Brexit Highlights the Enduring Value of Federalism
Regardless of other economic, political and social implications of Britain's vote yesterday to depart the European Union, it highlights a value at the core of America's governmental system: federalism.
On this side of the Atlantic, decades of almost uninterrupted centralization of authority at the national level has necessarily come at the expense of more localized decisionmaking. Our own unfortunate experience has been an increasingly homogenized, sterilized, conformist, bureaucratic, technocratic, remote, suffocating, uniform, top-down, one-size-fits-all leviathan. Ironically, those on the political left who so often pretend to value "diversity" defend that erosion of federalism most enthusiastically. They expose themselves as intolerant of true diversity, freedom and independence…[more]
WASHINGTON, D.C. – The Center for Individual Freedom (CFIF) today announced a new television ad about the “Super Chapter 9” bailout legislation for Puerto Rico (H.R. 4900) that was formally introduced yesterday by Congressman Sean Duffy (R-WI) and is currently under consideration by the Committee on Natural Resources in the U.S. House of Representatives.
“We are deeply concerned by this most recent version of the ‘Puerto Rico Oversight, Management, and Economic Stability Act’ (PROMESA),” said Timothy Lee, CFIF’s Senior Vice President of Legal and Public Affairs. “The language of the bill is updated from the ‘Discussion Draft’ released in late March, but it is far from improved and lawmakers should not be fooled by it. Despite claims to the contrary, this legislation is a Super Chapter 9 bailout on the backs of America’s retirees and savers, and violates the principles of property rights and the rule of law.”
The new ad is the latest component of CFIF’s education campaign about the contagion effect of a “Super Chapter 9” bailout. Should Congress retroactively change the rules of the game for Puerto Rico’s debt, effectively sacrificing the rule of law and property rights in order to give the Commonwealth unprecedented access to bankruptcy measures, there will be very real consequences for America’s taxpayers, investors and state and municipal governments.
“CFIF remains ready to support more effective proposals that address Puerto Rico's financial woes while safeguarding the principles of property rights and the rule of law,” said Lee. “Such proposals include reforms relating to Puerto Rico's destructive minimum wage, Jones Act constraints and public union strike laws, among others.”
CFIF encourages all Americans to contact their representatives in Congress and tell them to vote against any bailout of Puerto Rico that constitutes, in name or effect, provisions commonly referred to as “Super Chapter 9.”
"LONDON -- British voters didn't just shock the world and the financial markets by voting to leave the European Union hours ago: They also ignored President Barack Obama, handed Hillary Clinton a potential economic burden and injected new energy into the populist currents roiling politics on both sides of the Atlantic. ... A Brexit represents nothing less than the partial splintering of the world'…[more]