The U.S. Postal Service (USPS) caused an uproar yesterday when it announced that it would be ending Saturday delivery of letter mail this August, saving an estimated $2 billion per year. Opponents—including many Members of Congress—expressed outrage at the move, arguing that it would cause hardships for postal customers and …
Not many people know the meaning of “swap” (as in a financial hedge, not flea market). Only the most sophisticated investors actually understand the complexities of buffering risk by exchanging cash flows. Under Dodd–Frank, however, federal regulators have been tasked with assuming control of this market, in which hundreds of …
The Department of Justice’s (DOJ) civil suit against credit rating agency Standard & Poor’s (S&P) shows that laws that existed well before the financial crash of 2008 were more than sufficient to deal with its potential causes. While the specific charges in this suit will need to be litigated before …
On February 8, the government will release data on imports and exports for 2012. This annual release often ignites a misguided debate about trade deficits. A recent news report perpetuated a popular misstatement about how international trade works: Net imports suck cash out of the economy, subtracting from gross domestic …
Last week, the government convicted Tyrone Freeman, president of SEIU Local 6434 in Los Angeles, of 14 counts of illegally diverting union dues into his own pockets. His conviction illustrates the need for union financial transparency. However, the Obama Administration has steadily rolled back union transparency requirements. Freeman’s former local …
U.S. consumers will soon be paying more for tomatoes thanks to the Obama Administration’s new trade policy. Under a just-announced agreement with Mexico, Americans reportedly will be paying up to twice as much for tomatoes grown in Mexico. The increase is entirely due to minimum prices imposed by the Obama …
Commuters on Washington, D.C.’s Metro system may finally have something to look forward to on their commutes other than broken escalators and single-tracking. By 2014, Metro plans on introducing state-of-the-art new rail cars that include LCD screens and ergonomic designs. While these new features may sound exciting, the cost is …
Should government agencies use the best information possible? For more than 80 years, the Labor Department has answered that question in the negative. The Davis–Bacon Act (DBA) of 1931 requires federal construction contractors to pay their workers at least the “prevailing wage” in their locality. The Act charges the Labor …
On February 8, the government will release data for 2012 imports and exports. This annual release often ignites a debate about trade policy. But among economists, there’s not much debate over the benefits of free trade. The University of Chicago’s Booth School of Business regularly surveys economic experts. Last year, …
