Economics in One Lesson is the clearest book that I have read on basic economics. The argument against trade tariffs requires only ~6 pages and 20 minutes of reading / comprehension. And still, supposedly 'really smart people' think that a tariff will be effective. As Hazlitt so eloquently pointed out long ago..."The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups."
You've got to raise the revenue somehow. The question is whether or not to have your own people pay for it or for others to do so.
Tariffs were the preferred method of financing under the Constitution until 1915 when the Income Tax was proposed. I still think that tariffs are a far preferable method than holding the individual power over the People that an income tax proposes. One of the dangerous side-effects of a personal/corporate income tax is the chilling effect on free speech with tax-exemptions.
I would also note that there must be actual trade in order to collect revenue from tariffs, so there is an inherent feedback mechanism present that leads to better management and policy. That feedback mechanism is absent in the personal/corporate income tax leading to ever increasing tax rates to fund ever-increasing government spending. Tariffs also provide a very convenient political tool when negotiating with other nations. I would note how Most Favored Nation status was on the Chinese' list for decades before it was finally granted.
I couldn't help but think how the goal of improving people's lives by the govt almost always results in the opposite occurring. From ACA to DEA to EPA to NSA Another thought is the additional hurdle these min. wage laws have on small businesses. The wealth creating small business where on the job training Provides an employee the experience to increase his value a win win, but regulations, fees, taxes insurances and unknown labor costs stifle new businesses and stifles competition.
For some reason, many who create the laws choose to ignore the consequences of them. For others they know what the consequences are and they want them to come about as an excuse to go for more power. These are the truly insidious ones.
Here is how it goes down. Leftist socialists Claim to want to help the low income folks. They say entry level employees should have a higher income.( That is true only when the employee's value to the employer increases). They then enact laws ignoring free market forces and that take away their ability to work or enter the work force.
If they wanted to improve peoples opportunities tell them that they need to be a value to an employer, tell the be responsible for your actions and that increasing your skills is the path to success.
Agreed. I think the best part was the explanation of the unintended consequences. Those are all too often what government fails to plan for - or what they think they can ignore.
Having watched this video, people have forgotten the company's only want to exploit their workers! Let's say a well known company outsources to india or china and pay10 cents per unit, and sells it for $200. This same unit could be made in America but isn't because they want and will exploit their workers
Tariffs were the preferred method of financing under the Constitution until 1915 when the Income Tax was proposed. I still think that tariffs are a far preferable method than holding the individual power over the People that an income tax proposes. One of the dangerous side-effects of a personal/corporate income tax is the chilling effect on free speech with tax-exemptions.
I would also note that there must be actual trade in order to collect revenue from tariffs, so there is an inherent feedback mechanism present that leads to better management and policy. That feedback mechanism is absent in the personal/corporate income tax leading to ever increasing tax rates to fund ever-increasing government spending. Tariffs also provide a very convenient political tool when negotiating with other nations. I would note how Most Favored Nation status was on the Chinese' list for decades before it was finally granted.
Thanks for the video .
I couldn't help but think how the goal of improving people's lives by the govt almost always results in the opposite occurring.
From ACA to DEA to EPA to NSA
Another thought is the additional hurdle these min. wage laws have on small businesses. The wealth creating small business where on the job training
Provides an employee the experience to increase his value a win win, but regulations, fees, taxes insurances and unknown labor costs stifle new businesses and stifles competition.
If they wanted to improve peoples opportunities
tell them that they need to be a value to an employer, tell the be responsible for your actions and that increasing your skills is the path to success.