Britain privatized its Royal Mail in 2013, proceeding with an initial public offering of shares that raised about $2.7 billion. The government pursued the reform because the company faced falling mail volume, and it needed to reduce costs and increase innovation. Similar issues face the U.S. Postal Service.
The latest revelations regarding the NSA’s bulk data collection illustrate the vastness of the government’s spying apparatus. That vastness costs taxpayers a lot of money.
In today’s Washington Post, Pamela Constable describes the scene in Crimea, and it reminds me of George Orwell’s Animal Farm.
An op-ed in the Wall Street Journal today indicates that Edwards’ Law of Cost Overruns is an international standard. If a politician says that a project will cost $100 million, it will end up costing $200 million or more.
My op-ed in today’s New York Times has prompted numerous critical comments on theNYT website. Let me address some of them.
The tragic gas explosion in Harlem will likely revive complaints that America is a pothole nation with falling-down bridges, and that we desperately need to boost government infrastructure spending. The reality is more complex.
The American Public Transportation Association (APTA) argues that a 0.7 percent increase in annual transit ridership in 2013 is proof that Americans want more “investments” in transit–by which the group means more federal funding. However, a close look at the actual data reveals something entirely different.
One of my favorite Adam Smith passages is:
The Obama administration released its 2015 budget this week. The budget shows federal debt held by the public falling from 74 percent of gross domestic product (GDP) this year to 69 percent by 2024. That reduction occurs even though entitlement and interest spending are projected to rise substantially as a percent of GDP.
Yesterday’s budget from President Obama claimed to raise taxes by $650 billion, which would come in addition to the $650 billion in tax hikes in January 2013. However, it appears that the president wants much more money from our pocketbooks. The exact amount isn’t entirely clear due to the games the Office of Management and Budget is playing with its various tables. But if the president had his way, more than $1 trillion in tax hikes would be coming.