Stossel explains why private property beats the “tragedy of the commons”
This Thanksgiving, Say Thank You to “Private Property”
Did you know that the pilgrims almost starved after they arrived at Plymouth Rock? That’s because they were forced to farm “collectively.” The corporation that funded the expedition said, “grow food together. Divide the harvest equally.”
This is a terrible idea. It creates what economists call the “tragedy of the commons.” When you share property and the results of your work, people farm until the land is barren, don’t work as hard, or steal food from others.
Young people from Students For Liberty take part in an experiment to demonstrate this “tragedy of the commons.” It shows the solution is private property, which is what saved the pilgrims.
Governor William Bradford finally decided to “assign each family a parcel of land.” Once the pilgrims had property rights, they became much more productive and brought in huge harvests — which they were then able to share with the Indians.
So this Thanksgiving feast, don’t forget to say “thanks, private property!”
—— Don’t miss a single video from Stossel TV. Sign up here: www.johnstossel.com/#subscribe-form ——
John Stossel created Stossel TV to explain liberty and free markets to young people. Prior to Stossel TV he hosted a show on Fox Business and co-anchored ABC’s primetime newsmagazine show, 20/20.
Stossel’s economic programs have been adapted into teaching kits by a non-profit organization, “Stossel in the Classroom.” High school teachers in American public schools now use the videos to help educate their students on economics and economic freedom. They are seen by more than 12 million students every year.
Stossel has received 19 Emmy Awards and has been honored five times for excellence in consumer reporting by the National Press Club. Other honors include the George Polk Award for Outstanding Local Reporting and the George Foster Peabody Award.
Liberal budget bill passes in House of Commons after Conservative filibuster attempt
Parliamentarians passed the Liberal government’s budget bill today, rolling out new incentives for Canadians and support for Ukraine, while trumping the Conservatives attempt to block it all. Deputy Prime Minister and Minister of Finance Chrystia Freeland delivers the federal budget in the House of Commons on Parliament Hill in Ottawa, Tuesday, March 28, 2023. THE CANADIAN PRESS/Sean Kilpatrick
The House of Commons passed the Liberal government’s budget bill today, which seeks to roll out vast new incentives for clean energy and expending dental care subsidies — despite a Conservative attempt to hold it up.
The bill passed 177 to 146 with the support of Liberals and New Democrats, while the Tories and Bloc Québécois voted against it.
The bill includes a new anti-flipping tax for residential properties, a doubling of tradespeople’s tools deduction and an enhancement to the Canada workers benefit, a refundable tax credit to help low income workers.
It also codifies sanctions on Russia following its invasion of Ukraine, and raises tariffs on Russia and Belarus.
The Conservatives attempted earlier this week to delete much of the bill by introducing amendments eliminating 900 of its clauses, saying they want a plan to balance the budget amid projections that show no end to federal deficits in sight.
The Senate must also pass the budget bill before it can become law, and senators have already been devoting hours study to its provisions.
This report by The Canadian Press was first published June 8, 2023.
Stretched thin, parents have swath of options to save for children’s education
The rising cost of living has ramped up pressure on parents, who say it’s tougher than ever to save for their children’s post-secondary education, a new survey found. Graduates are silhouetted as they line up for a convocation ceremony at Simon Fraser University, in Burnaby, B.C., on Friday, May 6, 2022. THE CANADIAN PRESS/Darryl Dyck
By Christopher Reynolds in Montreal
Parents are finding it tougher than ever to save for their children’s post-secondary education as the rising cost of living ramps up financial pressures.
But the mainstays of post-secondary saving — RESPs, especially — remain key tools, as do clear goals and plenty of planning.
Julie Petrera, a senior strategist for client needs at Edward Jones, said the first step is getting a handle on cost estimates, which can range from thousands to hundreds of thousands of dollars, depending on the type and length of schooling and whether the child is leaving home.
Other considerations include whether family members, such as a grandparent or the child themself, will contribute and where education ranks on parents’ list of savings priorities.
“Are they paying for post-secondary education and saving for their own retirement and funding other expenses, like renovations and vacations?” Petrera asked.
