Connor O'Keeffe | The Libertarian Institute

How to Sell Progressives on Lower Taxes

by Connor O'Keeffe | Nov 29, 2022 | Economics, Featured Articles

As Democrats and Republicans across the country fought over control of Congress in this past midterm election, progressives in Massachusetts and California continued with one of their favorite pastimes: trying to raise taxes on the rich. In Massachusetts, voters were presented with a proposal to add a 4.00 percent tax on annual incomes above $1 million in addition to the state’s current flat tax of 5.00 percent. In California, Proposition 30 aimed to establish a 1.75 percent tax on annual incomes over $2 million. The Massachusetts proposal passed while Californian voters rejected Prop. 30....

‘Greedflation’ Is a Red Herring

by Connor O'Keeffe | Nov 21, 2022 | Economics, Featured Articles

Even as price inflation slows and we move past June’s peak, progressives continue to push the concept of “greedflation”—that this year’s price inflation is caused by corporate greed and price gouging. This is inaccurate, based on bad economics, and it blames a consequence of the problem rather than the problem itself. If we want to address the real issues in the economy and avoid similar pain in the future, we need to get serious and drop “greedflation” from the discussion. The standard response to the assertion that this episode of price inflation has been caused by greed is to point out...

2022 Was Another Nail in the Modern Monetary Theory Coffin

by Connor O'Keeffe | Nov 14, 2022 | Economics, Featured Articles

It’s been a rough year for advocates of modern monetary theory (MMT). After nearly two years with all the budget deficits and money printing MMTers could have wanted, the doctrine’s popularity seems to have faded now that we’re well passed the honeymoon phase. Twenty twenty-two has clearly demonstrated that creating a lot of new money and running massive government deficits does, in fact, come at a cost. We should let this theory die before it causes any more destruction. MMT is a school of thought born and raised on the internet during a thirty-year period of low price inflation with...