By paying banks not to lend, the central bank diminished its ability to control interest rates. By Phil Gramm and Thomas R. Saving Jan. 1, 2019 3:26 pm ET As the Trump economic revival doubled economic-growth rates over the last two years, interest rates, which had fallen in the final two years of...

As rates rise, paying back government borrowing will consume the credit needed to sustain growth. By Phil Gramm and Michael Solon Dec. 10, 2018 6:54 pm ET The same driving forces have propelled every strong American economic recovery since World War II: a sustained rise in business investment and increases in new-home building....

Federal programs have reduced material poverty at the cost of promoting idleness and dependency. By Phil Gramm and John F. Early Oct. 10, 2018 6:37 pm ET ‘The War on Poverty is not a struggle simply to support people,” declared President Lyndon B. Johnson in 1964. “It is an effort to allow them...

Taxes and transfers in the U.S. put its income distribution in line with its large developed peers. By Phil Gramm and John F. Early Aug. 9, 2018 6:51 pm ET America is the world’s most prosperous large country, but critics often attempt to tarnish that title by claiming income is distributed less equally...

Reforms intended to give a voice to small shareholders have instead let social activists hijack proxy votes. By Phil Gramm and Mike Solon July 18, 2018 6:28 pm ET Even in democratic governments constrained by constitutional limits, the interests of the governed and the governors don’t align well. Government is inefficient by its...