The House recently passed the Tax Relief for American Families and Workers Act (TRAFWA) of 2024, which aims to provide tax relief to businesses and families with children in a fiscally responsible manner. But, as fellow John W. Diamond’s new commentary explains, if the bill succeeds, it would instead deliver more reckless tax giveaways while further delaying a real effort to deal with the consequences of poor fiscal policy.
Legislative action on the ballooning federal deficit is long overdue. Fellow John W. Diamond proposes a new nonpartisan fiscal commission to bypass congressional inaction on reform.
As the U.S. doubles down on trade protectionism, it risks weakening the global trade system and harming the American businesses, workers and consumers it aims to protect.
Convening war rooms, planning speedy bailouts and raising "house-on-fire" alarm bells: Those are a few of the ways the biggest banks and financial regulators are preparing for a potential default on U.S. debt.
Texas lawmakers must address the misuse of anticipation notes — short-term debt securities used to raise money for public projects, writes John Diamond, the Edward A. and Hermena Hancock Kelly Fellow in Public Finance. Since they don’t require voter approval, politicians could use them to fund unwanted projects, he explains.
By refusing to go along with an increased consumer subsidy fully available only for EVs and batteries produced in the U.S. with union labor, Sen. Manchin (perhaps with the assistance of Canada's government) has saved the U.S. government from what could have been a mortal blow to an integrated North American industry.
The most recent price tag for Biden’s student loan forgiveness plan is an estimated half-trillion dollars or more. Will higher inflation be another cost?
President Andrés Manuel López Obrador’s investment policies, which aim to return Mexico to the protectionist, state-led policies of the 1960s and 1970s, seem almost certain to stagnate the country’s economy.
Whereas the process for Canada, Mexico and the U.S. to resolve disputes under NAFTA proved highly ineffective, the equivalent procedures under the USMCA are working very well, explains David Gantz. Read his post on the Baker Institute Blog.