Justia columnist and U.Washington law professor Anita Ramasastry comments on the question whether Bitcoin—a so-called virtual peer-to-peer currency—should be regulated by the U.S. and/or States within it. (Along with the Treasury Department, California and New York are also contemplating possible legal or regulatory measures regarding Bitcoin.) Ramasastry looks at recent attempts to extend legal recognition to Bitcoin, and explains why she believes this is a good thing. She adds that while it may be good to clarify that legitimate businesses and consumers may use Bitcoin, it may be too early now to determine what, if any, further measures are needed to provide consumers with needed safety with respect to their Bitcoins.
Justia columnist, George Washington law professor, and economist Neil Buchanan thoroughly debunks the oft-cited Republican claim that Obamacare will “kill” millions of jobs. Moreover, Buchanan points to some of the important pluses of Obamacare, such as the end of “job lock,” which occurs when a worker is stuck in a job he or she wants to leave, but cannot do so due to the fear of losing his or her health insurance.
Justia columnist, George Washington law professor, and economist Neil Buchanan comments on the latest iteration of the ongoing debt ceiling melodrama. However, Buchanan points out that we need not endure all these iterations, given the basic point that the debt ceiling is flatly unconstitutional. Buchanan contends that President Obama should long ago have simply said that the debt ceiling cannot supersede the spending and taxing laws that Congress has passed. Here, Buchanan and fellow Justia columnist Michael Dorf, a Cornell law professor, offer a new analysis, contending that Congress has already guaranteed that the President will violate the debt ceiling, even if he tries not to do so.
Justia columnist, George Washington law professor, and economist Neil Buchanan comments on the subject of income inequality in America, now a key topic once again. Buchanan criticizes President Obama's belated embrace of equality, and the actions of those whom Buchanan describes as the self-styled pragmatists and centrists who dragged Democrats to the right.
Justia columnist, George Washington law professor, and economist Neil Buchanan argues that, in the inevitable 2014 debt-ceiling fight, unless President Obama changes his approach, the Fed will be forced to spend enormous political capital defending the financial system. The damage that would then ensue, Buchanan notes, could take decades to fix, if it could be fixed at all.
Justia columnist, George Washington law professor, and economist Neil Buchanan describes a way in which America can avoid another debt-ceiling crisis in 2014. Indeed, Buchanan points out that there is now a clear political path by which the Democrats could neutralize that threat. Moreover, the Constitution, he points out, is on the Democrats’ side, and their recent experience with the fight over the Senate’s filibuster rules should give the Democrats the confidence they need to move forward.
Justia columnist, George Washington law professor, and economist Neil Buchanan comments on a remedy for future debt-ceiling crises: The President, Buchanan argues, can—and should—now forestall any future hostage-taking by making it clear that, rather than failing to pay our bills in full when due, he would be willing to order that we borrow enough money to prevent our defaulting on our obligations. Moreover, Buchanan notes that the President can make the case that doing so honors the notion of individual choice, as he explains.
Justia columnist, George Washington law professor, and economist Neil Buchanan clarifies how many people’s—including many journalists’—failure to truly understand the context of the impending debt ceiling disaster causes them to misunderstand both the President’s choice between defaulting and not defaulting, and his possible strategies if he chooses to avoid default. Buchanan also explains how the Federal Reserve could play the ultimate savior’s role in the crisis. He also offers a driving metaphor to explain the situation that President Obama faces, and why he may legitimately need to break the rules to solve it.
Justia columnist, George Washington law professor, and economist Neil Buchanan expresses very strong disagreement with the economic policies of Germany’s Chancellor Angela Merkel, who recently claimed electoral victory. Buchanan contends that Merkel’s policies are bad for Europe, the United States, and the world, and carefully details the reasons behind his conclusions. Though Merkel is little known by Americans, as Buchanan notes, she will surely exert influence on the U.S., so, Buchanan warns, Americans ought to take more notice of her policies and influence.
Justia columnist, George Washington law professor, and economist Neil Buchanan sharply questions the competence and knowledge of mainstream media figures who cover economic issues. He illustrates his point with examples in which media figures’ uninformed opinions clash with the much better informed stances of economists regarding, for example, key issues such as budgeting, entitlements, deficits, health-care inflation, and the debt ceiling.
Justia columnist, George Washington law professor, and economist Neil Buchanan offers a primer on the debt ceiling; describes the trilemma that Washington faces; and explains how the Republicans are setting an impeachment trap, and the Democrats are playing along. Buchanan also comments on how far the Republicans will take this, and spells out some of the possibilities.
