August 29, 2024

THE FIRST RULE OF TEXTUAL CONSTRUCTION:

Direct Taxes and the Founders’ Originalism (Robert G. Natelson, 8/29/24, Law & Liberty)

The Founding-era interpretive rule most relevant to the Constitution is this: When construing a document, the primary goal is to discern the intent of the makers. This rule applied to nearly all documents—real estate conveyances largely excepted. Of course, the identity of the “makers” varied according to the nature of the document. Of a will, the maker was the testator; of a contract, the contracting parties; of a statute, the legislators; and of a constitution, the ratifiers. As James Madison wrote, the sense of the legitimate Constitution is “the sense in which the Constitution was accepted and ratified by the nation.” One whose only role is as a drafter—whether the scrivener of a will, a lawyer in the legislative counsel’s office, or a constitutional framer—did not qualify as a maker.

Construing a document by discerning the intent of the makers is a very old practice. This antiquity may come as a surprise to those who think originalism has just “been around for several decades” or that it is merely a white supremacist scam. But it is incontrovertible.

it’s why the amendments can not be absolute: “We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.”

NEVERMIND HOW LITTLE WE SPEND AS A PERCENTAGE OF WAGES:

Food Profit Margins Shrink, But Harris Blames Them for Rising Grocery Bills (Joel Griffith, August 29, 2024, AIER )

What about industry-wide? Profit margins are shrinking as food manufacturing costs rose 28.4 percent since January 2020, exceeding the 26.3 percent retail price hikes on food items. Grocery store profit margins sank to 1.6 percent in 2023, the third consecutive year of decline after peaking at 3.0 percent in 2020.

In other words, grocer profit on $100 of sales is just $1.60. Profit margins contracted as overall food inflation totaled 20.6 percent in those three years. The biggest grocers have experienced this margin crunch. The Kroger Co. — the nation’s largest traditional supermarket — eked out an operating margin of 1.93 percent this past year, a margin lower now than it was pre-pandemic. These trends are the opposite of gouging.

History provides endless proof that prices set by governments under the market price results in shortages. Demand expands as supply shrinks. What good is a lower price if the shelves become empty?