Originally posted on X.

President Donald Trump’s address to Congress portrayed a vision of “America is back!” This includes faster economic growth centered on tax cuts, deregulation, and less government spending.

While these proposals are critical for ensuring America’s competitiveness, his speech failed to address two major economic threats that will impact every American: the mounting national debt and the costs of tariffs. These would be drags on economic growth, real wages, and prosperity.

While Trump’s instincts to cut government overreach are necessary, true economic prosperity requires confronting the nation’s spending crisis and embracing free trade.

Trump’s call for cutting government spending is necessary, especially considering that the national debt has surpassed $36 trillion and the debt-to-GDP ratio exceeds 120%. 

Over the past year, the debt has grown by $2 trillion, and annual interest payments are now about $1 trillion. Interest payments now consume a larger share of the federal budget than spending on national defense. This burden will only grow as interest rates rise and more debt is added, crowding out spending on key services like defense, the justice system, etc.

If Washington continues reckless spending, the cost will fall even harder on American families through higher taxes, faster inflation, and reduced access to public services.

Trump’s speech rightly criticized wasteful spending but failed to address the biggest drivers of the nation’s budget crisis: Social Security and Medicare. These two programs account for over half of all federal spending and more than $100 trillion in unfunded liabilities. Without reform, Social Security’s trust fund will be depleted by 2034, triggering automatic 21% benefit cuts. For millions of retirees who rely on Social Security to make ends meet, these cuts would significantly reduce their standard of living. Similarly, Medicare’s Hospital Insurance Trust Fund is expected to run out by 2036, which would create a major shortfall in funding for seniors' health insurance.

Reform is urgent. Since their inception, Social Security and Medicare’s problems have been like a Ponzi scheme as debt and workers pay for retirees’ payments. We can no longer wait to address these welfare programs, as the longer we wait, the more drastic the necessary changes will be on retirees and workers.

Trump could have led on entitlement reform by proposing gradual fixes—raising the retirement age, means-testing benefits for wealthier retirees, or creating options for private savings accounts, especially for younger workers. Without these reforms, the alternative is either large tax hikes or draconian benefit cuts, neither of which would be palatable to voters.

In his speech and previous comments, Trump missed an extraordinary opportunity to address these challenges, leaving future generations to bear the burden of a growing fiscal crisis.

On the positive side, Trump’s pledge to make permanent improvements to the 2017 Trump tax cuts is an essential policy for economic growth. Lowering taxes puts more money in the hands of individuals and businesses, spurring investment and job creation.

Before the pandemic, the 2017 tax cuts helped drive record-low unemployment and rising wages. However, tax cuts alone are not enough if government spending remains unchecked. While tax relief helps boost growth, the rising debt and unfunded liabilities will eventually overwhelm these gains if the government doesn’t control its spending.

Running trillion-dollar deficits while cutting taxes is a short-term solution that leads to long-term consequences. If Trump is serious about maintaining tax cuts, he must pair them with meaningful spending reductions to keep debt levels manageable.

The most concerning aspect of Trump’s speech was his renewed push for tariffs on China, Mexico, and Canada.
Trump argued that tariffs would protect American jobs and reduce the trade deficit, but history shows that tariffs are taxes on American consumers. Past tariffs drove up prices on electronics, household goods, and other essentials, hitting families and small businesses hardest.

In addition to increasing costs, tariffs provoke retaliation from different countries, threatening American exports. If these tariffs continue, American farmers and manufacturers, already struggling to access foreign markets, will face even steeper barriers to trade and likely bailouts like last time.

The U.S. should reduce corporate taxes, eliminate regulatory barriers, and foster global competitiveness rather than rely on mercantilist protectionism.

Free trade, not government-imposed tariffs based on a flawed mercantilist view, strengthens the economy by giving businesses access to cheaper materials and larger markets. By lowering the cost of doing business, Trump could help create more jobs and keep prices lower for consumers. Tariffs do the opposite: They disrupt supply chains and drive up costs for Americans.

Trump’s economic vision contains many strong elements, mainly his focus on cutting wasteful spending, improving tax cuts, and ensuring deregulation. These policies would allow businesses to expand, wages to rise, and the economy to grow.

However, the failure to address “entitlement” reform and the continued reliance on tariffs undermine the long-term sustainability of his economic plan. If Trump wants to restore America’s economic strength, he must confront the country’s fiscal challenges by addressing Social Security and Medicare reform, reducing the national debt, and shifting away from protectionist trade policies.