Justia columnist, George Washington law professor, and economist Neil Buchanan comments on a number of “scandals” that, more closely examined, did not prove to be genuine scandals at all. Buchanan focuses in particular on what we know now about the alleged IRS scandal, which he deems a non-scandal in the end that is only being perpetuated to gain partisan advantage—given the fact that the IRS, it turns out, used not just right-wing labels, but left-wing labels, too in its searches. Yet Buchanan notes that false claims tend to have a life of their own, and cites several reasons why that is the case.
Justia columnist, George Washington law professor, and economist Neil Buchanan argues that the recent IRS flap should really be considered a non-scandal, for reasons he explains, although he notes that the agency did make a significant mistake regarding conservative political groups. Ultimately, Buchanan urges that we must now give the IRS the tools it needs to once again do its job as well as it has historically. He contends, too, that we will all be better off if Congress puts aside its habitual political grandstanding, and actually allows the IRS to serve the public.
Justia columnist, George Washington law professor, and economist Neil Buchanan comments on the recent IRS scandal, which he contends is better labeled a “non-scandal” limited to low-level mistakes and mid-level crisis mismanagement. He also covers the current state of the IRS, its role in American life, and the reasons its reach has expanded. Buchanan also warns that if we move the IRS out of its current role, we do so at our peril.
Justia columnist, George Washington law professor, and economist Neil Buchanan comments on the recent contention by Harvard history professor Niall Ferguson that famed economist John Maynard Keynes was gay and, for that reason, did not care about the well-being of future generations. Buchanan rebuts this ugly claim on a number of levels; notes similar arguments that cropped up before the Supreme Court in the Prop 8 oral argument; and makes the case that far from ignoring future generations, Keynes had their interests always at heart, and sought to build for them a more prosperous future.
Justia columnist, George Washington law professor, and economist Neil Buchanan argues that those who believe that President Obama is at heart an economic liberal are dead wrong. Unlike with gun control, which Obama is aggressively pursuing, the President is not, Buchanan contends, actively pursuing the progressive budget that many of those who voted for him might have expected. Buchanan also notes that it seems that the lack of such a budget cannot be laid at the Republicans' door, as indications suggest that Obama himself may not want a truly progressive budget, rather than a centrist conservative one.
Justia columnist, George Washington law professor, and economist Neil Buchanan takes aim at the popular belief that governments’ budgets should be balanced. Noting that corporations do not have balanced budgets and typically thrive as they take on debt, Buchanan asks why governments should be any different. Borrowing, in both good times and bad, Buchanan contends, is the right thing to do—contrary to Republicans like Paul Ryan’s recent claims. Indeed, Republicans’ arguments in favor of budgetary austerity amount to nothing more than excuses to redistribute income upward, Buchanan contends. He also notes that misunderstandings about the role and significance of government debt are often fostered by the press.
Justia columnist, George Washington law professor, and economist Neil Buchanan explains the difference between the sequester and the debt ceiling. He faults Republicans for manufacturing three artificial political crises: shutdowns, defaults and artificial spending cuts. He also makes clear the differences between unilateral Presidential action and Congressionally mandated arbitrariness when it comes to cuts. Moreover, he raises the following questions: When Congress inflicts pain on Americans on purpose, what, if anything, can the President do? Must he still follow Congress’ laws even then?
Justia columnist, George Washington law professor, and economist Neil Buchanan cautions young people that there is much misinformation in the media, and from some in Congress, now about Social Security, which he urges them to resist. Buchanan counters the misinformation by, first, explaining the basic financial workings of the Social Security program, and then explaining why the aging of the Baby Boom generation will not inexorably harm younger citizens when it comes to Social Security, as some claim. Buchanan also argues that Democrats should not give ground on Social Security, as President Obama has tried to do, because, in the long run, keeping Social Security strong will benefit both the young and the old alike.
Justia columnist and U.C. Davis law professor Vikram David Amar comments on a bill that purports to withhold salary from all members of a House during the time the House has failed to produce a budget. Amar contends that such a bill violates the Constitution’s Twenty-Seventh Amendment, which states that “No law, varying the compensation for the services of Senators and Representatives, shall take effect, until an election for Representatives shall have occurred.” The bill itself purports to comply with the Twenty-Seventh Amendment, but Amar is deeply skeptical about that claim.