The Presidential Solution to Taming the Growing Federal Debt
Only presidential power can tame America's massive federal debt.
If compound interest is the most powerful force in the universe, America is on the wrong side of it. At more than $36 trillion, the federal debt is high and growing faster than we can afford.
Interest alone will cost $1.2 trillion this year, adding substantially more to the debt. Unaddressed, this escalating debt spiral threatens both the financial system and basic government services that millions of Americans rely on.
The crisis stems from congressional incentives, which are no longer balanced by healthy checks from other branches.
Currently, congressional incentives are all geared for immediate local spending and not for long-term national health. Representatives are elected to represent local constituents, not national interest. With hundreds of lawmakers involved, no one can be held accountable for spending. And their short, two-year terms encourage immediate spending over long-term sustainability. Their incentives virtually guarantee budget failure.
Economic Dynamism
AI and the Future of Society and Economy
Large language and generative AI models like ChatGPT are the equivalent of the first automobiles: fun to play with, somewhat unreliable, and maybe a little dangerous. But over time, the lesson for will be clear: Who Learns Fastest, Wins.
Automated Detection of Emotion in Central Bank Communication: A Warning
Can LLMs help us better understand the role of emotion in central bank communication?
How We Built the Arsenal of Democracy
By unleashing the energy, creativity, and drive of the private sector to rebuild our defense-industrial base, we can trigger a tech-industrial revival of the American economy.
The $130 Billion Train That Couldn’t
California’s High Speed Rail is only the latest blue-state infrastructure failure.
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The Fictions Holding Down the Economy
When crises from statist economic policies happen, “the actions that are taken depend on the ideas that are lying around.”
The Fed Has Gone Adrift—It’s Time to End The Bureaucratic Mission Creep
The Federal Reserve must do less—and do it better.
