Some basic fiscal truths show that we are headed toward a fiscal crisis, sooner or later, unless significant action is taken to reduce the scale of future deficits and debt.

In a small but politically significant win for liberty, Congress has passed the 2025 Rescissions Act, eliminating $9.1 billion in previously allocated funds—including $1.1 billion for the Corporation for Public Broadcasting (CPB), which helps fund NPR and PBS.

Even if Harvard wins its legal battle over existing federal funds, which is uncertain, the risk of future interventions remains; another administration could reinterpret the ruling to allow additional demands or convince Congress to shrink research funding.

It is easy, and increasingly common, for politicians to blame the Fed and deflect criticism from themselves.