[link removed]
June 18, 2025
Welcome to The Lighthouse, the weekly email newsletter of the Independent Institute covering politics, economics, current events, and everything in between.
Dear Readers,
Nearly two decades ago, a futuristic 800-mile connection from Los Angeles to San Francisco was sold to California voters. It was supposed to cost $33 billion. The project has since become the apotheosis of the government’s inability to execute projects effectively. The price tag has soared over $100 billion, while only 119 miles of track have been completed.
Recently, the Federal Railroad Administration (FRA) chastised the efforts of the California High-Speed Rail Authority in a 315-page audit, indicating that the FRA will likely no longer grant funds. Though the FRA report details a bleak picture, all indications suggest that state officials remain committed to pushing this forward.
The Independent Institute warned of this outcome nearly a decade ago. In 2016, we awarded the first-ever California Golden Fleece® Award to the California High-Speed Rail Authority for its lack of transparency and continued deviation from what voters approved in 2008. That warning was unheeded. Now, the FRA questions whether there is any feasible plan, and California is out billions of dollars.
This week’s articles examine persistently bad public policy, from overregulated agriculture and real estate licensing schemes to debates over government spending and inflation. Craig Eyermann leads off with commentary on the bullet train. We also revisit the old canard that “the free market ignores the poor,” and Scott A. Burns and Caleb S. Fuller continue their series on trade, among other topics.
Jonathan Hofer
Managing Editor
Top picks this week
[link removed]
** “No Viable Path Forward” for California’s Zombie Bullet Train ([link removed])
------------------------------------------------------------
** by Craig Eyermann
------------------------------------------------------------
After 16 years, the project still lacks the money to complete even a reduced 119-mile segment, leaving taxpayers footing the bill for what may never materialize.
Read More ([link removed])
[link removed]
** “The Free Market Ignores the Poor” ([link removed])
------------------------------------------------------------
** Excerpt from Freedom in One Lesson ([link removed])
------------------------------------------------------------
** by Gary M. Galles
------------------------------------------------------------
The free market benefits society precisely because it treats everyone equally, without favoritism.
Read More ([link removed])
[link removed]
** We Asked Robots Why California Should Repeal Its Prohibition on Autonomous Agricultural Technology ([link removed])
------------------------------------------------------------
** See their revealing responses ([link removed])
------------------------------------------------------------
** by Lawrence J. McQuillan, Kristian Fors
------------------------------------------------------------
California’s agricultural industry faces a paradox: the state, a hub of technological innovation, bans autonomous farming equipment due to outdated regulations.
Read More ([link removed])
[link removed]
** Are Realtors Still Necessary? ([link removed])
------------------------------------------------------------
** Online tools let buyers and sellers do many tasks without middlemen, but the realty monopoly still works to protect itself. ([link removed])
------------------------------------------------------------
** by Scott Beyer
------------------------------------------------------------
Real estate associations abuse licensing to keep commissions high, but times are changing.
Read More ([link removed])
[link removed]
** Understanding Inflation: Causes, Mechanisms, and Interconnections ([link removed])
------------------------------------------------------------
** by Allen Gindler
------------------------------------------------------------
Inflation arises from several complex causes, and managing inflation expectations is just as complicated.
Read More ([link removed])
[link removed]
** What Is in the Rescissions Bill? ([link removed])
------------------------------------------------------------
** by Craig Eyermann
------------------------------------------------------------
The Rescissions Bill, proposed by President Trump, aims to cut a whopping $9.4 billion in government spending—but political clashes may derail it.
Read More ([link removed])
[link removed]
** How I Learned to Stop Worrying and Love the Trade Deficit: The Overall Trade Deficit ([link removed])
------------------------------------------------------------
** Mythbusters: Debunking the New Mercantilists, Part 6 ([link removed])
------------------------------------------------------------
** by Scott A. Burns, Caleb S. Fuller
------------------------------------------------------------
Deficits are not inherently harmful. America's strong dollar and global investment appeal are economic strengths, not weaknesses.
Read More ([link removed])
** FEATURED BOOK - AVAILABLE SOON!
------------------------------------------------------------
** The 1619 Project Myth ([link removed])
------------------------------------------------------------
** by Phillip W. Magness
------------------------------------------------------------
“There is no one better to pick apart the disastrous 1619 Project than Phil Magness. If every classroom that incorporated the 1619 Project into its curriculum replaced it with this book, the country would be better off.”
—Coleman Hughes, American writer, podcast host, and visiting professor at the University of Austin
[link removed]
Donate ([link removed])
[link removed]
[link removed]
[link removed]
[link removed]
[link removed]
[link removed]
mailto:
[email protected]
You received this message because you are subscribed to The Lighthouse.
Independent Institute, 100 Swan Way, Oakland, CA 94621-1428
Manage preferences ([link removed]) | Unsubscribe ([link removed])
Copyright © 2025 Independent Institute, All rights reserved.
