I’m as appalled and disgusted as anyone over the Varsity Blues admissions scandal, and it’s fine with me if those parents end up in prison. But I also worry about hypocrisy. So many of us now throwing up our hands in outrage have tiptoed in our own ways onto a continuum at the far end of which is the bribery and conspiracy that’s recently been revealed.
For over six years, California has had a top marginal income tax rate of 13.3 percent, the highest in the nation. About 150,000 households in a state of 40 million people now pay nearly half of the total annual state income tax.
Tech investors celebrate a future of self-driving taxis and low labour costs as gig economy platform companies such as Lyft and Uber go public. But workers spy disaster. In more and more industries, the low-skilled suffer declining pay and hours. McKinsey estimates that 60 per cent of occupations are at risk of partial or total automation.
To Rep. Alexandria Ocasio-Cortez, it embodies “a shadow of slavery’s power.” To the New York Times editorial board it represents “a living symbol of America’s original sin.” To filmmaker Michael Moore, it advances a “racist idea.”
Hoover Institution fellow Thomas Sowell says that reparations are not going to happen but the attempt to make it happen will polarize the country. Sowell said reparations are another left-wing idea that sounds so wonderful that people never stop to ask can we actually do this?
Hoover Institution fellow Steven Davis talks about the US trade deficit with China. Davis does not think we should be too worried because the US and the US treasury in-particular is the world’s largest supplier of safe liquid debt securities. What do we get for that? We get stuff. We get cars and goods and so on.
In an interview with Reason magazine in 1980, Thomas Sowell remarked that the way to get rid of poverty was “to hold a meeting of all the leading experts on poverty somewhere in the middle of the Pacific and not let them go home for 10 years.” Having relieved society of their counterproductive suggestions, “when they came back, they would discover there was no more poverty.”
Former RBI Governor Raghuram Rajan suggested that India needs to boost its pace of growth, especially in job creating sectors which in turn merits a whole new generation of reforms as the old ones have lost momentum.
Here’s a perspective check for you: When I first came to Washington, D.C., more than 50 years ago, the big question when it came to schools was “Should the federal government have any role in financing education?”
One of the Allies' greatest fears during World War II was that Adolf Hitler and his Nazi forces would unleash so-called Wunderwaffen, or “wonder weapons.” Some of the rumored weapons were outlandish, such as earthquake generators and death rays. But others, like bacterial weapons, rockets and new deadly gasses, were entirely feasible. Most concerning? The possibility that the Germans would manufacture—and detonate—an atomic bomb.