American - Economist | 1947 -
I only have disdain for New York City Mayor Michael Bloomberg. He raised taxes and has increased regulations. What else is new? He's a bully who wants to micro-manage people's lives by mandate, not persuasion.
Mark Skousen
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The media simply does not understand Econ 101.
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All workers, whether they are employed in the private or public sector, should avoid living 'paycheck to paycheck.' Studies show that every household wastes 10% or more of its salary or income on unnecessary expenditures or by not taking the time to shop for better prices. It's all a matter of proper budgeting.
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One suggestion my wife and I have used in our personal finance courses we teach at college is simply writing down all expenditures and seeing where the money goes. That alone will cause heads of households to think twice about x, y or z expenditure, and to consider carefully whether they really need something or not.
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Society can take two roads - the road to genuine prosperity, or the road to artificial stimulus. The first results in a permanent higher standard of living for all; the latter creates an inflationary boom that cannot last.
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The income tax is flawed for a number of reasons - it discourages economic growth and encourages a bloated government.
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The true principle of taxation is the benefit principle - those who benefit from a government service should pay for it. It's also known as the 'user pay' principle. Every effort should be made to link the payment of taxes or fees to the cost associated with the government service.
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Who uses funds more productively - private citizens or the government? I dare say that Warren Buffett can use his surplus funds more effectively in private business and creating jobs than the government can.
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Fraud is common when you give away billions. Fraud related to Hurricane Katrina spending is estimated to top $2 billion. In addition, debit cards provided to hurricane victims were used to pay for Caribbean vacations, NFL tickets, Dom Perignon champagne, 'Girls Gone Wild' videos, and at least one sex change operation.
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In the early 1980s, I wrote a book called 'The Complete Guide to Financial Privacy.' If I would write that book today, it would be a pamphlet. There is precious little privacy left.
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Remember, gold and silver always have had value and never have gone to zero. Can you say the same for stocks and bonds?
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Life is full of joys and sorrows, much of it our own making. Sadly, the West has voted time and time again for bigger government, more inflation, higher taxes and excessive regulation - all policies that have kept us from Adam Smith's vision of an opulent society.
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