Many have interpreted the slight drop in the national unemployment rate from 9.5 percent in June to 9.4 percent in July as yet another sign that the economy is improving. This interpretation is misleading.

Price inflation plays a major role when it comes to the value of money, particularly in the long term. In fact, according to AIER’s most recent CPI (Consumer Price Index) update, it now takes about $1.30 to buy what $1 bought 10 years ago.

The American Recovery and Reinvestment Act, commonly referred to as the “stimulus bill,” was intended to jump-start the economy in the short term and fund long-term investments. Quick funding of state-based projects to fight the recession was a major rationale for expediting the law's passage. However, six months have passed and little of that money has been delivered.

Self-taught economist Henry George was the most famous proponent of a tax on the site value of land. The 19th-century author and politician, best known for his 1879 book, Progress and Poverty, advocated abolishing all other taxes except a single tax on unimproved land.

Peirce’s talk—Who Killed Land Value Taxation in Ohio? Will the Killer Strike Again Elsewhere?—was one of several presentations by distinguished guest speakers at this year’s Summer Fellowship Program. He chatted with Walker Todd, director of the program, shortly after his talk. Click here to Listen to William Peirce's interview (11 minutes).

The Consumer Price Index (CPI) decreased by 2.1 percent in July from its level a year ago, according to data released last week by the U.S. Bureau of Labor Statistics. This was the largest year-over-year decrease since 1950. This "deflation" is largely due to energy prices, which have fallen 28 percent from the extraordinary peak they reached one year ago, in July 2008.