Independent Institute holds that a truly free society is built on an unwavering commitment to human worth and dignity—a standard that is often the first casualty of state-sponsored violence. In accordance with our mission, our statement on non-interventionism reaffirms that it is simply impossible to boldly advance prosperous and free societies without peace.

This week, Phillip Magness explains why the Reagan White House explicitly rejected the very same legal arguments now used to justify Trump’s sweeping executive tariffs.

Many blame “corporate greed” for the housing crisis, but Caleb Petitt points out that institutional investors account for only a small share of home purchases. When they do enter the market, their participation is actually a net positive.

Also on the topic of housing, an ensemble of us at Independent discuss how landlords act as vital financial intermediaries by absorbing the risk of ownership, making the landlord-tenant relationship mutually beneficial.

Finally, Craig Eyermann points out that the national debt is not just a number; overspending has made America newly vulnerable to global events.

Enjoy.

Jonathan Hofer
Managing Editor