02 September, 2021

COVID Stats Part 2

Sharing additional data regarding COVID risks for vaccinated individuals.  This data comes from Los Angeles and was published Aug. 14.

Link

Highlights:

  • Case rate for vaccinated people is 66/100,000 (.07%)
  • Case rate for unvaccinated people is 4x higher than vaccinated individuals
  • Hospitalization rate for vaccinated people is less than 1/100,000 (.001%)
  • Hospitalization rate for unvaccinated people is 14x higher than vaccinated individuals

 Implications from this data:

  • Vaccines appear to be highly effective at reducing the negative impacts of COVID
  • Vaccinated individuals do not seem to be a risk (from vaccinated or unvaccinated individuals)
  • Conversely, unvaccinated people are at risk, but this risk is known and 'baked in' to their decision to remain unvaccinated
  • Unvaccinated individuals pose a risk only to themselves and other unvaccinated individuals, but again these risks are known and are accepted by this population
  • Governmental or corporate attempts to mandate actions by vaccinated or unvaccinated populations seems unwise - vaccinated people are not at risk, and unvaccinated people accept the risks that come with their decisions to remain unvaccinated
 


09 August, 2021

COVID Stats

A recent CNN article contained some great data to ground discussions regarding public policy related to COVID:

 https://www.cnn.com/2021/07/31/health/fully-vaccinated-people-breakthrough-hospitalization-death/index.html

·         Among fully vaccinated individuals:

o   The likelihood of contracting COVID is less than 1%

o   The hospitalization rate for COVID is .004%

o   The death rate for COVID is .001%

25 July, 2021

Global Warming - Inconvenient Facts

 Another Global Warming Fact Alarmists Want Buried

pxhere.com

The entire climate change movement has been shady from its beginnings. Data have been hidden, truth has been sacrificed to politics, and hypocrisy and personal interests among its “leaders” have produced a giant credibility deficit. The more we learn, the worse the alarmists look.

Take, for instance, a new report that shows greenhouse gas emissions are not an American or Western problem. They are primarily a Chinese problem. A study from Sun Yat-sen University in China found that more than half of the world’s urban greenhouse gas emissions are generated in only 25 big cities, and 23 of them are located in China.

In other words, if the entire developed world cut its greenhouse gas emissions as activists, politicians, journalists, and celebrities have demanded, nothing would change regarding the climate. (This assumes human carbon dioxide emissions are responsible for warming the planet, which is a load of speculation that’s yet to be proved.)

The paper’s findings remind us of the great plastic scare that’s “inspired” lawmakers to outlaw single-use plastic bags, plastic straws, plastic utensils, and other modern products, in a mass pretense of doing something when in reality they’re doing nothing but inconveniencing people.

The data show ​​90% of ocean plastic pours into the sea from “the top 10 rivers with the highest loads” of plastic debris, according to the Helmholtz Centre for Environmental Research in Germany. None are in the U.S., which contributes only about 1% percent of all plastic debris found at sea. Eight of them though are in Asia, while two are in Africa.

While it provides useful information, the Sun Yat-sen study isn’t a shocking revelation. We’ve known for at least a decade that while agitators campaigned to force developed economies to eliminate fossil fuel use, China and India have been busy building hundreds of coal plants in an effort to spread the First World prosperity that the climate alarmists have enjoyed their entire lives. Late last year, the Canadian Energy Centre, affiliated with the Alberta government, reported that as of 2020, 350 coal-fired power plants were under construction worldwide. Seven were in South Korea, another 13 in Japan. But China and India were building 184 and 52 plants, respectively. 

China, which has not lived up to its emissions pledges even as the U.S. has decreased its GHG emissions, “is also building and financing hundreds of other coal-fired power plants in countries such as Turkey, Vietnam, Indonesia, Philippines, Egypt, and Bangladesh.”

A few months after the Canadian report, Yale Environment 360 noted that “despite pledges to cut emissions,” China, responsible for 28% of GHG emissions though it makes up less than 19% of the world’s population, has been “on a coal spree.”

Yet the U.S., and the developed nations of the West, which have zero cities listed among the top 25 greenhouse gas emitters – New York City is 26th – and only eight in the top 50, are the focus of climate activists.

