CBO's dynamic scoring on the OBBB demonstrates how important it is to get serious about big spending cuts. The federal debt is so high that any increase in borrowing is scored as crowding out investment, leading to higher interest costs that dwarf economic gains from tax cuts.

Make progress by letting people do things.

2025 Social Security and Medicare trustees reports were released today. PDFs of Social Security here (ssa.gov/oact/TR/2025/t…) and Medicare here (cms.gov/oact/tr/2025). The solvency of both programs needs to be addressed. The longer we wait, the costlier the fixes will be.

🚨 RED ALERT 🚨 - Social Security and Medicare are both just 8 Years from Insolvency, according to the latest Trustees report. This is getting URGENT.

The Senate stripped all of the HSA provisions out of its draft of the reconciliation bill. Danny and I argue there are a few that should be put back in. open.substack.com/pub/church/p/t…

Hindsight and all...but this is one of those things that would have had such a positive impact on America's long-run finances that it's hard not to lament that it didn't occur. I haven't run the numbers, but probably would have improved long-run balances by many trillions.

Woolly - Today's Word of the Day by James Somers Helps put a name to the phenomenon when you're trying to write something and it's not coming out clearly. bracket.city/words/

Make progress by letting people do things.

Something to keep in mind if the Iranian regime falls and a new one takes its place: Iran's Guardian Council only allows around 1 percent of candidates to run for president. I'd hope that whatever came next would allow widespread participation in elections.

Perhaps one of the most succinct descriptions of the MAGA agenda's intention I've seen. From the always thought provoking tylercowen marginalrevolution.com/marginalrevolu…

The 2013 immigration bill got held up for many reasons, one being that the House GOP insisted on securing the border first, then working on adjustments to legal immigration. Well, the border is now "secure." Who has a plan for expanding legal immigration?

Because the Jones Act hasn't been a big enough disaster?

We did a two-minute video to explain Medicaid provider taxes and why they represent legalized money laundering: youtube.com/watch?v=iHKr97….

Stop Saying We Need to “Pay for the Tax Cuts.” We Need to Pay for the Spending theunseenandtheunsaid.com/p/stop-saying-…

New podcast episode: The Good, the Bad, and the Missing from the One Big Beautiful Budget Bill. open.substack.com/pub/church/p/t…

Imagine explaining to someone in 1988 that Poland would become a top-20 world economy in 2025. Free markets work!

"Europe has more heat deaths per year than the United States loses to gun deaths." Well I guess that's a new talking point. Make progress by letting people...have air conditioners? marginalrevolution.com/marginalrevolu…

Things go poorly when prices aren't visible (or costs are borne by others). Congestion pricing is a good thing.