Ultimately, the path to long-term prosperity is clear: cut spending, shrink government, and champion free markets. If Trump remains committed to these principles, his policies could fuel another wave of prosperity. But if the U.S. continues with rising debt, higher tariffs, and an ever-expanding government, the risks to economic freedom and growth will be severe.
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Now is the time for fiscal discipline. By reining in government and unleashing the private sector, we can restore and secure American prosperity for generations. In short, Trump can let people prosper!

Originally posted to EconLib.

​From the dawn of civilization, societies have wrestled with the balance between order and liberty. Nations rise and fall based on how they manage power—whether through the centralized control of empires or the dispersed authority of free markets and individual rights.

The United States was founded on the radical idea that the government exists to secure the rights given by God, not to grant them. Yet, over time, this vision has been eroded by expanding bureaucracies, redistributive policies, and an entrenched political class that prioritizes power over principle. 

If the government is to be restored to its rightful place—serving rather than ruling—the federal, state, and local levels must be fundamentally restructured to prioritize liberty, responsibility, and human flourishing.

Milton Friedman argued that the government’s role should be limited to protecting life, liberty, and property—everything else is best left to markets and voluntary institutions. His work in Capitalism and Freedom laid out the case for a minimalist government that fosters an environment where individuals can pursue their own goals without interference. He warned that economic freedom is a prerequisite for political freedom—once the government takes control of the economy, it inevitably extends its reach into personal and political liberties.

Despite these warnings, the federal government has far exceeded its constitutional limits. 

Originally designed to be a government of enumerated powers, it now dictates everything from how businesses operate to how education is administered. The centralization of power has eroded the economic dynamism that made America prosperous. 

Friedrich Hayek’s The Road to Serfdom warned that government planning inevitably leads to the loss of individual choice and freedom, even when implemented with good intentions. The only legitimate functions of the federal government are national defense, securing contracts and property rights, and ensuring a basic rule of law. Everything else belongs to states, local communities, and, most importantly, individuals.

A significant part of the government’s failure lies in its incentives, as explained by James Buchanan’s public choice theory. Buchanan shattered the myth that politicians are selfless public servants acting in the best interest of the people. 

Instead, he demonstrated that they behave like everyone else—acting in their self-interest, seeking re-election, and rewarding special interests that fund their campaigns. The bureaucratic class, in turn, benefits from expanding government power, creating an entrenched system that resists reform. This cycle of political self-preservation explains why spending continues to rise, why debt is out of control, and why special interest groups dominate policy.

This dynamic is evident in the way government welfare programs have expanded beyond their original purpose. Social welfare, which once relied on private charity, churches, and mutual aid societies, has been taken over by bureaucratic institutions that dehumanize and entrench dependency. 

Thomas Sowell, in Wealth, Poverty, and Politics, demonstrated that government intervention in welfare does more harm than good by disincentivizing work and weakening community responsibility. Politicians promise more benefits, knowing that dependency creates a voting bloc that ensures their re-election. Private charities and churches, by contrast, offer not just financial assistance but also moral and social support that helps individuals regain independence.

Taxation must be simplified and made transparent. The current system punishes productivity and distorts economic incentives by taxing income multiple times—when it is earned, invested, and transferred through inheritance. This system is inherently unjust, rewarding those who manipulate loopholes while burdening those who work hard and invest wisely. Friedman’s idea of a flat consumption tax remains the best alternative—taxing only final consumption rather than punishing savings and investment. Such a system would eliminate the IRS’s complexity, remove political favoritism in tax policy, and make taxation more transparent.

Perhaps the most insidious form of government control is its manipulation of money itself. The Federal Reserve was created to stabilize the economy but has instead fostered cycles of boom and bust through artificial credit expansion and reckless monetary policy. 

Larry White, an expert on free banking, has demonstrated that historically, competitive banking systems without central banks have led to more stable monetary environments than centrally controlled fiat currencies. Inflation, as Friedman showed, is always and everywhere a monetary phenomenon—caused not by businesses or consumers but by governments expanding the money supply. 

A sound monetary system cannot be centrally planned but must be rooted in free banking, where private institutions compete to issue currency backed by tangible assets like gold and silver. Honest money holds the government accountable by preventing it from printing its way out of fiscal irresponsibility.