Environmental zealots, more than a few of them elected and appointed officials, are constantly bullying Washington over international emissions agreements that will hurt the U.S. economy; telling Americans they have to live more primitively because they wreck the planet a little every time they consume conventional energy; and that they must make sacrifices for the health of Gaia. The hectoring never ends, the exaggerations never stop, the lies flow freely.

That China is rarely a target of the fanatics tells us a lot: The climate scare is more about pulling down capitalism, weakening the U.S. and other developed nations, cranking out international transfers of wealth, and advancing socialism than it is about saving the world. It’s no coincidence that the countries that are constantly mugged by the alarmists are those whose economic systems are the furthest removed from socialism on the political spectrum. There’s no reason for them to denounce China because it’s already laboring under the system they want to inflict on the world.

It’s a not-so-little secret among the environmental extremists that’s dirtier than Beijing’s polluted skies.

— Written by the I&I Editorial Board

20 June, 2021

Capital Gains Tax Policy

The highlighted portion below is a great example as to why it's appropriate the capital gains tax rate is less than the tax rate of other income. 

Seeing Through the ProPublica Misdirection


Peter P. Copses
Posted: Jun 16, 2021 12:01 AM



The recent ProPublica article claiming new insights into how the wealthy pay little or no income taxes has generated predictable, but uninformed, outrage among those who seek to make the rich pay their so-called “fair share.” But the ProPublica analysis contains logic errors and ignores important concepts built into the tax code.

ProPublica disingenuously compares current taxes paid to income that includes unrealized gains without considering the fact that eventually those gains will be taxed.

There is a difference between deferring taxes and eliminating taxes. A more honest analysis would factor in the present value of the taxes that will eventually be paid. If an individual has accumulated wealth, either he will sell the assets before he dies, in which case he will pay a capital gains tax, or he will die owning the assets in which case he will pay the estate tax, currently 40 percent of the asset’s value. The present value of these taxes has to be included in the numerator of the tax rate calculation if the increase in wealth is included in the denominator.

ProPublica would doubtless counter that these gains are never taxed because of “loopholes” available to the rich such as the arcane step-up in basis at death or charitable giving. Those arguments are specious.

To see this, consider an entrepreneur who founded a business that now has a value of $1 billion. His tax basis is likely close to zero, and if he dies not having sold a share, he will owe a $400 million estate tax (for simplicity, this ignores the $11.7 million exemption, since it is immaterial to the billionaires that ProPublica despises). His heirs should inherit assets with a cost basis of $1 billion because, by paying the estate tax, the entrepreneur has already paid the government its pound of flesh for the increase in value from $0 to $1 billion. Without the step-up in basis or by triggering unrealized gains at death, the $1 billion gain would be taxed at 23.8 percent (ignoring state income taxes, which tax-the-rich crusaders always do) and the gross value of the asset would be taxed at 40 percent resulting in a total tax burden of 63.8 percent. (If the tax on the gain is allowed to be credited in computing the estate tax, this burden would be 54.3 percent.) Most reasonable people would concede that 40 percent of gross assets is more than a “fair share” for anyone to have to pay at death, and that 63.8 percent is excessive. Taxing capital gains at death or eliminating the step-up in basis while continuing to impose the estate tax is double dipping.

It is true that an individual can avoid the estate tax by giving away his wealth to a charitable foundation. But this is hardly scandalous—after all, to avoid the tax the taxpayer actually has to give away billions! In doing so, he is not funding luxurious lifestyles for undeserving heirs, he is making a very rational choice that a private foundation will accomplish more with those assets than a wasteful federal government.

What about ProPublica’s complaint that it is unfair for capital gains to be taxed at a lower rate than the wages paid by normal people? This is a nice sound bite, but it is also disingenuous. The tax on capital gains is asymmetrical—it is based on a “heads the government wins, and tails you lose” proposition. If a taxpayer makes a successful capital investment, he pays tax on the gain, but if it is unsuccessful, he can only deduct the loss against other gains. Furthermore, the longer an asset is held, the larger the component of the gain that is just inflation rather than any real increase in value. For these two good reasons, the tax on capital gains is lower than on ordinary income. If the Progressives had their way, the tax rate on gains would be 43.8 percent (actually, over 50 percent if the average state income tax rate is included) and the tax benefit on losses would be 0 percent. Rational investors would risk less capital under such a regime. That would be a net negative for everyone.

