Corpse President Says Companies Can’t Do What They Want
Biden will block steel merger: The outgoing president, who has about two weeks left in his term, has decided to use his last vestiges of power to tell U.S. Steel that it can’t be purchased by Japanese company Nippon Steel, putting the kibosh on a $14.1 billion deal.
The administration is expected to announce this decision later today, according to people within. The justification will apparently be national security-related, which is especially odd because the two companies have previously talked up how this merger will “combat the competitive threat” posed by China. For his part, President-elect Donald Trump has also said he would block the deal if it landed on his desk. Note that both President Joe Biden and Trump are most likely responding to pressure imposed by steelworkers unions within the U.S., which have been vocal in opposition to the deal.
Of course, U.S. Steel still wants to be acquired. The problem is that the options are dwindling. “Cleveland-Cliffs Inc., based in neighboring Ohio, pursued US Steel before Nippon Steel won the bidding,” notes Bloomberg, “but it has since bought a Canadian producer and waffled on whether it would still want all or some of US Steel.”
Note too the disturbing precedent this sets, in terms of the types of flimsy justifications that can be used to block deals between companies that have agreed to them. In pretty much all areas of regulatory policy—and economic policy more broadly—Joe Biden has been a nightmare. Good riddance.
Seattle minimum wage hike forces closures: Surprise, surprise! The very thing libertarians and conservatives have been warning about for years, which has been born out in locality after locality, is now happening in Seattle, Washington.
Starting on January 1, the minimum wage in the city has jumped to $20.76, up from $17.25. But note that the minimum wage is always and everywhere $0—the business you’re employed by could always turn to dust, and that’s what some have done in advance of this wage hike taking effect. A popular waffle shop just closed, with owner Corina Luckenbach citing the high cost of labor as the main reason. “This is financially just not going to make sense anymore. Because, just for me, the increase would cost me $32,000 more a year,” Luckenbach told Fox 13 TV. Expect more closures to follow.
Hell is a warning label: The surgeon general has a new pronouncement to make: With a growing corpus of research purportedly linking alcohol to cancer, warning labels ought to be affixed so that people will drink with caution. Of course, this would require an act of Congress, so it’s not clear that such a thing will be prioritized.
“Many people out there assume that as long as they’re drinking at the limits or below the limits of current guidelines of one a day for women and two for men, that there is no risk to their health or well-being,” said Surgeon General Vivek Murthy. “The data does not bear that out for cancer risk.” (Full advisory here.)
This is classic Public He
Article from Reason.com
The Reason Magazine website is a go-to destination for libertarians seeking cogent analysis, investigative reporting, and thought-provoking commentary. Championing the principles of individual freedom, limited government, and free markets, the site offers a diverse range of articles, videos, and podcasts that challenge conventional wisdom and advocate for libertarian solutions. Whether you’re interested in politics, culture, or technology, Reason provides a unique lens that prioritizes liberty and rational discourse. It’s an essential resource for those who value critical thinking and nuanced debate in the pursuit of a freer society.
