Every year since 1916, the Federal Reserve generated a profit that it sent to the United States Treasury. That ended in September 2022, and now, the Fed loses seven billion dollars per month on average. Writing in the Wall Street Journal, Paul H. Kupiec and Alex J. Pollock explain the unexpected cause of these unprecedented losses.

Can the 200-year-old Monroe Doctrine help counter new threats from China? Colin Dueck argues that the American response to the People’s Republic of China’s growing influence in Latin America, yet unchecked by the Biden administration’s policies, will require the doctrine’s renewal.

In a new AEI Foreign and Defense Policy working paper, Elaine McCusker examines three key challenges in reforming US defense budgeting. First among these issues, McCusker writes, is the “nearly $109 billion in spending that does not directly produce military capability” in the Department of Defense’s budget.

Testifying before the Senate Budget Committee on March 29, Benjamin Zycher challenged the assumption that a massive structural shift away from fossil fuels is economically feasible and can be led by government policy. He outlined why market forces will determine the future of energy and why those forces still favor fossil fuels.

Also on Capitol Hill this week, Benedic N. Ippolito testified about policy changes that could improve competition and transparency in health care markets before the House Energy and Commerce Committee’s Health Subcommittee. Ippolito discussed potential solutions to several ongoing issues, such as rising consolidation, that reduce competition and increase health care prices.