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Subsidies

News

Freedom Caucus’ Scott Garrett To Head Up Export-Import Bank

President Trump announced on Friday that he will nominate former Rep. Scott Garrett (R-NJ) as President and Chairman of the Export-Import Bank. The Ex-Im Bank subsidizes the financing of U.S. exports, and has been criticized by free market organizations for benefiting special interests such as Boeing and General Electric. During his time in Congress, Garrett was well respected as a fiscal conservative, boasting a 95% lifetime score from the Club for Growth, despite serving in a fairly moderate district in the New York City metropolitan area. He was a member of the Freedom Caucus and the Liberty Caucus, as well as a long-time associate of Rep. Ron Paul (R-TX). Garrett ultimately lost his seat during the 2016 election, but was later said to have been considered for a position within the Federal Housing Finance Agency. Keep Reading

Economics

James J. Hill And The Liquidation Of Malinvestment

James J. Hill is unquestionably one of the greatest entrepreneurs in American history.  This past weekend marked the 100th anniversary of his passing.  He is best remembered for the successful construction of the only transcontinental railroad to not go bankrupt.  He didn’t accept government subsidies, and argued eloquently against his competitors who did: “The government should not furnish capital to these companies, in addition to their enormous land subsidies, to enable them to conduct their business in competition with enterprises that have received no aid from the public treasury.” His endeavors can claim to be largely responsible for the settling and economic development of the upper midwest United States, and for making Seattle into the commercial metropolis that it is today.  For the best histories of the man and his legacy, these two articles (here and here) are unmatched. Countless business, entrepreneurial, and economic lessons can be learned from a detailed study of Mr. Hill.  One particular economic lesson stems from his entrance into the business of railroad ownership… Keep Reading

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