Social Security’s trustees issued a dire warning last week. In their 2019 annual report, they announced that future costs for the program will be 20 percent higher than projected revenue. As soon as next year, Social Security’s yearly expenses are expected to exceed its income — forcing the program to begin drawing down its trust funds.

Hoover Institution fellow Lee Ohanian discusses the Green New Deal, which includes universal health care, a national minimum wage, increased business taxes, etc.

One can view the proximity of the current Fed policy stance to the zero-lower-bound as an accident of history, or a wise choice. So, too, the grand scale and scope of the Fed’s balance sheet. No matter one’s judgment, the Fed finds itself with less conventional and unconventional ammunition. With ammunition low, Fed credibility – to act independently, get policy right, and explain well the rationale for its actions—is at a premium. Fed cred will be relied upon most when the economy slows or confronts a shock. So it’s encouraging that Fed is open to considering reforms in the conduct of monetary policy.

Once again, we’re debating the purpose of corporations. On one side, progressives such as Sen. Elizabeth Warren argue that companies — given broad rights in court decisions such as Citizens United v. Federal Election Commission — must also accept broad social responsibilities such as paying attractive wages and protecting the environment.