[![CPR - v45n4 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2023-08/cpr-v45n4-cover.png?itok=oX0x94Bg)](https://www.cato.org/sites/cato.org/files/2023-10/cpr-v45n4-full-update.pdf) 

# July/​August 2023 

Vol. 45 No. 4 

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](https://www.cato.org/sites/cato.org/files/2023-10/cpr-v45n4-full-update.pdf) 

#### Dear Reader,

This is the second to last issue of *Cato Policy Report*. Since 1979, we have brought you this comprehensive look at Cato’s wide‐ ranging research, policy work, and events. As we sunset this publication, we are excited to announce that the Cato Institute will be launching a brand-new magazine that will bring our ideas to life, update you on the latest news from Cato, keep you informed on our results, and reach new and wider audiences. Thank you for being a reader of *Cato Policy Report*. Be on the lookout for more updates about this exciting new publication soon!

##### From the Cover 

### [The Cato Institute Awards Jimmy Lai with the 2023 Milton Friedman Prize for Advancing Liberty ](/policy-report/july/august-2023/cato-institute-awards-jimmy-lai-2023-milton-friedman-prize-advancing-liberty)

By William McGurn, Tong Yi, and Sebastien Lai 

Lai is still an outspoken critic of the Chinese government.

##### Features 

#### [“Keep Cato Busy Being Born” ](/policy-report/july/august-2023/keep-cato-busy-being-born)

By [Peter Goettler](https://www.cato.org/people/peter-goettler) 

Those of us at Cato today have inherited an incredibly strong foundation on which to keep building.

#### [Bankruptcy—Gradually, Then Suddenly? ](/policy-report/july/august-2023/bankruptcy-gradually-then-suddenly)

By [Romina Boccia](https://www.cato.org/people/romina-boccia) 

Even if the current federal government spending trajectory was affordable in the sense that Congress would simply need to raise the taxes to pay for it, the fact that most of the growth in federal spending will go toward subsidizing consumption, rather than toward productive investments, is problematic.

#### [From Research to Impact ](/policy-report/july/august-2023/research-impact)

By [Caleb O. Brown](https://www.cato.org/people/caleb-o-brown), [Mark A. Calabria](https://www.cato.org/people/mark-calabria), [David J. Bier](https://www.cato.org/people/david-bier), & Chad Davis 

We are building leaders for the next generation here, and they can be seen on Capitol Hill.

#### [Cato News Notes ](/policy-report/july/august-2023/cato-news-notes)

#### [Cato Studies ](/policy-report/july/august-2023/cato-studies)

#### [To Be Governed… ](/policy-report/july/august-2023/to-be-governed)

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