In January 2023, President Biden pledged he would not negotiate with the incoming Republican-controlled House of Representatives over the U.S. government’s statutory debt ceiling. In May 2023, President Biden caved. Over the last few weeks, the outline of a two-year debt ceiling deal took shape. That deal has now been finalized. USA Today outlines the fiscal measures contained in the deal: The tentative deal would raise the debt limit on how much the government can borrow through the end of 2024, averting a default that could happen June 5 if the debt ceiling is not raised.... The deal caps a ..read more

If one needed any more proof that rent control laws suppress investment in new housing, then it is not necessary to look any further than this recent survey from the National Apartment Association. They found that “Over 70% of housing providers say rent control impacts their investment and development plans; actions include reducing investments, shifting plans to other markets, and canceling plans altogether.” This is significant for two reasons. The first is that there is something of a rent control renaissance happening right now across the country. There are major cities — an ..read more

“More Americans benefit from public expenditures than pay income taxes,” contends Adam Mill at American Greatness, a trend accelerated by the response to COVID-19. The real national emergency is a system that “encourages people to underachieve and indulge indolence,” Mill advances a solution: you pay no taxes until you turn 30.  “This simple plan would supercharge the careers of businesses and young people with virtually no loss of taxpayer revenue.” Young people remain free to indulge in indolence, but as their peers earn and save tax-free, peer pressure “will quickly supplant victi ..read more

A raging debate is taking place in many countries about central banks, perceived by many as responsible for inflation and other monetary dislocations that are hurting ordinary folks. The United States is one of them, but there are many more. In Argentina, one of the countries with the highest price inflation, an outsider has gained traction in the polls by, among other things, promising to abolish the central bank and adopt the U.S. dollar as the national currency if he wins this year’s elections.  Lebanon, where I recently spent some time, is another country with out-of-control ..read more