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June 26, 2025

Welcome to The Lighthouse, the weekly email newsletter of the Independent Institute covering politics, economics, current events, and everything in between.

Dear Readers,

This past week, there were a number of high-stakes headlines.

Overseas, US airstrikes have led to a fragile ceasefire between Israel and Iran. President Trump’s “Big Beautiful Bill” is making its way through Congress, aiming to cut taxes and eliminate a host of burdensome regulations, though at the steep cost of adding trillions to the national debt.

Tomorrow’s episode of Independent Conversations will be live streamed ([link removed]) and ask the five-hundred-million-dollar question: were the air strikes on Iran a turning point … or a big mistake? President Graham Walker will be joined by Senior Fellows Williamson Evers, Abigail Hall, and Ivan Eland to discuss. Don’t miss it!

This week’s articles tackle several economic issues. Craig Eyermann wonders how long we can keep kicking the debt can down the road, Alvaro Vargas Llosa writes on the Fed, and Paige Lambermont tackles energy policy. Caleb Petitt does a historical dive into American tariff policies, and K. Lloyd Billingsley highlights the NIH’s intention to shift towards emphasizing transparency and replication of studies.

Happy reading.

Jonathan Hofer
Managing Editor

Top picks this week


** VIRTUAL EVENT
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** Independent Conversations | LIVE STREAM: Trump Strikes Iran: Turning Point or Mistake? ([link removed])
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When President Trump deployed America’s B-2 bombers to attack Fordow mountain and other nuclear sites in Iran, it marked a turning point in war, diplomacy, and American decision-making. Tune in on June 27 at 10AM PT / 1PM ET to this LIVE STREAMED episode of Independent Conversations to join the discussion!
WATCH LIVE: June 27 | 1PM ET/10AM PT ([link removed])

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** Rising U.S. Debt: What Will Be The End Game? ([link removed])
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** The more indebted we get, the more we will see poverty, inflation, and service decline. The debate is over just how much. ([link removed])
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** by Scott Beyer
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The longer we wait to face this issue, the more painful it will be.
Read More ([link removed])

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** Federal Reserve Resists Call to Cut Rates ([link removed])
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** The issue of politicizing the already problematic Federal Reserve ([link removed])
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** by Alvaro Vargas Llosa
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How do you fight inflation? Not by surrendering monetary policy to politics, but by keeping the printing press on a tight leash.
Read More ([link removed])

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** EPA Proposes to Repeal Biden Power Plant Rule ([link removed])
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** As demand for electricity continues to rise, a pragmatic energy policy wins out. ([link removed])
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** by Paige Lambermont
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Energy demand surges, and with it, the case for policies that prioritize solutions over wishful thinking.
Read More ([link removed])

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** A Guide to American Tariffs in the Eighteenth and Nineteenth Centuries ([link removed])
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** by Caleb Petitt
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America’s long war over tariffs reveals this: protectionism may shield industries, but it often wounds prosperity.
Read More ([link removed])

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** The Fiscal Reckoning ([link removed])
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** by Craig Eyermann
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When a nation’s books don’t balance, its future is at stake—unless leaders rewrite the rules before the reckoning arrives.
Read More ([link removed])

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** The Vindication of Dissenting Scientists ([link removed])
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** Dr. Jay Bhattacharya and RFK Jr., white coat supremacy, and replication ([link removed])
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** by K. Lloyd Billingsley
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When science lost its way in the fog of politics, the dissenters lit the path back with reason.
Read More ([link removed])


** FEATURED BOOK - AVAILABLE SOON!
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** The 1619 Project Myth ([link removed])
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** by Phillip W. Magness
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“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
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