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.
National Debt
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.
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.
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.
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.
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.
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.
Trump's 'Big, Beautiful Bill' Sets Up Another GOP Budget Showdown
Almost exactly one year after Congress swore off self-inflicted fiscal crises, we're back to the same tired theatrics.
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.
Congress Should Extend the Trump Tax Cuts. The Path Won't Be Easy.
Not doing so could be harmful for just about everyone.
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.
Janet Yellen's Short-Term Thinking Could Cost the U.S. Big
The Treasury Secretary’s debt decisions during the pandemic locked in low rates—but only for two years. Now, taxpayers are paying the price.
Will 2025 Be the Year of U.S. Fiscal Sanity?
With inflation risks persisting and entitlement spending surging, the situation cannot be ignored. But we never should have gotten to this point to begin with.
Cancerous Politics
Plus: Taking gerontocracy to new heights, a real life Arc Reactor, Happy Festivus, and more...
Third Time's the Charm?
Plus: House Speaker Elon Musk, the value of the debt ceiling, and D.C.'s shut down specials.
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.
Keeping These Tax Cuts Is a Bad, Expensive Idea
Everyone loves lower taxes, but cutting them without reducing spending is bad news for the national debt.
Bidenomics Goes Out With a Whimper
There's a good reason Biden eventually stopped saying Bidenomics. Americans didn't like the results of his economic policies.
Trump's Energy Picks Are Refreshingly Competent
If confirmed, Chris Wright and Gov. Doug Burgum will have the opportunity to prioritize innovation and deregulation to the benefit of taxpayers and the environment.
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.
Who's Gary Johnson Voting For?
The two-time Libertarian Party presidential nominee shares his thoughts on Chase Oliver and the election.
Donald Trump and Kamala Harris Keep Making Economically Illiterate Promises
These policies may sound good on paper—but they would be disastrous in reality.
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.
Universal Basic Income Shows Why Giving People 'Free Money' Doesn't Work
According to recent data, people work less—and actually end up deeper in debt.
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.
Trump Dodged My Question About the Federal Debt
Reason's Nick Gillespie asked former President Donald Trump about how he plans to bring down the national debt.
Are the Two Parties Any Different?
Two former Republican staffers, David Stockman and Stephen Moore, debate the state of the party.
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.
Bob Murphy: How Bad Is the National Debt?
Economist Bob Murphy explains the technical details of government debt and why Modern Monetary Theory is so dangerously wrong.
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.
The U.S. Can't Afford To Cut Taxes on Social Security Benefits
The campaign promise from Donald Trump sounds nice, but it would be disastrous when considering the program is already racing toward insolvency.
Lessons for the U.S. from Japan's Lost Decade
Facing an economic downturn in the 1990s, Japan racked up debt. America should not repeat that mistake.
The Real Economic Catastrophe Will Be Caused by the U.S. Debt
Should we blame Biden and the politicians applauding him for their unwillingness to address our looming fiscal disaster?
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.
We Showed Trump Voters the National Debt
We asked delegates at the Republican National Convention whether a second Trump term would address America's debt problem.
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.
The Best of Reason: Why Did Americans Stop Caring About the National Debt?
Both parties—and the voters—are to blame for the national debt fiasco.
Republicans Hammer Biden on Inflation. But Do They Have a Better Plan?
Opening night of the Republican National Convention programmed a central issue with a Trumpian twist: "Make America Wealthy Again."
Why Did Americans Stop Caring About the National Debt?
Both parties—and the voters—are to blame for the national debt fiasco.
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.
