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How crony capitalism undermines economic growth and innovationJuly 12, 2012
The problem of crony capitalism comes in a wide variety of policies that benefit specific individuals, firms and industries at the expense of everyone else. From occupational licensing laws to corporate tax breaks, and from federal flood insurance to ethanol mandates, capital is being misallocated due to state and federal policies. As a result, innovation, economic growth and employment are being undermined.
After a “60 Minutes” report brought to the attention of the American public that Congress was capitalizing on non-public information, lawmakers quickly collaborated with one another and proposed two bills banning insider trading by members of Congress and their staff. This bill reeks of desperation.
Chuck Plunkett of The Denver Post recently broke a story entitled “Spike in City Costs Found in Denver”, which details rising costs and mismanagement by the city’s Public Works Department.
Today, states face structural deficits created by overspending. Most of the legislative "fixes" over the past few years for state budget gaps have merely postponed or obscured the problems rather than addressing them directly. The State Budget Reform Toolkit—a joint project of the American Legislative Exchange Council, Reason Foundation, Americans for Tax Reform, The Mercatus Center at George Mason University, Washington Policy Center, Evergreen Freedom Foundation and State Budget Solutions—offers a practical set of budget and procurement best practices to guide state policymakers as they work to solve the current budget shortfalls, assisting legislators in prioritizing and more efficiently delivering core government services through advancing Jeffersonian principles of free markets, limited government, federalism, and individual liberty.
On the floor of the Senate on Tuesday, Sen. McCain, as he has many times in similar situations in the past, detailed some of the nearly 6,500 earmarks totaling approximately $8.3 billion contained in the omnibus appropriations bill currently being considered by Congress.
It's time to reform Congress.December 1, 2010
I join with all Americans who dream of a day when Washington is broken enough to see a Congress rigged to prevent any more "progress." But the trouble with lame-duck sessions happens to be the opposite. It is one thing to be abused by democracy and quite another to be abused by a bunch of rejected, disgruntled and disconnected politicians.
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