Club for Growth

Drive Drunk = Make Millions

Andrew Roth

Ugh. Another reason why we need tort reform.

Posted at 12:22 PM, August 8, 2008 | Trackback (0) | Print | | #

ChinaAnalysis.com

Andrew Roth

Here's another website rich with information about China.

HT: Craig Newmark

Posted at 12:15 PM, August 8, 2008 | Trackback (0) | Print | | #

Victory for Eminent Domain Opponents

Andrew Roth

Homeowners in New Jersey win a court ruling against a city that is aggressively seizing property in order to give it to developers.

Posted at 11:54 AM, August 8, 2008 | Trackback (0) | Print | | #

Friday's Daily News

Andrew Roth

THE DAILY NEWS
The Beijing Games - Wall Street Journal Editorial
The World Watches - IBD Editorial
China Goes for (All of) the Gold - Daniel Gross, Slate
China's Olympic-Size Muzzle - Washington Times Editorial
Thank God for the Chinese Consumer - Zachary Karabell, WSJ

China’s Dash for Freedom - The Economist
GOP Leaders Request Special Session - Martin Kady, The Politico
Davis Loses in GOP Primary - Michael O'Brien, The Hill
No Plunder - Don Boudreaux, Cafe Hayek
VIDEO: Art Laffer on the Obama Tax Plan - Fox Business Channel

Posted at 10:40 AM, August 8, 2008 | Trackback (0) | Print | | #

Laffer on Obama's Tax Plan

Andrew Roth

Posted at 10:27 AM, August 8, 2008 | Trackback (0) | Print | | #

China Facts

Andrew Roth

Now that the Summer Olympics have started, here's some information I gathered about China.

Here's a CIA summary of China's economy:

China's economy during the last quarter century has changed from a centrally planned system that was largely closed to international trade to a more market-oriented economy that has a rapidly growing private sector and is a major player in the global economy. Reforms started in the late 1970s with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, the foundation of a diversified banking system, the development of stock markets, the rapid growth of the non-state sector, and the opening to foreign trade and investment.

China has generally implemented reforms in a gradualist or piecemeal fashion, including the sale of minority shares in four of China's largest state banks to foreign investors and refinements in foreign exchange and bond markets in 2005. After keeping its currency tightly linked to the US dollar for years, China in July 2005 revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. Cumulative appreciation of the renminbi against the US dollar since the end of the dollar peg reached 15% in January 2008. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis, China in 2007 stood as the second-largest economy in the world after the US, although in per capita terms the country is still lower middle-income. Annual inflows of foreign direct investment in 2007 rose to $75 billion. By the end of 2007, more than 5,000 domestic Chinese enterprises had established direct investments in 172 countries and regions around the world.

The Chinese government faces several economic development challenges: (a) to sustain adequate job growth for tens of millions of workers laid off from state-owned enterprises, migrants, and new entrants to the work force; (b) to reduce corruption and other economic crimes; and (c) to contain environmental damage and social strife related to the economy's rapid transformation. Economic development has been more rapid in coastal provinces than in the interior, and approximately 200 million rural laborers have relocated to urban areas to find work. One demographic consequence of the "one child" policy is that China is now one of the most rapidly aging countries in the world.

Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the north - is another long-term problem. China continues to lose arable land because of erosion and economic development. In 2007 China intensified government efforts to improve environmental conditions, tying the evaluation of local officials to environmental targets, publishing a national climate change policy, and establishing a high level leading group on climate change, headed by Premier WEN Jiabao.

The Chinese government seeks to add energy production capacity from sources other than coal and oil as its double-digit economic growth increases demand. Chinese energy officials in 2007 agreed to purchase five third generation nuclear reactors from Western companies. More power generating capacity came on line in 2006 as large scale investments - including the Three Gorges Dam across the Yangtze River - were completed.

Regarding free trade, U.S. exports to China have increased a whopping 301% (PDF) from 2000-2007. Exports to other countries over that same time period were only 44%. The United States is China's top global trading partner with $302 billion in volume last year compared $236 billion with China's second trade partner, Japan.

Finally, here are the China-related blogs that I check up on every morning:

Seeking Alpha - China
All Roads Lead to China
James Fallow (always has great pictures)
China Law Blog
Asia Bulletin
Google News Feed (for all China-related news about free trade)
China in Congress (Custom RSS feed for all U.S. congressional press releases that mention China)

Posted at 9:59 AM, August 8, 2008 | Trackback (0) | Print | | #

Dumb Letter to the NCAA

Andrew Roth

From TV Week:

[Nine c]ongressmen today sent a letter to NCAA President Myles Brand urging the NCAA to ban alcohol ads entirely from broadcasts.

