Inflation & Taxes
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The $46 Trillion Price of Avoiding Social Security Reform
Delaying Social Security reform would spare politicians difficult choices today while leaving taxpayers with a much larger bill tomorrow.
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Tariff Exemptions are Big Business for Big Business
A tariff may look like a uniform tax. In practice, exemptions give politically connected firms an advantage.
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Hidden from CPI, These Costs Are Eating Away at Real Wages
Official inflation calculations exclude taxes and asset prices. Add them in, and three decades of modest paycheck gains become losses.
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The Fed’s Mortgage Policy Made Homeownership Cost More
The Fed’s mortgage-market policy rewarded existing homeowners, but raised the price of entry for first-time and future buyers.
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Will Trump Accounts Make Every Kid a Millionaire?
The $1,000 seed can grow substantially, but seven-figure wealth requires decades of compounding, continued contributions, and strong market returns.
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Why CPI Ignores Homes, Stocks, and the Cost of Getting Ahead
Capturing only what households consume, inflation stats miss the assets they hope to own. Recent inflation has rewarded existing owners at the expense of aspiring ones.
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Bond Markets Are Losing Patience — And Putting Governments on Notice
Rising yields are turning sovereign debt from an abstract fiscal problem into an immediate budget constraint.
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Bessent vs. Druckenmiller: Bond Vigilantes versus Bond Bureaucrats
Investors are testing the Treasury’s pain threshold. By suppressing yield signals, bond bureaucrats may summon the very bond vigilantes they hope to suppress.
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America Can’t Outgrow $40 Trillion in Debt
Stabilizing the federal debt through growth alone would require 7.3 percent annual real GDP growth. Nothing in our history suggests that’s remotely plausible.
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The Nixon Shock 55 Years Later: Three Impossible Promises
Nixon promised jobs, stable prices, and protection for the dollar. His “fixes” helped usher in a new era of inflation, debt, and monetary instability.
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•
The $46 Trillion Price of Avoiding Social Security Reform
Delaying Social Security reform would spare politicians difficult choices today while leaving taxpayers with a much larger bill tomorrow.
-
•
Tariff Exemptions are Big Business for Big Business
A tariff may look like a uniform tax. In practice, exemptions give politically connected firms an advantage.
-
•
Hidden from CPI, These Costs Are Eating Away at Real Wages
Official inflation calculations exclude taxes and asset prices. Add them in, and three decades of modest paycheck gains become losses.
-
•
The Fed’s Mortgage Policy Made Homeownership Cost More
The Fed’s mortgage-market policy rewarded existing homeowners, but raised the price of entry for first-time and future buyers.
-
•
Will Trump Accounts Make Every Kid a Millionaire?
The $1,000 seed can grow substantially, but seven-figure wealth requires decades of compounding, continued contributions, and strong market returns.
-
•
Why CPI Ignores Homes, Stocks, and the Cost of Getting Ahead
Capturing only what households consume, inflation stats miss the assets they hope to own. Recent inflation has rewarded existing owners at the expense of aspiring ones.
-
•
Bond Markets Are Losing Patience — And Putting Governments on Notice
Rising yields are turning sovereign debt from an abstract fiscal problem into an immediate budget constraint.
-
•
Bessent vs. Druckenmiller: Bond Vigilantes versus Bond Bureaucrats
Investors are testing the Treasury’s pain threshold. By suppressing yield signals, bond bureaucrats may summon the very bond vigilantes they hope to suppress.
-
•
America Can’t Outgrow $40 Trillion in Debt
Stabilizing the federal debt through growth alone would require 7.3 percent annual real GDP growth. Nothing in our history suggests that’s remotely plausible.
-
•
The Nixon Shock 55 Years Later: Three Impossible Promises
Nixon promised jobs, stable prices, and protection for the dollar. His “fixes” helped usher in a new era of inflation, debt, and monetary instability.