Senior Research Fellow at the Mercatus Center at George Mason University

Arlington, VA
Joined February 2009
Veronique de Rugy retweeted
Very good explanation from one of the smartest French economists of why Mélenchon can cancel all French sovereign debt that was outstanding as of July 1st this year without any negative consequences, as long as he promises it’s a one-time default.
Replying to @gabriel_zucman
Let’s be clear: this is a highly inappropriate way to model the effect of Prop 40 on taxpayer behavior. For one, it’s a basic violation of rational expectations, a cornerstone of modern economics. In Jaros and @joshrauh world, the billionaires act irrationally: they respond to a policy that does not exist and will never exist. Economics students around the world are taught this is not an appropriate way to model behavior — but apparently in this context (fighting Prop 40) it’s OK.
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Veronique de Rugy retweeted
Amid the gloomy predictions about the future of reading, @joeljmiller continues to offer welcome perspective. From James Daunt’s revival of Barnes & Noble to small independent publishers, there’s plenty of reason for optimism. And then there’s Jane Eyre: required reading in China, restricted in four Texas school districts. Bookish Diversions: Books Are Alive and Well The Man Behind B&N’s Comeback, Paperbacks, Hermit Crab Press, ‘The Last Upheaval,’ ‘Jane Eyre’ in China—but not Texas open.substack.com/pub/miller…
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Veronique de Rugy retweeted
You can quarrel with the assumptions. But working with estimates from the literature is a better approach than "We just assumed the loss to moving/structuring/reduced effort would be only 10 percent", which I think is already unrealistic given the known departures.
California's Billionaire Tax Act would collect roughly $30 billion. Accounting for lost income taxes from departures, the mean Net Present Value is negative $39 billion, from Benjamin Jaros and Joshua Rauh nber.org/papers/w35899
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Veronique de Rugy retweeted
1. This claim is downright false. The top 0.001% paid an avg effective tax rate in the high 30s in recent years 2. Zucman's published stats from 2018 confirmed this. Then he manipulated how he calculates them to fit his story. I caught him red handed. xitter.cf/gabriel_zucman/status/…
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Veronique de Rugy retweeted
Stostad's very first point is: assuming 10% evasion. Brülhart et al., 2022: "Exploiting rich intranational variation in Switzerland, we find a 1 percentage point drop in a canton's wealth tax rate raises reported taxable wealth by at least 43 percent"
Replying to @MortenStostad
It is widely agreed that 5% of all CA billionaire wealth is ~$110B. How much of that will become tax revenue? Boll et al (2026), with a back-of-the-envelope calculation, assumes 10% evasion → $100B. Jaros & Rauh (J&R) argue ~$30B. How?
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Veronique de Rugy retweeted
Calestous Juma’s book Innovation and Its Enemies turns 10 this year. I want to once again encourage everyone to give it a read. It is an absolute masterpiece. Sadly, Professor Juma passed away shortly after its publication, but his legacy lives on in this wonderful text.
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Veronique de Rugy retweeted
California's Billionaire Tax Act would collect roughly $30 billion. Accounting for lost income taxes from departures, the mean Net Present Value is negative $39 billion, from Benjamin Jaros and Joshua Rauh nber.org/papers/w35899
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Veronique de Rugy retweeted
Americans across the political spectrum are refusing to face adult financial realities. From the left demanding massive social spending without European-style taxes, to the right demanding tax cuts while ignoring major deficit drivers, everyone wants the reward without the responsibility. wsj.com/opinion/free-express…
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Veronique de Rugy retweeted
"the shipbuilding ecosystem, which we totally screwed up with that stupid Jones Act" – at Washington, DC
Jamie Dimon, Chairman & CEO, JPMorgan Chase & Co., is about to address #EconClubChi. Watch the live program here: youtube.com/live/UkvigLsQ2Ic…
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Veronique de Rugy retweeted
Sans même tenir compte des dégradations matérielles, ce weekend aura coûté au contribuable français environ 3 milliards *par an*, à perpétuité, en intérêts supplémentaires sur la dette (11bp de spread). L'équivalent du salaire d'environ 60 000 profs de lycée supplémentaires.
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Veronique de Rugy retweeted
Shareholders of UAL are by definition possible targets of a wealth tax, as they have financial assets. If the CEO wants to expropriate shareholders, shouldn't they pressure the board (⬇️) to replace him? Why should a person support a CEO who wants the gvt to seize their assets?
What about passenger inequality. Is it unjust that some people can afford $12,000 for a round trip ticket in Polaris with steak and champagne but others pay deep discount economy without seat selection and fly in a middle seat in the back next to the toilet?
