Who cares about public pension liability? Well, you should – after all, it’s the reason entire cities and even states are facing bankruptcy. Joshua Rauh, professor of finance at Stanford and Senior Fellow at the Hoover Institution, paints a startling picture of just how broken the public pension system really is, and what will happen if we continue to ignore it.
Economy
“Economic Justice” Isn’t Just
My good friend Curt Biren has published a learned and compelling article in The American Mind.
Economic inequality dominates the news. More and more Americans say too much wealth is in the hands of too few—an undesirable, if not unjust, economic state of affairs. The answer, according to some, is higher taxes.
The concerns about economic inequality are many: limited opportunities that leave the less fortunate behind; potential resentment and social unrest; excessive political power among the rich; the unfairness of huge financial gains among a tiny class of successful entrepreneurs and investors, those seemingly fortunate to benefit from, perhaps, good genes, a privileged upbringing, elite education, unique career options, even blind luck.
In light of these concerns, advocates for higher taxes are speaking out. A group of affluent liberal businesspeople recently wrote an open letter calling for a wealth tax on the richest of the rich. A prominent Los Angeles philanthropist published an op-ed supporting a wealth tax. A progressive think tank issued a lengthy report advocating “a better way of incorporating wealth and the income it generates into the determination of how much tax a person owes.” Many of the current Democratic presidential hopefuls are now calling for higher taxes on the wealthy.
Read the rest of Curt’s essay here.
What’s the Deal with the Green New Deal?
There’s been a lot of talk about The Green New Deal. Beyond the headlines, what is it really? Given our energy needs, is it practical? Can we have an abundance of energy and a clean planet? Alex Epstein, the author of “The Moral Case for Fossil Fuels,” considers these questions and has thought-provoking answers.
What it Takes to Become a Millionaire
What’s the difference between America’s millionaires and the rest of us? Chris Hogan, author of Everyday Millionaires, and his research team interviewed over 10,000 millionaires to find out, and what they discovered exploded a number of common myths.
Why Do Wages Rise?
Many people believe the only path to higher wages is to put in more work hours, but there are actually many economic factors that go into deciding the number on each worker’s paycheck. Watch this short video to learn more!