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A Vice President's Perspective

So Help Me God

December 17, 2022

Vice President Mike Pence took the stage in AEI's auditorium on Wednesday, December 14, to discuss his new book, So Help Me God (Simon & Schuster, 2022), in an Edward and Helen Hintz Book Forum with AEI President Robert Doar. Vice President Pence answered questions about his book and salient issues such as trade and strategic competition with China, Russia's invasion of Ukraine, and his relationship with President Donald Trump leading up to January 6, 2021.

 

 

In a new report, Scott Winship investigates the populist narrative that declines in men's earning prospects have driven the substantial decline in sole-breadwinner families. Measuring changes in men's material marriageability, Winship finds the social and cultural consequences of affluence more to blame for changes in family structure.

 

According to Michael R. Strain, new data from the Congressional Budget Office refute the conventional wisdom on stagnating incomes and rising inequality in America. "If the narrative choice is between 'growth' and 'stagnation,'" writes Strain, "the wage and income data point to the former."

 

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The Office of Management and Budget (OMB) can set the parameters of 2024 defense spending during the upcoming "passback" review. John G. Ferrari argues that the OMB must use its authority to redress a $66 billion shortfall in total funding, increase service members' pay, and reform Pentagon policies that perpetuate underfunding.

 

Angela Rachidi contends that an October 2022 study—cited to support a permanent expansion of the child tax credit (CTC) during Congress's lame-duck session—contained profound scientific flaws. "Instead of revealing something about the CTC and food insufficiency, the study offers another example of bad science misinforming an important policy debate," writes Rachidi.

How Do Rising US Interest Rates Affect Emerging and Developing Economies?

In a new World Bank Policy Research Working Paper, Steven B. Kamin, Carlos Arteta, and Franz Ulrich Ruch ask, "How do rising US interest rates affect emerging and developing economies?" The coauthors begin their analysis by classifying US interest rate changes based on their causes. They find that the recent interest rate increases were caused by inflation and reaction shocks—the expectations of higher inflation and a more hawkish Federal Reserve stance, respectively—rather than "real" shocks prompted by the anticipation of stronger economic activity. The coauthors also find that inflation and reaction shocks are more damaging to emerging and developing economies; reaction shocks, especially, they observe, can push these fledgling economies into financial crisis.

 

 

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QUOTE OF THE WEEK

Strange as it may sound, Ukraine and the US have been fortunate in their adversary. A deluded, out-of-touch Putin who hasn't understood the gap between his objectives and his resources, or made the diplomatic moves that would put his rivals on the wrong foot. If that dynamic changes, it will be a very different war.

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