Federal regulations, another tool of government overreach, distort markets and restrict innovation. Free enterprise thrives when individuals are left to trade and produce without bureaucratic interference. Most regulations do not protect consumers but instead shield politically connected industries from competition. Licensing laws are particularly harmful, creating barriers to entry that disproportionately hurt lower-income workers who cannot afford costly training requirements.

Peter Boettke’s work in Austrian economics emphasizes that regulations are often the result of rent-seeking behavior—where established businesses use the government to protect themselves from competition rather than improve their products and services. A free society relies on contract enforcement and liability law rather than preemptive government intervention.

While federal overreach is the most visible threat to liberty, state and local governments also play a crucial role in either preserving or eroding freedom. 

States should serve as laboratories of competition, yet many have replicated Washington’s worst policies, imposing high taxes, burdensome regulations, and reckless spending. The proper role of the state government is to protect property rights, provide basic infrastructure, and maintain law and order with minimal interference in economic affairs. Spending should be strictly limited, tied to a max of population growth and inflation to prevent gradual government expansion.

At the local level, one of the most damaging taxes is the property tax, which effectively means no one can truly own a home outright. While states do not generally impose property taxes, local governments rely on them heavily due to excessive spending. Hayek emphasized that secure property rights are essential for economic stability and individual freedom. 

Homeownership should be a cornerstone of financial independence, yet property taxes function as an unrelenting rent paid to the government, making true ownership impossible. Local governments should phase out property taxes by capping spending and shifting to user-based fees where appropriate. This requires reining in school district spending, municipal pension costs, and bloated local bureaucracies that drive property taxes higher year after year.

Education policy is another area where state and local governments have failed to uphold individual rights. The government monopoly on schooling has led to declining quality, ideological indoctrination, and bureaucratic inefficiency. The only way to ensure quality education is through choice, where funding follows students rather than propping up failing systems. 

Sowell’s research on education highlights how competition among schools improves performance while centralized control fosters mediocrity. Universal education savings accounts would allow parents to select the best option for their children, whether it be public, private, charter, or homeschool.

The ultimate goal of governance should be to create an environment where people are free to make their own choices and take responsibility for their own lives. Human nature is deeply flawed, and no government can create a utopia. But history has shown that the freest societies are the most prosperous and that prosperity is not just material but moral. 

Sowell reminds us that cultures emphasizing personal responsibility and entrepreneurship outperform those that rely on government intervention. Societies thrive when individuals are allowed to exercise personal responsibility, build strong families, and engage in voluntary cooperation rather than coerced redistribution.

This vision is rooted not just in economic theory but in theology, psychology, and law. 

Theologically, human dignity is best preserved when individuals are free to act as moral agents rather than subjects of the state. Psychology teaches that people thrive when they have autonomy and purpose rather than dependence and entitlement. The rule of law, as articulated in the Western legal tradition, affirms that justice requires equal application rather than arbitrary government decree.

A truly free society does not require a powerful state but rather the opposite: a government so restrained that individuals, families, and communities can flourish without interference. The path to prosperity lies not in central planning but in individual liberty, responsibility, and the voluntary cooperation that has always driven progress. The task is not to reinvent government but to restore it to its rightful place—limited, accountable, and subservient to the people. 
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Only then can we truly let people prosper.

Originally posted to National Review. 

The November 2024 election delivered a mandate for change. Voters, grappling with persistent inflation, stagnant real wages, and a bloated federal government, were looking for new direction. The Trump administration began addressing these issues on day one with a flurry of executive orders and the pace has not eased up.

To truly let America prosper, Trump must advance a free market agenda rooted in limited government, fiscal discipline, and economic freedom.

As someone who worked in Trump’s first White House Office of Management and Budget and collaborated with national and state-level think tanks and experts across the country, I have seen firsthand what works — and what doesn’t. The best strategies are clear: cut government spending, simplify taxes, restore energy independence, expand free trade, overhaul immigration, and slash burdensome regulations. Together, these policies will unleash economic growth and create the conditions for a more prosperous future.

Many of today’s economic challenges lie in Washington’s out-of-control spending. Federal outlays exploded under Trump from $4.5 trillion in 2019 to over $6.5 trillion during the pandemic, and they remain near $7 trillion today. This unsustainable trajectory fuels inflation, crowds out private investment, and burdens future generations with crushing debt.

Trump must act immediately to reduce spending to pre-pandemic levels. Through executive orders, the administration can freeze unnecessary expenditures, claw back unspent Covid-19 funds, and direct agencies to identify and eliminate wasteful programs. He can also use the bully pulpit of the presidency to push Congress to make cuts proposed by the new Department of Government Efficiency (DOGE) or veto legislation without those cuts.

