Recommended reading

• The Economist explains the relationship between the iPad and the US trade deficit with China.

• The Sacramento Bee looks at high speed rail in Spain. I imagine this will dissuade high-speed rail advocates not a bit.

• Scott Grannis looks at the tax code's progressivity and A. Barton Hinkle makes some good points about the capital gains tax.

• Warren Meyer has an interesting take on the Keystone XL pipeline while this report notes that railcars will apparently be used to transport the oil the pipeline would have carried, at a higher cost and greater risk. 

• Tyler Cowen on why economic mobility measures are overrated.