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Higher Tax Rates and Lower Revenues 1925–36

Federal spending under President Hoover doubled from 3.4% of GDP in 1930 to 6.8% in 1932, and he believed that unprecedented spending spree required that tax rates be even more than doubled to “restore confidence.” Unfortunately, things did not quite work out as planned

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Who Could Have Seen That Coming?

Recent news stories on the effects of minimum wage increases, student loans, and “green jobs” programs aren’t really surprising if you understand a bit of economics.