“We find it puzzling that NCAA advertising rules prohibit ads for cigarettes, other tobacco products, organizations promoting gambling and alcohol beverages, yet continue to allow ads for beverages with alcohol content of 6% or less,” said the letter. “Given the devastating problems caused by underage college drinking, much of it in the form of beer, that policy makes little sense and flouts the core value of sports and learning.

“Please act to protect the integrity of college sports and the health and safety interests of college students, athletes and young fans by ending all advertising during NCAA broadcasts,” the letter said.

The letter was signed by Reps. Henry Waxman, R-Calif.; Lucille Roybal-Allard, D-Calif.; Lois Capps, D-Calif.; Chris Van Hollen, D-Md.; Hilda L. Solis, D-Calif.; Zach Wamp, R-Tenn.; Jim Ramstad, R-Minn.; Raul Grijalva, D-Ariz.; and Rosa DeLauro, D-Conn.

First off, Waxman is a very liberal Democrat, not a Republican. Second, four of these nine congressmen (Roybal-Allard, Capps, Solis, and Grijalva) voted against banning Internet gambling in 2006. How do they reconcile these two diametric positions? It's okay to gamble your life savings away, just don't drink while you do it?

HT: Stu Clark

Posted at 9:11 AM, August 8, 2008 | Trackback (0) | Print | | #

Obama Thinks Oil Companies Are 'Amoral'

Andrew Roth

Here's an excerpt from an interview with columnist Ruth Marcus:

Are oil companies, I ask, more morally culpable than other industries that would not be subject to Obama's proposed tax?

"Not in the view of most economists," Obama replies. "I'm well aware of the argument [about] singling out oil companies rather than soda pop manufacturers."

Yes, but what does Obama himself believe? "I think oil companies are amoral. They want to make as much money as they can for their shareholders, which is what corporations do," he says. "The difference is the nature of the kind of outsized profits they make that may have no relationship to their investments or their production. The fact, for example, [that] the shortage of refinery capacity could actually increase their profits so the less they invest the more they make indicates that you are not dealing with someone making widgets out there."

HT: Steve Bartin

Posted at 9:06 AM, August 8, 2008 | Trackback (0) | Print | | #

The 2008 Summer Olympics on Google

Andrew Roth

They've got a new page devoted to the Games, incorporating several of their applications, like Google Maps, Google News, and a widget that tracks the medal count. Very cool.

Posted at 8:59 AM, August 8, 2008 | Trackback (0) | Print | | #

The Money Race

Andrew Roth

Candidates for the House, Senate, and the presidency have raised a total of $2.09 billion through June 30, 2008.

Posted at 3:03 PM, August 7, 2008 | Trackback (0) | Print | | #

Grading Bush's Legacy

Andrew Roth

Is it that time already? Jimmy P. ranks President Bush's best and worst economic moves.

Posted at 1:57 PM, August 7, 2008 | Trackback (0) | Print | | #

Dumb Ballot Idea

Andrew Roth

A proposal has been submitted to California's attorney general for consideration on the 2010 ballot (at the earliest) that would apply a death tax of 55% on all wealth over $20 million.

That's bad enough, but the proceeds would not be used to balance the budget or build roads and bridges. No, it would be used to buy stock in Exxon-Mobil, Chevron, Citicorp, J.P. Morgan, and other companies.

The goal is to make sure these companies do not drill or contribute to drilling off the coast of California, and to make sure they invest in alternative fuel research and development. Oh, and it would make sure these companies do not loan money to foreign companies at the expense of domestic ones. You know, because globalization is bad, bad, bad.

Hear that sound? That's all of California's millionaires packing up their things and driving their SUVs to Florida.

Posted at 12:48 PM, August 7, 2008 | Trackback (0) | Print | | #

You Ate What? We Ate Sand

Andrew Roth

England opens up world's first sand hotel.

Posted at 12:43 PM, August 7, 2008 | Trackback (0) | Print | | #

High Gas Prices Hit Hollywood

Andrew Roth

High gas prices are forcing some Hollywood stars to pinch pennies.

