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We're Paying $1.9 Trillion for What? | Cato Institute

Now that the Senate has decided to avoid the pesky issue of calling witnesses in an impeachment trial, Congress will get back (after the break) to legislative business, and the first order of business will be President Joe Biden’s $1.9 trillion (with a T) “American Rescue Plan.” Congress got the ball rolling on the plan when both chambers passed a 2021 budget resolution instructing various committees to come up with their respective pieces of a final bill that would include up to $1.9 trillion in new spending and revenue loss (tax cuts). Those bills were released late last week, so this will not be a deep dive into every little detail (thank goodness). Instead, today we’ll focus on the bigger picture, including the debate that’s erupted about the plan’s size, timing, and effects, and try to answer one simple question: “what, exactly, are we rescuing here?”

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Your Summer Cruise Just Got Cabotaged

Dear Capitolisters, A minor travel industry scandal to the extent such things exist erupted last week when the Canadian government extended its pandemic‐related moratorium on foreign port arrivals, thus imperiling U.S. cruises to not only coastal Canada (which is delightful) but also Alaska. This prompted immediate outrage from Alaska’s congressional delegation, given the numerous jobs at stake in tourism‐reliant places along the Alaskan coast. Tellingly unmentioned by the congresscritters, however, was why cruises run by American companies, primarily serving Americans, and both starting and ending at American ports even need to stop in Canada in the first place. The reason: Laws regulating “cabotage” a fun word meaning “the right to operate sea, air, or other transport services within a particular territory” dramatically restrict the transport of goods and people between domestic ports. This causes all sorts of problems, which Alaska’s senators and

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Let's Talk About a $15 Minimum Wage

Dear Capitolisters, In the pantheon of right‐leaning economists, there’s a front row seat for Stanford’s Thomas Sowell. For those of you who don’t know Dr. Sowell, who turned a spry 90 last year and is still going strong, I recommend this recent tribute to some of his most important work, as well as this brand new documentary on his life. For me, two specific Sowell quotes stand out when thinking about public policy and the intersection of politics and economics: When evaluating a policy proposal, always “think beyond stage one” and ask “and then what will happen?” (via his

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Busting the 'Deindustrialization' Myth

Busting the 'Deindustrialization' Myth
cato.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cato.org Daily Mail and Mail on Sunday newspapers.

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Would Markets Have Handled the Vaccine Rollout Better Than Government?

Would Markets Have Handled the Vaccine Rollout Better Than Government?
cato.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cato.org Daily Mail and Mail on Sunday newspapers.

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