Because Congress is invested with the power of the purse, it must take the lead by cutting government spending to at least $4.5 trillion and passing a reconciliation bill to impose spending caps tied to population growth and inflation. These sustainable budgeting practices would force policymakers to confront the true drivers of our debt crisis: “entitlement” programs like Social Security, Medicare, and Medicaid, which account for nearly 70 percent of federal spending. Without reform, these programs will bankrupt our economy and destroy any hope of future prosperity.

The 2017 Tax Cuts and Jobs Act delivered historic relief, but it only scratched the surface. Trump and Congress must make these tax cuts permanent and build on them with reforms that reduce complexity and support growth.

Reducing the corporate tax rate from 21 percent to at least 15 percent, as Trump has been advocating, would attract investment, create jobs, and ensure that the U.S. economy remains one of the most competitive in the world. Simplifying the individual income tax code by flattening rates, eliminating deductions and credits, and indexing capital gains for inflation would lower compliance costs and increase economic efficiency. Making full expensing permanent would encourage long-term business investment, while ending the state and local tax (SALT) deduction would ensure a more equitable tax system.

These reforms would boost economic activity and allow Americans to keep more of their hard-earned money — an essential step in restoring trust and optimism in the economy.

Energy independence was a hallmark of Trump’s first term — and is shaping up to be a hallmark of his second. Upon his return to the Oval Office, Trump immediately began the restoration of America’s energy dominance by declaring a national energy emergency. While this declaration may not have been necessary to achieve real reform, Trump has paved the way to reduce regulatory hurdles quickly. In order to mitigate the impending effects of Biden’s policies, the administration should reopen federal lands and offshore areas for oil and gas exploration, expedite permits for pipelines and refineries, and eliminate green-energy subsidies. These steps would help lower energy costs, create high-paying jobs, and strengthen national security. A free market energy policy will help stabilize prices and ensure the U.S. can meet its energy needs without relying on hostile foreign powers.

Trade policy, however, is an area in which Trump’s first term made only marginal progress, and there’s a clear danger that this may be lost if the administration continues weaponizing tariffs. Tariffs on intermediate goods and consumer products act as hidden taxes and cost the economy during the first administration at least $80 billion annually.

Rather than doubling down on protectionism and raising costs for Americans, Trump should instead prioritize expanding free trade agreements with allies in Europe and the Asia-Pacific. Removing tariffs will enhance market competition, lower consumer prices, and strengthen America’s position in the global economy. This approach would also allow the U.S. to apply strategic pressure on China to improve its flawed trade practices without resorting to tariffs on China or other countries that harm Americans or starting a trade war that hurts domestic manufacturers.

While securing the border is essential, immigration reform should go beyond enforcement. America needs a market-driven immigration system that aligns with labor market demands. Expanding H-1B visas for high-skilled workers in STEM fields and implementing a merit-based system for all immigrants would help address critical workforce shortages, boost innovation, and ensure the U.S. remains competitive globally while helping people improve their lives. At the same time, reforms should also create pathways for legal entry of unskilled workers to meet the demands of industries like agriculture and construction. A balanced, market-oriented approach to immigration will strengthen the economy while ensuring border security.

Deregulation was one of Trump’s greatest successes in his first term. However, much of this progress was reversed under Biden, as the regulation costs under his administration totaled over $1.8 trillion. Trump now favors expanding his previous “two-out, one-in” rule with a ten out for every one in. While he has started this process with a regulatory freeze, more should be done. Establishing a regulatory “budget”  that prioritizes the elimination of outdated and burdensome rules would be another move in the right direction. Removing superfluous or unduly burdensome regulations will help foster an environment in which businesses are more productive and thus more competitive domestically and internationally.

The November 2024 election wasn’t just about rejecting Bidenomics; it was about embracing a new vision for America’s economy — one more deeply rooted in the principles of free markets, limited government, and fiscal responsibility than before. Trump’s second term offers a historic opportunity to reset the country along those lines and set the stage for long-term prosperity. In some areas, most notably, perhaps, tariffs, Trump will have some different priorities. But that does not alter the fact that cutting spending, simplifying taxes, restoring energy independence, expanding, yes, free trade, reforming immigration, and slashing regulations are not just policy priorities — they are the building blocks of a competitive, dynamic economy that allows all Americans to thrive.
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This historic opportunity must not be wasted. It’s time to let people prosper.

