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.
Don’t Trade SNAP Accountability for Farm Subsidies
English Summary
CATO argues against delaying the cost-sharing requirements within the Supplemental Nutrition Assistance Program (SNAP) as part of the Farm Bill negotiations. The organization highlights that nearly $10.2 billion in improper payments were made in FY 2025, largely due to states lacking incentives to prevent fraud. The One Big Beautiful Bill Act (OBBBA) introduced matching fund requirements for states with high error rates, projected to save taxpayers over $40 billion between 2028 and 2034. Backpedaling on these provisions would not only delay significant savings but also undermine Congress’s credibility and commitment to combating welfare fraud. To strengthen SNAP integrity, Congress should prioritize reforms like enhancing EBT cybersecurity and bolstering the Treasury’s Do Not Pay system.
中文摘要
CATO 認為在農事法案談判中延遲補貼營養補助計畫 (SNAP) 的共同負擔要求是不合理的。該組織強調，在 2025 財政年度，近 102 億美元的錯誤支付金額主要源於各州缺乏預防詐欺的激勵機制。 ‘一項偉大美麗法案’ (OBBBA) 引入了針對錯誤率高的州實施匹配基金的要求，預計將在 2028 年至 2034 年之間為納稅人節省超過 400 億美元。 撤銷這些條款不僅會延遲顯著的節省，還將損害國會對抗福利詐欺的信譽和承諾。為了增強 SNAP 的完整性，國會應優先實施如提升 EBT 網絡安全和加強財政部 ‘不領取’ (Do Not Pay) 系統等改革措施。
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