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State of the Union and Inflation
Presidents, like quarterbacks, get too much blame when things go badly, and too much when things go well. Look for President Biden to take advantage…
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This Week in Ridiculous Regulations
The Federal Trade Commission (FTC) had a setback in one of its cases against Meta. The Fed raised interest rates. Meanwhile, agencies…
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FTC Should Not Trade Consumer Welfare for an Antitrust Crystal Ball
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This Week in Ridiculous Regulations
The Department of Justice filed another antitrust lawsuit against Google. GDP numbers for the final quarter of 2022 looked healthy. Meanwhile, agencies issued new regulations…
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Adam Smith, Greek Tragedy, and Public Policy
In high school civics classes, Adam Smith is a cartoon character. Like Mr. Burns from The Simpsons, he is portrayed as selfish, cold, and calculating.
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This Week in Ridiculous Regulations
The U.S. government hit its debt ceiling, setting up some congressional drama. Microsoft and Google joined the parade of antitrust targets announcing layoffs despite…
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The Debt Ceiling and the Trillion-Dollar Coin
Another debt ceiling battle is brewing, and pundits are debating what to do about it. Over at National Review’ Capital Matters, I take a look…
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This Week in Ridiculous Regulations
Inflation fell to a 6.5 percent annual pace. Supporters of former Brazilian President Jair Bolsonaro staged their own version of January 6. An…
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Federal Reserve Declines to Become Climate Regulator
Most agencies can either do one thing well or many things poorly. For example, the Federal Reserve would be perfectly capable of keeping inflation low…
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This Week in Ridiculous Regulations
The new Congress began with a lot of drama over selecting a speaker. The Federal Trade Commission announced its intention to ban non-compete clauses.
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This Week in Ridiculous Regulations – Year-End 2022
Happy new year, everyone. Year-end totals for 2022’s new regulations are in. The 2022 Federal Register weighs in at 80,756 pages. It includes 3,168 final…
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This Week in Ridiculous Regulations
A massive snowstorm with heavy winds hit most of the U.S. just in time for Christmas. Ukrainian President Volodymyr Zelenskyy traveled to Washington and addressed…
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This Week in Ridiculous Regulations
CEI released its latest Agenda for Congress. Inflation slowed down in November, though there is still a ways to go before it’s…
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Agenda for Congress: Inflation
CEI’s Agenda for Congress is out now. This post summarizes its recommendations for inflation. Since inflation is mostly a monetary phenomenon, it is…
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This Week in Ridiculous Regulations
A former president called for terminating the U.S. Constitution. Socialism failed again, this time in Peru. Congress passed a bill to protect…
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Gas Prices Are Lower than a Year Ago: What Does that Mean for Inflation?
Even with inflation near 40-year highs, gas prices are lower than a year ago, and not just in real, inflation-adjusted terms. They’re lower even…
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Regulatory Reform in Mississippi
Washington isn’t the only place that needs regulatory reform. States have their own excesses to deal with. To that end, our friends at the Mississippi…
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This Week in Ridiculous Regulations
The World Cup is underway in Qatar and the labor market had another good month. Meanwhile, agencies issued new regulations ranging from canola oil jet…
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Retro Review: George Selgin, Less Than Zero: The Case for a Falling Price Level in a Growing Economy (Institute of Economic Affairs, 1997)
This year, inflation reached levels not seen in 40 years. The Federal Reserve spent most of 2022 trying to undo its runaway money creation in…
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This Week in Ridiculous Regulations
We hope everyone enjoyed Thanksgiving and/or Black Friday. Meanwhile, agencies issued new regulations ranging from nuclear drug tests to food tracing. On to the data:…
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This Week in Ridiculous Regulations
The 2022 Federal Register surpassed 70,000 pages on Friday, and is on pace for 79,617 pages. The first Artemis moon mission rocket launched. The…
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This Week in Ridiculous Regulations
The midterm elections happened, and most of us (sorry, Georgia) are finally free of misleading, scaremongering political ads. Inflation slowed down slightly. Meanwhile,…
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October Inflation Slightly Improves: Time for Less Politics and More Policy
Thank goodness the election is over. One of the frustrating parts of midterm season was that many people were more interested in how inflation would…
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This Week in Ridiculous Regulations
The Federal Reserve raised the federal funds rate again, though it remains less than the rate of inflation. Employment increased by 261,000 in…
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Federal Reserve Raises Interest Rate; Uncertainty Strengthens Case for a Policy Rule
As expected, the Federal Reserve raised the federal funds rate by 0.75 percentage points coming out of this week’s Federal Open Market Committee (FOMC)…
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Retro Review: Jared Diamond—Guns, Germs, and Steel: The Fates of Human Societies (Norton, 1997)
In 1972, Jared Diamond was researching bird evolution in New Guinea. While walking along a beach, he had an hour-long conversation with a local politician…
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This Week in Ridiculous Regulations
Happy Halloween! CEI released the latest edition of Wayne Crews’s Ten Thousand Commandments report, which gives a big-picture overview of the federal regulatory state.
