What Ronald Reagan's Fusionist Politics Teach Us About Liberty, Virtue, and Their Limits
Fusionism holds that virtue and liberty are mutually reinforcing, and that neither is possible in any lasting or meaningful way without the other.
National Debt
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.
It's Rand Paul and Elon Musk vs. Donald Trump Over the 'Big Beautiful Bill'
Paul said he refuses to support "maintaining Biden spending levels," and Musk said the Trump-backed tax bill is "a disgusting abomination."
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.
Elon Musk Is Right. The 'Big Beautiful Bill' Is a Bad Deal.
Musk's opinion about the bill matters, since he is one of the few people in conservative politics who can get away with defying Trump.
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.
The GOP Tax Bill Will Add $2.3 Trillion to the Deficit, CBO Says
That total could double if temporary provisions in the bill become permanent, as is likely to happen.
Not Even the Moody's Downgrade Can Make Republicans Take the National Debt Seriously
Friday's announcement by Moody's and the House Budget Committee vote could have been a turning point.
Trump's New Budget Is Another Blueprint for Big Spending
We don't need more of the same. We need evidence of a serious turnaround.
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.
Can the President Refuse To Spend Money Authorized by Congress?
Impoundment, line-item vetoes, and the tricky problem of cutting spending through the executive branch
Jason Furman: Why Everyone Is Wrong About the Economy
Former Obama administration economic adviser Jason Furman explains why both major parties have abandoned economic reality in favor of political fantasy.
Feds Borrowed $1.3 Trillion in the First 6 Months of This Fiscal Year
That's the highest total outside of the COVID-19 pandemic, and now Congress wants to borrow even more.
Milton Friedman's Warning to DOGE
The Nobel Prize-winning economist says the Iron Triangle of Politics must be defeated to cut down the government for good.
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.
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.
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.
Interest Rates Are Falling—Thank Government Spending Cuts for That
Cuts to government spending mean fewer bonds, lower borrowing costs, and potentially a break for borrowers.
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.
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.
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.
