Monday, December 8, 2025

Today, Freedom Frequency features a call for the US and the citizens of Venezuela to seize the current opportunity to restore that country’s democracy; Niall Ferguson reviews the Trump administration’s new National Security Strategy; and three distinguished Hoover economists weigh in on what the Fed should do with interest rates.

US Foreign Policy

Venezuela's Democratic Window

A searching, passionate analysis of Venezuela in Freedom Frequency expresses, of all things, hope: that a rare alignment of domestic and foreign forces—including newfound US pressure—could return the country to its democratic heritage. Venezuela’s voters have shown overwhelmingly how much self-rule means to them, even as dictators Hugo Chávez and Nicolás Maduro have run roughshod over their voices, their economy, and their very lives. Brave opposition figures have proved that the regime that has driven millions of Venezuelan refugees out into the world is illegitimate—a danger not only to its people but to the Americas. As this piece explains, the combination of US pressure and energized demand for change may not come again. Read more here.

The Truth About Trump’s National Security Strategy

At The Free Press, Senior Fellow Niall Ferguson offers his analysis of the recently released US National Security Strategy. Focusing on the document’s treatment of Europe, Ferguson argues that much of the strategy’s critical reception in the media has overstated policy shifts and missed deeper continuities with previous US foreign policy approaches. Overall, Ferguson suggests that too much has been made of the significance of this document. “American foreign policy does not emanate from sacred doctrinal texts,” he writes. “It emanates from the interagency strife that is a feature, not a bug, of the system.” Read more here. [Subscription required.]

Answering Challenges to Advanced Economies

Decision Time for the Federal Open Market Committee

Ahead of a planned meeting of the Federal Open Market Committee (FOMC), we asked three Hoover Institution economists what advice they have for the committee as it continues to grapple with uninspiring macroeconomic indicators and inflation that remains above target. Senior Fellows Steven J. Davis, Ross Levine, and John H. Cochrane each offer a succinct appraisal of whether the Fed is effectively responding to current economic conditions. The distinguished economists also offer advice to the FOMC’s members as they consider interest rate adjustments. Davis encourages the Fed to remember, “People dislike inflation—a lot.” While offering their own explanations, all three economists conclude that holding rates steady for now would be the best path for US monetary policy. Read more here.

California Policy & Politics

California in 2025: Another Bad Year of Governance

At California on Your Mind, Senior Fellow Lee Ohanian reviews California governance in 2025. He takes a look at the state’s concerning lack of progress on infrastructure projects despite massive spending—for example, a “$1 billion, eight-mile bike lane” in Los Angeles, and a high-speed rail project that is “decades late” and “perhaps $100 billion short” of funds. Ohanian shows how a $450 million effort to modernize the state’s 911 infrastructure failed completely and will require the creation of “another new system from the ground up.” Additionally, California voters embraced a “mid-decade gerrymander of our congressional map” to be orchestrated by “the Democratic Party–controlled legislature” that will reduce the federal representation of California’s Republican minority. And, considering the aftermath of the Palisades Fire, Ohanian concludes, “Rebuilding is proceeding, but at a pace that is much too slow.” Read more here.

Tennenbaum Program for Fact-Based Policy

How Big Is the US Military?

How large is the world’s most capable fighting force, and what defines the true scope of America’s military power? The US military maintains 1.3 million active-duty troops, thousands of aircraft, and unmatched global capabilities, yet accounts for just 12.5 percent of federal spending. Entitlements such as Social Security and Medicare, along with interest on the national debt, consume more than half of the federal budget. As this new short video from Hoover’s Tennenbaum Program for Fact-Based Policy explains, understanding this spending contrast is essential to assessing America’s strategic priorities and future budgetary challenges.  Watch here.