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| Casey Mulligan: How Great Is the Regulatory Burden? Posted: January 4, 2024 at 06:30 AM (Thursday)Possibly $15,000 per household, a new study finds. Senator Elizabeth Warren (D., Mass.) expressed a common belief when she said that, while regulations impose costs, they are also about making sure that someone does not get to beat out the competition because they are dumping filth in the river or spewing poisons in the air. A new study finds ... | |
| Casey Mulligan and Tomas Philipson: Poor Measurement of GDP Hides Falling Living Standard Posted: October 9, 2023 at 06:30 AM (Monday)Better national accounting would help to explain why voters feel discontented. With the private sector generating millions of jobs and GDP growth, the Biden administration is frustrated that citizens do not recognize how good things are. Many attribute this disconnect between voters and the White House to higher inflation and interest rates, ... | |
| Joel Zinberg and Casey Mulligan: No, Lockdown States Did Not Do Better Posted: April 19, 2023 at 06:30 AM (Wednesday)Many politicians, public-health figures, and media pundits continue to insist that the Covid lockdowns were a success and represent a blueprint for future pandemic responses. Illinois governor J. B. Pritzker recently claimed that thousands and thousands of more people would have died in Illinois if we had followed the lead of a state like ... | |
| Casey Mulligan: Biden’s Budget Is an Assault on Social Security Posted: March 9, 2023 at 06:08 PM (Thursday)High taxes and crushing regulations will starve entitlement programs into insolvency. President Biden released his 2024 budget request Thursday while continuing to accuse Republicans of scheming to cut benefits for seniors. But he’s got it backward. By advancing policies that hinder the economic growth that drives prosperity, Mr. Biden and ... | |
| Casey Mulligan: We Cannot Have EVs without E Posted: March 6, 2023 at 06:30 AM (Monday)President Biden’s ‘Green Recovery’ plans would by themselves reduce national incomes by 2–3 percent. Shifting energy use toward renewable sources imposes significant costs on consumers, who, given the choice, overwhelmingly opt for cheaper and more reliable fossil-fuel sources. Electrification of cars and appliances also creates its own costs ... | |
| Rob Arnott and Casey Mulligan: How Deadly Were the Covid Lockdowns? Posted: January 11, 2023 at 11:59 AM (Wednesday)For Americans under 45, there were more excess deaths without the virus in 2020-21 than with it. Covid-19 is deadly, but so were the draconian steps taken to mitigate it. During the first two years of the pandemic, “excess deaths”—the death toll above the historical trend—markedly exceeded the number of deaths attributed to Covid. In a paper ... | |
| Stephen Moore, Casey Mulligan and E. J. Antoni: It pays not to work in Biden's America thanks to welfare benefits Posted: December 18, 2022 at 10:59 PM (Sunday)Most Americans believe, as we do, in a reliable government safety net in America, so that when people fall on tough times or lose their jobs, their families will not go hungry, lose their homes or suffer deprivation. But most Americans also believe that government assistance should be short-term and aimed at quickly getting people back on ... | |
| Casey Mulligan: Lockdown Lessons for China Posted: December 2, 2022 at 06:30 AM (Friday)New data show that quarantining the healthy is even worse than critics thought. The spread of Covid-19 around the world prompted extraordinary, although often untested, steps by individuals and institutions to limit infections. Schools, restaurants, entertainment venues, and many other places of business were required to close under the ... | |
| Casey Mulligan and Tomas Philipson: The Inflation Reduction Act Comes for Medicare Posted: November 21, 2022 at 06:41 PM (Monday)It will cut benefits and increase premiums, upsetting millions of elderly voters. President Biden has accused Republicans of scheming to cut Medicare. In fact it is his signature legislation, the Inflation Reduction Act, that will lead to benefit cuts and premium increases for seniors. Medicare’s popular drug-coverage program is headed for ... | |
| Casey Mulligan: Biden Has Bungled Fossil-Fuel Policy Posted: November 2, 2022 at 06:30 AM (Wednesday)New data reveal how the administration’s policy has undermined the U.S. energy industry, which was once the most innovative in the world. A range of recent public policies raise the costs of extracting and processing fossil fuels in the United States. The result has been to squander historic export opportunities for domestic industries while ... | |
