GMU Econ alum David Hebert lays out the details of the process of setting tariffs.
Dominic Pino protests SALT-deduction expansion.
President Donald Trump and many of his allies in Congress are making grand claims about the economic growth they say will result from the recently proposed “One Big Beautiful Bill.” Trump has accused critics of not understanding the budget proposal, “especially the tremendous GROWTH that is coming.” A closer examination of the economic realities involved reveals that these claims are dramatically overstated.
I have no objections on principles to extending the expiring provisions of the 2017 Tax Cuts and Jobs Act. Allowing these cuts to expire would deliver some measure of pain to the economy and add to our troubles. Tax hikes at a time when individuals and businesses are expecting tax stability would undoubtedly depress investment, employment, and overall economic confidence. Americans are already getting a huge tax hike because of Trump’s tariffs.
However, making a sound case for maintaining the current tax structure is fundamentally different from making the case that it will bring about substantial new growth. It’s largely a defensive move. Realistically, the economic boost will be modest at best.
George Will applauds the U.S. Supreme Court’s recent 9-0 ruling that rejects the notion of group rights. Two slice:
Aristotle’s axiom “one swallow does not make a summer” suggests caution in anticipating large reverberations from a Supreme Court ruling last week. But the court’s unanimous affirmation of a principle that is commonsensical but now controversial might indicate its readiness to temper the racialization of American law and governance, to which the court has contributed.
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Such language — systemic injuries to certain (not all) minority groups— undermines a foundational American premise: that rights (and responsibilities) inhere in individuals. This has helped create today’s simmering stew of grievances: the toxic binary of oppressors and oppressed, grievance groups vs. groups aggrieved by being accused of complicity, even if unintentional, in oppression.
Brian Albrecht makes clear why you should read more of the works of Thomas Sowell.
