The Treaty of Paris in 1783 ended the Revolutionary War and recognized the sovereignty of the United States over the territory bounded by what is now Canada to the north, Florida to the south, and the Mississippi River to the west.
DID YOU KNOW? SUPREME COURT TRIVIA
Until The Building Was Finished, Court Was Sometimes Held At Bars: In 1809, the Supreme Court of the United States held their meeting at Long’s Tavern in Washington, D.C. Meanwhile, from 1815-1816, they met at Bell’s Tavern. It wasn’t until 1860 when the Supreme Court Room (the Old Senate Chamber in the U.S. Capitol) was finally ready for usage.
U.S. CONSTITUTION TRIVIA
The four pages of the Constitution are on permanent display at the National Archives. But there is a fifth page. It is the Letter of Transmittal of the newly written Constitution to the Congress that existed under the Articles of Confederation. The letter, which briefly describes the Constitution, is signed by George Washington, president of the Constitutional Convention. It is dated September 17, 1787, the anniversary of which we celebrate each year as Constitution Day.
ATTN. PRE-LAW STUDENTS
There are still a number of seats left in Prof. Lee’s POLS 3223, “Constitutional Powers,” a required class, in the Summer II session. Sign up today!
CONGRATULATIONS: NEW PUBLICATION FROM DR. XU!
Dr. Xu recently published (with Ljubinka Andonoska), in the Journal of Public Affairs, “Assessing the Impact of Tax and Expenditure Limitations on the U.S. State’s Debt and Pension Solvency: A Dynamic Model.”
Abstract: This study examines how tax and expenditure limitations (TELs) reduce government impact on long-term and pension solvencies. It tests whether the fiscal illusion assumption, which postulates government expansion using long-term debt, holds when TELs are adopted at the state level. Our results provide evidence that TELs are not significant in the case of long-term debt. The evidence regarding pension funding is mixed, with significant results in the case of improving the most visible category, the per capita unfunded pension. These findings support the fiscal illusion hypothesis, implying that fiscal instruments such as TELs are ineffective in expenditure categories that are less transparent to the taxpayers. This study contributes to the budget literature by providing empirical evidence in support of the fiscal illusion theory. It also warns practitioners to be fiscally prudent with long-term debt.
