When governments want to encourage what they believe is beneficial behavior, they subsidize it. Sounds like good public policy. But there can be problems. Behavior that is beneficial for most people may not be so for everybody. And government subsidies can go too far. Subsidies create incentives for what economists call rent-seeking behavior. Providers of … Read more
I just read two very interesting articles on the U.S. economy, written from historical perspectives. They compelled me to share my own historical perspective. And what I want to say is more about our changing culture than our economy. One of the articles, by Julie Crawshaw of MoneyNews.com, notes that the “Misery Index”—the combined unemployment … Read more
Twenty years ago, the American Catholic thinker Michael Novak put his head together with his friend Rocco Buttiglione, a distinguished Italian thinker, to see what might be done about educating a new cadre of young Catholic leaders in the social doctrine of the Church. John Paul II’s recently released social encyclical, Centesimus Annus, seemed an … Read more
In 2010, there was a “tax gap” — i.e., the difference between federal taxes owed and those actually paid — of $410-$500 billion. Some of the gap stems from the complexity of the tax code. Much of it, though, is deliberate: self-employed individuals working for cash, table-servers under-reporting tips, taxpayers claiming unauthorized credits and deductions. … Read more
Whole books with titles like A Treasury of Christian Prayer attest to the fact that the Church can dip into vast pools of prayer and come up with any number of prayers that it might set before us for our contemplation. Some of them, such as the “Prayer of St. Francis,” are very popular and … Read more
As Americans prepared to mark the birth of their country with the usual outpouring of celebratory events, pundits on the political right were scratching their heads over President Obama’s most recent comment about America’s free-enterprise system. This time, corporate jet owners got the hit, no fewer than six times during Obama’s late June press conference, … Read more
Life has many good things. The problem is that most of these good things can be gotten only by sacrificing other good things. We all recognize this in our daily lives. It is only in politics that this simple, common sense fact is routinely ignored. In politics, there are not simply good things but some … Read more
Who reads the (British) Journal of Family Planning and Reproductive Health Care? A few more people this month than last, judging from the coverage given to an article in that worthy publication by British psychologist and agony aunt, Susan Quilliam. Her essay spiced up the journal’s usual menu of condoms and chlamydia with the attention-grabbing headline: “‘He … Read more
It was once suggested, as a general rule of staying alive, never to fly on an airline named after a state or the owner. As a general rule of sound government, it’s also a good idea never to enact a law named after a person. Personalizing criminal law usually stems from fruitless outrage at a … Read more
It’s hard to keep up with all the arguments and proposals in the debt limit struggle. But what’s at stake is fundamental. The bedrock issue is whether we should have a larger and more expensive federal government. Over many years, federal spending has averaged about 20 percent of gross domestic product. The Obama Democrats have … Read more
History proves that fiscal policies can be effective in stimulating private demand in a downturn. To be meaningful, however, the actions must be large enough to restart influential economic sectors and sufficiently broad-based to incentivize consumption. History also shows that temporary measures or narrowly targeted programs simply do not work. The Obama Administration came … Read more
The translation of the Nicene Creed used at Sunday Mass beginning in Advent will read, “I believe in God, the Father Almighty” — not, as currently, “We believe in God.” Often I say Mass using the Latin Novus Ordo. This is the text that was supposed to be translated into English. The Latin Creed begins … Read more
The Red Hook section of Brooklyn recently renamed a street “Seven in Heaven Way” to honor seven firefighters who died trying to rescue victims of the September 11, 2001 attacks at the World Trade Center. The street was given this new name because the men who died — Joseph Gullickson, Brian Cannizzaro, Salvatore Calabro, Thomas … Read more
With unemployment rising and a U.S. debt-crisis looming, Americans haven’t had much good news lately. But there is one bright spot on the policy front: Illegal immigration from Mexico has virtually stopped. Less than a decade ago, a half-million Mexicans were coming to the U.S. illegally every year, accounting for 60 percent of all illegal … Read more
Let us suppose we are looking at people who are not going to Yale or Harvard, or even to the local state university. First, they can’t afford it, and second, they lack the capacity to immerse themselves in absurdity for the sake of a few courses here and there that will deepen their understanding of … Read more
The United States is a country that has been peopled largely by vast surges of migration — from the British Isles in the 18th century, from Ireland and Germany in the 19th century, from Eastern and Southern Europe in the early 20th century, and from Latin America and Asia in the last three decades. Going … Read more
As chairman of our country’s central bank, the Federal Reserve Board, Ben Bernanke is expected to put the economy on a sound footing and foster strong economic growth. Unfortunately, Bernanke faces “mission impossible”—partly because the policies implemented by Congress, the president, and bureaucrats account for much of what happens to the economy, and partly because … Read more
In a recent editorial, The Wall Street Journal calls 2011 the “year of school choice.” Parents and the legislators who represent them, particularly in inner-city schools, are tired of waiting for the promised effects of “educational reform” on the public schools their children attend. Therefore, according to the Wall Street Journal, in one form … Read more
God has granted me a reprieve. Seven whole days have passed without a major American state abolishing marriage, or a Catholic hero dying prematurely at 98. That frees me up to return to the happy task of unfolding a layman’s understanding of the market economy, viewed through the lens of Christian ethics and prudent political … Read more
Whatever its other accomplishments, Henry Kissinger’s new book, On China, ought to cause serious reconsideration of that now-familiar refrain, “China-is-the-lead-country-of-the-future.” Kissinger’s analysis of Chinese history has been criticized, as has his reticence about evils like the massacres at Tiananmen Square. But his conclusion — that China’s future depends on the resolution of the conflict between … Read more