In the new issue of Regulation, economist Pierre Lemieux argues that the recent oil price decline is at least partly the result of increased supply from the extraction of shale oil. The increased supply allows the economy to produce more goods, which benefits some people, if not all of them. Thus, contrary to some commentary in the press, cheaper oil prices cannot harm the economy as a whole.
Two long wars, chronic deficits, the financial crisis, the costly drug war, the growth of executive power under Presidents Bush and Obama, and the revelations about NSA abuses, have given rise to a growing libertarian movement in our country – with a greater focus on individual liberty and less government power. David Boaz’s newly released The Libertarian Mind is a comprehensive guide to the history, philosophy, and growth of the libertarian movement, with incisive analyses of today’s most pressing issues and policies.
Sen. Jim DeMint,
Institute for Research on the Economics of Taxation
The President’s Advisory Panel on Federal Tax Reform, headed by former senators Connie Mack and John Breaux, delivered its report on November 1. The report included two reform alternatives: a “simplified income tax” and a “growth and investment tax.” While both plans include many pro-growth elements, they are less fundamental than leading tax reform proposals of recent years. Certainly, the panel could have done more to reduce marginal tax rates under both plans.
One of the Senate’s leading tax reformers, Jim DeMint (R-SC), will assess the panel’s proposals and discuss his more comprehensive plan, the “8.5% Tax Reform Plan.” Other top experts will examine the pros and cons of the Bush panel’s report and discuss the steps that policymakers can take to achieve major tax reforms in 2006.