The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
States Are Gaming SNAP Error Rates to Avoid Federal Penalties
English Summary
States are reportedly exploiting loopholes in the "One Big Beautiful Bill Act" (OBBBA) to manipulate Supplemental Nutrition Assistance Program (SNAP) error rates, thereby avoiding federal penalties for improper payments. The "Alaska Carveout" and other tactics, such as weakening quality control and using "no good cause" waivers, allow states to delay or circumvent financial repercussions, undermining the act's intent to improve program integrity. This leads to perverse incentives where states are rewarded for maintaining high error rates rather than fixing underlying problems. Congress is urged to eliminate these loopholes to strengthen OBBBA reforms and ultimately consider shifting SNAP funding responsibility to states to curb waste and fraud.
中文摘要
據報導,各州正利用《一項宏大且美好的法案》(One Big Beautiful Bill Act, OBBBA)中的漏洞來操縱「補充營養協助計畫」(SNAP)的錯誤率,進而規避因不當支付而產生的聯邦罰款。「阿拉斯加排除條款」(Alaska Carveout)及其他手段(如削弱品質控管和使用「無正當理由」豁免)使各州得以延後或規避財務後果,損害了該法案旨在提升計畫健全性的初衷。這導致了逆向誘因,使各州因維持高錯誤率而變相獲得獎勵,而非著手解決根本問題。因此,各界敦促國會消除這些漏洞以強化 OBBBA 的改革,並最終考慮將 SNAP 的資金責任轉移至各州,以有效遏止浪費與欺詐行為。
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