“The S&P 500 promises broad exposure to American business. But with ten companies accounting for 40 percent of its value, investors may be far less diversified than they believe.” (10/19/26)
“Social Security faces a major fiscal challenge. The program, which has provided retirement, survivor, and disability benefits to millions of Americans since its creation in 1935, is projected to soon cost more than its total income. The budgetary shortfall is already prompting the government to draw down reserves, which will reach unsustainable levels by the early 2030s. … In the early 1980s, Congress faced a similar crisis and acted. Although the solution that a bipartisan coalition put into place in 1983 has itself contributed to the challenges policymakers face today, the political approach they took remains instructive. Indeed, it is the only viable path forward.” (10/19/26)
“Expectations of a quality education and decent job prospects are common to many around the world. The notion that these are slipping away has brought young people into the streets across Asia, Africa, and Europe over the last three years. Their distress often resonates with fellow citizens who share concerns about unresponsive institutions and unethical governance. This week, for example, France began a national self-examination after youthful protests led to looting and destruction. In India, meanwhile, a Generation Z-led protest movement succeeded in forcing the resignation of the country’s education minister in July, over repeated corruption in the highly competitive national examination system. Now, that loosely organized, satirically named Cockroach Janta Party has taken on the even larger issue of election integrity in the world’s largest democracy.” (10/19/26)
“Originalism’s position seems unassailable, with both a majority of Supreme Court justices pledging fidelity to some variant of the theory, and tremendous institutional backing within the conservative legal world through institutions like the Federalist Society Despite this dominance, a number of conservative intellectuals and academics have for years expressed deep skepticism of originalism. A 2021 article coauthored in part by Professor Hadley Arkes labels originalism a positivist theory that ‘ignores both our broader Anglo-American tradition and the influence of natural law on our nation’s founding,’ forcing judges to act as ‘technocrats focused entirely on the text, with no attention to the underlying principles that give meaning to that text.’ This is not a new critique.” (10/19/26)
“Trump says that he won’t order a strike [on Iran] before the midterms. But Robert Pape, author of the Substack Escalation Trap, argues that we shouldn’t believe him — that the bombs may well drop before the midterms. And while I am not a strategic expert, I believe that Pape may well be right, because his analysis of Trump’s political position is something I recognize from financial economics. You see, it’s a well-understood proposition that the owners of businesses that are on the verge of going bust often engage in destructive behavior. And Trump is about to go bankrupt — not financially (he’s made billions through corruption) but politically. So he, like a failing businessman, has strong incentives to wreak havoc.” (10/19/26)
Source: Independent Institute
by Stephen P Halbrook
“The pattern was consistent: where the government required citizens to disarm, it supplied the protection itself. At other times, the government required citizens to arm themselves, such as in colonial times when going to church. ‘Sensitive places’ was never meant to be a blank check. … If the government takes no steps to prevent armed aggressors from entering a place, calling it a ‘sensitive’ location is meaningless and reckless joke.” (10/19/26)
“What are we to make of Allen Ginsberg, and of Howl, on the 70th anniversary of its publication? The poem seems to belong more to popular culture than high culture, closer to Elvis or Easy Rider or ‘Like a Rolling Stone’ than Elizabeth Bishop or John Berryman. … Ginsberg’s magnum opus is brash, insistent, and unsubtle. It has never attracted the kind of critical scrutiny that other 20th-century poetry has …. Changing sexual mores have done to the Beats in this century what sniffy articles in National Review and Partisan Review failed to do in the last one: made them uncool, cringey, Bad Boyfriend Literature. … But Howl endures, and part of what keeps it alive these seven decades on is its pure musical quality. … it is perhaps the best-sounding American poem of the century.” (10/19/26)
“A Canadian friend of mine, who is currently teaching in China, recently sent me an interesting video. It recorded a dark-skinned man who spoke perfect English, telling how he and his family, in 1996, immigrated to Canada. They ‘went through the process’, legally, to become Canadian citizens, working hard, earning what they got, and honoring the country. That kind of immigrant most countries don’t mind having. But, he said, ‘it was a whole lot different back then’. The man on the video was very respectful and said, several times, in his two-minute video, ‘I say this very respectfully’. But his message was, ‘When you come to Canada, please stop doing s**t; it makes the rest of us look bad’.” (10/19/26)