The Senate is moving fast to pass the US Innovation and Competition Act, which would boost our ability to compete technologically with China. However, Dan Blumenthal and Linda Zhang write that not enough is being done to stop China's effort to acquire US science and technological know-how.

Abroad, Danielle Pletka expresses concern about the Joe Biden administration's rush to reenter the Joint Comprehensive Plan of Action. The rush is motivated by the Biden team's concern that Iran's next president, who will be elected this month, will be less amenable to US reentry. However, David Albright's new book, "Iran's Perilous Pursuit of Nuclear Weapons" (Institute for Science and International Security Press, 2021), describes how Iran illegally concealed much of its nuclear program from the world. Presumably, the administration is aware of these concerns but has tuned them out.

For those who have purchased a house lately, the market can only be described as "manic." There are pandemic-related factors such as the high cost of lumber and COVID-19 safety protocols that have slowed down construction, affecting the amount of homes for sale. Michael Strain argues that policymakers should focus on the supply problem by rolling back land-use, zoning, and permit-related regulations, freeing up land and making it easier and less costly to build houses. After all, more houses mean lower prices.

Finally, on the economic front, there is good reason to be encouraged about the post-pandemic economy. While some analysts predict an increase in risk aversion fueled by Americans who are overly cautious and unwilling to spend or invest, James Pethokoukis believes otherwise. As Mitch Daniels pointed out in his recent commencement address at Purdue University, our biggest risk is that we are afraid to take risks.