ProPublica claims that the features of the tax code of which it disapproves are not available to ordinary people, but that is also not true. Jeff Bezos was born a very ordinary person as are most entrepreneurs who create tremendous value for others while accumulating enormous wealth for themselves. We should want to live in a society that encourages this. Could you imagine a world with no Amazon, no iPhone, and, yes, even no Twitter? Some will argue that entrepreneurs are motivated by passion not tax rates and these innovations would have been created anyway. That is wishful thinking. While entrepreneurs have a variety of motivations, the investors who finance them care only about after-tax return. ProPublica’s argument that these tax techniques are not available to normal people simply reflect jealousy that not everyone has the talent to create value like Bezos.

There is nothing stopping any American from founding the next Amazon, becoming a billionaire and deferring taxes on the value he creates until he makes a killing selling his company or he dies. I hope it always stays that way.

Peter P. Copses is a retired private equity executive.

23 February, 2021

Data re: White Supremecy

Interesting data compiled by Bill O'Reilly.  Although race-based groups certainly exist, the data does not support the current narrative that white supremacy is common and widespread.

Data from this article:

In 2020, the Department of Justice brought exactly 5 criminal cases against white supremacists.  14 individuals were charged.
 
In 2019, another five cases.  75 people charged. 
 
It’s a similar situation on the state level.  Last year in all 50 states there were only 3 prosecutions tied to “white supremacy.”  9 individuals were charged.  Nine.  In 50 states.
 
In 2019, the number of white racists charged: eight.

21 February, 2021

What's Wrong With The 1619 Project?

 


Thomas Sowell - Capitalism vs. Government

Great points here from Thomas Sowell.  As relevant now as it was a decade ago.  The private sector (capitalism) is what propels the standard of living forward, not government.  The best way to continue making progress is to allow individuals and businesses to innovate with the minimum regulatory burden possible.  This also extends to taxation - leaving more $$ in the hands of those who produce enables economic expansion and shared prosperity (not to mention avoiding the moral implications of taking from one group to give to another).  I hope you'll take a read...

The Real Public Service


By Dr. Thomas Sowell



May 31, 2010

Every year about this time, big-government liberals stand up in front of college commencement crowds across the country and urge the graduates to do the noblest thing possible— become big-government liberals.

That isn't how they phrase it, of course. Commencement speakers express great reverence for "public service," as distinguished from narrow private "greed." There is usually not the slightest sign of embarrassment at this self-serving celebration of the kinds of careers they have chosen— over and above the careers of others who merely provide us with the food we eat, the homes we live in, the clothes we wear and the medical care that saves our health and our lives.

What I would like to see is someone with the guts to tell those students: Do you want to be of some use and service to your fellow human beings? Then let your fellow human beings tell you what they want— not with words, but by putting their money where their mouth is.

You want to see more people have better housing? Build it! Become a builder or developer— if you can stand the sneers and disdain of your classmates and professors who regard the very words as repulsive.

Would you like to see more things become more affordable to more people? Then figure out more efficient ways of producing things or more efficient ways of getting those things from the producers to the consumers at a lower cost.

That's what a man named Sam Walton did when he created Wal-Mart, a boon to people with modest incomes and a bane to the elite intelligentsia. In the process, Sam Walton became rich. Was that the "greed" that you have heard your classmates and professors denounce so smugly? If so, it has been such "greed" that has repeatedly brought prices down and thereby brought the American standard of living up.

Back at the beginning of the 20th century, only 15 percent of American families had a flush toilet. Not quite one-fourth had running water. Only three percent had electricity and one percent had central heating. Only one American family in a hundred owned an automobile.

By 1970, the vast majority of those American families who were living in poverty had flush toilets, running water and electricity. By the end of the twentieth century, more Americans were connected to the Internet than were connected to a water pipe or a sewage line at the beginning of the century.

More families have air-conditioning today than had electricity then. Today, more than half of all families with incomes below the official poverty line own a car or truck and have a microwave.

This didn't come about because of the politicians, bureaucrats, activists or others in "public service" that you are supposed to admire. No nation ever protested its way from poverty to prosperity or got there through rhetoric or bureaucracies.

