Today, Citizens for a Sound Economy (CSE) released findings from the first comprehensive study of the economic impact of tort reforms passed in Texas in 1995. The study reveals that the average Texas household has benefited $1,078 a year in reduced prices and increased personal income thanks to civil justice reform. In order to quantify the benefits of these reforms CSE’s adjunct research fellow and respected economist, Dr. Ray Perryman, examined the economic trends that occurred after Texas passed tort reform.

Executive Summary

Yesterday, 28 states’ Attorneys General filed an antitrust suit against the recording industry’s five largest record companies and three retailers. The suit, which lists Capitol Records, Sony Music, BMG Music, Universal Music, and Warner Music as defendants, claims that these companies conspired with retailers at Tower Records, Musicland, and Trans World Entertainment to fix CD prices. By the time this costly suit concludes, it is likely that music distribution will have undergone a fundamental transformation.

According to a recent poll released by PC Data, 56 percent of home Internet users agree with the legal arguments of Napster, the web site that facilitates the sharing of music files. PC Data, a Reston, Virginia-based market research firm, conducted the poll to gauge public opinion regarding the controversial copyright infringement lawsuit that is currently under appeal. The file-sharing technology of Napster has forced Americans to re-evaluate their conceptions of “intellectual property” and scrutinize the often ambiguous notion of “intellectual property rights.”

Today, on the steps of the Old County Courthouse, Citizens for a Sound Economy (CSE) released findings from the first comprehensive study of the economic impact of tort reforms passed in Texas in 1995. The study reveals that the average Texas household has benefited $1,078 a year in reduced prices and increased personal income thanks to civil justice reform.

Every day, nearly 60 percent of the American workforce goes to work for a small business. Small businesses produce 40 percent of our nation’s goods and services. We see the fruits of their labor in our corner drug stores, local cleaners and florists. In addition to producing competition and jobs, small business owners provide a tremendous value to our community. Many small business owners sponsor little league teams or provide complimentary goods or services to local charities. Trial Lawyers Attack Small Business

One of the more frequent criticisms of George W. Bush’s plan to allow younger workers to invest a portion of their Social Security taxes in Personal Retirement Accounts is that an economic downturn could wipe out people’s accounts, leaving them with nothing for their retirement. While there is always a risk to investing in the stock market, these critics fail to mention how devastating an economic downturn will be to the current Social Security system – a system that is already heading toward bankruptcy.

On Wednesday, August 2, former Defense Secretary Dick Cheney accepted the Republican nomination for vice - president. In his speech at the Republican National Convention, Cheney touted the tort reform record of Republican presidential nominee, Texas Governor George W. Bush, stating, "[Bush] promised to reform the legal system, to get rid of junk lawsuits, and he has. Today the legal system serves all people, not just the trial lawyers." For the entire text of Cheney's speech, click here.

Wednesday, members of the Network Advertising Initiative (NAI) met with Microsoft to kindly explain to the software giant that it is no longer permitted to service the needs of American consumers. From now on, extra-constitutional agreements reached by special interests and un-elected bureaucrats will dictate the direction of the high-tech industry. Critics of the Microsoft antitrust trial have long argued that this would be the outcome of the government’s case and this week’s developments prove that to be true.