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| Dominic Pino: How One Income-Tax Policy Screwed Up American Health Care Posted: July 28, 2023 at 06:30 AM (Friday)Excluding employer-provided health coverage from the income-tax base contributes to all sorts of problems with U.S. health care. Michael Cannon of the Cato Institute argues in a new study that the root cause of U.S. health-care problems is the exclusion of health benefits from the income tax. That might sound strange at first glance, but ... | |
| Dominic Pino: Why Unions Push Minimum-Wage Increases Posted: April 17, 2023 at 04:36 PM (Monday)It's not to help low-wage workers. At first glance, it makes little sense that labor unions would support minimum-wage increases. Union members don't get paid the minimum wage, and if nonunion workers saw pay increases as a result of a minimum-wage increase, they would have less reason to unionize because the law would have raised their ... | |
| Dominic Pino: Let the Semiconductor Cost Overruns Begin Posted: March 20, 2023 at 12:05 PM (Monday)It was a narrow bill justified by national-security concerns, we were told of the CHIPS Act. Government was going to do what the markets couldn't, or wouldn't, and bring semiconductor manufacturing back home. After passage, the newly empowered Democratic commerce secretary Gina Raimondo began using her authority under the law to talk about ... | |
| Dominic Pino: Strike Not Averted: How Unions and Democrats Have Moved the Goalposts in Freight-Rail Dispute Posted: October 28, 2022 at 11:16 AM (Friday)Unions and their left-wing political enablers are playing a dangerous game — and it could end with an economy-crippling strike. On September 15, President Biden stood in the Rose Garden and spoke about the labor agreement his administration had brokered to avert a freight-rail strike. This agreement is a big win for America, he said. And this is ... | |
| Dominic Pino: Biden Continues to Push Gasoline-Price Conspiracy Theory Posted: October 19, 2022 at 02:53 PM (Wednesday)In his remarks today about the cost of gasoline, President Biden said, The price at the pump should reflect what the price of a barrel of oil costs, and it's not going down consistently. This is part of a continued effort by the White House to blame corporate greed – rather than government policies – for inflation. That's little more than ... | |
| Dominic Pino: September Inflation Higher Than Expected Posted: October 13, 2022 at 09:19 AM (Thursday)The September consumer-price index report from the Bureau of Labor Statistics is out today, and it shows inflation at 8.2 percent year-over-year and 0.4 percent month-over-month. That's a year-over-year decline since August's 8.3 percent, but a month-over-month increase from August's 0.1 percent. The consensus projections were 8.1 ... | |
| Dominic Pino: Third-Largest Freight-Rail Union Rejects Deal Biden Celebrated Posted: October 10, 2022 at 08:14 PM (Monday)The BMWED, the third-largest union representing freight-rail workers, announced today that its members have rejected the tentative agreement that President Joe Biden and Secretary of Labor Marty Walsh celebrated last month. The deal announced by Biden and Walsh was only tentative, and it still required ratification from union membership to go ... | |
| Dominic Pino: The Fed Sees More Trouble Ahead Posted: September 21, 2022 at 04:07 PM (Wednesday)The Federal Open Market Committee raised the federal funds rate by 75 basis points today. It's the third consecutive 75-point increase. The FOMC's statement on its decision says: Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. ... | |
| Dominic Pino: Biden’s Alternate Economic Universe Posted: September 18, 2022 at 10:03 PM (Sunday)The economy that exists in Joe Biden's head is significantly better than the economy in the real world. That's the major takeaway from the president's comments to CBS's Scott Pelley on 60 Minutes tonight. Pelley asked Biden about the August inflation report, which put year-over-year inflation at 8.3 percent and month-over-month inflation at ... | |
| Dominic Pino: Shippers Abandon Snarled West Coast Ports, Head East Posted: September 9, 2022 at 06:30 AM (Friday)More businesses are reorganizing their supply chains to avoid the West Coast entirely, shipping goods to East and Gulf Coast ports instead. West Coast supply-chain infrastructure is so inefficient and unreliable that businesses are deciding they'd be better off shipping their products to the opposite side of the continent instead. The shift ... | |
| Dominic Pino: Economic Data Aren't Adding Up Posted: August 31, 2022 at 04:08 PM (Wednesday)The data in question are on two of the most important economic topics: employment and output. At his blog, Apricitas Economics, Joseph Politano has written two pieces about economic data not adding up. The data in question are on two of the most important economic topics: employment and output. The Bureau of Labor Statistics uses two ... | |
| Dominic Pino: Free Markets Are in the National Interest Posted: August 16, 2022 at 06:30 AM (Tuesday)American prosperity is best served by free markets, not protectionism. Earlier this month, I wrote about ISI's American Economic Forum, summing up what I heard there as central planning with conservative characteristics, an inclination that appears to be popular among some on the right these days. In pushback to my piece, my friend and ... | |
