Monday, December 31, 2012

Cruising the Web

A French court has struck down Hollande's 75% tax rate on millionaires because it is not applied equally to all rich people. So now they're going to go back to the drawing board to find ways to tax more people. Meanwhile, those millionaires who are able are leaving the country. I guess these basic effects of confiscatory tax rates have to be learned over and over by socialist governments.

Victims of Sandy are still stranded by "red tape." I guess having Obama say "let it be so" was not enough to make red tape disappear.

Michael Barone reminds us of how government often makes things worse when it steps in. His examples of how government messed up health care, housing, and higher education are spot on. Sadly, once the pattern has been established, politicians just keep digging deeper instead of correcting the original mistake.

The city of Stockton, California is going through bankruptcy because they have promised benefits to city employees that they have no possible way of funding. But instead of reforming those irresponsible promises, they want to stick it to the bondholders who foolishly invested in the insolvent city. If they're allowed to get away with this, look for other bankrupt cities throughout California and the rest of the country to try the same thing. The result will be that no city will be able to sell their municipal bonds.

Now that he's been reelected, the Obama administration is spewing forth new regulations at a rapid clip.

Is globalization reversing?

Cheers to Ringling Brothers and their victory over the bogus lawsuit that the ASPCA brought against them. Now the ASPCA is the one having to shovel up after the elephants.