Posted at 11:58 AM, August 7, 2008 | Trackback (0) | Print | | #

Repeal of Beer Tax on the Ballot

Andrew Roth

Congrats to the petition organizers! From the Pittsburgh Business Times:

The Whiskey Rebellion II is ready to toast its political battle to come.

Friends Against Counterproductive Taxation, a organization comprised largely of Allegheny County bar and restaurant owners, filed its petition signatures with the Allegheny County Division of Elections Tuesday as part of its bid to place a referendum on the ballot Nov. 4 to reduce Allegheny County’s 10 percent drink tax first established in January.

After a three-month signature drive which FACT members organized in a campaign called the Whiskey Rebellion II, FACT touted its ability to collect far more signatures than the 23,006 required to place a referendum ballot.

Posted at 10:59 AM, August 7, 2008 | Trackback (0) | Print | | #

Thursday's Daily News

Andrew Roth

THE DAILY NEWS
Recess Revolution - Rep. Tom Price, RedState.com
GOP Planning to Revolt Right Up to Dem Convention - Jared Allen, The Hill
Say Watt, Senator? - IBD Editorial
A Path Toward Income-Tax Elimination - Richard Rahn, Washington Times
Stalinism Was Just as Bad as Nazism - Mart Laar, Wall Street Journal

Can India Ever Catch Up With China? - Peter Foster, Daily Telegraph
The Path to Prosperity - Karabegovic & Dowd, American.com
PODCAST: Education Markets vs. Monopolies - Andrew Coulson, Cato
Why Bottled Water's Tainted - Babej and Pollak, Forbes.com
New York Gets Favre, Trades Hillary to GOP - Scott Ott, ScrappleFace

Cubs 11, Astros 4 - Associated Press

Posted at 10:35 AM, August 7, 2008 | Trackback (0) | Print | | #

A Government Shutdown?

Andrew Roth

From Roll Call ($):

Former Speaker Newt Gingrich (R-Ga.) predicted Wednesday during the fourth day of Republican protests at the Capitol that Democrats would lose a potential government shutdown fight over offshore oil drilling.

The offshore drilling ban expires Sept. 30, and some conservatives have urged President Bush to threaten to veto any bill that extends it, including a routine stopgap spending bill keeping the government open.

“Are they really prepared to close the government in order to stop drilling?” Gingrich asked of Democrats. “I think the public would think they’re insane. ... I don’t see how the Democrats could possibly sustain a suicidal strategy like that.”

Posted at 10:06 AM, August 7, 2008 | Trackback (0) | Print | | #

A Map of Olympic Medals

Andrew Roth

Here's a cool cloud map of Olympic medal winners.

Posted at 9:58 AM, August 7, 2008 | Trackback (0) | Print | | #

NYC Rooftops

Andrew Roth

Cool collection of rooftops in New York.

Posted at 9:53 AM, August 7, 2008 | Trackback (0) | Print | | #

Cartoon of the Day

Andrew Roth

Incarcerated for a crime they didn't commit.

Posted at 9:50 AM, August 7, 2008 | Trackback (0) | Print | | #

Postal Service Loses $1 Billion

Andrew Roth

The U.S. Postal Service lost $1 billion in the quarter ending June 30. But what, didn't they increase stamp rates in May? Yep.

Posted at 9:41 AM, August 7, 2008 | Trackback (0) | Print | | #

Goolsbee Defends Irrational Energy Proposal

Andrew Roth

Joe Kernan puts Obama adviser Austan Goolsbee on the hot spot in this CNBC interview for his support of the ludicrous "windfall profits tax on oil companies to pay for $1000 checks" idea.

Posted at 2:00 PM, August 6, 2008 | Trackback (0) | Print | | #

Wonderful Video on School Choice

Andrew Roth

Via Ben Cunningham, this is from a British TV show.

Posted at 1:28 PM, August 6, 2008 | Trackback (0) | Print | | #

Obama Fatigue

Andrew Roth

Pew Research has the details.

Posted at 1:11 PM, August 6, 2008 | Trackback (0) | Print | | #

Russia is Not Exactly Business Friendly

Andrew Roth

Here's News Corp's Rubert Murdoch:

"We have great growing business [in Russia] but just -- this is purely me, I’m sorry, I’m -- the more I read about investments in Russia, the less I like the feel of it. The more successful we’d be, the more vulnerable we’d be to have it stolen from us, so there we sell now."

Posted at 1:07 PM, August 6, 2008 | Trackback (0) | Print | | #