Gold Tops $3,000
Despite efforts to rein in government debt, gold prices keep rising—suggesting investors aren’t buying the promises of fiscal responsibility.
Budget Deficit
How Pokémon Helps Explain DOGE
Musk's fans and critics will keep debating whether DOGE is revolutionizing government or wrecking important institutions.
Elon Musk, Who Promised To Be 'Maximally Transparent,' Makes DOGE's Numbers Even Harder To Check
The cost-cutting initiative's calculation of "estimated savings" is mostly mysterious, and the parts we know about are riddled with errors.
Congress and DOGE Can Find Spending Cuts at the Department of Defense
The U.S. can defend itself at a lot less expense.
Yes, Cutting Government Waste Is Important
Entitlements are a much bigger expense, but that doesn't mean the waste doesn't matter.
Contrary to What Trump Said, Even DOGE Does Not Claim To Have Identified 'Hundreds of Billions' in Fraud
The president's assertion is divorced from reality, and so are the "estimated savings" touted by Elon Musk.
Trump Promised a Balanced Budget. Don't Believe It.
It's great to have presidents talking about the need for a balanced budget, but Republicans are backing a plan that will increase borrowing.
DOGE and Congress Should Look Hard at Reforming Social Security
Means-test Social Security, raise the retirement age, and let us invest our own money.
Trump Promised To Lower Prices. Will Congress Help Him Deliver?
At the current rate of inflation, the dollar will lose 33 cents of purchasing power within a decade.
Elon Musk, Who Supposedly Is Running DOGE, Is Not Officially in Charge of Anything
The presidential adviser's lack of formal authority complicates his cost-cutting mission.
The House GOP Budget Blueprint Promises More Borrowing, More Debt, and Not Enough Spending Cuts
"If the Republican budget passes, the deficit gets worse, not better," says Rep. Thomas Massie. He's right.
Americans Say Government Is Corrupt and Inefficient but Are Lukewarm About DOGE
Democrats seem willing to tolerate a lot to get a larger government, but Republicans aren’t much better.
Meaningful Pentagon Cuts Will Require Rethinking What 'Defense' Means
If Defense Secretary Pete Hegseth is serious about reducing military spending, he will need to embrace a narrower understanding of national security.
The New Republican Budget Plan Is Unserious
It tries to offset as much as $4.8 trillion—mostly for tax cut extensions—with only $1.5 trillion in supposed spending reductions.
Rand Paul Wants DOGE To Build a $500 Billion Rescission Package for Congress To Approve
"The only way you get less waste is to give them less money to spend," says the libertarian-adjacent senator from Kentucky.
The Disappointing Results of Trump's 'Deferred Resignation' Plan Are Part of a Pattern
Elon Musk, the president's cost-cutting czar, has a habit of overpromising and underdelivering.
DOGE Is Good. It's Not Enough.
Even if the Department of Government Efficiency eliminates all improper payments and fraud, we'll still be facing a debt explosion—which requires structural reform.
Elon Musk Implausibly Claims 'Competence and Caring' Can Cut the Federal Budget Deficit in Half
The DOGE director wildly exaggerates what can be accomplished by tackling "waste, fraud, and abuse" in government spending without new legislation.
Elon's 'Daily Proctology Exam'
Plus: Vance's AI speech, bubble boy playgrounds, Delaware antagonizes founders, and more...
The DOGE Bait and Switch
The pretend department’s downgraded mission reflects the gap between Trump’s promise of "smaller government" and the reality of what can be achieved without new legislation.
Will Elon Musk Cut as Much Government as Al Gore Did?
In the early 1990s, Bill Clinton's administration set out to "reinvent" government. What can the mercurial Tesla CEO learn from their efforts?
Washington's Debt Delusion: Economic Growth Cannot Fix the Deficit
Republicans are betting trillions on the hope that the economy will grow fast enough to cover their deficit spree.
America Is Going Broke. Will the Department of Government Efficiency Help?
Eliminating the deficit requires cutting the biggest spending—defense, Medicare, Social Security. So far, Trump says he won't touch those.
DOGE's Big Challenge: Americans Who Hate Inefficiency but Love Bloated Government
The public worries about corruption and bureaucracy, but many want more of the same.
