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While Fannie Mae, Freddie Mac, and private subprime lenders have deservedly garnered the bulk of attention and blame for the mortgage crisis, other federal programs also distort our mortgage market and put taxpayers at risk of having to finance massive financial bailouts. In a new paper, Cato scholar Mark A. Calabria argues that one such agency, the Federal Housing Administration (FHA), should be scaled back immediately, and an emphasis should be placed on improving its credit quality. "At the same time," says Calabra, "the agency should be placed on a path to ultimately be eliminated, with its risk-taking being transferred back to the private sector."
The Department of the Interior oversees more than 500 million acres of land through the Bureau of Land Management, the National Park Service, the Fish and Wildlife Service, the Bureau of Indian Affairs, and the Bureau of Reclamation. Much of this land is productive, rich in natural resources, and popular with recreational visitors. Yet rather than generate a net return for taxpayers, the department consumes billions of dollars a year in subsidies. On DownsizingGovernment.org, Cato scholars analyze the department's spending and recommend cuts to save taxpayers $8 billion annually.
The ostensible purpose of gun control legislation is to reduce firearm deaths and injuries. But if policymakers are truly interested in harm reduction, they should pause to consider how many crimes are thwarted each year by ordinary persons with guns. A new paper from Clayton E. Cramer and David Burnett uses a collection of news reports of self-defense with guns over an eight-year period to survey the circumstances and outcomes of defensive gun uses in America. The authors conclude that the vast majority of gun owners are ethical and competent, and tens of thousands of crimes are prevented each year by ordinary citizens with guns.
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