| Casey Mulligan: Price Controls Are Hazardous to Your Health Posted: August 24, 2022 at 06:30 AM (Wednesday)Contrary to the conventional wisdom, the new law regulating what drug manufacturers can charge will reduce patient access to prescription drugs. The new budget-reconciliation bill, just signed into law by President Biden, directs the executive branch to negotiate the prices of drugs purchased by Medicare. Those provisions of the new law ... | |
| Casey Mulligan: Businesses Need a Tax Cut Posted: July 13, 2022 at 06:30 AM (Wednesday)Under current law, inflation and TCJA sunset provisions are both increasing the taxation of business. This year has ushered in two significant tax increases that are pushing the economy toward recession. President Biden's Build Back Better plan would only add to the burden, instead of compensating for it. The twelve-month inflation rate hit ... | |
| Joe Grogan and Casey Mulligan: In Defense of Pharmacy Benefit Managers Posted: July 11, 2022 at 06:27 PM (Monday)Drug-company lobbyists are pushing policy makers to kill the golden goose. Washington is a town not known for bipartisan agreement. But its swarms of drug-company lobbyists appear to have united both parties in opposition to pharmacy benefit managers. PBMs are taking the blame for high drug prices. PBMs manage prescription-drug benefits for ... | |
| David Henderson and Casey Mulligan: Biden Is Practically Engineering a Recession Posted: June 22, 2022 at 04:27 PM (Wednesday)His regulatory and tax agendas seem designed to negate the good things the economy has going for it. Most discussion about the possibility of recession focuses on the Federal Reserve’s monetary policies. But there are also factors on the supply side of the economy that may tip the U.S. economy into a recession. Among them are the tax ... | |
| Casey Mulligan: Government Marketing 101 Posted: June 2, 2022 at 06:30 AM (Thursday)Living in an interconnected world, we have an interest in choices of others. It matters to us, for example, how they manage their health or whether (or how long) they attend school. Rather than encouraging prosocial behavior, government intervention often undermines it. The private and public sectors have different incentives when it comes ... | |
| Casey Mulligan: Making Prescription Drugs Expensive Again Posted: March 23, 2022 at 06:30 AM (Wednesday)As Biden supplants consumer experience with bureaucratic edicts, expect drug prices to rise. In 2018, prescription-drug prices fell for the first time in 46 years. They dropped even more in 2019 and 2020. Much of this break from the prior upward trend in prices was the result of additional competition unleashed by President Trump’s ... | |
| Casey Mulligan: Subsidizing Death by Drink Posted: January 11, 2022 at 06:30 AM (Tuesday)Closing bars and restaurants and pandemic 'stimulus' fueled excessive drinking at home. We can add a new, fatal wave of alcoholism to the unintended consequences of pandemic policy in the United States. Covid policies reduced the financial cost of excessive drinking and flooded families with extra cash. Although employment fell during the ... | |
| Casey Mulligan: Biden Would Make Daycare Even More Expensive Posted: December 9, 2021 at 06:47 PM (Thursday)The Build Back Better bill would act like a $20,000 to $30,000 annual tax on middle-income families. Child care is already a major expense for parents, and President Biden pledges to reduce its cost with his multitrillion-dollar Build Back Better bill. Yet while some of those who receive government subsidies may see reduced costs, millions ... | |
| Casey Mulligan and Tomas Philipson: Errant Nobels Try Again Posted: December 7, 2021 at 06:30 AM (Tuesday)Celebrated economists are once again using their perch to make political proclamations. We should ignore them. Seventeen Nobel prize–winning economists have declared that the reconciliation bill currently in Congress, known as “Build Back Better,” is an essential part of a “robust economic recovery.” They are violating the science they got a ... | |
