Under the U.S. Constitution, the federal government was assigned specific limited powers, and most government functions were left to the states. To ensure that people understood the limits on federal power, the Framers added the Tenth Amendment: “The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.” Those delegated powers are “few and defined,” noted James Madison.
Presidential candidate Ron Paul has released a fiscal reform plan that would dramatically cut spending and rein in the size and scope of the federal government. My reaction to the proposal can be summed up in one word: hallelujah.
Presidential candidate Herman Cain has made a splash with his 9-9-9 tax reform plan. I love his 9 percent income tax, but the skunk at the tax reform picnic is his 9 percent retail sales tax. Mr. Cain is an articulate advocate of free enterprise and I wish him well in the contest, but he should ditch the sales tax.
Over at Cato’s blog, my colleague Mark Calabria calls out Nobel economics prize winner Joseph Stiglitz for ignoring his own little role in the economic downturn:
A recent report from the U.S. Postal Service’s inspector general found that workers’ compensation costs for postal employees are unnecessarily high. The reasons according to the audit are stale federal laws and bureaucratic ineptitude at the USPS and the Department of Labor.
Morally, it’s rather despicable for some news outlets to be essentially questioning the value of Steve Job’s life based on how much he did or didn’t give to charities, as the Washington Post did last week.
Recent history shows that government efforts to micromanage industry range from unnecessary to disastrous — be it green energy, car makers, the housing market. Small wonder, then, that the government has so drastically mismanaged its own “business”: the United States Postal Service.
Chris Edwards and I have repeatedly called for policymakers to get specific when it comes to spending cuts. Policymakers who want to cut spending should at least pick an agency or program and work to have it eliminated. Rep. Mike Pompeo (R-KS) has done this by introducing legislation to terminate the Department of Commerce’s Economic Development Administration.
With the sad passing of Steve Jobs, everyone is talking about what an awesome entrepreneur he was. But what exactly do entrepreneurs like Jobs do for the economy?