📊 New research settles the inflation debate: David Beckworth and Patrick Horan ☘️ found that 85% of 2021-22 inflation came from excess demand, not supply shocks. Translation: When you flood an economy already at capacity, you get higher prices, not more stuff. What does that mean

Survey of 43 economists There is no evidence to suggest that the employment estimates produced by the Bureau of Labor Statistics are biased so as to favor any particular political party.

Universal Basic Income: High Cost, Low Returns, and Unintended Consequences theunseenandtheunsaid.com/p/universal-ba…

Universal Basic Income has been sold as a cure for poverty, automation, and the future of work. But after years of trials, the data keep telling the same story: 📚 Little to no improvement in education, health, or mobility 💼 Declines in work and earnings 💰 A price tag that

After a very long hiatus from writing, I'm back! This week I wrote about the preeminence of American capital markets and about how risk capital is an essential component of an American growth strategy: theunseenandtheunsaid.com/p/big-beautifu…

A Living Review: What 70 Studies Say About Public Debt and Growth theunseenandtheunsaid.com/p/a-living-rev…

Government wasn't fiscally responsible for the first 6 months of 2025. It was restrained by the debt ceiling.

My latest at NRO. Tariffs won’t fix a $2T deficit. While slowing growth and imposing a significant financial burden on households, a year of new tariffs will fund just 9-12 days of government spending. nationalreview.com/2025/08/tariff…

Even if tariffs raised hundreds of billions in revenue, they would still fall far short of plugging a $2 trillion deficit, and they would do so at the cost of economic growth. | Jack Salmon nationalreview.com/2025/08/tariff…

The math is stark: extra tariff revenue covers just 12 days of government spending, while we're heading for a $2 trillion deficit. When you factor in economic slowdown from trade wars, it drops to 9 days. Reality check: you can't tariff your way out of fiscal crisis. 📊💸