Moral hazard occurs when an agreement that people make to act in concert for their mutual benefit results in an incentive for one of them to act immorally. The classic case is insurance. When an insurance company contracts with a…

Two large regional banks failed within a period of only two days, Silicon Valley Bank (SVB) on March 10, and Signature Bank on March 12. Both banks had a combined aggregate asset size of $319 billion as of Dec. 31,…

Federal revenues project higher for the next 10 years than the average for the past half-century. So how, with record revenues, can the forecasted debt-to-GDP ratio soon surpass any in the history of the United States? On Wednesday, the Congressional…

The American public has long held an unfavorable view of the Internal Revenue Service, as evidenced by several historical surveys. A Gallup poll taken more than 25 years ago in October 1997 found that 69 percent of the American public…