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Congress has introduced a resolution entitled “The Miners Safety & Health Act of 2010” that threatens to devastate the mining industry. This legislation creates burdensome new regulations and begins a government takeover of mine management. Defeating this legislation is essential to preserving the industry and the market forces that drive it.
The Definition of Insanity (A Response to Rep. Carolyn Maloney)
Albert Einstein once said that insanity was “doing the same thing over and over again and expecting different results". Under this definition, most members of Congress could be classified as insane, especially when it comes to solving the financial crisis.
There's a great new book out there that anyone who wants a better understanding of the roots of today's fiscal crisis and what we can actually do about it should checkout.
It's written by David Breuhan and it's called "Spread the Wealth: More Haves, Fewer Have Nots." Breuhan is a money-manager and has taught Austrian economics at the graduate level. He has a keen understanding of the implications of trade restrictions, high taxes, deficits, and spending and is able to put it in simple terms that anyone can understand.
Of course, Vice President Joe Biden, might not be planning on coming to Columbia, SC for a tea party, but that's what he's going to get. On Friday, July 23 Biden will be in town with Rep. John Spratt to dedicate the new USC library and participate in a fundraising event for Spratt.
While private sector workers across the country are struggling with abnormally high unemployment rates, federal government employees in Washington are likely to be bewildered by the current economic downturn. In fact, a Politico article released today confirmed that about half of “Washington elites” who live in the D.C. metro area and work in politics or policy fields claim that the country and the economy are headed in the right direction—compared to less than 25 percent of the general population. Since the federal government directly employs roughly one-third of citizens in the D.C.
Congress Votes on Extending Unemployment Benefits-- Again
On Tuesday, the Senate is expected to vote on H.R. 5618 “Restoration of Emergency Unemployment Compensation Act of 2010” which would extend unemployment benefits to November 30th for the long-term jobless. Unfortunately, prominent Democrats are accusing those opposed to the bill as being cruel individuals that have no sympathy for the unemployed.
A government with moral and legal authority promulgates written rules and universally, impartially and uniformly enforces the rules, which provides a predictable and stable legal order on which to base economic and personal decisions. The law prevails, not the proclamation or arbitrary decision of a ruler, government bureaucrat, the enforcer (e.g., policeman) or judge.
The recently passed Dodd-Frank financial services reform bill is yet another example of power-grabbing legislation that fails to address the root causes of the current financial crisis. Countless studies have confirmed that the Federal Reserve played a major role in the fiscal collapse by artificially keeping interest rates low by inflating the money supply in the economy. Before the official recession began in December 2007, the economy appeared to be booming with an expansion of credit.