In discussions of politics, it is common to see politicians praised for policies and programs that expand the welfare state. Politicians who sign off or approve spending at a greater magnitude than other politicians are often seen as more generous. Many voters are lulled into supporting politicians who spend more at the cost of high taxes because such politicians are often seen as doing “more” than laid-back or fiscally conservative politicians. What supporters of spend-heavy politicians fail to remember is that policies have opportunity costs.

The FDIC added 11 new banks to its Problem List in the first quarter of 2024, bringing the total to 63. The specific banks on this are kept confidential, but the endemic, underlying issues in the commercial banking sector are increasingly obvious.

Why do people watch sports? My mother believes it’s because “people want to be uplifted.” This may explain why many are upset about how basketball phenom Caitlin Clark, who broke the National Collegiate Athletic Association (NCAA) women’s and men’s scoring records, is being treated—or mistreated—in the Women’s National Basketball Association (WNBA).

This article appeared as a full-page ad in the Wall Street Journal on June 24, 2024, and was made possible by one of our generous donors:

Perhaps nothing in financial news receives more attention than an announcement from the Federal Reserve. About eight times per year, the Federal Reserve’s Federal Open Market Committee meets to formally decide and announce its plans for monetary policy. Every announcement has the potential to cause a rally, or a rout, in financial markets. 

[The following is a condensation of Garet Garrett’s pamphlet The Rise of Empire, published in 1952, and included in his collection The People’s Pottage (Caldwell, ID: Caxton Printers, 1953).]

Although Harry Frankfurt was not a libertarian, his critique of egalitarianism reflects the principles of liberty. Frankfurt argued that “economic equality is not, as such, of particular moral importance” and that “if everyone had enough, it would be of no moral consequence whether some had more than others.” This has been described by David Gordon as

In our modern world, most states are democracies or at least call themselves “democratic.” The adoption of democracy is hailed as one of humanity’s greatest achievements. Once upon a time, humanity broke out of the shackles of monarchies and has never looked back since.

The University of Michigan Consumer Sentiment Survey plummeted to its lowest level in seven months. The index reading for June came in at 65.6, down from 69.1 in May and under the consensus expectation of 72. In the current conditions and expectations categories, the survey fell below economists’ expectations.