It was Thomas Edison who brought us electricity, not the Sierra Club. It was the Wright brothers who got us off the ground, not the Federal Aviation Administration. It was Henry Ford who ended the isolation of millions of Americans by making the automobile affordable, not Ralph Nader.

Those who have helped the poor the most have not been those who have gone around loudly expressing "compassion" for the poor, but those who found ways to make industry more productive and distribution more efficient, so that the poor of today can afford things that the affluent of yesterday could only dream about.

The wonderful places where you are supposed to go to do "public service" are as sheltered from the brutal test of reality as you have been on this campus for the last four— or is it six?— years. In these little cocoons, all that matters is how well you talk the talk. People who go into the marketplace have to walk the walk.

Colleges can teach many valuable skills, but they can also nourish many dangerous illusions. If you really want to be of service to others, then let them decide what is a service by whether they choose to spend their hard-earned money for it.

25 January, 2021

Wisdom from Silent Cal

 

Great quote here from Calvin Coolidge:

"The wisest and soundest method of solving our tax problem is through economy…The collection of any taxes which are not absolutely required, which do not beyond reasonable doubt contribute to the public welfare, is only a species of legalized larceny. Under this republic the rewards of industry belong to those who earn them. The only constitutional tax is the tax which ministers to public necessity. The property of the country belongs to the people of the country. Their title is absolute. They do not support any privileged class; they do not need to maintain great military forces; they ought not to be burdened with a great array of public employees….

I am opposed to extremely high rates, because they produce little or no revenue, because they are bad for the country, and, finally, because they are wrong." 


Calvin Coolidge’s Inaugural Address Warned of the Dangers of ‘Legalized Larceny’

Calvin Coolidge understood that if government can do something for you, it is only because it can do something to you.

In accordance with longstanding custom, Joe Biden’s first act upon being sworn in as the 46th US President will be to deliver an Inaugural Address. It will likely be longer than the shortest one (George Washington’s 135-word speech in 1793) but mercifully shorter than the longest one (William Henry Harrison’s two-hour, 8,450-word sleeper in 1841).

Most inaugural speeches are fully forgotten but every now and then, a new president coins a memorable term or utters an enduring phrase for the ages. FDR’s “We have nothing to fear but fear itself”; John Kennedy’s “Ask not what your country can do for you, ask what you can do for your country”; and Ronald Reagan’s “Government is not the solution to our problem, government is the problem” come to mind.

Biden is not known for such eloquence. We will find out if his speechwriters are.

In any event, he will deserve a pat on the back if his address is half as good as that of a previous president who wrote his own speeches. That would be our 30th, Calvin Coolidge, whose Inaugural Address on March 4, 1925 was both profound and substantive.

History teaches endless lessons whether people want to learn them or not. Its pages instruct us painfully that the two greatest dangers from government are mission creep and creeps on a mission. The last thing you would ever hear from the lips of Calvin Coolidge were arrogant pretensions to knowledge or grand plans to “fundamentally transform” America. He was smart enough to know what his job was—to “preserve, protect and defend the Constitution,” not to ignore it, shred it or rewrite it.

Coolidge’s appreciation of history and human nature tempered any illusions about government power he ever had. In a political leader, that’s a superlative quality, and a humbling one. It is often swept aside by lesser politicians (the creeps on a mission) who let the moment go to their heads. Our 30th president understood that if government can do something for you, it is only because it can do something to you, that it can get bigger only if you get smaller.

On that chilly March day in 1925, Coolidge noted America’s achievements at the same time he acknowledged they had sprung from a bedrock of principles:

We cannot continue these brilliant successes in the future, unless we continue to learn from the past. It is necessary to keep the former experiences of our country both at home and abroad continually before us, if we are to have any science of government. If we wish to erect new structures, we must have a definite knowledge of the old foundations. We must realize that human nature is about the most constant thing in the universe and that the essentials of human relationship do not change. We must frequently take our bearings from these fixed stars of our political firmament if we expect to hold a true course.

