The State of the Union is…

– February 28, 2022

“It would be far better that we insist on following Thomas Jefferson’s lead. While his predecessors, Washington and Adams, delivered their State of the Union addresses in person every year, Jefferson just sent letters to Congress.” ~ James R. Harrigan


Fiscal Policy and Inflation

– February 10, 2022

“When it comes to fiscal policy, we’re off the edge of the map. The typical stories told by unreconstructed Keynesians are clearly wrong. But that doesn’t mean we never need to worry about fiscal inflation.” ~ Alexander W. Salter


$30 Trillion With Neither a Whimper or Bang

– February 4, 2022

“On February 1st 2022 the US national debt surpassed $30 Trillion for the first time – just as the Fed is preparing a hiking campaign. Political decisions to trade the future for the present tempt further assaults upon the ever-declining soundness of the US dollar.” ~ Peter C. Earle


The Year of the Strong Dollar

– January 27, 2022

“The urgency to correct the country’s large public finances is likely to be heightened by a further widening in the trade deficit in 2022 as the consequence of a stronger dollar and the relative strength of the U.S. economy.” ~ Desmond Lachman


Funding Obsolete Transportation

– January 26, 2022

“Transit subsidies make no more sense than subsidies to manual typewriters, rotary telephones, or steam locomotives. Designing transportation systems based on how people actually travel can make those systems safe, environmentally sensitive, resilient, and efficient.” ~ Randal O’Toole


Don’t Look Up: The Allegory We’ve Been Waiting For

– January 24, 2022

“McKay’s dark satire about the inability to warn most people of impending danger before it’s too late should resonate with all who strive for sound money, fiscal sobriety, personal responsibility, and limited government.” ~ Peter C. Earle


Stimulus & Wages, What Exactly Happened?

– January 12, 2022

“Going forward, there should be less of a one-size-fits-all approach to such policy, as a more targeted bill would minimize waste of scarce resources, and curtail detrimental consequences, like inflation, to working-class Americans.” ~ Siddharth Gundapaneni


Why Deficits Matter

– January 11, 2022

“If we want to argue deficits matter more conventionally, we’ll have to do some more theoretical heavy lifting. The usual aggregate demand stories we tell don’t cut it.” ~ Alexander William Salter


The New Status Quo for Public Finance

– December 13, 2021

“After the 2008 financial crisis, the US never returned to pre-crisis growth levels. My expectation is that unless private investors find a means of avoiding this subsidization of federal borrowing, we never will.” ~ James L. Caton


The Federal Government’s Debt Ceiling Needs More Teeth

– December 4, 2021

“If Congress perceives the debt ceiling as a credibly binding constraint, then the ceiling must be set one level above Congress. The U.S. Constitution should be amended to restrict the ability of Congress to incur more debt.” ~ Michael Makovi


A Smarter Debt Limit Bill

– December 3, 2021

“Senate Republicans are expected to indulge in yet another futile game of bluff poker over the symbolic debt limit. They always fold in the end because Congress has no choice but to pay for obligations it has already incurred.” ~ Alan Reynolds & Steve Stein


Doubling Down on Foolishness

– November 27, 2021

“Plans to continue down that path at a far more rapid rate, as the Biden administration proposes, are doubling down on foolishness, yet may well occur unless Americans recognize them for what they are.” ~ Gary M. Galles