Cato Podcast Offers You’d Better Not Refuse
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Aug 7, 2025 Joined by Jeffrey Miron, a Harvard professor known for his libertarian views, and Emily Ekins, Director of Polling at the Cato Institute, the discussion dives into Trump’s pressure tactics on elite universities and the Federal Reserve. They analyze the implications of such strongarm politics, questioning whether it could deepen institutional politicization or signal a shift in presidential power. Additionally, they explore public opinion on Social Security reform and the need for accountability in climate policy, shedding light on recent libertarian successes.
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Fed's Balancing Act on Rates
- The Fed faces a delicate balance between controlling inflation and supporting a slowing economy.
- Dramatic interest rate cuts, as Trump suggests, lack strong economic justification.
Debt Threatens Fed Independence
- The bigger threat to Fed independence is the growing federal debt, not just presidential pressure.
- Massive government spending will force the Fed to monetize debt, undermining independence.
Limits on Firing Fed Chair
- The president can only fire the Fed Chair for cause, which is legally vague but limits arbitrary dismissal.
- Unitary executive theory could threaten Fed independence by making the Chair directly answerable to the president.