| Casey Mulligan: The Spending Bill Is an Attack on Work and Marriage Posted: October 31, 2021 at 05:45 PM (Sunday)A single mom could end up paying thousands more for daycare if she marries. Children will suffer. America’s children have suffered from ill-advised public-school closings. Now Democrats want to compound the damage with their welfare spending bill, which would push fathers out of family life and move mothers and fathers alike onto ... | |
| Casey Mulligan: Build Back Better: Hefty Hidden Subsidies for Idleness and Desertion Posted: October 20, 2021 at 06:30 AM (Wednesday)James Tobin, a John F. Kennedy adviser, Nobel laureate, and leading Keynesian economist of his day, concluded in 1965: Public assistance encourages the disintegration of the family . . . it is bad enough to provide incentives for idleness but even worse to legislate incentives for desertion. . . . All too often it is necessary for the father ... | |
| Casey Mulligan and Vance Ginn: 'Build Back Better’ Would Sink the Labor Market Posted: October 18, 2021 at 06:49 PM (Monday)The plan would tax those who produce and subsidize those who don’t—a poor recipe for growth. The two sides of a coin are typically regarded as opposites. In the case of President Biden’s $5 trillion Build Back Better bill, the two sides are actually the same. Both the revenue and expenditure provisions of this agenda will cause ... | |
| Casey Mulligan: Did Closing Schools Enhance Health? Posted: September 21, 2021 at 06:30 AM (Tuesday)During the fall term, the fatality risk of teaching was comparable to that of driving 18 miles alone in a car. Many U.S. school buildings, especially those operated by the public sector, were closed last year. Academic progress, child development, and psychological health suffered from e-learning. Was there an offsetting health benefit ... | |
| Casey Mulligan: Inflation Is Not Biden’s Fault Posted: August 17, 2021 at 06:30 AM (Tuesday)Deficit spending alone does not increase inflation. President Biden's policies, actual and aspired, have and will impose many harms on American citizens. Inflation is harmful too, but most of the blame for that lies elsewhere. President Biden's agenda includes historically large amounts of redistribution from workers to those out of work and ... | |
| Casey Mulligan and Tomas Philipson: Government Failure Gave the World Covid Posted: August 9, 2021 at 01:00 PM (Monday)And markets provided the remedy. Economists don’t always appreciate how often that happens. The dispute between Sen. Rand Paul and Anthony Fauci about the Wuhan Institute of Virology’s role in the Covid-19 pandemic gets to the heart of economic policy. Economists are trained to believe that the purpose of government policy is to correct ... | |
| Casey Mulligan: Three Cheers for Employer Health Insurance Posted: July 16, 2021 at 06:10 PM (Friday)It gets a bum rap. Data demonstrate it delivers great value to companies, employees and taxpayers. The Covid-19 pandemic has placed enormous stress on the American workforce. Unemployment topped 14 million last spring as businesses and communities locked down. With so many out of work, you’d expect to see a spike in the number of people ... | |
| E.J. Antoni and Casey Mulligan: The Pay Is Generous, the Work Nonexistent Posted: June 14, 2021 at 06:26 PM (Monday)The federal unemployment bonus was a bad idea to begin with. It needs to go—immediately. The latest Labor Department statistics show an all-time record 9.3 million unfilled jobs, even though more than nine million Americans remain unemployed. Alarm bells should be ringing in Washington. Twenty-five Republican governors have wisely suspended ... | |
| Casey Mulligan: The Casualties of ‘Moral Imperatives’ Posted: April 12, 2021 at 06:30 AM (Monday)Prohibiting profit in health care would leave people suffering from conditions that would have been alleviated or cured by private-sector innovation. For the past five years or so, Democrats led by Senator Bernie Sanders and "the Squad" in Congress have made a strong push to eliminate the profit motive from the health-care sector, ... | |
| Casey Mulligan and Tomas Philipson: Congress and the Economy: Less Is More Posted: March 12, 2021 at 06:30 AM (Friday)Should economic shocks make Americans richer? In one of the disturbing parts of John Steinbeck's Of Mice and Men, a lead character accidentally kills his own puppy because he does not know his own strength. Such are often the effects of Congress trying to prove its worth by "responding" to a problem. The $1.9 trillion American Rescue Plan Act ... | |
