Economy

Economy: 7 key points

First, tax it get less of it, subsidize it you get more of it.
Work should be subsidized, not taxed. Consumption should be taxed not subsidized. Marriage should be subsidized, not penalized. The reverse has been the case for decades.

Second, you should not make at home what you can buy more cheaply elsewhere.  Protectionism is a threat to the prosperity of all. Comparative advantage is a law of economics not a matter of opinion.

Third,  history has shown that free markets are the key to a rising standard of living for all and that socialism leads to poverty, scarcity, and tyranny. To deny this is to shun evidence and embrace fantasy.

Fourth,  government plays a necessary role within a free market economy by making sure that externalities are priced in, preventing monopolies, providing public goods.

Fifth, government intervention can easily go awry because of regulatory capture, the self-interest of government officials seeking to keep their jobs and expand their turf, and the election-seeking politicians promising more spending and lower taxes than the other guy.

Sixth, a robust safety net in terms of a cash or in-kind basic income should replace the current inordinately complex welfare system.

Seventh, the minimum wage is apartheid for the unskilled. The higher the minimum wage the more of the least productive that are condemned to a zero wage. It is racist in its origins and in its effects. It is ethically monstrous but politically irresistible because it seems to help the neediest without raising taxes or increasing spending.  In fact, the minimum wage rips off the bottom rung of the ladder of opportunity, hurting the most vulnerable.