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Economics and Finance
“Public Servants” Are Better Treated Than Private Sector Workers
But We are Still Pressured to Pamper Them with Additional Advantages How Did We Get Here and What Can We Do About It? by J.C. Pate June 15, 2022 We often hear public sector workers referred to as “public servants.” When you think about it, this is an odd term. After all, we don’t refer to private…
The Government Boondoggle of Forgiving Student Loans for “Public Servants”
Unfair Favoritism? Yes Insulting to Taxpayers? You Bet But the Harmful Effects are Much Deeper by J.C. Pate “Borrowers who devote a decade of their lives to public service should be able to rely on the promise of Public Service Loan Forgiveness.” U.S. Secretary of Education Miguel Cardona, Oct. 6, 2021 Introduction Democrats are very fond of…
Shareholders Versus Stakeholders: There is a Better Way
by J.C. Pate Originally published August 6, 2020 What is the proper role of the corporation? This question is currently a hot topic in the world of investing and corporate governance. Should a corporation prioritize the growth of shareholder value or, as suggested by advocates of “Stakeholder Capitalism,” should it work to improve outcomes for other stakeholders…
An Examination of the “Utility” Model for GSE Reform
by J.C. Pate June 18, 2019 It has been over a decade since the U.S. government takeover of Fannie Mae and Freddie Mac, the two government-sponsored enterprises (GSEs) that dominate the U.S. secondary mortgage finance market. In the meantime, government gridlock has made it difficult to reach a consensus on what to do with the GSEs. One…
The Corporate Tax Smokescreen: Let’s Be Honest About Who Bears the Burden of Corporate Taxes and How They Damage the Economy
by J.C. Pate May 14, 2021 These days, we are hearing calls from Democrats to increase corporate taxes as a way to partially pay for their extravagant spending proposals. It can be quite seductive to imagine we can simply tax corporations to finance government largesse and thereby spare hard-working American taxpayers. This idea is misguided because corporations…
Special Drawing Rights: The IMF’s Plan to Shower Money Around the Globe Circumvents Standard Safeguards for Foreign Aid
by J.C. Pate May 13, 2021 The International Monetary Fund (the “IMF”) is working with the Biden administration and others to orchestrate a stealthy round of helicopter money to be distributed to each and every one of the IMF’s 190 member countries. The IMF plans to do this by issuing something called Special Drawing Rights (“SDRs”)…
Regulatory Reform: the Catalyst for Productivity
by J.C. Pate September 9, 2020 Our government’s regulatory apparatus is one of the most important but least appreciated factors impacting the productivity and growth potential of the American economy. We constantly hear how the mounting level of government debt poses a threat to America’s future economic growth, but expanding regulations have a similar impact and…
America’s Post-Pandemic Economy:
Massive Federal Borrowing is a Threat, But Structural Burdens Can Be Even More Dangerous By J.C. Pate Introduction After months of battering from the coronavirus pandemic and government-mandated shutdowns, our economy and the American people are suffering badly. The response from the federal government has been unprecedented, with over $3 trillion in emergency spending approved so…
It’s Time for Tough Love: No Federal Aid for States Without Pension Reforms
by J.C. Pate The coronavirus shutdowns have wreaked havoc across our economy. State and local governments have seen their finances badly damaged and are pleading for federal aid. Tax receipts are down significantly due to business closures and there are extra health care costs, so a case can be made for federal rescue funding. But federal aid…
Public Pensions in Crisis: A Roadmap for Reform
By J.C. Pate Introduction There are hundreds of public pension plans across this country run by states and various local government entities covering a range of public employees. Many of these pension plans are in terrible shape. These problems have been brewing for a long time and the challenge is daunting. By one estimate, the unfunded liabilities related…
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