How will America meet its future energy needs? Rising demand for electricity, possible greenhouse gas legislation and U.S. dependence on foreign oil are some of the reasons for concern. These factors, combined with the high cost and relative unreliability of various other alternative energy sources, have forced policymakers to consider nuclear energy once again.
In May 2007, the U.S. Supreme Court decided that greenhouse gases meet the definition of an air pollutant in the Clean Air Act. The Environmental Protection Agency (EPA) responded in 2008 by issuing an Advance Notice of Proposed Rulemaking (ANPR) that explains how the Clean Air Act applies to regulating emissions of greenhouse gases thought to contribute to global warming.
Globalization and capital mobility are increasing tax competition among countries. Lower tax rates increase after-tax returns to capital, raising economic growth rates. They can also make economies more attractive for foreign investment. Furthermore, lower taxes on capital are generally associated with increased government tax revenues.
A free trade agreement commits two or more countries to reduce mutual trade barriers — tariffs, quotas and so forth. Such agreements give both countries' products an advantage in each other's markets relative to imports from other countries.
Federal mismanagement of U.S. forests has increased the number, size and cost of wildfires over the past decade. Historically, the national forests have been logged to provide lumber for commercial activities, to promote forest recreation, species protection and management, and to prevent wildfires.
Public officials and health care experts have recently suggested a number of reforms to reduce the cost of individual health insurance. However, most of the proposals fail to address the contribution of mandated benefits to the high cost of insurance in many states.
If you listen only to presidential campaign rhetoric, you might conclude that Barack Obama has proposed bold new changes for our health care system, while John McCain is offering only small improvements. If so, you are in for a surprise. Most health policy analysts believe that Sen. McCain is proposing the most fundamental health care reform.
Sen. Barack Obama has released only sketchy details about his health reform plan. The Commonwealth Fund has produced a very detailed plan, however, which it encourages readers to view as very similar to Obama's. Thus, one can assume the Commonwealth plan details apply where Obama has been vague.
The marriage penalty is a quirk in the tax code that pushes married couples into a higher tax bracket than two unmarried single earners living together and earning the same combined income. The 2001 Bush tax cuts all but eliminated the marriage penalty by lowering tax rates and simplifying other elements of the tax code. However, these Bush tax cuts expire in 2010, and American families face steep marginal tax increases if Congress fails to renew them.
Despite claims that there is a health insurance crisis in the United States, the number of U.S. residents without health insurance actually fell in 2007, according to new Census Bureau numbers. The Census says the number of uninsured fell from 47.0 million to 45.7 million. Furthermore, the proportion of uninsured fell half a percentage-point, from 15.8 percent to 15.3 percent.
The current Social Security system allows individuals to claim reduced, early retirement benefits beginning at age 62. Individuals who wait until the full retirement age to collect receive about 30 percent more in monthly benefits. If they wait until age 70 to collect, their benefits will be about 60 percent larger than at age 62. So what choice should people make?
Congress is considering funding a range of projects designed to reduce carbon emissions, including the 21st Century Green High-Performing Public School Facilities Act, which would provide $20 billion to build public schools that meet “green” environmental standards. House Education and Labor Committee Chairman George Miller (D-Calif.) says the legislation will not only save energy, but also make the facilities safer and cleaner and dramatically reduce costs. Advocates claim that such schools will use 35 percent less energy.
The use of information technology in diagnosing, treating and monitoring patients — known as telemedicine — is adding a new dimension to modern health care. Entrepreneurs are using the telephone, the Internet and personal computers for innovative solutions to traditional problems of health care delivery. These advances are not only making care more accessible and convenient, they are also raising quality and containing medical costs.
Global competition in health care is allowing more patients from developed countries to travel for medical reasons to regions once characterized as “third world.” Many of these “medical tourists” are not wealthy, but are seeking high quality medical care at affordable prices. To meet the growing demand, entrepreneurs are building technologically advanced facilities in India, Thailand, Latin America and elsewhere, and are hiring physicians, technicians and nurses trained to American and European standards to run them.
Capitalism and democracy are both known to improve the well-being of women. But which is more important? The social welfare of both men and women can be measured by health, education and employment, and the well-being of women in particular by gender-specific indicators, such as control of fertility. Poor countries generally rank lower than developed countries on all these social metrics, but they can implement public policies to improve conditions.
The most significant economic and sociological change of the past half-century has been the entry of women into the labor market. Public policies that govern the workplace have not kept pace with this demographic shift, however. For the most part, tax law, labor law and employee benefits law were designed decades ago on the assumption that the typical household would have a full-time working husband and a homemaker wife.
Prior to the 1980s, high import tariffs and quotas characterized Mexico's international trade policy, along with restrictions on foreign investment and ownership. But following a severe economic crisis in the early 1980s, the country began liberalizing its protectionist policies. In the years since, Mexico has implemented 11 free trade agreements — with the European Union, countries in South and Central America, Japan and, most importantly, the United States and Canada.
Individual health insurance policies in New Jersey are among the most costly in the United States due to over-regulation and expensive mandates. Two radically different bills have been proposed recently to reduce the number of uninsured in the state by making health coverage more affordable. One proposal would mandate that individuals purchase insurance.
The United States has refused to ratify the 1997 Kyoto Protocol intended to limit and eventually reduce emissions of greenhouse gases in the atmosphere. The treaty did not meet two requirements Congress deemed necessary for a worthwhile international climate change policy — that it: 1) do no harm to the U.S. economy and 2) include developing nations in emissions regulation. Congress should apply these criteria to proposed domestic climate change legislation.
The 2008 Social Security and Medicare Trustees Reports show the combined unfunded liability of these two programs has reached $101.7 trillion in today's dollars! That is more than seven times the size of the U.S. economy and 10 times the size of the outstanding national debt.
The popularity of 401(k) plans has grown in recent years. According to the Employee Benefits Research Institute, almost two-thirds of employers offer such plans and millions of employees now contribute to them. These defined contribution plans allow workers to set aside part of their earnings in tax-deferred retirement accounts that are invested in stock and bond funds.
Nationwide, average retail gasoline prices are nearing the all-time inflation-adjusted high of $3.40 a gallon reached in 1981, lending urgency to renewed calls for U.S. energy independence. Analysts often tout Brazil as the epitome of energy self-sufficiency. Brazil imported more than 80 percent of its oil in the 1970s, but it likely reached energy independence by the end of 2007, according to projections from the U.S. Energy Information Administration (EIA).
Economists often refer to the U.S. trade deficit and the federal budget deficit as problems of inadequate domestic saving. They speak of these deficits “crowding out” domestic investment. They allude to unspecified relationships between these deficits but seldom explain them, confusing everyone.
The disability insurance component of the U.S. Social Security system is funded by a 1.8 percent payroll tax. It pays benefits to disabled adults who have earned a required number of credits based on previous years of work. The benefit amount is based on the wages taxed for Social Security. Most people do not realize that the system penalizes those who leave the workforce for a few years. The system often penalizes women, who are more likely to move in and out of the workforce.
Signs of an economic slowdown, or recession, have prompted the Federal Reserve to lower interest rates. The Fed reduces interest rates by increasing the supply of money available to borrow. This additional money is distributed to banks and loaned to consumers. Assuming a constant demand for money, an increase in the quantity of money will cause interest rates to drop. But how does the Fed increase the money supply?