| Casey Mulligan and Stephen Moore: How Many Jobs Will the 'Stimulus’ Kill? Posted: February 25, 2021 at 06:31 PM (Thursday)As many as eight million by our estimate, in part by gutting many of Clinton’s successful welfare reforms. President Biden’s $1.9 trillion Covid-relief package is being sold as an effort to “get America back to work.” It will do the opposite. We estimate that between five million and eight million fewer Americans will be employed over the next ... | |
| Casey Mulligan: Is the COVID cure worse than the disease? Posted: February 6, 2021 at 04:00 PM (Saturday)The spread of COVID-19 in the United States has prompted extraordinary, although often untested, steps by individuals and institutions to limit infections. Some have worried that "the cure is worse than the disease." Economists Anne Case and Angus Deaton mocked this as a "pet theory about the fatal dangers of quarantine." They concluded in ... | |
| Casey Mulligan: Obamacare Taxes Did Not Generate Revenue Posted: January 18, 2021 at 06:30 AM (Monday)Even in its dubious goal of increasing taxes, Obamacare fell short. Last week the White House released data showing that one of the major taxes in the 2010 Affordable Care Act (ACA) turned out to be a big lie. When Congress was debating the ACA, the experts told us that consumers must be forced to buy health insurance or else they would sign ... | |
| Casey Mulligan: Trump Proved the Stagnationists Wrong Posted: January 5, 2021 at 01:09 PM (Tuesday)The Obama-era idea that the economy was stuck in a cycle of low or no growth hit an iceberg in 2017. Janet Yellen had a puzzle on her hands in 2017. The economy was growing at the same time that something was dragging down inflation. The Federal Reserve’s statisticians dug into it and found “a large decline in telecommunication service ... | |
| Casey Mulligan: How Economics Is Helping End the Pandemic Posted: December 18, 2020 at 06:30 AM (Friday)Economists have long known about regulatory barriers to speedy vaccine development. Last March Dr. Fauci explained to a Senate committee that “a vaccine . . . will take at least a year or year and a half” until it is administered to the general public. In his next testimony, he added, “I don’t give advice about economic things.” If Dr. Fauci ... | |
| Casey Mulligan and Stephen Moore: Unemployment Bonus Proves Its Harm Posted: December 3, 2020 at 06:13 PM (Thursday)Job openings declined sharply in August, after the $600 weekly payments stopped. Congressional Democrats and some Republicans are frantically trying to stitch together another $1 trillion “stimulus” bill. Why? The economy and jobs market have far exceeded expectations of recovery even without the spending spree first proposed by Speaker ... | |
| Casey Mulligan: Biden's economic agenda and its effects Posted: November 8, 2020 at 02:00 PM (Sunday)In an effort to advance equality, environmental protection and other social goals, President-elect Joe Biden has proposed an ambitious and historic agenda, particularly in four areas: taxation, health insurance, regulation and energy policy. His full agenda would significantly reduce productivity, discourage work and discourage ... | |
| Casey Mulligan: Paul Krugman’s Epic Summer Posted: October 21, 2020 at 06:30 AM (Wednesday)Assessing Mr. Krugman’s record on schooling, the economic recovery, and taxation. Professor Paul Krugman “has a good understanding of the essentials of international trade (the basis for his Nobel Prize Award) and explains them well,” I wrote in December in my new book about President Trump and his economic team. But I added that Krugman “is ... | |
| Casey Mulligan: ‘I am a Tariff Man’: Comparing Presidents Reagan and Trump Posted: October 19, 2020 at 06:30 AM (Monday)While Reagan pursued a nuanced trade policy focused on quotas, Trump has held firm on his commitment to tariffs. “I am a Tariff Man.” — President Donald J. Trump, December 4, 2018 “We should beware of the demagogues who are ready to declare a trade war against our friends—weakening our economy, our national security, and the entire free ... | |
| Casey Mulligan and Tomas Philipson: Does hurting the economy with big government buy votes? Posted: October 1, 2020 at 03:55 PM (Thursday)The on-again, off-again nature of economic stimulus negotiations may provide a useful brake to evaluate the proposals on the table more carefully. The economic effects they will have depend heavily on economic issues that the big-government coalition of House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin is seemingly unaware of. ... | |
