With the Federal Reserve on track to record operating losses for the first time since 1915, Paul H. Kupiec and Alex J. Pollock anticipate what those losses will mean for the federal deficit. "The economic reality, of course, is that Fed losses increase the government's deficit," write Kupiec and Pollock, but they also explain why the Federal Reserve's unique privileges make these losses harder to measure.

Ryan Streeter observes how Americans have fled dysfunctional cities where leaders imposed restrictive COVID-19 measures and ignored rising crime and cost of living. These Americans are moving, Streeter notes, to safer cities with a few common characteristics—namely, "relatively affordable housing, amenities, good jobs."

According to Mark Jamison, a Senate proposal intended to give local newspapers antitrust immunity for bargaining with Big Tech advertisers would doom the newspapers by requiring them to maintain their failing business model. The bill, Jamison asserts, would provide an incentive for local news outlets to refuse to meet consumers' demands for more digital content.

Derek Scissors argues that without reforms before or during its implementation, the CHIPS and Science Act will not help America compete with China. He says the semiconductor section's vagueness will weaken implementation and supply chains and contends that the bill's lack of intellectual property protections "leaves the door wide open to Chinese acquisition of US technological breakthroughs."

Writing in the Wall Street Journal, Nicholas Eberstadt warns that fewer Americans are looking for work after the COVID-19 pandemic. "The signs that growing numbers of citizens are ambivalent about working shouldn't be ignored," writes Eberstadt. "Success through work, no matter one's station, is a key to self-esteem, independence and belonging."