It need merely restore the balance that existed before 1974."
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