Originally published at The Daily Economy. 

Driven by progressive policies that stifled growth and burdened Americans with skyrocketing debt, elevated inflation, and economic malaise, has President Biden’s administration cemented its economic legacy as a failure? Despite promises of a “build back better” economy, the results are troubling, with policies rooted in overspending, overtaxing, and overregulating, pushing many Americans further from prosperity. 

Under President Biden, the national debt grew substantially, especially without a war or pandemic, surging past $36 trillion — a staggering $10 trillion increase since 2020. This debt explosion stemmed from massive spending initiatives, including the American Rescue Plan Act, the so-called Inflation Reduction Act, and many other reckless spending packages. Far from stimulating growth, this spending fueled inflation and undermined economic stability.

The Federal Reserve, charged with combating inflation, was forced to hike interest rates at a record pace, raising the federal funds rate from near zero to over five percent in just two years. These hikes directly responded to the monetary inflation crisis created by the Federal Reserve and exacerbated by Biden’s profligate fiscal policies. While interest rates have come down some over the last year, Americans face higher borrowing costs for homes, cars, and businesses, squeezing family budgets and discouraging investment.

Though there are signs of an economic recovery, real weekly earnings have declined by two percent since Biden took office as inflation outpaced wage growth for most of his presidency. This decline in purchasing power disproportionately hurts low- and middle-income households, the very groups progressive policies claim to champion.

Adding to the economic woes is a labor market hampered by a declining labor force participation rate. While the unemployment rate appears low at around four percent, this masks the reality that millions of Americans remain out of the workforce. Policies that disincentivize work — such as enhanced unemployment benefits, expanded welfare programs, and increased regulatory burdens on businesses — have created a perfect storm of lower productivity and higher dependency on government programs.

Regulatory overreach has further compounded economic challenges. According to the American Action Forum, the Biden administration issued $1.8 trillion in costly final rules, making it one of the most regulatory-heavy administrations in US history. These rules, which include onerous environmental regulations, expansive labor mandates, and restrictions on energy production, acted as a hidden tax on us. They drove driven up costs for businesses and consumers.

The administration’s war on artificial intelligence (AI) and corporate mergers were among the most damaging regulatory efforts. The Federal Trade Commission (FTC) and Department of Justice (DOJ) aggressively sought to stifle innovation and business growth under the guise of protecting competition through antitrust action. Instead of fostering a dynamic economy, these agencies created a climate of uncertainty that discourages investment in new technologies and impedes market efficiency. AI, which holds transformative potential for economic growth, was targeted with heavy-handed oversight that risks driving innovation overseas.

One of the most glaring examples of regulatory overreach was the Biden administration’s stance on mergers and acquisitions (M&A). The FTC and DOJ adopted a hostile posture toward M&A activity, essential for fostering business growth and increasing efficiency. By blocking mergers without sound economic justification, these agencies undermined businesses and sent a chilling message to investors. Such interference in private-sector decisions contradicted free-market capitalism and harmed the economy by stifling growth opportunities.

Similarly, the administration’s push for sweeping regulations on artificial intelligence threatened to derail a promising industry. Instead of embracing AI as a tool for economic advancement, the administration appeared intent on imposing burdensome compliance requirements that would discourage innovation and reduce America’s competitiveness on the global stage.

The path to reversing this economic malaise lies in rejecting the overspending, overtaxing, and overregulating policies that define Bidenomics. President Trump and Congress must prioritize fiscal discipline by cutting government spending to at least pre-pandemic levels and limiting it to sustainable levels. This should be done through a strict fiscal rule that caps expenditure growth at a maximum rate of population growth plus inflation. Spending less can alleviate the debt burden that threatens future generations.

Second, tax reform should focus on lowering tax rates, broadening the base, and simplifying the tax code to incentivize work, investment, and innovation. High taxes discourage productivity and entrepreneurship, while a pro-growth tax system can unlock the potential of American workers and businesses.

Third, regulatory reform is essential to restoring economic freedom and unleashing the full potential of the private sector. This includes reining in agencies like the FTC and DOJ, which have overstepped their bounds in pursuing ideological goals at the expense of economic progress. It also means adopting a balanced approach to AI governance that promotes innovation while addressing legitimate concerns without stifling progress.