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New Whole-of-Government Initiative on Junk Fees Comes with Unintended Consequences
Today the Biden administration announced a new whole-of-government initiative on junk fees from airlines and other industries. The news comes on the same day…
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Ten Thousand Commandments 2022 Released
The 2022 edition of Wayne Crews’s Ten Thousand Commandments report is out now. Now in its 28th year, it has its usual panoply of…
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This Week in Ridiculous Regulations
Just two more weeks until the relentless barrage of misleading election ads goes away. The Energy Information Administration warned that heating bills could get…
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Policy and Politics Are Different Things
What is more important this election: The culture wars or policy issues like inflation? In an op-ed as part of a point-counterpoint series from…
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Not a Policy Paper, Just a Thought: Anti-Merger Mania
What is the correct number of corporate mergers that should be allowed? The Federal Trade Commission (FTC) thinks it knows the answer: less. It has…
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This Week in Ridiculous Regulations
Inflation took a turn for the worse and the January 6 Committee voted to subpoena former President Trump over his role in the…
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CPI Rises 0.4 Percent in September, 8.2 Percent over Past Year
September’s Consumer Price Index (CPI) inflation numbers came out this morning, and they aren’t pretty. The month-to-month increase was 0.4 percent, after rising just…
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This Week in Ridiculous Regulations
Aaron Judge finished the baseball season with 62 home runs, setting a new American League season record. President Biden pardoned the sentences of all…
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This Week in Ridiculous Regulations
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Troubling Inflation News: Core PCE Increases 0.6 Percent
The Federal Reserve’s preferred inflation indicator, Personal Consumption Expenditures (PCE), was updated this morning with August’s numbers. PCE measures inflation more accurately than the…
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The Jones Act vs. Puerto Rico, Again
Puerto Rico is almost entirely without power after Hurricane Fiona. Right now, there is a ship just offshore, ready to help. It has…
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This Week in Ridiculous Regulations
The Federal Reserve raised the federal funds rate by 75 basis points, with more increases likely to come. Meanwhile, agencies issued new regulations ranging…
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Fed Raises Federal Funds Rate
As expected, the Federal Reserve raised the federal funds rate by 75 basis points as part of its inflation-fighting efforts. Its target range will…
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This Week in Ridiculous Regulations
CEI hosted its annual Julian Simon dinner on Thursday. The Consumer Price Index gave a mixed picture of inflation. A railroad strike was…
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FTC Hearing on Vaping Case Shows Antitrust at its Worst
Earlier this week, the Federal Trade Commission (FTC) held a public hearing about a seemingly resolved antitrust case about the vaping market. In 2018,…
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Virtual Reality and the Relevant Market Fallacy
The relevant market fallacy is one of the most common analytical mistakes in antitrust policy. One of the first legal questions in an antitrust…
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Mixed News on CPI: Headline Rate Improves, Core Rate Accelerates
The Consumer Price Index (CPI) for August is out. It increased 8.3 percent over the last year, down from 8.5 percent in July. The…
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This Week in Ridiculous Regulations
Queen Elizabeth II passed away at age 96. Meanwhile, in a four-day week, agencies issued new regulations ranging from St. Louis bridges to Atlantic krill…
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Fed Chairman Powell’s Remarks at Cato Monetary Conference
Every year, our friends at the Cato Institute hold a monetary policy conference. This year’s conference opened with Cato President Peter Goettler interviewing Federal…
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This Week in Ridiculous Regulations
The labor market continues to look strong, and the Federal Trade Commission lost its attempt to keep an early cancer-detection test off the…
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This Week in Ridiculous Regulations
President Biden announced partial student loan forgiveness for people earning up to $125,000. The number of new final regulations this year topped 2,000. Meanwhile, agencies…
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The Fed’s Preferred Inflation Measure Improves, Mixed Picture on Consumer Spending
Two new economic indicators published Friday morning give reason for cautious optimism. The Consumer Price Index (CPI) is the inflation measure that gets the…
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Student Loan Forgiveness Is Regressive, Will Increase Tuition
When the Inflation Reduction Act passed, I pointed out that its $300 billion in tax increases and spending cuts would not begin to phase…
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This Week in Ridiculous Regulations
The 2022 Federal Register surpassed 50,000 pages last week. Meanwhile, agencies issued new regulations ranging from hearing aids to vessel repair duties. On to the…
