Why bitcoin is for gamblers and bad actors on February 19, 2018Bitcoin recently lost about two-thirds its value in seven weeks — the fifth such collapse in recent years. Severe volatility ruins its utility as an alternative to national currencies, and ordinary investors who would prefer not to finance criminals, rogue states and terrorists should stay clear of it too. Advocates of bitcoin argue governments are […]
The challenge of lowering taxes on July 30, 2017Republican leaders are anxious to pivot from health care to tax reform but their optimism is misplaced. Lowering taxes and simplifying arcane tax codes should unite red-blooded Republicans like no other issue, but they will run into the same obstacles coalescing around a plan as with replacing Obamacare – reforming Medicaid and other entitlements. US […]
Employing the iPhone for good, or evil on July 10, 2017As Apple launches the 10th anniversary iPhone this fall, we should not only marvel at where the device has taken us but also consider where it is likely to go. Smart phones have proven transformational products, much like Ford’s Model T or television. They put into our pockets mobile and immediate access to internet, personal […]
Why Congress must not raise the debt ceiling on June 18, 2017Growing up in Eisenhower’s America, my parents spent their summers preoccupied with beach vacations and baseball pennant races – both a welcome relief from the tough tasks of earning a living and raising children. This summer we get to obsess about whether the federal government will run out of money. Treasury Secretary Steven Mnuchin has […]
The case for tax and entitlement reform on May 28, 2017Lobbyists are out in full force to block genuine tax reform. If Congress bends, great harm will come to ordinary folk – fewer good-paying jobs and a federal government too strapped to care for seniors and the truly needy. Currently, corporate profits above $75,000 are taxed at least 34 percent. That’s a low threshold for […]
Debt, demagoguery and dysfunction on May 15, 2017Watching Congress and President Trump tussle over taxes, health care and simply funding the government for the balance of the fiscal year, it becomes painfully apparent they have no intention of tackling the real budget and growth problems the nation faces over the next decade – at least not until they are confronted with a […]
A modest proposal for tax reform on March 13, 2017 Americans desperately need simpler, fairer personal and corporate taxes. The current system imposes terribly high rates and a myriad of special-interest credits and deductions. It requires expensive record keeping that drives taxpayers mad and complex auditing functions at the Internal Revenue Service that have proven susceptible to political abuse – conservative organizations and contributors […]
Investing for the long term on February 27, 2017Ordinary investors can’t be blamed for hesitancy about stocks with market indexes trading near record levels and President Trump’s radical, sometimes quixotic ideas creating so much uncertainty. Yet patience and a diversified portfolio remain the best long-term investment strategy. Saving for retirement and other long-term goals should be seen in the context of several investment […]
The next financial crisis on October 17, 2016 To listen to Barack Obama and Hillary Clinton, the U.S. economy has recovered miraculously from the financial crisis, and another jolt of left-wing economics will hoist Americans into a new golden age. Yet, growth remains an anemic 2 percent at best. In Europe, prospects are even worse and downright menacing. The U.S. Justice Department […]
A soft jobs market helps Trump on June 12, 2016 A soft jobs market could help Donald Trump win the White House if he presents a coherent program to fire up growth and puts substance into his promise to restore American greatness. The economy added only 38,000 jobs in May. While that figure was somewhat depressed by the Verizon strike, the pace of jobs […]