According to an online survey of 1,000 parents with at least one child under 18 by Embark, a company specializing in education savings, some 73 per cent of parents said saving for college and university has been harder recently.
The survey also found just over half of respondents said they would go into debt to pay for their child’s education.
The Registered Education Savings Plan (RESP) offers a tax-deferred investment account that has been used by millions. More than 481,000 students withdrew funds from an RESP in 2021, according to Employment and Social Development Canada.
Ottawa matches 20 per cent on the first $2,500 put toward an RESP each year, via the Canada Education Savings Grant (CESG), for a total of $500 per year, with higher rates available to lower income families. The lifetime maximum grant amount is capped at $7,200, while total contributions to RESP accounts are limited to $50,000 per beneficiary.
Low income families may also be eligible for the Canadian Learning Bond, which does not require RESP contributions.
RESP beneficiaries in British Columbia may be eligible for an additional one‑time $1,200 grant, while those in Quebec can enjoy a refundable tax credit with a lifetime maximum of $3,600.
“The RESP is great. It is designed to help with affordability,” Petrera said. “But on the flip side there are some restrictions on these plans … on who can withdraw the funds, when they can withdraw them and why.”
RESPs can comprise a major part of a family’s education funding, but should not be viewed as a “standalone” plan, Petrera said. Non-registered investment accounts offer a supplementary option.
“There are no grants associated, they are fully taxable, but they have no restrictions. You can put money in up to any amount and withdraw at any time for any reason,” she said.
A tax-free savings account provides another vehicle. Students themselves can’t open one until they reach 18, but parents or grandparents can use their accounts to help save.
“My advice on that would be to work with an adviser or work with a professional that understands the pros and cons and the ins and outs of all of these plans to determine what is the best mix to maximize what the client’s objective is,” Petrera said.
Automatic contributions toward a plan are a simple, effective way to build a nest egg.
“We think that if each pair can make 50 bucks a month (per person) of contributions, they’ll get $37,000 by the time their kids hit 18 and go to post-secondary school,” Embark CEO Andrew Lo said.
He stressed that parents should educate themselves about education. One in three polled by the company did “not know enough to even guess” how much post-secondary schooling costs.
Erika Shaker, director of the national office of the Canadian Centre for Policy Alternatives, said costs are going up and everything’s getting more expensive.
She pointed to a shift in education funding from Ottawa a couple decades ago that prompted most provinces to download more of the cost onto students or, in the case of Quebec, “two-tiering” the price between in-province and out-of-province pupils.
The labyrinth of funding programs and rules sometimes acts as more of a barrier than a relief, she added.
“Student assistance programs are a patchwork, they’re messy, they’re opaque. They’re actually quite difficult to navigate and they can change midway through a degree,” Shaker said.
“We have gone to a user-pay model that disproportionately impacts — negatively — students who have to borrow, unfortunately, to pay for post-secondary education.”
This report by The Canadian Press was first published June 8, 2023.
Tour the 2023 Red Deer Hospital Home Lottery grand prize dream home
Cynthia Weil, Grammy winning lyricist who had hits with husband Barry Mann, dead at 82
‘All about the campfire’: Campers adjust their plans with fire bans in place
Why are people in Britain talking about Boris Johnson’s WhatsApp messages?
Saskatchewan landowners fight against illegal drainage washing out land, roads
Hundreds of thousands march in Poland anti-government protests to show support for democracy
My Official Apology to the New York Post
Alberta2 days ago
Three men, including police officer, face charges after overdose death in cell
Alberta2 days ago
Michael White, convicted of killing pregnant wife, gets full parole
Business1 day ago
CNN head Chris Licht is out at the global news network after a brief, tumultuous tenure
National2 days ago
Wildfire roundup: A look at what’s burning across the country and who’s affected
Crime2 days ago
Ford calls for ouster, Poilievre decries Liberal response to Bernardo prison transfer
Canadian Energy Centre1 day ago
Indigenous leaders meet G7 diplomats to make case for Canadian LNG
Automotive1 day ago
New York City goes after Hyundai, Kia after security flaw leads to wave of social media fueled theft
Opinion1 day ago
EDDIE EDITOR’S EDDIE HEADLINE FOR JUNE 7