300 Years Later, Adam Smith Is Still Indispensable
This article is based on a  version that was originally published inEl Comercio (Peru) on June 13, 2023. (Source: Cato-at-liberty)
Source: Cato-at-liberty - June 16, 2023 Category: American Health Authors: Ian V ásquez Source Type: blogs

The Republican Study Committee Budget on the Key Drivers of Spending and Debt
Romina BocciaThe House and Senate both have budget committees. And yet, neither chamber has released a  budget this year. Against this backdrop, it’s refreshing to see the Republican Study Committee (RSC) continue its nearly 30‐​year tradition of producing an alternative conservative budget proposal. Titled “Protecting America ’s Economic Security, ” the RSC under chairman Kevin Hern (R‑OK) and Budget and Spending Task Force chairman Ben Cline (R‑VA) proposes to balance the federal budget, cut taxes, slash red tape, and boost work.The growth in the federal debt is directly tied to increases in spending for...
Source: Cato-at-liberty - June 16, 2023 Category: American Health Authors: Romina Boccia Source Type: blogs

Friday Feature: Black Minds Matter
Colleen HroncichDenisha Merriweather Allen says her life would be very different today if not for school choice. She grew up in an impoverished community in Jacksonville, Florida. Her family had lived in poverty there for at least four generations. They were well ‐​known in the community and in the local schools. “She’s a Merriweather,” teachers would say, with the implication being not to expect anything from her.Not surprisingly, Denisha ’s behavior reflected these expectations the adults had of her. “I remember days when I would walk into the classroom and everyone would sigh, including my teacher,” sh...
Source: Cato-at-liberty - June 16, 2023 Category: American Health Authors: Colleen Hroncich Source Type: blogs

Inflation Has Been Coming Down So Fed ’s Rate Pause Is Reasonable
Norbert Michel andJai KediaOn Wednesday the Fed decided to keep its rate target steady, ina  range of 5.0 percent to 5.25 percent. On the heels of one of the steepest rate ‐​increasing campaigns in its history (the target was near zero in February 2022), Fed officials are selling this choice as a pause. According to Fed ChairmanJay Powell:We have raised our policy interest rate by five percentage points, and we ’ve continued to reduce our security holdings at a brisk pace. We’ve covered a lot of ground and the full effects of our tightening have yet to be felt.Given the recent inflation figures, it ’s difficu...
Source: Cato-at-liberty - June 15, 2023 Category: American Health Authors: Norbert Michel, Jai Kedia Source Type: blogs

Court ’s ICWA Ruling Doesn’t Reach Individual Rights Claims
Walter OlsonThe Supreme Court today decidedHaaland v. Brackeen, a  challenge to the Indian Child Welfare Act of 1978. It did not reach vital underlying Constitutional issues of equal protection and individual rights for children and families, and these remain to be resolved another day. Instead, the Court addressed important structural issues concerning the relat ionship between federal, state, and tribal governments. It interpreted the Constitution as giving robust powers to Congress to regulate Indian matters, while sharply limiting the underlying authority of state governments. It also found the doctrine of “commande...
Source: Cato-at-liberty - June 15, 2023 Category: American Health Authors: Walter Olson Source Type: blogs

Colombia Should Legalize Adult Marijuana Use Today
Daniel RaisbeckAny American who smoked pot in the 1970 ’s likely came across Colombian marijuana. In 1979, in fact, Colombia was providing “roughly two ‐​thirds of all the pot smoked” in the United States, according toTime Magazine. The industry certainly was illegal, but it also arose from an exemplary instance of bicultural exchange and bilateral trade. It was, after all, American Peace Corps volunteers who came across the legendary “Santa Marta Gold” strain on Colombia’s Caribbean coast, thus kicking off the country’s decade‐​long “marijuana bonanza.”The boom times for Colombian pot came to an ...
Source: Cato-at-liberty - June 15, 2023 Category: American Health Authors: Daniel Raisbeck Source Type: blogs

In An Ironic Twist, the AMA Seeks Alternatives to the Residency Matching Program
Jeffrey A. SingerLast weekend the American Medical Association House of Delegates passed a  resolution tacitly claiming that the National Residency Matching Program (NRMP) is likely anti ‐​competitive and a violation of the Sherman Antitrust Act of 1890. The resolution concluded:RESOLVED, That our American Medical Association study alternatives to the current residency and fellowship Match process which would be less restrictive on free market competition for applicants. (Directive to Take Action)This is quite surprising, given that the AMA was a  co‐​defendant, along with the Association of American Medical Col...
Source: Cato-at-liberty - June 14, 2023 Category: American Health Authors: Jeffrey A. Singer Source Type: blogs

The Charges against Donald Trump
Walter OlsonTheindictment itself is clear, well organized, and not too long. You should read the whole thing if you aim to be informed about this important moment in American history.A few observations:Trump didn ’t get charged with illegal possession over the 197 documents he gave back to the Archives voluntarily. That matches up with how Biden and Pencewere treated after retaining some documents. Give back when asked = no rap, at least for officials at this level. Trump is facing charges because he chose to lie to the feds and hide documents.A substantial portion of the indictment lays out the reasons to think that lyi...
Source: Cato-at-liberty - June 14, 2023 Category: American Health Authors: Walter Olson Source Type: blogs

Increased Medicaid Coverage Is Not Improving Low Birth Weight
Marc JoffeWith so many people obtaining Medicaid coverage in the wake of the Affordable Care Act and during the pandemic, it is worth investigating whether this expanded eligibility is improving health outcomes. Overall, decreases in theproportion of uninsured individuals over the last decade are not being matched by improved life expectancy. Indeed, life expectancy at birth in 2021was lower than it was when the Affordable Care Act passed. But this fact tells us little about the benefits of Medicaid coverage since the decline has been driven in large part by COVID-19 deaths among elderly patients (often not on Medicaid) as...
Source: Cato-at-liberty - June 13, 2023 Category: American Health Authors: Marc Joffe Source Type: blogs

Ambiguous Economy Is the Latest Result of Fed ’s Increased Discretionary Behavior
Jai KediaRecent articles byPolitico and theWall Street Journal detail the difficult economic environment the Fed must navigate in the coming months along with highlighting the missteps the Fed has made in dealing with post ‐​Covid inflation. The articles show that in response to inflation, the Fed executed its steepest and fastest series of rate hikes in 40 years. Once again, this has raised several questions into the internal workings of the Fed and the general obscurity with which it has been conducting monetar y policy. While the Fed’s recent performance has garnered significantmedia attention, as mynew Cato work...
Source: Cato-at-liberty - June 13, 2023 Category: American Health Authors: Jai Kedia Source Type: blogs

Why Legal Immigration Is Impossible for Nearly Everyone
David J. BierMylatest policy analysis published today explains why it is impossible for nearly all immigrants seeking to come permanently to the United States to do so legally. The report is a uniquely comprehensive and jargon-free (to the extent possible) explanation of U.S. legal immigration. Contrary to public perception, immigrants cannot simply wait and get a green card (permanent residence) after a few years. Legal immigration is less like waiting in line and more like winning the lottery: it happens, but it is so rare that it is irrational to expect it in any individual case.The figure below shows the U.S. legal imm...
Source: Cato-at-liberty - June 13, 2023 Category: American Health Authors: David J. Bier Source Type: blogs

Taxpayer Funding for Religious Schools?
This article appeared onSubstack on June 13, 2023The state of Oklahoma hasrecently approved a  charter for the St. Isidore of Seville Catholic Virtual School, whose curriculum will include religious teaching. Taxpayers will fund the school, so a battle will ensue over whether such funding is desirable or constitutional.Economic reasoning suggests three possible justifications for government support of education.First, one person ’s education might benefit society more broadly. Economic productivity might be higher, for example, if everyone has mastered “the three Rs.” Some individuals, however, might ignore this ...
Source: Cato-at-liberty - June 13, 2023 Category: American Health Authors: Jeffrey Miron Source Type: blogs

New York City Can ’t Force Owners to Rent Their Property Forever
Thomas A. Berry andNicholas DeBenedettoNew York City has maintained a  system of rent control since the 1940s. Property owners in the City are subject to a thicket of regulations that affect their ability to rent and limit their right to exclude—arguably the most fundamental right in the “bundle” of property rights. The cornerstone of the City’s rent control regime is the Rent Stabilization Law (RSL) which was enacted in 1969 and has been amended on multiple occasions—most recently in June 2019. The RSL has been the subject of several lawsuits throughout the decades.There are approximately one million units und...
Source: Cato-at-liberty - June 12, 2023 Category: American Health Authors: Thomas A. Berry, Nicholas DeBenedetto Source Type: blogs

Food Stamp Fraud
Chris EdwardsThe Biden –GOP debt deal adjusted work requirements in the Supplemental Nutrition Assistance Program (SNAP) but did not cut the program’s spending. Cuts are needed because SNAP outlays have exploded from $63 billion in 2019 to an estimated $145 billion in 2023. Congress will have another chance at reform later this year when the program is reauthorized as part of the farm bill.One chronic failing of SNAP is that billions of dollars are lost through fraud and abuse. Individuals, businesses, and organized gangs steal benefits. The switch from paper food stamps to electronic benefits transfer (EBT) cards two ...
Source: Cato-at-liberty - June 12, 2023 Category: American Health Authors: Chris Edwards Source Type: blogs

The Fed ’s Questionable CBDC Campaign
Nicholas AnthonyIn a  series of Twitter threads posted onApril 12,April 21,April 27,May 2,May 9,May 16,May 24,May 30, andJune 6, the Federal Reserve tried to dispel some of the concerns that FedNow is a  central bank digital currency, or CBDC. To its credit, the Federal Reserve is largely correct thatFedNow and CBDCs are distinct issues. However, the Federal Reserve left out an important part of the story in the campaign: its authority to issue a  CBDC.Maybe the Federal Reserve ’s framing of the issue was simply an oversight rather than an intentional effort to mislead anyone. Yet considering it has been quoted in the...
Source: Cato-at-liberty - June 12, 2023 Category: American Health Authors: Nicholas Anthony Source Type: blogs