America Second
Plus: Feminization of the workplace, no National Guard in Chicago, public transit needs to be policed, and more...
Fiscal policy
After All Those DOGE Cuts, Federal Spending Still Increased by $300 Billion
For the fiscal year that ended on September 30, the federal government spent more than $7 trillion and ran a $1.8 trillion deficit.
A Government Shutdown Isn't Really a Shutdown. Most Federal Employees Are Still Working and Will Get Paid.
The federal government continues paying its biggest bills during a shutdown, and hundreds of thousands of federal employees get a belatedly paid vacation.
Trump's Fed Coup
Plus: Beachy vignettes, Smithsonian scrutiny, Gavin Newsom might not be the Democrats' great new hope, and more...
We're Lying to Ourselves About Taxes, Spending, and the Debt
It's time to ask what level of spending Americans truly want with the money we actually have.
A Social Security Bailout Would Cost Younger Workers $157,000 in Higher Taxes
To keep Social Security solvent without cutting benefits would require a massive hike in payroll taxes, which would fall entirely on working Americans.
The $4 Trillion 'Big, Beautiful Bill' Breaks the Bank and Violates Congress' Own Budget Rules
This is what Washington calls compromise: The House proposes $1, the Senate proposes $2, and somehow, the government ends up spending $3.
J.D. Vance Says Immigrants Will 'Bankrupt' the Federal Government. The Opposite Is True.
Vance cast the tie-breaking vote for a bill that will add $4 trillion to the debt. Meanwhile, immigrants are helping to keep the federal government's fiscal house of cards propped up.
Why the 'Current Policy' Baseline Is a Massive Gimmick That Effectively Kills the Filibuster
Republicans are creating a budgetary loophole that will allow Democrats to pass Medicare for All and pretend it costs almost nothing.
Senate's Tax Bill Will Add $270 Billion to the Deficit Next Year, Despite Gimmicks
The House-passed version of the One Big Beautiful Bill Act was fiscally irresponsible. The Senate has made the bill worse.
Tariffs Are Keeping Interest Rates High
The Federal Reserve is unwilling to lower interest rates because "there will be some inflation from tariffs coming," Jerome Powell told a Senate committee.
Trump's Threats Against Musk and Newsom Reflect an Authoritarian Intolerance of Dissent
Even if the president was joking in both cases, he already has used his powers to punish people whose views offend him.
Belated Republican Objections to the One Big Beautiful Bill Glide Over Its Blatant Fiscal Irresponsibility
House members who discovered objectionable elements only after voting for the package nevertheless underline the unseemly haste of the legislative process.
DOGE's Newly Listed 'Regulatory Savings' for Businesses Have Nothing to Do With Cutting Federal Spending
DOGE says regulatory changes will save $29.4 billion, but that does not amount to a reduction in government outlays, the initiative's ostensible target.
David Stockman: Trump Is a 'Faker' on the Debt
Reagan's budget chief warns that the One Big Beautiful Bill Act could balloon the national debt to $60 trillion, risking a catastrophic bond market crisis.
The Pentagon Is Getting $150 Billion From the 'Big Beautiful Bill'
Giving the Defense Department even more taxpayer money is a recipe for waste, not security.
How Does the National Debt Affect You? A Budget Expert Explains.
Higher debt means lower wages, higher interest rates, and fewer opportunities, says Romina Boccia of the Cato Institute.
America's Credit Is Falling—and the Government Is Still Digging Deeper Into Debt
The lesson from the Moody's credit downgrade is that the U.S. cannot borrow its way to prosperity.
Elon Musk Discovers That Serious Spending Cuts Are 'Really Difficult'
As he shifts his focus away from DOGE, he acknowledges the need for hard choices and congressional action.
Trump Wants To Increase Military Spending by $113 Billion
The president wants to develop the F-47 fighter jet 60 years before the F-35 is scheduled to retire.
Even by Elon Musk's Own Demonstrably Unreliable Estimation, DOGE Will Fall Far Short of His Target
The cost cutter's current projection of annual "savings" is 85 percent lower than the goal he set two months ago—and even that number can't be trusted.
'Liberation Day' Tariffs Will Liberate People—From Their Income
Lower-income families who spend the largest shares of their income on goods—and who have been badly hurt from the recent inflation—will likely suffer the most.
The Logical Contradictions of Trump's Case for Tariffs
Taxes on imports cannot possibly deliver all the benefits the president is promising.
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.
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.
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.
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.
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.
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.