| Casey Mulligan: Data Dispel Keynesian Economics — Again Posted: September 23, 2020 at 06:30 AM (Wednesday)At best, redistribution from workers to the unemployed reallocates demand rather than increasing its total. July was the final month of the historically disproportionate unemployment bonus of $600 per week. The termination or reduction of benefits will undoubtably make a difference in the lives of the people who were receiving them, but ... | |
| Casey Mulligan: The Real Cost of Biden’s Plans Posted: September 16, 2020 at 06:55 PM (Wednesday)The Democrat promises not to raise taxes, but middle earners will pay for his regulatory free for all. Presidential candidate Joe Biden has pledged that his administration will impose no new taxes on Americans making $400,000 or less and that there will be “no raising taxes . . . on mom and pop businesses.” Both his policy platform and his ... | |
| Casey Mulligan: Anti-Despair Economics Posted: August 10, 2020 at 04:40 PM (Monday)Donald Trump’s policies for marginalized Americans closely resemble the recommendations made in a new book—though its authors don’t seem to recognize it. Deaths of Despair and the Future of Capitalism, by Anne Case and Angus Deaton. In Deaths of Despair and the Future of Capitalism, Princeton professors Anne Case and Angus Deaton address ... | |
| Casey Mulligan: The Mythical Aggregate Demand Effect of Redistribution Posted: July 30, 2020 at 06:30 AM (Thursday)The CBO's "model" of aggregate demand is flawed. When you subsidize something, you get more of it. Unemployment is no exception. Subsidizing unemployment will result in more unemployment, both by increasing the number of layoffs and by increasing the duration of time that people remain unemployed. The Congressional Budget Office has said ... | |
| Timothy Fitzgerald and Casey Mulligan: How the Jones Act literally has cows flying first class, and does environmental damage Posted: July 20, 2020 at 12:45 PM (Monday)While this may come as a shock to environmentalists and federal rule makers alike, regulation is not synonymous with cleaner air and water. Regulations protecting business interests are more frequent than environmental protections, and the former can do a lot of environmental damage. With President Trump and now candidate Joe Biden both ... | |
| Brian Blase, Casey Mulligan and Doug Badger: Why Congress must say no to the $600 unemployment bonus extension Posted: July 11, 2020 at 12:27 PM (Saturday)As the recent two jobs reports show, the economy is much stronger than many thought it would be back in the spring. Over the past two months, the number of net new jobs is up by about 8 million. Yet, more than 18 million workers were collecting unemployment insurance benefits in late June, about 16 million more than during February. This ... | |
| Casey Mulligan and Stephen Moore: A True Economic Stimulus Plan Posted: July 2, 2020 at 06:19 PM (Thursday)Don’t extend benefits for unemployment. Suspend the payroll tax to spur work and growth. The White House will soon begin negotiating with congressional Democrats on a “Phase 4” economic revival plan. President Trump has repeatedly expressed his support for suspending the payroll tax through the end of the year as a way to stimulate jobs and ... | |
| Casey Mulligan: How the maritime industry is sunk by prohibition Posted: June 3, 2020 at 03:17 PM (Wednesday)Although President Trump is known as "A Tariff Man," all of the presidents in our lifetime have been far more draconian when it comes to "protecting" the U.S. maritime industry with the 100-year-old Jones Act. The result has been fatalities, the decimation of an industry, heavy burdens on American consumers and businesses and, most recently, ... | |
| Casey Mulligan: Trumping Poverty Posted: April 23, 2020 at 10:02 AM (Thursday)The president’s rollback of onerous regulations has helped low-income Americans. At the end of March, the Environmental Protection Agency (EPA) rolled back Obama-era fuel economy standards projected to add nearly $3,000 to the cost of a new car. It was the latest instance of President Trump’s record of cutting excessive regulations, which ... | |
| Casey Mulligan: The COVID-19 Plague Considered as a Deregulatory Opportunity Posted: April 16, 2020 at 12:14 PM (Thursday)It has exposed the weakness of central planning. The ongoing war with the coronavirus has not only exposed the pitfalls of regulation but also provided a rare opportunity to multilaterally disarm in the battle for special-interest favors. Effective central planning is impossible. No one is capable of appreciating the myriad circumstances ... | |
