John H. Cochrane: “We are facing a real debt crisis, a very real debt crisis.”

If it leads to a debt crisis where suddenly interest rates spike, the U.S. needs to borrow, and bond markets say 'no,' it looks a lot like Greece.

Eliminating tax exemptions is a tax increase.

We are not now going to raise taxes in order to increase spending above the baseline.

Proposals that the Federal Reserve enforce a mandate that financial institutions evaluate climate 'risks' represent a blatant effort to distort the allocation of capital away from economic sectors disfavored by certain political interest…