Finding Trillions in Federal Cuts Is Easy. But Will Trump and Musk Follow Through?
DOGE won't necessarily have to kill any of Republicans’ sacred cows—but they will have to be put on a diet.
Federal Government Has 'Grown Too Big, Promised Too Much, Subsidized Too Many,' Warns Former GAO Boss
This week's House Budget Committee hearing showed bipartisan agreement about the seriousness of America's fiscal problems.
Promises To Cut $2 Trillion Clash with Trump's Expensive Plans
Ambitious budget cuts will meet political reality in Trump’s second administration.
The National Debt Just Hit $36 Trillion. Does Trump Have a Plan To Control It?
It would take nearly $8 trillion in budget cuts merely to stabilize the national debt so it does not grow faster than the economy.
Trump's First Term Wasn't Fiscally Responsible. Will His Second Be Different?
Even before the pandemic spending increase, the budget deficit was approaching $1 trillion. The GOP has the chance to embrace fiscal sanity this time if they can find the political will.
The Impact of Trump's Cost-Cutting Initiative Hinges on What He Means by 'Government Efficiency'
Narrowly understood, the president-elect's familiar-sounding plan to tackle "massive waste and fraud" may not give us "smaller government" in any meaningful sense.
Trump Has No Discernible Interest in Fiscal Responsibility
The president-elect’s record and campaign positions belie Elon Musk’s talk of spending cuts.
How Donald Trump and Elon Musk Could Cut $2 Trillion in Government Spending
If Musk is truly serious about fiscal discipline, he'll advise the president-elect to eschew many of the policies he promised on the campaign trail.
The House Is Democrats' Best Chance To Check Trump's Executive Powers
With control of the House still undecided, a Democratic majority could serve as the strongest check on Trump's worst impulses.
Milei Shuts Down Argentina's Tax Agency
AFIP is an "unnecessary bureaucracy" that stifles economic freedom, says Milei's government.
Trump Panders to Auto Industry, Proposes Making Car Loan Interest Tax Deductible
The former president's increasingly lopsided economic policy proposals have the feel of throwing spaghetti at the wall.
Biden and Harris' Record on Spending and Debt Is a Tragedy of Epic Proportion
When they entered the White House, the budget deficit was a pandemic-influenced $2.3 trillion, and it was set to fall to $905 billion by 2024. It's now twice what it was supposed to be.
Budget Deficit Hit $1.8 Trillion After Huge Increase in Borrowing Costs
Spending increased by 10 percent last year, while tax revenue increased by 11 percent. Interest payments on the debt shot up by 34 percent.
Don't Expect a Return to the Trump Economy
If the former president wins the 2024 race, the circumstances he would inherit are far more challenging, and several of his policy ideas are destructive.
Rand Paul's Plans To Balance the Budget Are a Useful Illustration of Congress' Addiction To Borrowing
The budget could be balanced by cutting just six pennies from every dollar the government spends. It used to require even less.
The Cutting Edge
Plus: The Federal Reserve cut interest rates, Congress still isn't cutting spending, and more....
Trump's Proposals Would Add $5.8 Trillion to the Deficit
Vice President Kamala Harris would add about $2 trillion to the deficit.
Mike Pence's Sensible (and Probably Doomed) Plan To Fix the National Debt
Lawmakers must be willing to reform so-called "mandatory spending," Pence's nonprofit argues in a new document.
RFK Jr. Pays Lip Service to the Debt While Pushing Policies That Would Increase It
It's good to hear a candidate actually talk about our spending problem. But his campaign promises would exacerbate it.
'The Problem Is Spending': Libertarian Presidential Nominee Chase Oliver's Vision for the Future
The candidate supports gun rights, wants to privatize government programs, and would radically reduce the number of federal employees.
Republicans Don't Even Pretend To Want To Cut Government Anymore
This week left no doubt that the GOP's current leadership wants the government to do more, spend more, and meddle more.
Here's How To Pay for Trump's Tax Cuts
There seems to be general bipartisan agreement on keeping a majority of the cuts, which are set to expire. They can be financed by cleaning out the tax code of unfair breaks.
IRS Crackdown Nets Enough Revenue To Fund the Government for 90 Minutes
The Biden administration's $60 billion expansion of the IRS has netted $1 billion in new revenue so far.
