The United States annually celebrates its historical economic achievements by taking a day off. This seems a bit counterintuitive— to celebrate work by not working. The practice, however, is very reflective of how the culture views their nine to five duty.
There has been a war against business but the big boys with $2.0 trillion offshore and armies of lobbyists are weathering it better than Main Street. So it's no surprise that while the new tax proposal would eventually lower corporate taxes to 28% from 35% that only covers 2 million of 32 million businesses. The rest would pay at least 39.6% while the more successful are looking at 43.4% (Medicare tax 3.8% plus high individual rate 39.6%).
Really, why would anyone want a job nowadays? John talks about America’s leftward march toward government dependency, while communist countries continue to adopt more liberal economic policies. Juan Carlos Hidalgo (the most interesting man in the world?) from Cato joined the program to talk about Cuba’s reluctant acceptance of free-market reforms.
John McCain and Elizabeth Warren may be teaming up for another piece of financial legislation. (We’re all sure this will work out. . . ) Ron Fino, a former FBI agent and Goodfella informant, joined the program to talk about the vibrancy of organized crime.
I’ve complained ad nauseam about how government has screwed up the health sector, both because of spending programs such as Medicare and Medicaid and because of tax and regulatory distortions that have mutated the supposedly private insurance market into some bizarre form of pre-paid, all-you-can-eat healthcare.