“Emergency Medicaid is often used by immigrants, including those who are lawfully present and those who are not.”

Steve Hanke criticizes Trump and Fed Chairman Powell for their flawed focus on interest rates over money supply, blames the Fed for exacerbating income inequality, and argues that tariffs cause temporary price blips while money supply drives long-term inflation trends.

#HankeInflationDashboard: By my measurements, this week’s top 5 inflators are: 
🇻🇪 Venezuela — 279.5%/yr
🇿🇼 Zimbabwe — 79.1%/yr
🇸🇸 South Sudan — 76.1%/yr 
🇮🇷 Iran — 57.2%/yr
🇪🇹 Ethiopia — 41.1%/yr pic.twitter.com/kvMDr0EUhR

— Steve Hanke (@steve_hanke) July 17, 2025

In many ways, the rest of America is catching up to truths long known by those who follow the work of the Mises Institute. The MAGA political movement normalized the concept of a parasitic, bureaucratic leviathan immune to the romantic stories we are told about where true governing power lies in our institutions. Covid revealed the sinister, tyrannical urge lurking beneath the facade of government, and the corruptive influence of the state on matters of science.

Remember when train travel was glamorous? The 20th Century Limited—connecting New York and Chicago—epitomized luxury in 1928. Yet, America’s passenger trains have lost money since 1946. To revive train travel, Congress created Amtrak in 1971.

The Holy Family Church in Gaza was struck by an Israeli attack ...The direct strike killed two people. The Israeli state is now “investigating” the matter. 

After writing about the upset election win of socialist Zohran Mamdani in New York City’s Democratic mayoral primary, a reader sent me an angry email, telling me that Mamdani was a “democratic socialist,” and that Sen. Bernie Sanders and Rep. Alexandra Ocasio-Cortez were “social democrats.” The sender apparently wanted me to believe that all they wanted was to make New York and the United States into Denmark.