Government pension plans promise to pay current and future retirees a benefit based on a defined formula. To make good on its promise, government contributes tax dollars to a pension fund and invests them to generate income. But what happens when contributions and investment returns fall short? Will government raise taxes, cut spending, or reduce t...

You can't make this up: Weed welfare? That's what the Berkeley City Council in California has unanimously approved, ordering medical marijuana dispensaries to donate 2 percent of their stash to patients making less than $32,000 a year. Impressive. A unanimous vote. No doubt a lot of compassionate people on that city council. Well, as the Fox News s...

In Nazi Germany, eugenics was an accepted branch of medicine. Its purpose was to "cleanse" the German people of individuals who were considered genetically less desirable. One would hope that this abhorrent practice would be confined to the dark history of the Third Reich. Unfortunately, that is not the case. Eugenics was well established in Americ...

In 1957, Ford Motor Company rolled out its new brand called Edsel. The ambition for the new brand was to help Ford outgrow General Motors. Reality, though, was different: after three years of disastrous sales Ford shut down the Edsel division. The motive for the decision is obvious: Edsel was losing enormous amounts of money. The verdict of the fre...

Suppose Congress mandated that supermarkets like Wal-Mart must give away groceries to everyone, regardless of their ability to pay. Anyone who wanted to could walk in, demand milk, bread, baked beans and ice cream and then walk out without paying. It would be up to the supermarket to send us a bill and hope we pay it. Needless to say, such a law wo...

Back in July I wrote about the global socialist rebound, part of which involves the emergence of post-Chavez Venezuela. The new president, Nicolas Maduro, has doubled down on socialism and its fatally bad economic model, where daily life is dictated by shortages of everything from bread to electricity. Last year Maduro dictated "fair" pricing on el...

As I explained last week, the American economy is pulling ahead of Europe. One reason is that our welfare state, big and burdensome as it is, is not yet big enough to bring the private sector to a grinding halt. That does not mean we will never pay the price for a growing government. If we continue expanding our welfare state, we will eventually be...

Encampment, WY is home to 450 people and a high school with maybe a dozen graduates each year. It is a genuinely "local" school in every sense of the word. Except funding. If the Encampment school needs maintenance, the money comes from a fund built by one-time fees on new coal leases. The number of leases sold, in turn, depends mostly on demand fo...

The debate over legalization of marijuana is both philosophical and medical. From the philosophical viewpoint it is about individual choice; the medical side is about addiction and marijuana-based medical products. As a direct consequence of the legalization of recreational marijuana in Colorado, there is now a third side to this issue, an economic...

Let's try a little thought experiment. First, think of your extended family, and pick out which ones you would consider poor. Next, imagine you meet Bill Gates and he says he'll give $10,000 to each of your relatives who is poor, and asks you for a list of those people. You may find a few more poor people the second time. This is the position the s...