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CDC Restructuring Shows that Institutions Matter
One of my policy mantras is that institutions matter. That’s why the Centers for Disease Control and Prevention’s (CDC) restructuring announcement is big…
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This Week in Ridiculous Regulations
The FBI raided former President Trump’s Mar-a-Lago residence in Florida. Meanwhile, agencies issued new regulations ranging from street markings to salmonella prevention. On to the…
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CPI Gives Reason for Cautious Optimism on Inflation
Inflation may finally be coming down. July’s month-to-month Consumer Price Index (CPI) increase dropped to zero last month, down from 1.3 percent in June. The…
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This Week in Ridiculous Regulations
The Inflation Reduction Act, which would not reduce inflation, is now expected to pass after Sen. Kyrsten Sinema agreed to sign on. Meanwhile, agencies issued…
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This Week in Ridiculous Regulations
GDP shrank, the Federal Reserve increased the federal funds rate, the Senate passed the CHIPS+ Act to subsidize chipmakers, and the Build…
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The Facebook Antitrust Case Is Aging Poorly
Antitrust cases often take years to litigate. While wasteful, this isn’t always a bad thing. The politics surrounding a case might stay the same, but…
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Getting Inflation Wrong and Making It Right
Everyone makes mistakes. Owning up to them is an underrated life skill that is almost non-existent among political pundits. Doubling down when threatened is a…
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This Week in Ridiculous Regulations
President Biden signed the FORMULA Act, which will temporarily suspend baby formula tariffs and other regulatory measures that made the formula shortage worse. Footage emerged…
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Former Trade Official Opposes Minor Tariff Relief
Now that former President Trump’s China tariffs are four years old, a mandatory review process is underway. President Biden has indicated he might lift…
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This Week in Ridiculous Regulations
The James Webb Space Telescope sent back its first images, and they are amazing. The Consumer Price Index increased 9.1 percent over the last…
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Certification Program Goes Bananas
Private regulation is an excellent alternative to government regulation, if done right. One form it can take is independent certification. For decades, groups like the…
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Inflation Sped Up in June: What’s Going On?
Last month, it had looked like inflation may have peaked. That celebration was likely premature. According to numbers released this morning, the Consumer…
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This Week in Ridiculous Regulations
Former Japanese Prime Minister Shinzo Abe was assassinated while giving a speech. Boris Johnson resigned as UK Prime Minister. Jobs numbers remained strong in the…
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China Tariffs: Will Inertia Win?
Former President Trump’s China tariffs came with a safeguard: They expire after four years unless an internal review finds them worth keeping. On trade issues,…
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This Week in Ridiculous Regulations
Happy Independence Day, everyone. The Supreme Court issued a major ruling on the separation of powers in the case West Virginia v. EPA. Agencies…
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The FTC vs. the Right to a Fair Trial
The Food and Drug Administration recently proposed capping the nicotine in cigarettes, which will encourage many smokers to smoke more to get the same nicotine…
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This Week in Ridiculous Regulations
The January 6 hearings continued and the Supreme Court overturned Roe v. Wade. Agencies issued new regulations ranging from nuclear fees to pelagic resources. On…
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Crisis Abuse in History
Last week, CEI released Wayne Crews’s paper proposing an Abuse of Crisis Prevention Act. (If you prefer the short version, see Wayne’s and my…
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Yellen Proposes Capping Oil Prices? Not Quite
Cable news and Twitter are aflame with outrage today that Treasury Secretary Janet Yellen proposed price caps for oil. Fortunately, the rumors are false.
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This Week in Ridiculous Regulations
Happy Juneteenth, everyone. The January 6 hearings continued. The Federal Reserve raised the federal funds rate by 0.75 percentage points. Agencies issued new regulations ranging…
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New CEI Paper: Abuse of Crisis Prevention Act
Government always grows during a crisis. And it rarely gives up all of its emergency powers when the crisis passes. This has already happened three…
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This Week in Ridiculous Regulations
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One Way to Address Worker Shortage: A Commission to Clear Out Job-Blocking Regulations
Earlier this week, the Senate Small Business and Entrepreneurship Committee held a hearing to discuss ways to address the worker shortage. There are more than…
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CPI Slightly Up, Inflation Slightly Down?