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Veronique de Rugy retweeted
From @veroderugy: The federal government just closed fiscal year 2026 with a deficit of nearly $2 trillion, according to figures the Congressional Budget Office released last Thursday Read more ⬇️ nysun.com/article/what-excus…
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Veronique de Rugy retweeted
Spending on core state functions (net of pension contributions) in France compared to peers. To compute these shares, I removed the State’s imputed pension contributions for teachers, soldiers and other civil servants from each function and from total spending-- gives a better sense of what the government spends on teaching kids and keeping the country safe. thetwocents.substack.com/p/t…
Replying to @tomaspueyo
French students complain that France doesn't spend enough on education. Well, it does: $13,787 per pupil per year, 1.4% more than the OECD average, and more than countries like 🇰🇷🇩🇪🇦🇺🇨🇭🇪🇸🇨🇦🇮🇹 But 32% of that money doesn't go to education, but to pensions!
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Veronique de Rugy retweeted
CBS Sunday Morning gave union boss Dave Regan and allies a platform to make their argument for the Prop 40 asset seizure with minimal recognition of the dangers. He even got to end with a promise that it's coming to a "state near you". Cringe. Where's the @bariweiss balance?
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An Election without a Census in Spain A crucial aspect of functioning democracy is the existence of an ultimate source of ground truth: the judiciary. When the US Supreme Court said in 2000: stop counting, GW Bush won against Gore, that was it. In Spain's coming November general elections, there will not be a ground truth on who should vote. The mess comes from the interpretation of the "ley de nietos", an additional disposition of the "Democratic Memory Law" which plainly applies to the children and grandchildren of those that had to leave Spain for political or ideological reasons under Franco ("que, como consecuencia de haber sufrido exilio por razones políticas, ideológicas o de creencia o de orientación e identidad sexual, hubieran perdido o renunciado a la nacionalidad española"). We know this is an explicit choice of the legislator because my then political party, Ciudadanos, tabled an amendment broadening the law's coverage to anyone who had left the country and it was rejected by Congress (DSCD-14-PL-202, p. 65). The Constitution says that nationality is acquired or lost in accordance to what the law establishes (art 11.1), so the questio nof who the law applies to seemed settled. But 6 days after the law was published, a General Director of the Justice ministry issued an instruction ordering all consulates how to apply the law: it says that, even though the law seems to refer only to children and grandchildren of exiles, in fact she finds it more in accordance with the legislator intent ("una interpretación más acorde con la verdadera voluntad del legislador y el espíritu de la ley") to interpret it according to an amendment explicitly rejected by Congress: the paragraph must be interpreted as covering all descendants of originally Spanish parents or grandparents who departed Spain; besides, anyone who departed between 1936 and 1955 will be presumed exiles ("Se presumirá la condición de exiliado respecto de todos los españoles que salieron de España entre el 18 de julio de 1936 y el 31 de diciembre de 1955".) The scale of the disputed votes is large: by March 31, 2026, consulates had received more than 1.2 million applications, 545,000 of which they had approved and registered 306,500. The disputed voters are the 163,020 people who obtained nationality through the exile route and were in the CERA on August 1. Spain has 37.5 million potential voters. The system is proportional using D'Hondt's rules, and so the last seat in many provinces is allocated by a few hundred votes. Many new voters registered in small provinces where their grandparents came from in Galicia, Asturias, the Canaries, Extremadura and Andalusia and could easy tip the balance. In the last election, a Madrid seat changed hands because of these votes. On September 10th, the Supreme Court ordered (with 5-1 majority) the census Office and the consular registries to suspend provisionally (while the decision is made) the electoral effects of the registrations, exempting documented exiles . The Minister of Foreign Affairs has not complied with the order. According to the Supreme Court "the level of compliance with the order is ... inexistent or, at least, unknown". The potentially very serious problem is that there is no agreed "referee" on this. The Supreme Court is more balanced, resulting from a previous pact PP-PSOE with a president from the Progressive Judges association, while the Constitutional Court has a 7-5 majority that includes Sánchez’s former justice minister and a former Moncloa staffer. The Constitutional courthas been asked to overrule the Supreme Court. The calendar is really tight. The census office mails the ballots starting on October 24th. Voters abroad vote in consulates 21st to 26th of november. If the election is close, whoever loses a seat in one of those key provinces gets the possibility of appealing to one of two courts. While in Florida there was only one answer, in Spain, it will likely be 2.
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Veronique de Rugy retweeted
I was in Paris on Saturday night, staying right in the center of the riots Here are a few pics Widespread chaos, property destruction and looting Safely relocated now
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Veronique de Rugy retweeted
This letter is so ridiculous. Roberts begs the question on a whole bunch of paelocon issues. To "fuse" conservatives must rethink outmoded thinking on trade and markets and alliances, and embrace the "common good." If you don't, you're "freezing conservatism in amber."
.@KevinRobertsTX: “No conservative agenda can meet America’s greatest challenges without the support of the entire conservative movement. The first step toward national renewal is movement consensus. @Heritage famously speaks with One Voice. Today, we are using it to invite the wide-open family conversation conservatives need to reunite our movement and our nation.”
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Veronique de Rugy retweeted
That must be the warmth of collectivism.
BREAKING: The town hall of Limoges, built in 1873, didn’t survive today’s riots. The building’s spire has now collapsed
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