We know what Coolidge’s principles were because he repeated them throughout his public life: Respect for the Constitution; without it, we are at the mercy of whim and power lust. Respect for the highest authority, by which he meant the Creator, not a self-anointed elite or a congressional committee. Respect for the individual, especially his freedom to exercise his abilities and uniqueness in peaceful trade and service to fellow citizens. Long before the Austrian economist F. A. Hayek noted that “The more the State plans, the more difficult planning becomes for the individual,” Coolidge knew it in his gut. To be an American was to love free people, not the State. He cautioned us,

We believe that we can best serve our own country and most successfully discharge our obligations to humanity by continuing to be openly and candidly, intensely and scrupulously, American. If we have any heritage, it has been that. If we have any destiny, we have found it in that direction. But if we wish to continue to be distinctively American, we must continue to make that term comprehensive enough to embrace the legitimate desires of a civilized and enlightened people determined in all their relations to pursue a conscientious and religious life. We cannot permit ourselves to be narrowed and dwarfed by slogans and phrases.

In “progressive” nanny state fashion, Biden will probably tell us he cares for us, that he seeks to help us, that he has a laundry list of proposed spending to prove that he cares and wants to help. Calvin Coolidge also cared for people and wanted to help them, but to him that meant respecting their rights and property. Americans, he declared,

are opposed to waste. They know that extravagance lengthens the hours and diminishes the rewards of their labor. I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical form.

Amid record budget deficits and unconscionable debt, perhaps Biden will muster the courage to tell us the till is empty and it’s time to get real about spending. Maybe he will value the lessons of the past as Coolidge did, and tell us that fiscal insanity is the path to bankruptcy and tyranny. What are the chances? The “progressives” in the audience would have a collective heart attack but I would cheer if Biden repeated these words from Coolidge’s Inaugural:

The wisest and soundest method of solving our tax problem is through economy…The collection of any taxes which are not absolutely required, which do not beyond reasonable doubt contribute to the public welfare, is only a species of legalized larceny. Under this republic the rewards of industry belong to those who earn them. The only constitutional tax is the tax which ministers to public necessity. The property of the country belongs to the people of the country. Their title is absolute. They do not support any privileged class; they do not need to maintain great military forces; they ought not to be burdened with a great array of public employees….

I am opposed to extremely high rates, because they produce little or no revenue, because they are bad for the country, and, finally, because they are wrong. We cannot finance the country, we cannot improve social conditions, through any system of injustice, even if we attempt to inflict it upon the rich. Those who suffer the most harm will be the poor. This country believes in prosperity. It is absurd to suppose that it is envious of those who are already prosperous. The wise and correct course to follow in taxation and all other economic legislation is not to destroy those who have already secured success but to create conditions under which everyone will have a better chance to be successful.

By early afternoon of January 20, 2021, we will all know what Joe Biden said in his Inaugural. Did it lift up “we the people” or “they, the government”? Did it empower free men and women or did it empower planners, bureaucrats and spenders to shackle those men and women? Did it do justice or violence to the Constitution? You be the judge, but I personally will be watching to see how Biden’s words measure up to these of Calvin Coolidge:

Those who want their rights respected under the Constitution and the law ought to set the example themselves of observing the Constitution and the law…Those who disregard the rules of society are not exhibiting a superior intelligence, are not promoting freedom and independence, are not following the path of civilization, but are displaying the traits of ignorance, or servitude, of savagery, and treading the way that leads back to the jungle.

17 January, 2021

Falling CO2, Rising Temperatures

It's hard to know the direct relationship between CO2 and the timing of climate warming, but the author makes some interesting points here regarding the fact CO2 has fallen significantly worldwide due to COVID lockdowns, yet temperatures seem unaffected. If we want to 'follow the science', we must also incorporate evidence that leads us in new directions.

Falling CO2 Emissions Expose 'Global Warming' Alarmism As Anti-Science

By David Simon
January 15, 2021

The “experts” that dominate government, big business, universities, and international institutions vitriolically insist that “science” purportedly establishes beyond doubt that carbon dioxide emissions are raising global temperatures and that the warmer earth will be catastrophic.

In 2020, the pandemic-induced shutdowns that inflicted so much economic harm, particularly on the Third World’s already poor, reduced CO2 emissions by a record-breaking 7 percent. Those demanding that Americans reduce emissions must be especially pleased: the U.S. led the world with a 12 percent reduction.

