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.
Featuring Charles V. Peña, Cato Institute; Stanley Weiss, Business Executives for National Security; Winslow Wheeler, Author, Wastrels of Defense; and moderated by Christopher Preble, Cato Institute.
The fiscal year 2005 defense budget is more than $400 billion, a seven percent increase over the FY04 defense budget. The administration argues that the increased military spending is necessary for the war on terrorism. The Defense Department projects its budget to grow to more than $487 billion in FY09. Is that sum necessary for U.S. national security and to fight the war on terrorism? How much of the defense budget is wasted on nonessential projects? How can defense spending be better allocated? With the defense budget comprising nearly half of all government discretionary spending, and with U.S. defense spending projected to eclipse what the other nations of the world combined spend on defense before the end of this decade, can the United States sustain such high levels of defense expenditures?