John A. Parnell, Ph.D.
The Social Security tax was enacted in 1935 with only a 1% deduction on the first $3000 of wages. Today, the tax rate has climbed to 12.4% of the first $106,800 of income, resulting in a 44-fold increase in the total allowable confiscation. So how did we manage to expand the taxes exponentially but also […]
Read MoreThe headline in my local paper (The Morning News) was an eye-catcher: S.C. AIMS TO KEEP MILLIONS—STATE RACES TO KEEP $75 MILLION IN FEDERAL FUNDS FOR SPECIAL EDUCATION. The story opens, “South Carolina has lost $36 million in federal matching money and is scrambling to avoid losing another $75 million for not spending enough on […]
Read MoreEconomist Alan Blinder wrote an op-ed in the June 21 Wall Street Journal entitled, “The GOP Myth of ‘Job-Killing’ Spending.” He opened by citing Keynes—no surprise here—and then stated the following: Right now, I’m worried about the damage that might be done by one particularly wrong-headed idea: the notion that, in stark contrast to Keynes’s […]
Read MoreNeal Boortz and John Linder officially introduced their version of a national sales tax—the FAIRTAX—in 2005. It’s been one of the most demagogued political issues ever since. With the 2012 election season upon us, it’s certainly worth a second look. The FairTax is a specific proposal, not a set of general principles; visit fairtax.org for […]
Read MoreDebating with the left is a mixed bag. Many liberals are so wedded to their positions that alternative logic and reason is simply meaningless. Discussing economics and politics with so-called moderates can be equally frustrating, but in a different way. Several underlying premises have crept into our culture and are subconsciously accepted by undecided voters. […]
Read MoreDo you remember Obama’s Car Allowance Rebate System (CARS), aka CASH FOR CLUNKERS? Participants in the program received a $3500-$4500 government cash voucher when they traded in their “gas guzzler” for a more fuel efficient one. More than 700,000 vehicles were sold as part of the $2.90 billion program. U.S. Transportation Secretary Ray LaHood referred […]
Read MoreIs raising the debt ceiling essential to our fiscal future? Well, the complete explanation is not what you might expect. Let’s start with a quote from The Hill: Congress doesn’t have to raise the debt limit. But refusing to do so would have huge consequences for the economy and the Constitution. If the debt ceiling […]
Read MoreManaging an economy effectively is an impossible task. This is precisely why Congress and the Fed should quit trying. The recovery Vice President Biden has been referencing since summer ’09 just hasn’t materialized. There have been a few positive signs, but the pace of the recovery—if we’re really in one—has lagged far behind that of […]
Read MoreWhen you hear the President talk about the need for a “balanced approach” to deficit reduction, he really means a combination of tax increases on the “rich” and modest if any real cuts in spending. There might be a few good ideas in his speech, but one thing is clear. Tax increases should not be […]
Read MoreI really like Paul Ryan. He’s bright, articulate, and is showing some leadership on the budget. He has demonstrated an ability to circumvent the media to get his message across to the American people. At times I see flashes of Reagan, particularly in style. Ryan’s roadmap is in many ways a breath of fresh air. […]
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