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The Strategic Petroleum Reserve Was Never Used Strategically

Alan Reynolds President Biden plans to tap the Strategic Petroleum Reserve (SPR) for a million barrels a day for six months, describing this as “a wartime bridge to increase oil supply until production ramps up later this year.” This is only the second time that the SPR has been used for the purpose Congress intended in 1975 – to counteract temporary spikes in the global price of oil due to cartel extortion or foreign wars. The first time was during the Gulf War, on January 16, 1991, when...

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Friday Feature: Love Your School

Colleen Hroncich “Do you love your school?” Arizona mom Jenny Clark wants every child to be able to answer that question with a resounding, “YES!” That’s the motivation that led her to start Love Your School. Jenny is fortunate to live in a state that has a wide variety of educational options. Arizona was a school choice pioneer with the creation of the first education savings account (ESA) program in 2011. Even before that, Arizona families had access to tax credit scholarships and charter...

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Correcting the Record on the Trans‐​Pacific Partnership

Clark Packard Citing a supposed groundswell of support for rejoining the Trans-Pacific Partnership (TPP), former U.S. Trade Representative Ambassador Robert Lighthizer recently argued that it would be a mistake for the United States to reenter the trade pact. The promising agreement with 11 other Pacific Rim countries was negotiated by the Obama Administration as the economic centerpiece of its “pivot to Asia” but then was unfortunately jettisoned by the Trump Administration as one of its...

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The CDC Should Immediately Stop Blocking Asylum At Ports of Entry

David J. Bier The Centers for Disease Control (CDC) is supposed to reveal as soon as tonight whether it will renew an order under Title 42 of the U.S. Code that requires the Department of Homeland Security (DHS) to block and expel any immigrant who enters or seeks to enter without prior permission, including asylum seekers. If the CDC maintains the order until at least the end of May—as several outlets have reported—it should immediately suspend its application to those seeking asylum at...

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Words in Biden’s Budget

Chris Edwards The Biden administration on Monday released its budget for 2023. Federal budgets are a combination of spending data for hundreds of agencies and a discussion of proposed policies. The 158‐​page budget summary document starts with the president’s message and runs through discussions of each major department. I looked at the document’s language to see what it suggests about the administration and its priorities. Here are word counts from the budget summary in brackets ( ), along...

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Corporate Tax Revenues Soar

Chris Edwards President Biden’s proposed budget for 2023 released Monday reveals strong growth in federal tax revenues. This is good news. If policymakers now put some focus on spending restraint, they can reduce the government’s dangerously high deficit levels. The revenue surge came as a surprise to government economists. The chart below compares the new Office of Management and Budget March 2022 baseline projections to prior baseline projections from the OMB in May 2021 and the...

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Only Six People Used the Postal Banking Pilot Program

Nicholas Anthony Lately it has seemed like the bad news has just been piling up. From the bank account freezes in Canada to sweeping legislation on cryptocurrency here in the United States and then the war in Ukraine, 2022 has been off to a rocky start. However, one spot of good news came when the final version of the omnibus spending bill that President Biden signed into law revealed that the funding planned for another postal banking pilot program had been removed. Originally, $6,000,000...

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Biden’s Budget Calls Infrastructure Act’s Crypto‐​Taxes into Question

Nicholas Anthony The Biden administration unveiled its budget with an “ironclad promise” stating that “no one earning less than $400,000 per year would pay an additional penny in new taxes.” However, the millions of Americans using cryptocurrency would probably beg to differ considering that part of the funding for the $5.58 trillion budget is from the still yet‐​to‐​be clarified crypto‐​tax provisions in the Infrastructure Investment and Jobs Act (Infrastructure Act). Oddly, the estimates...

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John Oliver: You Had Me at Over‐​the‐​Counter Naloxone

Jeffrey A. Singer John Oliver made an excellent case for shifting from a war on drugs to a war on drug related deaths on the March 27, 2022 edition of Last Week Tonight on HBO. You can view it here. In a little over 15 minutes, Oliver explained the rationale behind the harm reduction strategy: realism. Harm reduction advocates understand we will never attain a drug‐​free society, and that it therefore makes sense to make illicit drug use safer. Oliver called for the Food and Drug...

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Biden’s Budget Deficits

Chris Edwards The Biden Administration has released its federal budget for 2023. One of the themes is deficit reduction. The president says the budget “keeps us on track to reduce the deficit this year to less than half of what it was before I took office.” The administration will be “the first in history to reduce the deficit by more than $1 trillion in a single year.” Finally, someone is taking an axe to the bloated federal budget! Or maybe not. Under the Biden budget: Deficits are...

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