Prevailing scientific orthodoxy dictates that lowering CO2 emissions will restrain global warming. Yet NASA data show that the planet’s temperature increased by 0.03 degrees Celsius in 2020, more than double the average annual increase since 1920.

So much for the supposedly conclusive “scientific” link between CO2 emissions and global warming. Yet demands to reduce CO2 emissions continue unabated. Their insistence that we accept a theory contradicted by facts disregards basic scientific principles, fails to “follow the science,” and instead reflects religious views about the earth’s climate.

The assertion that reducing CO2 emissions will limit the planet’s warming isn’t the worst of the anti-scientific claims that dominate the climate change debate. That honor goes to the assertion that global warming is harmful and will be catastrophic. The scientific evidence contradicts this theory and shows the opposite: a warmer earth is beneficial.

A 2017 statement by some of the world’s most eminent scientists – such as Richard Lindzen of MIT, William Happer and the late Freeman Dyson of Princeton, the late Fred Singer of the University of Virginia, and Judith Curry of Georgia Tech – attests that “[o]bservations [over the last] 25 years … show that warming from increased atmospheric CO2 will be benign.”

Their statement notes that “carbon dioxide … is not a pollutant but a major benefit to agriculture and other life on Earth.” The dry ice used to keep the coronavirus vaccines cool, indeed, is solid frozen CO2.

Perhaps the strongest evidence that global warming is beneficial rather than harmful was published by the British medical journal The Lancet in 2015. This study by 22 scientists from around the world found that cold kills over 17 times more people than heat.

The scientists examined over 74 million deaths in Australia, Brazil, Canada, China, Italy, Japan, South Korea, Spain, Sweden, Taiwan, Thailand, the United Kingdom, and the United States in 1985-2012. They found that cold caused 7.29 percent of these deaths, while heat caused only 0.42 percent.

And small temperature changes are particularly significant. The study found that “moderately hot and cold temperatures” caused 88.85 percent of the temperature-related deaths, while “extreme” temperatures caused only 11.15 percent.

The data also show that global warming over the last one hundred years has neither increased harm from natural disasters nor prevented dramatic economic growth that has lifted billions out of poverty.

Natural disaster data compiled by EM-DAT (The International Disaster Database), indeed, show the opposite: since 1920, as the earth has warmed by 1.29 degrees – and as world population has quadrupled from less than two billion to over seven and half billion – the number of people killed by natural disasters has declined by over 80 percent, from almost 55,000 per year to less than 10,000 per year.

Air pollution data compiled by University of Oxford economist Max Roser and researcher Hannah Ritchie also are encouraging. Since 1990, while the planet’s temperature has risen by 0.57 degrees, the global air pollution death rate has declined by almost 50 percent, from 111.28 to 63.82 deaths per 100,000 people.

The economic data are even more positive. Oxford’s Roser also has reported that since 1920, as planet’s temperature has risen, the share of people living in extreme poverty fell from 67 percent in 1950 to less than 10 percent by 2015.

But what of the supposedly fast approaching catastrophic harm to the world economy? A 2019 National Bureau of Economic Research study suggests that it will be minimal.

Since 1960, as the earth has warmed by 1.05 degrees, global income per person has skyrocketed from $452 to $11,436 in 2019, according to World Bank data compiled by Macrotrends. That reflects a growth rate of over 5.6 percent per year.

If over the next 80 years, global income per person increases at just one fourth of that rate, i.e., at 1.4 percent per year, it will reach $34,778 in 2100.

The 2019 NBER study estimated that if the earth’s temperature rises by 0.01 degrees per year through 2100, world GDP in 2100 will be 1.07 percent lower in 2100 than it would otherwise be. This would reduce income per person from $34,778 to $34,406.

Even NBER’s extreme case projection that world GDP will be 7.22 percent lower in 2100 than it would otherwise be if the planet’s temperature rises by 0.04 degrees per year (over three times the actual rate of increase since 1920) similarly would leave income per person at $32,267.
In other words, regardless of any negative impact that global warming may have, world income per person in 2100 would be about three times today’s level.

The bottom line is that the case to limit CO2 emissions and global warming fails the most basic tests of sound science.

David M. Simon is a senior fellow at the Committee to Unleash Prosperity and a lawyer in Chicago. For more, please see www.dmswritings.com.