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☆ Biden’s IRS Chases Chump Change
▼ + stars: | 2023-08-11 | by ( Phil Gramm | Jodey Arrington | ) www.wsj.com time to read: 1 min

Review and Outlook: During Devon Archer's testimony to the House Oversight Committee, a picture emerged of how Hunter Biden's role on the board of Burisma got mixed up with Vice-President Joe Biden's Ukraine diplomacy. Images: EFE via ZUMA Press/Reuters Composite: Mark KellyCriminals stole at least $1 trillion from taxpayers during the pandemic. To date the Biden administration has offered only lip service and modest funding to try to reclaim these funds and punish wrongdoers. Meanwhile President Biden is hiring an army of Internal Revenue Service agents to shake down Americans he claims are tax avoiders. And his commitment is concrete—$80 billion to hire 87,000 new IRS agents.

Persons: Devon Archer's, Hunter, Burisma, Joe Biden's, EFE, Mark Kelly Criminals, Biden, wrongdoers Organizations: Press, Reuters, Internal Revenue Service, IRS, Congressional Locations: Joe Biden's Ukraine

☆ How Congress Can Stop Biden’s Regulatory Onslaught
▼ + stars: | 2023-07-15 | by ( Phil Gramm | Mike Solon | ) www.wsj.com time to read: +1 min

Wonder Land: Republican presidential hopefuls Ron DeSantis, Mike Pence, Nikki Haley, Tim Scott, Chris Christie, Vivek Ramaswamy and maybe even Donald Trump are united on spending. Images: Reuters/Zuma Press Composite: Mark KellyBefore the rise of the regulatory state, America’s economic exceptionalism flowed from clear constitutional boundaries between the spheres of individual freedom and government power. All major federal initiatives were circumscribed by the Constitution and required legislation by both houses of Congress followed by the president’s signature. The result was economic and political stability enforced by checks and balances. While political inertia frustrated elected officials, the benefits of unparalleled economic certainty and unmatched freedom to work, save and invest delivered unequaled prosperity.

Persons: Ron DeSantis, Mike Pence, Nikki Haley, Tim Scott, Chris Christie, Vivek Ramaswamy, Donald Trump, Mark Kelly Organizations: Republican, Zuma, Senate

☆ The Real Stakes of the Debt-Ceiling Fight
▼ + stars: | 2023-05-22 | by ( Phil Gramm | Mike Solon | ) www.wsj.com time to read: 1 min

Wonder Land: During the Obama years, Republicans were nicknamed 'the party of No.' Today the roles have reversed, with Democrats refusing to negotiate, preferring to smear the 'MAGA Republican' opposition as 'extreme.' Images: Zuma Press/AFP via Getty Images Composite: Mark KellyHouse Speaker Kevin McCarthy last month mustered the votes for a bill to raise the debt ceiling, thanks in no part to his Democratic colleagues. His victory shifted the topography of the debt-ceiling battlefield and passed pressure onto the Senate and the White House. President Biden has called the House GOP’s bill “wacko” and Senate Majority Leader Chuck Schumer has said that its adoption would mean “real pain for American families.”

☆ The ‘Gilded Age’ Myth, Then and Now
▼ + stars: | 2023-05-08 | by ( Phil Gramm | Amity Shlaes | ) www.wsj.com time to read: +1 min

Today the roles have reversed, with Democrats refusing to negotiate, preferring to smear the 'MAGA Republican' opposition as 'extreme.' Images: Zuma Press/AFP via Getty Images Composite: Mark KellyEverything old is new again, and blaming the rich for America’s woes is no exception. That era has been damned with a pejorative label: the Gilded Age. That thinking has re-emerged in the Democratic Party today, though this time it has its sights set on our economy’s tech giants. The wealth created by industrialization, modern finance and communication has reduced poverty, elevated material well-being and promoted general prosperity.

☆ Biden Is Transformational, and Not in a Good Way
▼ + stars: | 2023-04-26 | by ( Phil Gramm | Pat Toomey | ) www.wsj.com time to read: +1 min

Journal Editorial Report: Paul Gigot interviews former Trump White House economist Kevin Hassett. Images: AP/Zuma Press Composite: Mark KellyFrom Wall Street to Silicon Valley, from the Permian Basin to the Chicago Loop, an iron net of regulation has descended across the American economy. Churchill’s metaphor conveys the magnitude of the onslaught and the peril it poses to the American economy and our freedom. We face not an errant regulator or an officious bureaucrat, but a sea change in the economy’s regulatory ecosystem. In the short term, President Biden’s regulatory tsunami will fuel inflation and make a recession more likely.

☆ The SEC Seeks to Supplant the Market
▼ + stars: | 2023-01-20 | by ( Phil Gramm | Hester Peirce | ) www.wsj.com time to read: 1 min

When the financial crisis ended in the summer of 2009, economic prognosticators were virtually unanimous in predicting a strong, sustained recovery. But Obama-era regulatory policy smothered that recovery and made it the weakest since the Great Depression. Now, with the economy expected to slip into recession, the coming regulatory tsunami far exceeds the excesses of the post-financial-crisis period. Nowhere are the current regulatory excesses more evident than at the Securities and Exchange Commission.

☆ ‘The Myth of American Inequality’ Review: Believe Your Eyes, Not the Statistics
▼ + stars: | 2022-12-27 | by ( Charles W. Calomiris | ) www.wsj.com time to read: 1 min

According to Mark Twain, “It ain’t what you don’t know that gets you into trouble. It’s what you know that ain’t so.” “The Myth of American Inequality,” by Phil Gramm, Robert Ekelund and John Early, quotes that wisdom, then offers 250 pages of analysis proving it. Has the average standard of living grown substantially since the 1960s? Has inequality shrunk over that period? Did post-1960 redistributive policies reduce the percentage of families living in poverty?

☆ Hispanics Like What the GOP Is Selling
▼ + stars: | 2022-10-20 | by ( Phil Gramm | John Early | ) www.wsj.com time to read: 1 min

Hispanics are one of the fastest growing census demographics in America, and their realignment away from the Democratic Party is a political earthquake in the making. If polls are right and increasing numbers of Hispanics vote Republican in November, the much-touted inevitability of Democratic political dominance will have proved to be a pipe dream. The creation of a separate ethnic classification for Hispanics in the 1970 census was a political decision. If someone in your family history spoke Spanish, you are counted as Hispanic—a definition that includes people whose ancestors were here before the Pilgrims landed as well as those who are arriving in the country today.

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