Hoover Institution fellow Victor Davis Hanson discusses his Los Angeles Times article "The Oroville Dam Disaster Is Yet Another Example Of California's Decline."

In his excellent post on taxes and the incidence of taxes, co-blogger Scott Sumner does not mention another important issue in taxation: deadweight loss. The deadweight loss from a tax is the part of the loss to those who bear the tax that does not go to the government. Thus the term "deadweight." (Scott's graph shows a small deadweight loss, but he does not elaborate on this.)

When central bankers react to short-term data, they confuse the immediate with the important.