Published today on the Web site of the American Enterprise Institute:
Some numbers are highly significant in the Bible. The Israelites, for example, wandered in the desert for 40 years. Moses spent 40 days on Mount Sinai when he received the Law. Jesus went into the wilderness for 40 days and nights. These are periods often associated with probation, trial, or even chastisement before the Lord.
Update (5/21): The New York Daily News reports that “state lawmakers are trying to give the fat tax new life.”
Senate Democrats want to impose a penny excise tax on non-diet sodas to help fund a plan to provide property tax relief to homeowners. “It’s a small amount of money, as far as increasing the price of soda, and it would allow the governor and the state to have a new slogan for soda: ‘Have a coke, a rebate check and a smile,’” said state Sen. Jeff Klein (D-Bronx) who unveiled the plan yesterday.
In “The Real Culture War Is Over Capitalism,” Arthur C. Brooks argues in the Wall Street Journal that the “major cultural schism” in America today divides those who support capitalism and, on the other side, those who favor socialism. He makes a strong case for the moral foundations of free enterprise and entrepreneurship and points to the recent “tea parties” as evidence that Americans still favor the market economy. Brooks, the president of the American Enterprise Institute, says Americans are revolting against “absurdities” like the bailout of General Motors that will be financed with ballooning budget deficits and trillions in new federal debt. He writes:
Congress is debating a number of measures designed to “rescue” homeowners facing foreclosure as the housing and credit crisis grinds more and more financial and real estate assets to dust. Much of the reporting on the credit crisis, in the tradition of objective journalism, strains to explain the problem objectively, as if what was happening in the markets was somehow an act of nature, something unguided by human action. Thus, people “fell” into the problem as if pulled by a gravitational force: