Category Archives: Economics

Miscellaneous economy stuff

Federal Revenue

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The Wall Street Journal is concerned about the IRS exercising its claimed authority to delay implementation of some tax requirements for which Congress had set strict enforcement deadlines. Apart from the question of whether the IRS actually has that authority, the concern centers on how the agency moves might impact revenues for the Federal government.

…the tax agency’s moves frustrate lawmakers’ attempts to raise revenue and plug gaps in tax compliance.

The real question, though, centers on an aspect of Federal revenues about which I’ve written before. This is the claim made in the linked-to article’s headline, and which is repeated in the body of the article:

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Customer Choice

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New Mexico’s Progressive-Democrat Governor Michelle Lujan Grisham has gotten to be enacted rules mandating battery cars and trucks in New Mexico.

Starting in calendar year 2026, 43% of all new passenger cars and light-duty trucks shipped to New Mexico auto dealerships by national auto manufacturers must be zero emission vehicles. Similarly, beginning in calendar year 2026, 15% of all new commercial heavy-duty trucks shipped to New Mexico auto dealerships by national auto manufacturers must be zero emission vehicles. These percentages gradually increase over time.

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91%

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That’s the outcome of a Freedom Economy Index survey of 70,000 small businesses, of whom 905 responded, producing a survey with a 3% margin of error and a 95% confidence interval for the outcome.

And having delayed the lede, here is that outcome.

Fully two-thirds of the respondents think college graduates have educations that are useless to business needs, and another quarter of them think those graduates don’t have very useful educations. Here are some of the comments from respondents, which the survey reported verbatim:

  • The Talent shortage will just get worse because high schools and colleges produce no talent.
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So It Should Be with General Infrastructure

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The subheadline outlines part of the problem:

Companies often need to show progress to get government cash but struggle without it

In the body of the Wall Street Journal article at the link is this:

Some of the companies are in Catch-22 situations. Washington won’t issue them loans until they raise outside money and move ahead with projects.

It’s true enough that big, established companies are better able to game the situation. It’s also true that high interest rates—especially after an extended period of no- to low rates—and inflation have hurt, but these only emphasize my point in this post.

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Only Reliable Way to Enforce Lease Sales

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The 5th Circuit has ruled—correctly IMNSHO—that the Biden administration must sell oil and gas leases in the Gulf of Mexico as existing law requires and get it done within the next 37 days.

That’s good news, but it’s insufficient since it lacks an enforcement mechanism. The only reliable enforcement mechanism under this Biden administration is to deem the leases currently applied for to be sold under the parameters provided in the lease applications and to deem future lease applications, until the 73 million acres in question are committed, similarly sold after 37 days, the court’s mandated time limit for getting the Gulf’s acreage leased out.

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Jayjuz

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Here’s a pretty dispositive demonstration of the destructiveness of Progressive-Democratic Party economic ideology policies. The Transparency Foundation notes that

Our methodology calculates that a typical middle-class family of three earning $130,000 a year faces a “Cost of California” penalty of $26,478.72 versus if they simply paid the national average of cost in each category[.]

And

In California, renters pay 47% more than the national average, while homeowners pay 32% more, healthcare services cost 42% more, and state and local taxes are 14% higher[.]

Even areas where California citizens supposedly pay less than the national average, health insurance and homeowner’s insurance, the claims of lower costs are deceptive.

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Contract Discipline

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Amtrak is in the hole to the tune of $140 million in maintenance costs for its current fleet of trains because the contractor Amtrak hired to build and deliver uprated replacement trains is having trouble with testing requirements and production defects and so is nearly three years late on delivery.

Amtrak is also losing even more revenue in anticipated ticket sales from the new, larger trains that were supposed to enter service in 2021. And the railroad is missing out on other revenue because some older Acela units have been pulled from service to be cannibalized for spare parts.

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Here’s a Thought

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(No comments from the peanut gallery.)

Time is rapidly decreasing to get a budget passed in time to prevent a Federal government partial shutdown. There are those who fear that, and many of those distort the situation by claiming that it would be a total shutdown and one that would push all grandmas and grandpas off the Social Security cliff and deny wages for our soldiers. The hysteria is strong in those, but let’s take it seriously for a moment.

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Poison Pill

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The Republican-led House of Representatives is set to vote on a stand-alone aid bill for Israel Thursday or Friday (as I write on the preceding Wednesday), a bill whose spending is paid for by reallocating monies from elsewhere—here by reclaiming money allocated for an IRS expansion from the Progressive-Democratic Party-passed Inflation Reduction Act.

Senate Majority Leader Chuck Schumer (D, NY) is crying foul over that. That pay-for provision constitutes

poison pills that increase the deficit and help wealthy tax cheats avoid paying their fair share.

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Federalism and State Taxes

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A Wall Street Journal editorial opens with this:

One great benefit of America’s federalist Constitution is policy competition among the states. Voters in Florida don’t have to live under New York’s laws, and Americans and businesses can vote with their feet by moving across state lines.

The editors proceeded to a description of State-level tax laws and the mobility of us Americans and our businesses in leaving States with high taxes in favor of States with, often markedly, lower taxes. But that lede overstates the case.

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