Morning Reads for Wednesday, November 30th

“The most important single central fact about a free market is that no exchange takes place unless both parties benefit.” – Milton Friedman

Here in Georgia…
– Our own Erick Erickson says Herman Cain’s campaign is over.
– The Selig Center at UGA forecasts high employment in the state during 2012.
– Atlanta home prices have fallen to another low.

National stories of interest…
– According to Gallup, Jimmy Carter polled higher than Barack Obama at this point in their presidencies.
– Cyber Monday sales jumped by 22% over last year.
– Jon Huntsman, who will be excluded from some coming debates due to low poll numbers, isn’t ruling out an independent bid.
– Looks like Henry Paulson, former Treasury Secretary, engaged in some insider trading as the government was bailing out GSE’s Fannie Mae and Freddie Mac.
– Harry Reid doesn’t seem to take the Gang of Six seriously.
This is just another sign that we desperately need tax reform.
– It’s not a surprise, but the high price of oil is hurting our economic recovery.
– Reason recently interviewed Nobel Laureate Vernon Smith, who noted his transition from socialism to free markets.
– Stu Rothenberg channels Thomas Jefferson noting that Republicans have to decide between their head or heart.
– What did FDR know and when did he know it?

A few that I like…
– It’s looking good for the Falcons to get back into the playoffs.
– Comedian Patrice O’Neal has passed away.
– Despite recently agreeing to a new CBA, Major League Baseball could be next in line for a labor dispute.

13 comments

  1. benevolus says:

    That Friedman quote is probably the stupidest thing I will read today.

    Unless Rick Perry says something.

  2. David C says:

    That’s a pretty silly Gallup quote, because it says less about Obama than Carter, who was getting a
    “rally round the flag” bump from the early moments of the Iranian Hostage Crisis. His approval shot from the 30s to the mid 50s for a little while. It’s another facile statistical coincidence that tells us nothing.

  3. Dave Bearse says:

    Re: Tax Reform.

    There’s no reason to place credence in businesses seeking tax reform because the claim it’s relatively difficult for them to pay US taxes, when the very first thing out of their mouth after the complaint is that US tax rates are too high.

    Sorry, but it’s no more difficult to multiple by 35% then it is 15%. And the first reason given that the tax rate is too high says that cutting thier own taxes is their No.1 priority, not making payment easier and more transparent.

    • I know cutting my taxes is certainly my number one priority when it comes to taxes. However, the ability to pay less atxes also makes my taxes a good bit more complicated as I go through the various deductions and business expenses and depreciation and what not. Why would a business want to pay 35% when they can pay 15%?

      • Dave Bearse says:

        Nobody wants to pay more taxes, and there’s no arguing a complicated tax code distorts markets and wastes resources.

        Is cutting your taxes YOUR taxes your No.1 priority in tax reform? That’s the exactly the point I was making about businesses parading their desire for lower taxes as reform. If you read the link, there was nary a mention about cutting deductions, revenue neutrality or balancing a budget or fairness.

        What’s more, the 800 lb gorilla in the room is that there’s no mechanism that will prevent special interest lobbyists from re-purchasing dedeuctions, credits and exemptions after tax reform is complete. A $1,000 credit is still a $1,000, whether the tax rate is 35% or 15% rate, so it’s not like the return on investment in lobbyists and gifts is being diminished.

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