A 2024 poll by Navigator Research found that 57% of respondents blamed “greedy landlords who are jacking up rents” for the high cost of rent. This belief is misguided. Blaming landlords for rent is like blaming the weatherman for a heatwave. It is not possible for landlords to get together and collectively decide to “jack

With the goal of reducing America’s trade deficit, President Trump increased tariffs to rates not seen since prior to World War II. This was the stated goal behind his April 2nd “Liberation Day” when he announced these tariffs. However, economic theory suggests that tariffs will be ineffective in reducing the trade deficit. The reason is

The “Big, Beautiful Bill” that recently passed the House, Senate, and was signed into law by President Trump temporarily increases the deduction on Social Security income so that upwards of 90% of seniors will pay no income tax on Social Security benefits. This deduction is scheduled to expire in 2028 and benefits middle- and upper-income

President Trump made a campaign promise that if elected, he would support legislation exempting tipped income from the federal income tax. On May 20, 2025, the Senate unanimously passed the “No Tax on Tips Act” with the House narrowly passing the “Big Beautiful Bill” on May 22 that also exempted tipped income from taxation. “No

After peaking at nearly 45,000 points in early February, the Dow Jones Industrial Average sank to 36,645 on April 8. The Dow then staged a remarkable 3,000 point rally on April 9 following President Trump’s 90-day pause on implementing his tariffs. The Dow is at 40,000 points as of writing this column, which is about

As of this writing, President Trump has implemented record high tariffs across numerous countries. The stock market responded by dropping by 10% within two days. This has pushed the market 15% below its peak in February 2025, resulting in the loss of trillions in shareholder value. This might be worth it if the trade deficit

The Trump Administration’s “Department of Government Efficiency” (DOGE) is making headlines for the substantial federal government layoffs that have resulted from its cuts. The idea behind DOGE is not new. President Obama had the “National Commission on Fiscal Responsibility and Reform,” collegially known as the “Bowles-Simpson” commission after its committee chairs, former White House Chief

President Trump has floated the idea of replacing the income tax with tariffs. As he correctly notes, tariffs were the primary funding source for the federal government until the 16th Amendment was ratified in 1913, which allows Congress to levy an income tax. However, attempting to return to tariffs to raise government revenue over a

Last month, I discussed the Median Voter Theorem and how voter concerns with the economy pointed to a Trump win. This presented a puzzle, as economic indicators leading up to the election were strong. Economic growth was a healthy 3%, the unemployment rate was below 4% and inflation was 2.4%, which was above the Federal

Donald Trump’s victory in the November presidential election was a surprise to some, but not to me. I was certain that Trump would win, and that we would know the outcome by Wednesday morning. The reason for this confidence was the Median Voter Theorem, one of the more famous (and underappreciated) theories in political science

A family member recently sent me a post from the Reddit Subreddit, r/wallstreetbets. The post was written by a McDonald’s worker who received a shipment of special coins at his restaurant. These coins allow the bearer to exchange a coin for one Big Mac. The post asks, “Since the U.S. dollar is no longer backed

When the price of something rises, allegations of price gouging inevitably surface. Vice President Harris claims that she will “make groceries more affordable by cracking down on price gouging on food.” What exactly is price gouging and what should be done about it? Simply put, price gouging is a meaningless concept and fighting it makes