The Quiz
In the face of the daily doom-and-gloom report we call the news, authors such as Matt Ridley perform an important service by showing us the big picture.
Last week’s meeting of the Nuclear Suppliers Group (NSG) in New Zealand brought statements of concern over China’s planned nuclear deal with Pakistan, but U.S. State Department officials avoided taking a strong position on the deal when pressed by reporters this week. China’s proposed sale of two nuclear reactors to Pakistan would, in theory, stand [...]
It’s gaining more powerful proponents, says Philip Giraldi
In a major victory for anti-embargo forces, a key Congressional committee voted here Wednesday to lift restrictions on travel by U.S. citizens to Cuba. If passed by both houses of Congress, the Travel Restriction Reform and Export Enhancement Act will also ease restrictions on U.S. agricultural exports to the Caribbean island that were imposed by [...]
SILWAN, East Jerusalem — The sound of stun grenades and gunfire resounded through this embattled Palestinian neighborhood. Amidst increased tension over plans to tighten Israel’s grip over the occupied eastern part of the city, Israeli border police and Palestinian youths confronted each other all through Sunday night. Dozens of Palestinians were wounded, mostly from tear [...]
BRUSSELS — Talks aimed at reaching an intelligence-sharing agreement between the European Union and Israel have skirted around the location of Israel’s national police headquarters in occupied East Jerusalem. In 2005, the EU decided that Europol, its law enforcement office, should negotiate a formal cooperation agreement with Israel. Although Europol stated last year that a [...]
Faced with the dire need to restore discipline to British public finances and a rising rate of reoffending among prisoners, Justice Secretary Kenneth Clarke announced yesterday broad changes to the way in which the government administers criminal justice. The prison population of England and Wales recently surpassed 85,000 inmates this year, a historically unparalleled number that is expected to continue to grow even further in coming years. As a proportion of their populations, England and Wales lock up nearly 150 of every 100,000 residents, a number that represents one of the highest rates of incarceration in Western Europe.
This sizeable prison population does not come without a significant cost to taxpayers, who must shell out more than £100 per day to keep a single prisoner behind bars. While acknowledging that the government must apprehend and punish violent or otherwise dangerous criminals, Mr. Clarke called for an end to the “numbers game,” in which increases in spending and the rate of incarceration define success in matters having to do with crime. The coalition government will undertake a review of sentencing policy in an attempt to determine what changes should be made.
Mr. Clarke’s comments should raise serious consideration of the unnecessary and severe costs of drug criminalization. A sizeable percentage of those incarcerated in England and Wales are drug offenders; a 2009 report by the International Centre for Prison Studies at King’s College London revealed that 15.5% of those incarcerated are convicted on such charges. At more than £35,000 per inmate year, the cost of simply holding these offenders in prison costs taxpayers nearly £500 million per year. This cost, along with those associated with enforcement of drug laws, should be examined seriously as the government proceeds with its review.
The Adam Smith Institute has advocated a more sensible policy, involving the medicalisation of addictive and damaging drugs, and the legalisation of recreational drugs. Such a policy would eliminate the financial burden of incarcerating drug offenders, as well as the need to expend precious resources to police drug-related crimes. The decriminalization of drugs, as has been successfully completed in Portugal with positive results, has the potential to save the British taxpayer money, and simultaneously improve the security and health of the general public. The coalition government should use this opportunity to inject sensibility into the criminal justice system and eliminate costly penalties for drugs.
The Guardian piece on unemployment has received much attention (ahem… causing much panic) over the last day. The article describes a “hidden cost” of over one million lost jobs as a result of the cuts and brings into question Osborne’s claims about the transparency of his briefing. Although I’m far from convinced by the forecast quoted in the article, especially as the exact source and methodology of the study are unknown (how exactly did they come up with these numbers?), let us assume them to be accurate for the time being.
Then here’s a thought:
The source clearly states that despite the 1.3 million jobs lost in the public sector, the private sector will create an additional 2.5 million, therefore we actually end up with a net increase in employment. While the Guardian never questions the figures on the lost jobs, the second piece of data is brushed away. Note that both numbers are from the same source, thus if one is treated as accurate, I believe the second one, at the very least, should be addressed more fully. The article argues that there is “not a hope in hell’s chance” the private sector can generate so much growth, yet doesn’t mention any substantial evidence proving this point.
Furthermore, the Guardian writes “… the private sector will be affected both through the loss of government contracts and from the knock-on impact of lower public spending”. What they forget are the additional benefits to businesses included in the new budget: in conjunction with the spending cuts, we will also see decreases in corporate tax rates that will most definitely boost employment.
Historical cases support this claim. For example, the Ireland corporate tax cut in the 80’s improved the economic environment and increased income (from 30% below the EU average to 40% above the average today). Benefits to businesses attract investment, increase employment and boost per capita income. For some reason the Guardian fails to note the beneficial effects of the emergency budget that will make up for the lost jobs – were they to occur.
Several months ago I made the decision to apply for a permit to carry a concealed weapon, because I wanted to have another level of protection for me and for my family as we go about our business around town. I will not talk about the permit process, whether you should get one, or about [...]
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We nearly missed it! In any case, with only two hours left in the day, here is The Bastiat Collection. Join the discussion and post a comment Related posts:Who Was Bastiat? Ultimate Bastiat Bribes, Bailouts, and BastiatRelated posts:
Bruce Fife says it’s the healthiest oil on earth.
The members of the Supreme Court should be elected, says Jack Douglas.
Using your resources, your ingenuity, and your trash.
In China, it’s perfectly legal, unlike in the land of the free.
One of them, Ambrose Evans-Pritchard, responds.
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