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.
Fiscal policy
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.
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.
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.
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.
DOGE vs. Deep State
Plus: A listener asks the editors if there are reasons to be optimistic about the future of freedom in the United States.
This Trump Appointee Could Bring Fiscal Sanity to the White House
"Personnel is policy" has shaped past administrations. Kevin Hassett, who has been tapped to lead the National Economic Council, will have a hand in tax reform, debt reduction, and more.
Trump's Orders Feature Nonexistent Emergencies, Illegal Power Grabs, and Blatant Inconsistencies
But at least he restored respect for a tariff-loving predecessor by renaming a mountain.
The Way Out of Our Inflation Mess
For all the excitement about the incoming administration and a return to the 2019 economy, market stability rests on the precarious assumption that the government will eventually put its fiscal house in order.
Trump's Chaos Cabinet
Plus: a listener asks the editors about fluoride in the water supply.
Matt Gaetz's Personality Irked His GOP Colleagues. There Are Better Reasons To Oppose His Nomination.
The nominee for attorney general passes the Trump loyalty test, but he lacks relevant experience and has repeatedly demonstrated poor judgment.
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.
Where Is Trump's Plan To Cut Spending?
The former president says the government should be funded like it was in 1890. So where's the plan to reset spending to 1890s levels?
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.
Trump's Destructive Tariff Proposals Will Make Us All Poorer
The candidate’s protectionism offsets some otherwise positive tax ideas.
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.
Instead of Vote-Buying Tax Promises, Let's Have Real Plans for Tax Relief
Lower taxes are better taxes, but they should be part of well-considered plans.
The Cutting Edge
Plus: The Federal Reserve cut interest rates, Congress still isn't cutting spending, and more....
How Much Will the Major Presidential Candidates Steal From You?
Neither Harris nor Trump has a plan to address national debt, but they dramatically differ on taxation.
Trump and Biden Agree: Just Call Debt 'Wealth' Instead!
Both party leaders are selling the idea of a sovereign wealth fund, but it’s more political fantasy than fiscal fix.
Trump and Harris Both Favor Tax Hikes That Would Hurt Ordinary Americans
The costs of steep tariffs and a higher corporate income tax extend far beyond the advertised targets.
Kamala Harris' Plan To Hike Corporate Income Taxes Would Fall on All Americans
As with Trump and his tariffs, Harris appears unwilling to acknowledge the obvious consequences of hiking taxes on businesses.
Trump and Harris' Economic Plans Are Depressingly Similar
Both campaigns represent variations on a theme of big, fiscally irresponsible, hyper-interventionist government.
Carving Out a Tax Cut Just for Tips Doesn't Make More Sense When Kamala Harris Does It
Exempting tips from the federal income tax would add to the deficit and unfairly penalize nontipped workers. It's a bad idea no matter who is pitching it.
What's the Sahm Rule? Alarming Jobs Report Raises Recession Risk.
A key indicator has predicted every recession since 1970, and the alarm just sounded.
Bad News for Universal Basic Income
Researchers found that giving people $1,000 every month for three years resulted in decreased productivity and earnings, and more leisure time.
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.
Supreme Court Left the Door Open for a Wealth Tax. But It's Still a Terrible Idea.
Wealth taxes discourage investment, shrink wages, and don’t generate much revenue.
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.
The 2024 GOP Platform Promises To 'Make America Affordable Again.' So Why Are They Embracing Fiscal Insanity?
Although former President Donald Trump's deregulatory agenda would make some positive changes, it's simply not enough.
Republicans Confirm Their Plan To Let Social Security Go Insolvent
Which party can do the least to fix America's troubled old-age welfare system?
The National Debt Is Crossing an Ominous Line
The U.S. has successfully navigated past debt challenges, notably in the 1990s. Policymakers can fix this if they find the will to do so.
America Is in a Debt Crisis. Will Trump or Biden Address It at the Debate?
The candidate who grasps the gravity of this situation and proposes concrete steps to address it will demonstrate the leadership our nation now desperately needs. The stakes couldn't be higher.
Eating Doritos While Drowning in Debt
Plus: A listener asks if there are any libertarian solutions to rising obesity rates.
The National Debt Is Now So High That Every American Essentially Owes $100,000
We could grow our way out of our debt burden if politicians would limit spending increases to just below America's average yearly economic growth. But they won't even do that.
Biden Keeps Blaming Others for His Economic Mistakes
The president has tried to shift blame for inflation, interest rate hikes, and an overall decimation of consumers' purchasing power.
Trump Wants To Exempt Tips From Income Taxes. Why Stop There?
Reducing revenue without identifying offsetting spending cuts means Trump is merely promising to borrow more heavily.
The GOP Once Claimed To Be the Party of 'Fiscal Responsibility.' So Why Not Reform Social Security?
Reasonable options include gradually raising the minimum retirement age, adjusting benefits to reflect longer life expectancies, and implementing fair means-testing to ensure benefits flow where they're actually needed.
The National Debt Is Making Us Poorer
The average American will lose between $5,000 and $14,000 annually by 2054 due to the burden of the growing national debt.
The Congressional Budget Office's Alternative Scenarios Forecast a Dire Economic Picture
Why aren't politicians on both sides more worried than they seem to be?
No, Politicians Can't 'Fix' Prices—and That's OK
Price controls lead to the misallocation of resources, shortages, diminished product quality, and black markets.
Congress Yet Again Abuses 'Emergency Spending' for Non-Emergency Purposes
Let's just call this what it is: another gimmick for Congress to escape its own budget limits and avoid having a conversation about tradeoffs.
This Tax Week, Remember That the Federal Income Tax Is Relatively New
There are many pervasive myths about the U.S. tax code. Here are a few.
Say No to This: America's Fiscal Norms Are in Decline
Despite their informal nature, those norms have historically constrained U.S. fiscal policy. But they're eroding.
With Rising Debt, the U.S. Federal Government Is in Bad Company
Governments around the world have been on a borrowing spree, and prosperity has suffered.