| Casey Mulligan and Brian Blase: Congress Can Still Save the Recovery Posted: April 7, 2020 at 01:14 PM (Tuesday)Lawmakers should correct incentives not to work, lest they slow the recovery after the economy reopens. The coronavirus has crushed the U.S. economy, and the legislative remedies Congress recently passed will make the recovery slower once it’s safe to return to work. No doubt lawmakers needed to act. Relief was likely most important for ... | |
| Casey Mulligan: How the Government Subsidized Our Opioid Addiction Posted: March 11, 2020 at 08:11 AM (Wednesday)In both 2015 and 2016, U.S. life expectancy fell from the previous year. A single-year drop had not happened in 22 years, and two consecutive drops had not occurred in more than 50 years. This sharp reversal in the national trend toward longer lives is widely understood to be connected to the opioid epidemic that began in the 1990s. The best ... | |
| Casey Mulligan: Bernie Sanders’s Agenda of Impoverishment Posted: March 3, 2020 at 01:02 PM (Tuesday)Bernie Sanders’s proposals would destroy America’s economic vitality. If fully implemented, Senator Bernie Sanders’s agenda for the economy would represent a dramatic break with American precedent and impose major costs on our economic well-being. Working from data provided in the Council of Economic Advisers’s 2018–2020 Economic Reports of ... | |
| Casey Mulligan: Trump’s Vast Deregulatory Landscape Goes Unnoticed by the Experts Posted: January 13, 2020 at 07:32 AM (Monday)The myriad deregulatory actions of the Trump administration are generating considerable cost savings, savings that even conservative critics of regulatory overreach are underestimating. Like the Grand Canyon, the vast scale of these deregulatory efforts (and their results) is hard to fathom. In just three years the administration has ... | |
| Brian Blase, Casey Mulligan and Tomas Philipson: President Trump's Health Care Actions Are Improving the Lives of Americans Posted: February 13, 2019 at 04:00 PM (Wednesday)Despite what the critics say, President Donald J. Trump's healthcare policies will improve peoples' lives. A new analysis out this week from the Council of Economic Advisers shows large projected net benefits from the Trump Administration's actions to expand families' ability to purchase the healthcare that works best for them — to a value ... | |
| Casey Mulligan: Book Review "Hidden in Plain Sight" by Peter J. Wallison Posted: February 24, 2015 at 06:32 PM (Tuesday)Risky loans made by Fannie and Freddie were the biggest factor that led to the financial crisis—and the direct result of federal policy. How much did the federal government contribute to the financial crisis? The question is quantitative, and the answer requires the kind of number crunching and careful thinking than cannot fit into an op-ed ... | |
| Casey Mulligan: The Myth of ObamaCare's Affordability Posted: September 8, 2014 at 07:20 PM (Monday)The law's perverse incentives will have the nation working fewer hours, and working those hours less productively. Whether the Affordable Care Act lives up to its name depends on how, or whether, you consider its consequences for the wider economy.
Millions of people pay a significant portion of their income for health insurance so they and their families can get good health care when they need it. The magnitude of their sacrifices demonstrates the importance that people ascribe to health care. ... | |
| Casey Mulligan: A Recovery Stymied by Redistribution Posted: June 29, 2014 at 05:00 PM (Sunday)Public policy intended to make layoffs less painful actually made layoffs cheaper and more common. Why has the labor market contracted so much and why does it remain depressed? Major subsidies and regulations intended to help the poor and unemployed were changed in more than a dozen ways—and although these policies were advertised ... | |
| Casey Mulligan: The Massive Tax Increase Hidden Inside Obamacare Posted: June 19, 2014 at 10:04 AM (Thursday)With this week's federal announcement that millions of middle- and low-income people are getting a surprisingly large number of taxpayer dollars attached to their participation in the Obamacare health plans, can we begin to take seriously the idea that the fiscal policies and regulations hidden in the Affordable Care Act are shrinking ... | |