Four recent studies.
Steven Greenhut with still more on the lunacy of government pensions, particularly California's.
The default means the CalPERS board can move to reduce retirees’ benefits in Loyalton by about 60 percent, according to a formula that takes into account the dollars the city has already paid into the pension system. That would mark the first time in state history that CalPERS has reduced retirees’ benefits because of a municipality’s failure to pay its pension bills.
Andrew Ferguson presents two lovely examples of times the Nixon Administration tried to make simple, easy, utterly reasonable changes in the federal bureaucracy . . . and how long and difficult they were.
Marc Scribner, writing for the Foundation for Economic Education, presents a concise summary of why--despite the fondest hopes of politicians of both parties---"infrastructure investment" is not a terrific way to raise economic growth.
Joel Mokyr, a distinguished economic historian--one of the very best--thinks probably not.
The history of technology is full of examples of this feedback loop. The seventeenth-century scientific revolution was made possible partly by new, technologically advanced tools, such as telescopes, barometers, and vacuum pumps. One cannot discuss the emergence of germ theory in the 1870s without mentioning prior improvements in the microscope. The techniques of x-ray crystallography used by Rosalind Franklin were critical to the discovery of the structure of DNA, as well as to discoveries that led to over 20 Nobel prizes.
The instruments available to science today include modern versions of old tools that would have been unimaginable even a quarter-century ago.
Cut federal grants and the control and corruption that inevitably follows.
The article is more cautious than the headline, but still . . .
As Andrew Biggs writes, if you have read the scary stories in the mainstream media, you probably have no idea.
A t the very least you should be real darn careful before you buy one.
Steve Forbes writes a nice appreciation of A. P. Giannini.
To paraphrase a car ad from 80s: Capitalism--there is no substitute.