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The consensus prediction about President Donald Trump’s massive program of tariffs was that it would cause rapid and highly damaging price inflation. The Wall Street Journal was prominent in conveying those claims, and the Federal Reserve (Fed), the U.S. central bank, concurred, forecasting that the tariffs would cause inflation.

Last week I noted that even the U.S. economy, the best in the world, cannot support the current and upcoming federal debt. Here I explain the dismal political reasons why a reversal is so unlikely.

The government long ago became extremely comfortable with the fact that the American people have always been able to bail them out. Bailouts, however, notoriously lead to further bailouts and then to bankruptcies.

Once again, the federal government’s malignant effect on the economy is our top story. Now it’s a debate over whether to raise the debt ceiling.

Once again, the federal government’s malignant effect on the economy is our top story. Now it’s a debate over whether to raise the debt ceiling.