There is no resolution yet on a proposed $7 billion Canadian-U.S. oil pipeline, as President Obama has continued to delay his decision on whether to approve it. Before the construction and operation of TransCanada's Keystone XL pipeline expansion can progress, the President, through the U.S. State Department’s permitting process, must grant final approval — an approval which has been in political limbo for the past three years.
Environmental contention stirs as discussions cultivate over the long-delayed 1,700-mile Keystone XL pipeline, which would transport Canadian crude oil from the Athabasca Oil Sands in northeastern Alberta, Canada, to southern parts of the United States. Due to environmental concerns, lawsuits from oil refineries, and opposition in the U.S. Congress, the project has been on hiatus, as it lingers in the State Department’s permitting process, awaiting President Obama’s approval.
As GM share prices plunge so do Chevy Volt sales, according to the latest auto sales figures. Throughout July, a whopping 125 Chevy Volts were sold, making the seemingly low 281 units sold in February a groundbreaking month.
The social and economic upheavals caused by environmental subsidies, as seen in the demise of Solyndra and other energy companies, are devastating but not unpredictable after-effects. Over decades, and even centuries, the U.S. government has indulged in a myriad of legislative actions to funnel taxpayer money into projects of its choosing — and generally speaking, no good has come from them. In fact, history shows that government interference has only hampered the natural flow of markets and depressed the innovative practices of countless American entrepreneurs.
A new report published by the World Bank has come to a spellbinding conclusion: High government spending and large public sectors substantially diminish economic growth. In fact, a slew of establishment economists and organizations have come to a similar conclusion. Daniel J. Mitchell (left), senior fellow at the Cato Institute, explained in a recent article that the era of socialism is over, and the field of economics is migrating toward a more laissez-faire ideology, where governmental authority is weakened and economies become more privatized.
In kicking off the New Year, Washington has become the first state with a minimum wage of more than $9 an hour, as it joined seven other states in similar measures that index their minimum wage rates to inflation. Including workers in all industries, Washington’s minimum wage increased 37 cents to a record high of $9.04 an hour (the rate for workers who are 14 or 15 years old is $7.68), which went into effect the first day of the New Year.
As the U.S. economy suspends in a prolonged, comatose state, high joblessness and uncertainty among young Americans have incited youth discontent with the federal government’s fiscal and economic blunders. A new poll conducted by Generation Opportunity, a non-profit organization that educates young Americans on the nation’s current political and economic affairs, surveyed individuals between the ages of 18 and 29 on issues such as government spending, national security, and Washington leadership.
Rep. Don Young (R-Alaska, left) plans to introduce a controversial bill that would abolish every federal regulation enacted in the past two decades, including restrictions on banking, oil drilling, healthcare, and food and drug safety. "My bill is very simple, I just null and void any regulations passed in the last 20 years," Young announced to a crowd at the Anchorage Downtown Rotary Club. "I picked 20 years ago because it crossed party lines and also we were prosperous at that time. And no new regulations until they can justify them."
As President Obama’s new jobs proposal soon approaches, the U.S. Chamber of Commerce has prepared its own plan for expanding U.S. employment. In an open letter to Congress and the White House, the Chamber called for an array of measures to promote employment, ranging from easing restrictions on oil drilling, providing temporary corporate tax breaks, and increasing spending on public infrastructure.
California Governor Jerry Brown proposed a new tax plan to the state legislature Thursday that would boost levies on large corporations located outside of California. Brown’s request to state lawmakers is to revert the sales tax structure back to the formula adopted before 2009, which would require multi-state corporations, which employ few California workers, to pay higher sales taxes for goods they sell within state boundaries.