The Consumer Price Index (CPI) for May increased to an annualized 8.6 percent rate over the last year, reaching another new 40-year high. Even so,…
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This Week in Ridiculous Regulations
The unemployment rate held steady at 3.6 percent. The K-Pop group BTS made an official visit to the White House. Agencies issued new regulations…
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Restating the Case for Free Trade
The case for free trade needs to be restated frequently. Politicians keep pushing the same protectionist policies, as though maybe this time the results will…
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This Week in Ridiculous Regulations
Just before the long Memorial Day weekend, the third version of the American Innovation and Choice Online Act, a major antitrust bill, was introduced in…
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Trade, Mission Creep, and the Indo-Pacific Economic Framework
President Biden announced this week a major economic agreement with a dozen countries in the Indo-Pacific region, to be called the Indo-Pacific Economic Framework…
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This Week in Ridiculous Regulations
The government’s Disinformation Board was ended before it began. President Biden invoked the Defense Production Act to address the baby formula shortage. The…
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Baby Formula and Regulatory Failure
A lot of people are blaming free markets for the baby formula shortage. As the economist Jagdish Bhagwati might say, the problem with this is…
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This Week in Ridiculous Regulations
Inflation remained high at 8.3 percent and Federal Reserve Chair Jerome Powell was confirmed to a second term. A baby formula shortage is exposing the…
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What Is Core Inflation?
The new inflation numbers are out, and they aren’t pretty. The Consumer Price Index (CPI) went up 0.3 percent during April, and is up…
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Biden’s Inflation Speech: Top Domestic Priority
President Biden gave remarks on Tuesday declaring inflation his top domestic priority. Like many people, he seems not to understand that inflation is a…
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U.S. to Lift Tariffs against Ukraine for One Year: China Next?
In 2018, President Trump enacted a 25 percent tariff on Ukrainian steel, on what he claimed were national security grounds. They remained in place throughout…
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This Week in Ridiculous Regulations
The Federal Reserve took another small step to tamping down inflation, and the latest jobs report had mixed news. Agencies issued new regulations ranging…
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Fed Hikes Interest Rate: Bigger News on Bond Portfolio Mostly Neglected
The Fed this week announced a half percentage point hike in its federal funds rate. This is the right thing to do, but it…
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This Week in Ridiculous Regulations
The economy shrank at an annualized 1.4 percent pace in the first quarter of 2022. The Department of Homeland Security announced a new “…
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Sorting Out Some Confusion on Trade and GDP
While inflation is the biggest economic problem right now, trade policy is another reason why GDP shrank last quarter. It is also a common…
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GDP Shrinks: The Good and the Bad
The advance estimate for 2022’s first quarter gross domestic product (GDP) is in, and the news is not good. Adjusting for inflation, GDP shrank…
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This Week in Ridiculous Regulations
Air travelers no longer have to wear masks, although the decision is being appealed. Having solved all of the state’s other problems, Florida Republicans passed…
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The Updated Case for Free Trade
Trade is a core value of civilization. The very act of trade implies respect for people’s rights. Suppose you have something I want. I could…
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This Week in Ridiculous Regulations
The flagship of Russia’s Black Sea fleet was sunk. Baseball season began, marking the unofficial start of spring. Agencies issued new regulations ranging from Potato…
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Inflation Rises to 8.5 Percent: Straining for Optimism
High inflation will likely be with us for a while, which means I’ll be writing a lot of posts like this. So, for the sake…
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This Week in Ridiculous Regulations
The Senate confirmed Ketanji Jackson Brown as the newest Supreme Court Justice. A rabid fox bit nine people on Capitol Hill, this time literally…
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FTC Merger Guidelines Update
All proposed corporate mergers above a certain size have to go through review by antitrust regulators. The Federal Trade Commission (FTC) and the Justice Department…
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Pay College Athletes
No March Madness tournament would be complete without at least one school being caught paying its players in violation of NCAA rules. This year, the…
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Antitrust Triangulation
Sometimes it’s useful to introduce useless bills. The Prohibiting Anti-Competitive Mergers Act , sponsored by Sen. Elizabeth Warren (D-MA) and Rep. Mondaire Jones (D-NY),…
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Inflation and the Biden Budget
It is good that the Biden administration is beginning to take inflation seriously. Unfortunately, however, there isn’t much that the president and Congress can…
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This Week in Ridiculous Regulations
Ukraine continues to hold out against Putin’s unprovoked invasion. Supreme Court nominee Ketanji Jackson Brown had her Senate hearings. Meanwhile, agencies issued new regulations ranging…