The economic legacy of Bidenomics will be remembered as a cautionary tale of how progressive policies undermine prosperity. The administration’s decisions imposed significant costs on the American people, from an explosion in national debt to inflation, higher interest rates, regulatory overreach, and declining real wages. Voters chose a different direction with Trump.
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The better approach is returning to the principles that have historically driven American prosperity: limited government, fiscal responsibility, and economic freedom. By embracing these principles, we can chart a path toward sustainable growth, higher living standards, and greater opportunities for all Americans.

Originally published on X.

President Biden’s tenure left a legacy of regulatory overreach and heavy-handed policies that stifled economic growth, distorted markets, and limited opportunities for individuals and businesses. From blocking domestic energy production to expanding government control over financial markets, these actions prioritized central planning over innovation and prosperity. Now, the Trump administration and a Republican-led Congress have an opportunity to reverse these harmful policies and unleash Americans’ full potential.

A glaring example of Biden’s missteps was the Consumer Financial Protection Bureau’s (CFPB) regulation barring
medical debt from factoring into credit scores. While framed as consumer protection, the policy undermined the reliability of credit scores, making it harder for lenders to assess risk and potentially restricting access to credit for those who need it most.

This approach mirrored the broader pattern of fiscal irresponsibility under Biden, including costly handouts like student loan forgiveness and expanded Social Security payments for many government workers. These measures exacerbated the nation’s debt crisis while failing to address systemic challenges, creating moral hazards and rewarding select groups at taxpayers’ expense.

Could Washington help chart a different course by prioritizing free enterprise and limited government?

A key starting point is repealing or revising harmful regulations, particularly those enacted under Dodd-Frank. While intended to stabilize the financial system after the 2008 Great Financial Crisis (GFC), Dodd-Frank entrenched “too big to fail” institutions, burdened small banks and credit unions with costly compliance requirements, and reduced competition. Tailoring regulations to reflect financial institutions' size and risk profiles would empower community banks to serve local businesses and families better. Revisiting restrictive provisions like the Volcker Rule could also enhance liquidity and investment without compromising stability.

Reforms to monetary policy are equally urgent. During the pandemic, the Federal Reserve’s unprecedented balance sheet expansion injected uncertainty into markets and raised questions about its role in the economy. Adopting a rules-based monetary policy, such as limiting the Fed’s balance sheet to no more than 6% of GDP as before the GFC, would restore transparency and market confidence.

Congress should also limit the Fed’s emergency powers, ensure it remains a true lender of last resort, and conduct a full audit to promote accountability. Such steps would provide a stable foundation for less malinvestments until we can end the Fed.

The financial technology (fintech) sector offers tremendous promise for expanding access to financial services, reducing costs, and driving innovation. Yet regulatory uncertainty surrounding blockchain and digital assets continues to stifle progress.

Congress should take a hands-off approach to fintech and focus regulation on fraud prevention rather than impeding innovation. Removing barriers to peer-to-peer lending, digital payments, and crowdfunding platforms will empower consumers, foster competition, and unlock economic opportunities.

Housing finance reform is another critical priority. More than a decade after the GFC, Fannie Mae and Freddie Mac remain under government conservatorship, perpetuating a system of implicit taxpayer guarantees incentivizing risky lending. Privatizing these entities would reduce taxpayer exposure and restore discipline to housing markets.

Additionally, federal housing programs through the Housing and Urban Development program that encourage over-leveraged homeownership must be reevaluated to prevent future instability and ensure a sustainable market driven by supply and demand, not government distortions.

The Trump administration must also end the harmful practice of government bailouts. Propping up failing institutions creates a moral hazard, signaling to firms that they can take excessive risks without facing the consequences. Instead, Congress should establish clear, market-oriented bankruptcy procedures that ensure no institution is “too big to fail.” This approach would protect taxpayers, promote accountability, and maintain financial stability.

Washington could help restore financial freedom and create a dynamic, inclusive economy by reversing Biden's interventionist agenda and implementing these reforms. Rolling back harmful regulations, adopting a rules-based monetary policy, fostering fintech innovation, privatizing housing finance, and ending bailouts will empower individuals and businesses to innovate, compete, and prosper.

The Competitive Enterprise Institute’s report, Free to Prosper: A Pro-Growth Agenda for the 119th Congress, provides actionable strategies for achieving these goals. America’s financial system thrives when markets are free, incentives are aligned, and individuals have the opportunity to prosper. It’s time to embrace these principles and put the U.S. back on a path to lasting economic success.