It’s a common trait among states worldwide, including our own, to engage in fiscal mismanagement, make empty promises, and overlook vital policies. Over 150 years ago, Alexis de Tocqueville presciently foretold how individuals would tend to exploit the national treasury for personal gain and negligence, exacerbating issues of waste, delays, and bureaucratic overreach. This week’s articles highlight several instances of this and how they not only affect our finances but also have downstream implications.

Craig Eyermann warns that without urgent reform, retirees will face deep cuts by 2033 as policymakers continue to kick the can down the road.

Also from Eyermann, a rare win for fiscal sanity. After years of runaway spending, Congress codified the removal of some waste, a modest but welcome step in restoring budget discipline.

And, after nearly two decades of delays, ballooning costs, and unmet promises, Eyermann writes that California’s bullet train fantasy has finally hit a dead end, at least federally.

Francis Crescia writes how Prime Minister Mark Carney’s promises for infrastructure and energy reform have stalled amid mounting trade tensions and parliamentary inaction. No budget, no tax reform, no clarity, just soaring debt and grandstanding. For Canadians, the wait for meaningful progress grows longer while their economic future becomes ever murkier.

Lastly, Kristian Fors discusses California’s draconian penalty against the uninsured, a legacy of Obamacare, with fines reaching thousands of dollars per family.

Enjoy.

Jonathan Hofer
Managing Editor