A limited constitutional government calls for a rules-based, freemarket monetary system, not the topsy-turvy fiat dollar that now exists under central banking. This issue of the Cato Journal examines the case for alternatives to central banking and the reforms needed to move toward free-market money.
The American pika (Ochotona princeps) is an insanely cute critter often found in above-timberline rock fields in the western U.S. Because they often live near mountain peaks, there’s been concern that global warming could push them over the top, to extinction.
Americans are finally enjoying an improving economy after years of recession and slow growth. The unemployment rate is dropping, the economy is expanding, and public confidence is rising. Surely our economic crisis is behind us. Or is it? In Going for Broke: Deficits, Debt, and the Entitlement Crisis, Cato scholar Michael D. Tanner examines the growing national debt and its dire implications for our future and explains why a looming financial meltdown may be far worse than anyone expects.
The Cato Institute has released its 2014 Annual Report, which documents a dynamic year of growth and productivity. “Libertarianism is the philosophy of freedom,” Cato’s David Boaz writes in his book, The Libertarian Mind. “It is the indispensable framework for the future.” And as the new report demonstrates, the Cato Institute, thanks largely to the generosity of our Sponsors, is leading the charge to apply this framework across the policy spectrum.
Congress Should Account for Excess Burden of Taxation
Featuring Christopher J. Conover, Center for Health Policy and Inequalities Research, Duke University; and Douglas Holtz-Eakin, President, American Action Forum, and Former Director, Congressional Budget Office; moderated by Michael F. Cannon, Director of Health Policy Studies, Cato Institute.
Nearly all taxes impose hidden costs by choking off economic activity. In a soon-to-be-released Cato Institute study, Duke University professor Christopher J. Conover estimates how much economic activity the recently enacted health care law — the Patient Protection and Affordable Care Act — will destroy. Failing to account for those hidden costs of taxation and government spending can bias legislative decisions toward more costly policies. Conover argues that honest and transparent governance requires that Congress account for the “excess burden of taxation” in its legislative cost estimates, baseline budget projections, and budget options — much like the Office of Management and Budget already does.