| Dominic Pino: Janet Yellen’s Bogus IRS Math Posted: August 12, 2022 at 06:30 AM (Friday)The Treasury secretary’s numbers from a letter to the IRS commissioner simply don’t add up.Treasury secretary Janet Yellen sent a letter to the IRS commissioner earlier this week about the new funding the tax-collection agency will receive under the Democrats' reconciliation bill. But her numbers don't seem to add up when she talks about the ... | |
| Dominic Pino: A Good Way to Frame Inflation Debate Posted: May 10, 2022 at 05:02 PM (Tuesday)Marc Goldwein of the Committee for a Responsible Federal Budget has tweeted a helpful image to frame the inflation debate:
Will high inflation persist? pic.twitter.com/kaXuUBvGmB — Marc Goldwein (@MarcGoldwein) May 10, 2022 It helps because it grounds the debate in actual economic phenomena that we can observe. He does a good job of ... | |
| Dominic Pino: The Largest Hike Since 2000, but Not Large Enough Posted: May 6, 2022 at 04:24 PM (Friday)The Fed still seems to be playing catch-up on inflation, and the economy is still running hot as monetary policy remains loose. The Federal Reserve this week raised the federal funds rate by 50 basis points. Media reports are quick to point out that this is the largest increase at a single Federal Open Market Committee (FOMC) meeting since ... | |
| Dominic Pino: Trying to Make Sense of the Fed’s Logic Posted: April 5, 2022 at 01:14 PM (Tuesday)John Cochrane has a new blog post in which he tries to make sense of the Federal Reserve’s reasoning on monetary policy. He describes the Fed’s inflation-fighting policy so far as underwhelming: Inflation has been with us for a year; it is 7.9% and trending up. March 15, the Fed finally budged the Federal Funds rate from 0 to 0.33%, (look ... | |
| Dominic Pino: Utter Nonsense from Biden on Gas Prices Posted: March 31, 2022 at 05:38 PM (Thursday)A White House fact sheet on reducing gas prices demonstrates the Democrats’ incoherent energy policy. President Biden today announced a plan to reduce gas prices. It’s a perfect reflection of his party’s completely incoherent energy policy.
The White House fact sheet describing the plan says it is in response to “Putin’s Price Hike,” which ... | |
| Dominic Pino: The Bipartisan Blue-State Bridge Bailout Posted: January 22, 2022 at 01:00 PM (Saturday)The new infrastructure law’s Bridge Formula Program turns out to be a windfall for inefficient, unionized blue states. Throughout the bipartisan infrastructure law’s legislative journey, President Biden has repeatedly said that there are 45,000 structurally deficient bridges in the United States in need of repair. Repairing these bridges was ... | |
| Dominic Pino: Biden Hasn’t Fixed The Port Crisis — Ships Are Just Being Counted Differently Posted: December 2, 2021 at 04:21 PM (Thursday)Changing the way waiting ships are counted while continuing to kowtow to organized labor will not ease port congestion. On Tuesday, Secretary of Labor Marty Walsh visited Southern California and held a press conference with port leadership and California politicians at the Port of Los Angeles. They told a story of progress and cooperation in ... | |
| Dominic Pino: Preserve the Fed’s Independence above All Else Posted: October 19, 2021 at 06:30 AM (Tuesday)The last thing this country needs is a politicized Federal Reserve. The free world is watching – and so are its enemies. With higher-than-normal inflation and an administration dead-set on massive spending measures, the independence of the Federal Reserve is of vital importance. Fed chairman Jerome Powell's term expires in February 2022, ... | |
| Dominic Pino: Supply Chains: It’s Not Just Us Posted: October 15, 2021 at 12:40 PM (Friday)With all the focus on America's shipping delays, it's easy to forget that the world's biggest shipping backup is in southern China, not southern California. That's according to the Financial Times this morning, which reports that "a typhoon closed the ports in Hong Kong and Shenzhen for two days this week – but although weather often ... | |
| Dominic Pino: The Inconclusive Inflation Report Posted: September 14, 2021 at 02:37 PM (Tuesday)The August inflation report, released today, doesn't tell us much about whether inflation is here to stay or transitory. The headlines aren't sure what to make of it. "Inflation Eased in August, Though Still High," says the Wall Street Journal. "Inflation Cooled Last Month. It's Still Running High," says Barron's. "Consumer prices are up ... | |
| Dominic Pino: About That Moody’s Mark Zandi Report Posted: July 22, 2021 at 04:08 PM (Thursday)President Biden has found a new favorite report to use in support of his infrastructure plans. During his town hall with CNN yesterday, the president asserted that the report – written by Mark Zandi and Bernard Yaros Jr. from Moody's Analytics – says that "if we pass the other two things I'm trying to get done, we will, in fact, reduce ... | |
| Dominick Frosch |
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