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April 2, 2025

Welcome to The Lighthouse ([link removed]) , the weekly email newsletter of the Independent Institute covering politics, economics, current events, and everything in between.

Dear Readers,

In his classic novel, 1984, George Orwell writes about Big Brother’s practice of doublespeak, where political leaders manipulate language to conceal reality and shape public opinion. “War is peace. Ignorance is strength.” Undeterred, President Donald Trump continues to tout tariffs as a tool of economic salvation, branding his latest batch of proposed restrictions as "Liberation Day." The labeling of a series of tax hikes as "Liberation Day" is a classic example of trying to conceal coercive economic restraint under the illusion of prosperity.

Even by its own logic, liberated from what? Certainly not from higher prices, nor from uncertainty for businesses, which in turn discourages long-term investment. It is not as if tariffs are promoting small government, either. Tariffs require bureaucratic management and government involvement in the economy, on scales that would make the progressives of old blush.

Now the current dogma is that “reciprocal” tariffs are a means to address trading partners allegedly “taking advantage” of America. Phillip Magness critically assesses the fallacy of tariff reciprocity, demonstrating how the entire premise is faulty.

Meanwhile, Francis Crescia discusses how Canada's political elite are doubling down on their own economic mismanagement.

Randall Holcombe's discussion of term limits and the rule of law, is a timely reminder that unconstrained political power tends to result in policies that benefit politicians, rather than the general population.

Craig Eyermann points out that despite its controversy, the Department of Government Efficiency is off to a good start.

Read more about these topics in the latest issue of Independent Weekly!

Jonathan Hofer
Managing Editor

Top picks this week
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** Trade Freedom and the Myth of Tariff Reciprocity ([link removed])
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** Trump's trade agenda represents a misguided approach to achieving global fairness. ([link removed])
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** by Phillip W. Magness
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If Trump really wanted trade reciprocity, he would lower tariffs, not raise them.
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** Trading Trouble ([link removed])
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** Canada-America relations are a priority ([link removed])
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** by Francis Crescia
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A fractured alliance between the U.S. and Canada would only benefit America's adversaries.
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** Term Limits and Rule of Law ([link removed])
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** by Randall G. Holcombe
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It is essential to replace those in power regularly.
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** How Successful is DOGE? ([link removed])
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** by Craig Eyermann
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It’s safe to say that saving $115 billion is a strong start after just two months of effort.
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** FEATURED EVENT
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** Why Are Colleges Failing and What Can Be Done? ([link removed])
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Join us at the Independent Institute Conference Center

on Thursday, April 10, for a reception and discussion of Senior Fellow Richard K. Vedder’s groundbreaking new book, Let Colleges Fail: The Power of Creative Destruction in Higher Education. Seating is limited, so reserve your spot today!
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