Obama warns, "Here's your chance, now don't screw it up!"
"The final version of the so-called stimulus bill, which will make economic news continue to sound like it was cribbed from Atlas Shrugged,
clocks in at 1,071 pages long (up from 424 pages long when first written). This is just 121 pages shorter than that prophetic work. Rich irony was just a back-room deal away!Congress [was] admittedly poised to pass it without having read either tome. [The President pushed for quick passage without the 48 hours he guaranteed. Then he held it for twice that long before signing it.]Develop a Rational Drug Policy
"A New Scientist editorial poses this thought experiment:
IMAGINE you are seated at a table with two bowls in front of you. One contains peanuts, the other tablets of the illegal recreational drug MDMA (ecstasy). A stranger joins you, and you have to decide whether to give them a peanut or a pill. Which is safest?
We need a rational debate about the true damage caused by illegal drugs - which pales into insignificance compared with the havoc wreaked by legal drugs such as alcohol and tobacco. Until then, we have no chance of developing a rational drug policy." Reason Hit and Run
"It is near impossible to imagine any private company not enjoying the "problem" of high demand for its products and services. Yet there are some products that are repeatedly reported as shortages. There is one thing these products have in common: government intervention, typically in the form of price controls.
This is especially the case with water in Melbourne, Australia, and has been for at least a decade. While supply of water is in many ways a complex issue, understanding economic shortages is not.
The government has blamed the shortage of water on drought and climate change. And while droughts may be created by a shortage of water, water shortages are created by an abundance of government rein. Despite almost yearly decreases in water storages in Melbourne (see figure 1), real prices have not increased significantly. And currently the "Essential Services Commission" will be setting prices for the next five-year period. This means, regardless of supply or any number of variables and uncertainty, (real) prices will remain roughly the same for five years. In other words, expect continued shortages." Ludwig von Mises Institute
Obama Warns Mayors
There are an almost overwhelming number of presumptions made by Obama in this short, underwhelmingly self-assured speech:
- Government spending projects are not inherently wasteful-- government spending projects could be either welfare-enhancing or welfare-diminishing.
- Obama and his staff have the economic prescience and ability to predict the subjective future valuations of millions of individuals necessary to give him the capability to distinguish between a welfare-enhancing (non-wasteful) and welfare-diminishing (wasteful) spending project, given the near infinite number of alternative uses of the money spent.
- Obama and his staff will provide the required oversight faithfully and without flaw." Degrees of Freedom
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