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Business lobbyists and even some Ways and Means Republicans were surprised and delighted when the 20% pass-through deduction turned into a 23% pass-through deduction. wsj.com/politics/polic…

Moody's lowers the boom: "We do not believe that material multi-year reductions in mandatory spending and deficits will result from current fiscal proposals under consideration." ratings.moodys.com/ratings-news/4…

Fun walk through of what customs invoices look like these days, from Ana Swanson and Lazaro Gamio nytimes.com/interactive/20…

Read David Gelles on how the U.S. has become a rogue state on climate change, abandoning all efforts to fix the problem and kneecapping efforts to cope with it: nytimes.com/2025/05/19/cli…

Today from me: Under Kelly Loeffler, the Small Business Administration is cutting staff, tightening lending standards, terminating programs for women and veterans, and barring loan applications from companies that have even one drop of non-American investment. nytimes.com/2025/05/23/bus…

Today with Madeleine Ngo: The GOP tax bill, and other Trump administration actions, make a show of targeting illegal immigrants. But mostly what they do is cut *legally admitted* immigrants off federal benefits, as well as their *U.S. citizen* family members. nytimes.com/2025/05/27/us/…

The Fed SHED is out today, and this jumped out at me: The region with the highest share of people financially affected by natural disasters is also the one with the highest share of uninsured homeowners.

Today from me with much help: For businesses that rely on imports, news of tariff reprieves is always too good to be true. nytimes.com/2025/05/29/bus…

The newest DOGE page claims it’s measuring savings from regulatory rollbacks. But those savings are for industry, not American consumers. (Also, there are many errors.) Coral Davenport Stacy Cowley link in reply.

While I'm tweeting NBERs: Many studies have found that Quebec's universal childcare has propelled its world-leading women's workforce participation. But it ALSO helped moms win promotions and enter higher-paying careers that aren't as accessible for women: nber.org/papers/w33835