| ◼ Big Bird applies for unemployment, moves in with Oscar.
◼ President Trump’s most vociferous media supporters have been in a full meltdown over the administration’s handling of the Jeffrey Epstein case. Last week, the Department of Justice and the FBI put out an unsigned two-page statement saying that no additional charges would be filed in the case. Rather than putting the matter to rest, the memo caused an uproar. Who’s to blame? Everyone who has built vast castles of fantasy atop the Epstein case, including FBI Director Kash Patel and Deputy Director Don Bongino prior to assuming their current positions, and especially Attorney General Pam Bondi. Bondi hyped Epstein revelations as AG by handing out worthless white binders supposedly full of Epstein files to sundry MAGA influencers and by seemingly saying in a TV interview that she had an Epstein client list on her desk. In fact, there is no evidence that there was any “client list” of those partaking of Epstein’s crimes. Nor is there serious evidence that Epstein was murdered, or that he was an agent of Mossad. Bondi should have heeded the DOJ practice of not speaking about cases if charges aren’t going to be brought, and that offense shouldn’t be compounded. Yet the documents a judge has ordered released in a civil case should be made public expeditiously. And it’s hard to understand why other materials related to the case—including the autopsy report on Epstein—haven’t been released. Questions about this case will never be answered to everyone’s satisfaction. But so far, the administration has only made it worse.
◼ There’s plenty to criticize about the Federal Reserve and its chairman, Jerome Powell. The Fed stayed in emergency mode for too long in 2021, spurring inflation at a level that Americans had not seen in four decades. The three interest rate cuts late last year were arguably mistakes, given that inflation has remained above 2 percent and the unemployment rate has continued to be historically low. None of that means Trump should fire Powell. Charges of election-based favoritism don’t stick, since two of the three rate cuts came after Trump won the 2024 election. Independent central banks are demonstrably better at keeping inflation down than politically controlled ones are. Trump simply wants low interest rates no matter what (he criticized Powell for not cutting rates during his first term as well). The case for a cut now is close. There is, however, no good case for undermining the Fed’s reputation for being able to fight inflation even under political pressure.
◼ Better later than never. Trump announced Monday that NATO would buy American weapons and pass them on to Ukraine. He said much-needed new Patriot air-defense batteries could reach Ukraine in days. He also announced his intention to impose new tariffs on Russia if there is no cease-fire within the next 50 days, although the details are vague, and he has made such threats before. Since taking office for his second term, Trump has bent over backward to get Russian leader Vladimir Putin to agree to a cease-fire. Meanwhile, Putin has strung Trump along but made clear, over and over again, that he has no intention of halting his invasion of Ukraine, nor his bombing of civilian targets. Considering the Oval Office meltdown with Ukrainian President Volodymyr Zelensky at the end of February, the restoration of good relations with Ukraine and the belated recognition of Putin’s intransigence and belligerence are nearly miraculous. It took much longer to get here than it should have. But President Trump is now a functioning ally to Ukraine, and NATO and is making life more difficult for Vladimir Putin and his barbaric military aggression.
◼ Early Thursday morning, the Senate passed a rescissions bill requested by Trump that would cut $9 billion in spending on foreign assistance and public broadcasting. It won’t materially alter the nation’s dire fiscal trajectory—the federal government is set to spend $7 trillion this year—but at least Congress is rooting out some unwarranted spending. Defunding the Corporation for Public Broadcasting, which distributes money to PBS and NPR, is the biggest victory here. In a country with 15,000 commercial radio stations and 4,000 television stations, as well as the internet, there is no justification for the federal government to subsidize two news and entertainment outlets. The rescissions bill also slims down America’s unfocused foreign aid apparatus by shaving $8 billion from economic development assistance and other accounts, none of which is essential to American interests abroad. Though these cuts are welcome, it is a bit strange that no rescissions have been signed into law in the 21st century. The process of passing them, established in 1974, is immune to the Senate filibuster. President Reagan sent 133 requests to Congress, which approved 101 of them, saving taxpayers billions. President Trump and congressional Republicans should aim to make up for lost time—and money. |