The interpretation of the Commerce Clause of the U.S. Constitution has been a wild ride with serious implications. The clause grants Congress the power to “regulate commerce . . . among the several States”. For decades it has been used to justify the federal government’s regulation of certain aspects of the economy. Recently, ObamaCare legislated the individual mandate, which will fine people for not obtaining health insurance beginning in 2014. The administration points to the Commerce Clause as their Constitutional right to impose the individual mandate and referred to the fine as a “tax” in court to defend the action as government’s “power to lay and collect taxes”.
Dubiously Free Trade's archives
The Power of the Commerce Clause
DNC Chaiman Howard Dean Predicts an End to the Individual Insurance Mandate
Dean is right about the public option; it is unpopular and it should be. Obama is now trying to defend it in the courts as a tax even though he denied it was a tax for over a year! A poll by the Progressive Campaign Change Committee found that while people favored the public option 59% to 31%, people opposed the individual mandate without a public option 56% to 33%. According to Rassmussen, a slight majority actually supports health reform now. However, this is after Obama launched a $700,000 ad campaign (taxpayer financed) to “correct the record” after the bill had already been passed. Back in September, 56% of people opposed it.
The Senate Race Loss of Peter Schiff
Peter Schiff just lost the Republican nod for US Senator in Connecticut. If someone ever embodied the antithesis to the nation’s current approach, it is Schiff.
under: Deficits, Dollar, Dubiously Free Trade, Energy, Federal Reserve, Game Theory, Individual v. Collective, Taxes, Treasury
Tags: Audit the Fed, bailouts, Connecticut, Constitution, corporatism, democracy, economic freedom, entitlements, Fannie Mae, Federal Reserve, financial crisis, Freddie Mac, IRS, Linda McMahon, Peter Schiff, Treasury, welfare, WWE
Scott Horton on Why War with Iran Would Be a Disaster
Scott Horton from Antiwar.com explains why there’s no reason to go to war with Iran. Aside by the fact that all 16 U.S. intelligence agencies are on record saying Iran is not attempting to build a nuclear weapon and the difference between enriched industrial uranium and enriched weapons grade uranium is something like 3.6% to 90% and more (which is no small difference), a war with Iran could mean the end of the United States.
American Companies Swimming in Debt
American companies are not in robust financial shape. Federal Reserve data show that their debts have been rising, not falling. By some measures, they are now more leveraged than at any time since the Great Depression.
Milton Friedman on How the Government Creates Incentives for Immoral Behavior
It is a law of economics that people respond to incentives, that’s just how it is, no way around it. Unfortunately, politicians like to ignore this little fact. When our government creates a reason to do something that we would find either unethical or unwise, typically unethical and unwise behavior will increase. And again, unfortunately, they have a bad habit of doing this.
Things We Should Be Allowed To Do – Part 1: Sell Our Own Organs
We live in a country where we can lawfully slander a celebrity, but may not sell a kidney to save someone’s life.
By precedents set in the court system, we may defame and defile a celebrity because they have achieved “public figure” status, but may not sell a kidney for some hybrid incentive of monetary gain and altruism; one that, oh by the way, will save a person’s life.
95% of One Iraq Reconstruction Fund Unaccounted For
A federal audit of $9.1 billion targeted for reconstruction in Iraq cannot account for more than 95 percent of it, a federal report said Tuesday.
The BP Spill Has Been Capped… Now Cap-and-Trade?
H.R. 2454 is a train wreck of corporate welfare that ignores better alternatives and probably dedicates too much of our scarce resources to fighting climate change, but those are aside the point. The point here is that almost a year after the House passed cap-and-trade on April 20th, the massive BP oil leak started. Fortunately, they just capped the leak, hopefully for good, after it had been gushing millions of gallons of crude oil into the Gulf of Mexico for 87 days. But the capped leak was and still is being used to push through cap-and-trade.
Open Letter on Financial Reform
A few days ago a friend of mine asked me what I would say in an open letter to a group of Independents if they asked me what I thought of the financial reform bill that is currently being considered in Washington. The following is my open letter response to those Independents:
under: Deficits, Dollar, Dubiously Free Trade, Federal Reserve, Game Theory, Individual v. Collective, Live and Learn, Treasury, Trust
Tags: Ben Bernanke, entrepreneurship, Fannie Mae, Federal Reserve, financial crisis, Freddie Mac, government sponsored enterprises, housing bubble, moral hazard, mortgage debt, public debt, Tim Geithner, Treasury
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