The Fiscal Reality Check
Joshua Rauh, Gregory Kearney, Benjamin Jaros, John Doran, Matheus Cosso, Lincoln GerstnerTaxes, Spending, and the Bottom Line
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 21 | Founded | 7 months ago | Last Issue | 9 days ago |
| Active | |||||
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fiscalrealitycheck.substack.comLatest Issues
Why California’s Wealth Tax Won’t Survive the Courts
In less than a month, Californians will decide whether to adopt the Billionaire Tax Act (Initiative No. 25-0024, or “BTA”), a 5% levy on the assets of individuals with net worth above $1 billion, on the November 2026 ballot as Proposition 4...
California Is Still Paying for Its Pension Past. A Newsom Veto Avoided Adding to the Bill
California has spent the past decade trying to dig its way out of a deep public pension hole. The state has managed to make real progress, but only after state and local governments sharply increased pension contributions and financial mark...
The Manufactured Crisis of Federal Healthcare Funding
Since the One Big Beautiful Bill Act (OBBBA) was passed last year, a steady drumbeat of media coverage has decried its allegedly draconian cuts to federal healthcare spending in the states. State leaders in California, New York, and other s...
Thinking Like Mark Cuban
One of the main dangers of California’s Proposition 40, the wealth tax that Californians will vote on in November, is its likely effects on the financing ecosystem for California startups. Founders themselves are saying it, like Rippling’s...
What’s Driving Medicare Spending Growth?
Medicare looms remarkably large in the federal government’s fiscal outlook. According to the Congressional Budget Office (CBO), total federal spending will rise from 23.1% of GDP in 2025 to 24.4% in 2036, an increase of 1.3 percentage point...
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Authors
The writers behind this newsletter.
George P. Shultz Senior Fellow at the Hoover Institution, Ormond Family Professor of Finance at the Stanford Graduate School of Business
Policy Fellow at the Hoover Institution, Contributor to Liberty Lens & Fiscal Reality Check.
Research Fellow at the Hoover Institution and Economist interested in Public Finance, Taxation, and Economic History.
John Doran is a research analyst for the Hoover Institution’s Fiscal Policy Initiative. His research interests include public finance, financial economics, and monetary economics.
Research Analyst at the Hoover Institution focusing on political economy and public economics. Supports fiscal, innovation, and regulatory research, and conducts independent research on special-interest politics, modeling rent-selling processes.
Student-athlete at Sacred Heart Prep(co 2027) Learning fast, but a long way to go.
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